i-80 Gold intersects 19.8 g/t Au over 33.2 m in the southernmost exit hole at Ruby Hill

Reno, Nevada., July 12, 2022 /CNW/ – i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) (“i-80”, or the “Company”) is pleased to announce that the first step-out drilling to test the potential southern extension of the Ruby Deeps deposit has intersected several zones of high-grade mineralization on the Company’s 100% owned Ruby Hill property (“ruby hill” Where “the property“) situated in Eureka County, Nevada.

Key results from initial southern extension drilling in the Ruby Deeps horizon:

  • iRH22-06 – four intervals:
    • 8.4 g/t Au on 3.7m (0.25 ounce/ton – 12.0 feet)
    • 8.2 g/t Au on 22.4m (0.24 oz/ton – 73.5 feet)
      • Including 14.1 g/t Au on 7.2m (0.41 oz/ton – 23.5 feet)

    • 6.5 g/t Au on 4.3m (0.19 ounce/ton – 14.0 feet)
    • 19.8 g/t Au on 33.2m (0.58 oz/ton – 109.0 ft)

Hole iRH22-06 is the southernmost core hole drilled to test the Ruby Deeps horizon and confirms the potential for expansion of high-grade mineralization in the Ruby Deeps Zone which remains open along strike to the north and south, and east. In the southern part of the deposit, the drilling intersected several (4) structures, suggesting the potential to define resources in several horizons (see Figures 1 and 2 and Table 1). As with previous drilling in the Ruby Deeps area, ground conditions appear to be very favorable and intersection widths have met or exceeded expectations. The primary zone, located under the “Bullwacker” threshold, returned an impressive 19.8 grams per tonne (g/t) of gold (Au) over 33.2 meters (m)interpreted as being close to the true width.

Additional drilling is underway in the southern part of the deposit. The Ruby Deeps deposit includes the 426 zone; the upper portion of the deposit interpreted to consist of sub-vertical mineralization hosted within or adjacent to the northeast trending 426 Fault structure, and the deeper Ruby Deeps Zone; a north-south trending flat sulphide zone located in the hanging wall of the Holly Fault structure. Both areas remain open for expansion.

Due to the substantial success of the 2022 program at Ruby Hill, it has been extended so that over 20,000 meters of drilling will be completed. This program is focused on defining and expanding the Ruby Deeps deposit, including the upper “426” horizon, while testing several high-potential exploration targets on the property. The first drill results in the 426 horizon are expected in the coming weeks.

The ongoing infill and step-out drilling program will help advance the company’s plan to develop an underground mine at Ruby Hill, accessible via a ramp from the Archimedes open pit. Infill drilling is nearing completion for initial mine planning and to upgrade resources in preparation for an economic study. Step-out drilling is also underway with the focus on expanding the mineralization before the completion of a revised resource estimate at the end of the year. The current program at Ruby Hill is one of many ongoing and planned drill programs on the i-80 projects in 2022 which collectively are expected to comprise over 50,000 meters.

It is expected that refractory mineralization from the planned underground mining at Ruby Hill will be trucked to the Company’s Lone Tree facility once operational, and oxide mineralization can be processed on-site at the existing heap leach or at the existing CIL plant. The significant existing infrastructure from I-80 to Lone Tree and Ruby Hill should reduce potential exposure to the current inflationary environment.

“It is extremely encouraging to see several zones of high-grade mineralization developing in the southern part of the Ruby Deeps Zone, continuing to demonstrate the property’s potential to host a world-class, Pug-type, gold deposit.”, said Ewan Downie, CEO of i-80. “In addition to successfully extending the mineralization in the main target areas, significant alteration and mineralization was observed in several exploration targets that were tested. The footprint of the alteration system at Ruby Hill is comparable to from nevada most productive gold districts. I have been fortunate to have been involved in several important discoveries and the delineation of major deposits, but I may not have been involved in a project with the growth potential that we see at Ruby.”




Table 1 – Key Assay Results from Ruby Hill iRH22-06 Drill Hole










New 2022 Drill Results from Ruby Hill – Estimated True Widths 90-99%

Drill ID

Area

Type

From (m)

to M)

Length (m)

Au(g/t)

iRH22-06

New

Heart

312.4

316.1

3.7

8.4

and

New

Heart

330.6

353.0

22.4

8.2

including

New

Heart

330.6

337.7

7.2

14.1

and

New

Heart

362.4

366.7

4.3

6.5

and

Ruby Depths

Heart

463.6

496.8

33.2

19.8





UTM

Drill ID

Is M

North m

Altitude m

Azimuth

Soak

NAD83Zone 11

iRH22-06

587145

4375780

1833

195

-73

Figure 2 - Section - Ruby Deeps Zone (CNW Group/i-80 Gold Corp)

The Ruby Hill property is one of the Company’s key assets and houses the core processing infrastructure within the Eureka Battle Mountain-Eureka Trend district including a CIL plant and an active heap leach facility. The property hosts several gold, gold-silver and polymetallic (base metal) deposits.

QAQC procedures

All samples were submitted to ALS Minerals (ALS) of Sparks, NV, which is an ISO 9001 and 17025 certified and accredited laboratory, independent of the Company. Samples submitted via ALS are subjected to standard preparation methods and analyzed using Au-AA23 (Au; 30 g fire assay) and ME-ICP41 (35 element suite; 0.5 g Aqua Regia/ICP- AES) for ALS. ALS also undertakes its own in-house 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 rigorous review of all results.

Qualified person

Tim George, PE, Director of Mining Operations, has 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 well funded Nevada-a gold-focused mining company whose goal is to achieve mid-tier gold producer status through the development of several deposits within the company’s late-stage property portfolio with processing in the centralized grinding plant of i-80 which includes an autoclave.

Certain statements contained 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. These statements and information involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the company, its projects or the results of the industry to be materially different from expressed or implied future results, performance or achievement. by such forward-looking statements or information. These statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”. “, “anticipates”, “estimates”, “expects”, “plans”, “predicts” and other similar terms, or state that certain actions, events or results “could”, “could”, “would”, ” could” or “would” 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 construed as guarantees of future performance or results, and will not necessarily be accurate indicators of whether or not those results will be achieved. A number of factors could cause actual results to differ materially from results discussed in any forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations , or their application by the competent authorities; the failure of parties to contracts with the Company to perform as agreed; social or labor unrest; changes in commodity prices; and the failure of exploration programs or studies to produce anticipated results or results that would justify and support continued exploration, studies, development or mining.

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