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i-80 Gold Drilling Intersects 7.1 g/t Au over 78.6 m including 10.1 g/t Au over 41.8 m at Ruby Hill

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i-80 Gold Drilling Intersects 7.1 g/t Au over 78.6 m including 10.1 g/t Au over 41.8 m at Ruby Hill

 

 

 

 

 

Additional Results Include 7.0 g/t Au over 71.6 m, 9.1 g/t Au over 24.7 m & 9.0 g/t Au over 18.3 m

 

i-80 GOLD CORP. (TSX: IAU) (OTCQX: IAUCF) is pleased to announce positive initial drill results from its maiden drill program at the Company’s 100%-owned Ruby Hill Property located in Eureka County, Nevada.

 

Initial drilling in 2021 was focused on confirming high-grade mineralization within the Ruby Deeps Zone. In addition to the high-grade tenor of mineralization, several positive observations have been made:  significant oxide mineralization has been encountered in the upper zones; ground conditions appear to be very favourable; and intersection widths have met or exceeded expectations. Assay results for the first five (5) holes have been received and demonstrate the potential for impressive gold grades and widths of mineralization (see Figures 1 & 2 and Table 1). In 2022, drilling continues to focus on defining, and expanding, the Ruby Deeps Zone in addition to the upper “426” horizon while also testing several additional high-potential targets on the Property.

 

Highlight results from initial drilling in the Ruby Deeps horizon:

  • iRH21-02: 7.0 g/t Au over 71.6 m (0.20 oz/ton – 235.0 ft) incl. 9.0 g/t Au over 15.8 m (0.26 oz/ton – 52.0 ft)  and 7.7 g/t Au over 16.5 m (0.23 oz/ton – 54.0 ft)
  • iRH21-03: 9.0 g/t Au over 18.3 m (0.26 oz/ton – 60.0 ft) incl. 10.7 g/t Au over 12.2 m (0.31 oz/ton – 40.0 ft)
  • iRH21-04: 9.1 g/t Au over 24.7 m (0.26 oz/ton – 81.0 ft) incl. 11.0 g/t Au over 16.2 m (0.32 oz/ton – 53.0 ft)
  • iRH21-05: 7.1 g/t Au over 78.6 m (0.21 oz/ton – 258.0 ft) incl. 10.1 g/t Au over 41.8 m (0.29 oz/ton – 137.0 ft)

 

The ongoing infill and step-out drill program will aide in the advancement of the Company’s plan to develop an underground mine at Ruby Hill, accessed via ramp from the Archimedes open pit. Infill drilling is being completed for initial mine planning and to upgrade resources for the completion of an economic study. Step-out drilling is also being completed with a focus on expanding mineralization in advance of completing a revised resource estimate at year-end. The current program at Ruby Hill is one of several ongoing and planned drill programs in 2022 that are expected to comprise in excess of 50,000 metres.

 

The Carlin-type mineralization at Ruby Hill is comprised of an upper zone of mixed oxide and sulfide mineralization known as  “426” and a lower zone of sulphide mineralization known as the Ruby Deeps. It is expected that the 426 zone will be the first mineralized body accessed from underground. Hole iRH21-01 experienced excessive deviation, veering west and crossing the Holly Fault prior to intersecting the projected target, while all other holes intersected mineralization as projected.

 

It is expected that refractory mineralization mined from the underground operation at Ruby Hill will be trucked to the Company’s Lone Tree facility, once operational.  Oxide mineralization can be processed on-site at the existing heap leach pad, or at the existing CIL plant.  i-80’s substantial existing infrastructure at Lone Tree and Ruby Hill is expected to reduce potential exposure to the current inflationary environment.

 

“Ruby Hill is one of several projects that we are looking to advance to mine development in the next twelve months and early results from our first-ever drill program have confirmed our belief that the property has excellent potential to host a world-class, Carlin-type gold deposit”, stated Ewan Downie, CEO of i-80.  “The extent of Carlin-type alteration and mineralization in the Eureka district is comparable to Nevada’s most productive gold districts on the Carlin, Getchell, and Battle Mountain trends.  We are not only excited by the impressive widths of high-grade mineralization we are seeing in our early drilling, but also by the apparent rock quality that appears more competent than expected and bodes well for mining”. The Ruby Hill Property is one of the Company’s primary assets and is host to the core infrastructure within the Eureka District of the Battle Mountain-Eureka Trend. The Property is host to multiple gold, gold-silver and poly-metallic (base metal) deposits.

 

 

Table 1 – Highlight Assay Results from Ruby Hill Drilling

 

New 2022 Drill Results from Ruby Hill –Estimated true widths 90-95%
Drillhole ID Zone Type From (m) To (m) Length (m) Au (g/t)
iRH21-01 Ruby Deeps Core 599.2 604.9 5.6 3.7
iRH21-02 Ruby Deeps Core 585.2 656.8 71.6 7.0
including Ruby Deeps Core 588.3 604.1 15.8 9.0
and Ruby Deeps Core 640.4 656.8 16.5 7.7
iRH21-03 Ruby Deeps Core 689.2 707.4 18.3 9.0
including Ruby Deeps Core 695.2 707.4 12.2 10.7
iRH21-04 Ruby Deeps Core 699.2 723.9 24.7 9.1
including Ruby Deeps Core 707.7 723.9 16.2 11.0
iRH21-05 Ruby Deeps Core 650.4 729.1 78.6 7.1
including Ruby Deeps Core 687.3 729.1 41.8 10.1
UTM Drillhole ID East m North m Elevation m Azimuth Dip
NAD83 Zone 11 iRH21-01 587059 4375983 1958 167 -87
iRH21-02 587065 4375987 1958 108 -85
iRH21-03 587181 4376122 1981 260 -88
iRH21-04 587186 4376118 1981 207 -86
iRH21-05 587197 4376131 1981 330 -86

 

 

QAQC Procedures

 

All samples were submitted to either ALS Minerals or Paragon Geochemical Assay Laboratories both of Sparks, NV, which are ISO 9001 and 17025 certified and accredited laboratories, independent of the Company. Samples submitted through PAL and ALS are run through standard prep methods and analysed using FA-Pb30-ICP (Au; 30g fire assay) and 48MA-MS (48 element Suite; 0.5g 4-acid digestion/ICP-MS) methods for PAL and Au-AA23 (Au; 30g fire assay) and ME-ICP41 (35 element suite; 0.5g Aqua Regia/ICP-AES) for ALS. ALS and PAL also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration. i-80 Gold Corp’s QA/QC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results.

 

Qualified Person

 

Tim George, PE, Mine Operations Manager, reviewed the technical and scientific information contained in this press release and is a Qualified Person within the meaning of NI 43-101.

 

About i-80 Gold Corp.

 

i-80 Gold Corp. is a well-financed, Nevada-focused, mining company with a goal of achieving mid-tier gold producer status through the development of multiple deposits within the Company’s advanced-stage property portfolio to complement existing gold production from the Ruby Hill open pit.

 

Posted May 11, 2022

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