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
RENO,
Nev., May 10, 2022 /CNW/ - i-80 GOLD
CORP. (TSX: IAU) (OTCQX: IAUCF) ("i-80", or the
"Company") is pleased to announce positive initial drill
results from its maiden drill program at the Company's 100%-owned
Ruby Hill Property ("Ruby Hill" or "the 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
|
Investor Day Webcast & Conference Call
Ruby Hill will be highlighted at the Company's Investor Day
presentation being held today at the Toronto Board of Trade commencing at
4:30 pm EDT. The in-depth presentation will provide the
opportunity for shareholders, analysts and investors to learn more
about the Company's growth plans and ask questions of i-80 Gold's
executive team. A live conference call and webcast will also be
available to those that are unable to attend in person. Details of
the conference call and webcast can be found below.
Conference Call
North American Toll-free: 1-888-204-4368
Confirmation #: 3896886
Webcast Link
Click HERE to access the webcast or visit our website at
www.i80gold.com.
Conference Call Replay
A recording of the call can be accessed until May 17, 2022.
North American Toll-free Replay: 1-888-203-1112
Replay Code: 3896886
QAQC Procedures
All samples were submitted to either ALS Minerals (ALS) or
Paragon Geochemical Assay Laboratories (PAL) 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.
Certain statements in this release constitute "forward-looking
statements" or "forward-looking information" within the meaning of
applicable securities laws, including but not limited to, the
expansion or mineral resources at Ruby Hill and the potential of
the Ruby Hill project . Such statements and information involve
known and unknown risks, uncertainties and other factors that may
cause the actual results, performance or achievements of the
company, its projects, or industry results, to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements or
information. Such statements can be identified by the use of words
such as "may", "would", "could", "will", "intend", "expect",
"believe", "plan", "anticipate", "estimate", "scheduled",
"forecast", "predict" and other similar terminology, or state that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved. These statements reflect
the Company's current expectations regarding future events,
performance and results and speak only as of the date of this
release.
Forward-looking statements and information involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate
indicators of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements or
information, including, but not limited to: material adverse
changes, unexpected changes in laws, rules or regulations, or their
enforcement by applicable authorities; the failure of parties to
contracts with the company to perform as agreed; social or labour
unrest; changes in commodity prices; and the failure of exploration
programs or studies to deliver anticipated results or results that
would justify and support continued exploration, studies,
development or operations.
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SOURCE i-80 Gold Corp