45.4 g/t Au & 50.2 g/t Ag over
17.5 m
RENO,
Nev., Aug. 2, 2023 /CNW/ - i-80 GOLD
CORP. (TSX: IAU) (NYSE: IAUX) ("i-80", or the
"Company") is pleased to announce the discovery of a new
sulphide horizon ("Tyche Zone") carrying high-grade gold‑silver
mineralization from exploration drilling at the Company's
100%-owned Ruby Hill Property ("Ruby Hill" or "the
Property") located in Eureka County,
Nevada. The discovery was made in a previously untested area
along the Graveyard Flats intrusive (stock) returning exceptional
high-grade mineralization over a substantial intercept width,
assaying 45.4 g/t Au and 50.2 g/t Ag over 17.5 m (1.32 oz/ton Au and 1.47 oz/ton Ag over
57.4 feet) in drill hole iRH23-18A.
- iRH23-18A: 45.4 g/t Au & 50.2 g/t Ag over 17.5 m including 95.9 g/t Au & 65.6 g/t Ag
over 7.6 m
The new zone was intersected in the directional drilling program
being completed at Ruby Hill to test the Blackjack deposit that is
located under the Archimedes open pit. Strongly altered and
brecciated intrusive rock was intersected along the margin of the
Graveyard Flats Stock with visible gold, elevated sulphides
(pyrite), and vuggy silica. A wedge hole (iRH23-18B) was also completed and intersected a broad
zone of similar alteration approximately 60 metres down-dip of 18A
with assays pending. No visible gold was visually identified in
18B. This new zone is located
immediately east of the Blackjack deposit and to the northeast of
the Hilltop Zones that were discovered late in the 2022 program
(See Figure 1). These drill holes also intersected the Blackjack
skarn zone that will be highlighted in a future press
release. The margin of the Graveyard Flats stock at depth was
almost entirely untested by previous owners and this new sulphide
target remains wide open for expansion.
"We have now made seven new discoveries at Ruby Hill since we
began testing new targets on the Property in mid-2022.", stated
Ewan Downie, CEO of i-80. "This
program has discovered multiple styles of mineralization in a
compact area proximal to the existing pit including high-grade
polymetallic base metal (CRD), Zinc-skarn, Carlin-type gold, sediment-hosted disseminated
gold, and now visible gold in intrusive. This confirms our
belief that Ruby Hill is host to a world-class mineralizing system
and multiple high-priority anomalies identified from geophysical
surveys remain untested."
The Company recently received approvals for the construction of
new roads to provide access to additional drill pads on the
property, allowing for the ability to expand drilling on multiple
zones. Importantly, this approval also provides for new drill
set-ups on the east side of the Archimedes pit that will provide
for additional testing of the Tyche Zone by conventional
drilling.
The Tyche Zone intercept displays visible gold and pyrite in a
brecciated intrusive rock altered to vuggy silica and kaolinite.
This style of mineralization may be related to a retrograde skarn
assemblage or a form of high-sulphidation mineralization. In
addition, the zone also contained strongly elevated tellurium and
bismuth. Recent drilling at Ruby Hill suggests the Graveyard Flats
stock is a multi-phase intrusive, with younger internal phases
largely responsible for mineralization. A review of the historic
drill database indicates this is the first intercept of this style
of mineralization on the property. With little to no historic
drilling into the Graveyard Flats stock it has become a primary
target for additional mineralized zones. The Tyche zone is in close
proximity to the Lower Jack (Carlin-type) gold zone that is not currently
part of the current resource at Ruby Hill (See Figure 2).
Additional drilling is currently being planned at the Tyche and
Lower Jack gold zones with the potential to expand high-grade gold
resources at Ruby Hill.
In addition to drilling, geophysical surveys are being completed
to cover the Hilltop Corridor to the FAD deposit that was acquired
earlier in the year with the takeover of Paycore Minerals. The
Hilltop Corridor is a 1.5 km long, alluvial covered trend
immediately south of the Archimedes pit. It is believed to be host
to multiple feeder fault structures and is largely untested by
previous drilling owing to the alluvial cover. The identification
of what appears to be a major northwest striking fault structure
that is closely associated with the discovery of the Hilltop Zones
confirm the Company's geological teams' model that the Ruby Hill
Property could be host to multiple types of mineralization and
several large-scale deposits.
Multiple types of mineralization have been identified in the
Hilltop Corridor including skarn (Blackjack), CRD
(Hilltop/FAD/historic mines), distal disseminated Au-Ag (Mineral
Point), Carlin-type gold (Ruby
Deeps/428) and the recent discovery of visible gold in intrusive
(Tyche).
Table 1 – Highlight New Assay Results from the Upper Hilltop
Zone
UTM
|
Drillhole ID
|
East m
|
North m
|
Elevation m
|
Azimuth
|
Dip
|
NAD83 Zone 11
|
iRH23-18A
|
588154
|
4375786
|
1962
|
231
|
-48
|
Drillhole ID
|
Zone
|
Type
|
From (m)
|
To (m)
|
Length
(m)
|
Au (g/t)
|
Ag (g/t)
|
iRH23-18A
|
Tyche
|
Core
|
551.8
|
569.6
|
17.5
|
45.4
|
50.2
|
Including
|
Tyche
|
Core
|
561.7
|
569.3
|
7.6
|
95.9
|
65.6
|
True widths
unknown.
|
The Eureka (Ruby Hill) Mining
District has a history of high-grade polymetallic CRD production
that began in the 1860's and spanned a period of more than one
hundred years. Historic mined grades rank amongst the highest
for any CRD district in the world. Since the 1960's, the CRD
potential of the Eureka District
has been largely overlooked in favour of exploration for
Carlin-type gold deposits and the
Company considers the opportunity to be substantial. The Ruby Hill
Property is one of the Company's primary assets and is host to the
core processing infrastructure within the Eureka District of the Battle Mountain-Eureka
Trend including an idle leach plant, an active heap leach facility,
and is host to multiple gold, gold-silver and polymetallic (base
metal) deposits.
The Company has submitted for approval its plan to develop an
underground mine at Ruby Hill with mineralization accessed via a
ramp from the Archimedes open pit. Work is also progressing for the
completion of updated mineral resource estimates (gold and
polymetallic zones) and an initial economic study for the gold
zones (only).
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 and are run through
standard prep methods and analysed using FA-PB30-ICP (Au; 30g fire
assay) and IO-4AB32 (35 element suite; 0.5g 4-acid ICP-OES+MS).
Select high-grade gold samples were also completed with metallic
screen fire assays using G-FASFAu11. AAL undertakes 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
Tyler Hill, CPG-12146, Chief
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 facility
that includes an autoclave.
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