RENO,
Nev., Feb. 8, 2023 /CNW/ - i-80 GOLD
CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the
"Company") is pleased to announce that drilling has
identified new zone of high-grade gold mineralization in its first
hole drilled to test a new target area at the Company's 100%-owned
Ruby Hill Property ("Ruby Hill" or "the Property")
located in Eureka County,
Nevada.
High-grade gold mineralization was intersected in the first hole
drilled to test continuity of a historic intercept below the
Archimedes pit. A historic hole (HC1428) drilled by Homestake
Mining Company intersected 15.0 g/t Au over 5.5 m, however no additional drilling was
ever completed. Late in the 2022 drill program, this target was
tested with a step-out hole, iRH22-65, that intersected high-grade
mineralization at the projected target depth (see Figures 1 & 2
and Table 1).
Highlight results from hole iRH22-65 drilled to test the 428
Zone:
- 428 Zone : 12.3 g/t Au over 10.7
m (0.36 oz/ton – 35.0 ft)
The 428 Zone is located approximately 300 metres east of the
southern portion of the Ruby Deeps Zone and is one of several
brownfields exploration targets tested in the highly successful
2022 exploration program at Ruby Hill. This program resulted in
multiple gold, polymetallic and base metal discoveries including
the Hilltop Zones where drilling has returned significant
high-grade carbonate replacement mineralization (CRD) including
515.3 g/t Ag, 28.9 % Pb, 10.5 % Zn & 0.9 g/t Au over
28.3 m in hole iRH22-43 (Upper
Hilltop). The 428 Zone is located below the Archimedes pit and
appears to be a combination of distal-disseminated gold
mineralization overprinted by later Carlin-type gold mineralization. The
mineralization is hosted within the top of the Hamburg dolomite at the contact with overlying
metamorphosed Dunderberg Shale with close proximity to the
Blanchard fault. The Blanchard fault structure was one of the
primary feeder structures of the multiple mineralized zones mined
in the pit. No other holes have tested this contact in
proximity to the Blanchard fault presenting a significant upside
target at Ruby Hill. Additionally, the Hamburg dolomite represents a new host of
Carlin-type mineralization on the
Property and follow-up drilling will be completed during the
ongoing 2023 exploration program.
"Our multiple discoveries made in 2022 highlight the potential
of the mineralized system at Ruby Hill and confirm our model for
the occurrence of multiple types of world-class, high-grade,
deposits", stated Tyler Hill, Senior
Geologist of i-80. "Drilling is currently focused on expanding
mineralization within the Hilltop Zones and the Blackjack horizon,
both of which are located in close proximity to the underground
infrastructure currently being planned and permitted".
23 drill holes from the 2022 Ruby Hill drill program remain
outstanding at assay labs and the Company expects to be in a
position to provide an update from this drilling within a few
weeks.
Table 1 – Highlight
Assay Results from Ruby Hill Drilling
|
|
Drillhole ID
|
Zone
|
Type
|
From (m)
|
To (m)
|
Length (m)
|
Au (g/t)
|
iRH22-65
|
428
|
Core
|
506.6
|
517.2
|
10.7
|
12.3
|
*True width is
estimated to be 90%
|
|
|
|
|
|
|
UTM
|
Drillhole ID
|
East m
|
North m
|
Elevation m
|
Azimuth
|
Dip
|
NAD83 Zone 11
|
iRH22-65
|
587310
|
4375741
|
1780
|
138
|
-72
|
The Ruby Hill Property is one of the Company's flagship assets
and is host to the core infrastructure within the Eureka District of the Battle Mountain-Eureka
Trend. The Property is located approximately 2 km from the town of
Eureka, Nevada and is host to
multiple gold, gold-silver and polymetallic (base metal)
deposits.
Please click here for further information on abbreviations and
conversions referenced in this press release.
QAQC Procedures
All samples were submitted to American Assay Laboratories (AAL)
of Sparks, NV, which is an ISO
9001 and 17025 certified and accredited laboratory, independent of
the Company. Samples submitted through AAL are run through standard
prep methods and analyzed using FA-Pb30-ICP (Au; 30g fire assay)
and a custom multi-element package (35 element Suite; 0.5g 4-acid
digestion/ICP-MS) methods. AAL 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. Historic holes were assayed by various accredited
laboratories. Refer to the July 31,
2021, NI 43-101 Report on 2021 Ruby Hill Mineral Resource
Estimate, Eureka County, Nevada,
USA for information on historic assays.
Qualified Person
Tyler Hill, CPG-12146, Senior
Geologist at i-80 is the Qualified Person for the information
contained in this press release and is a Qualified Person within
the meaning of National Instrument 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 with processing at i-80's centralized milling
facilities.
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