Nevada-focused i-80 Gold (TSX: IAU) (NYSE: IAUX) has announced high-grade results from the 2023 drill program completed at the FAD deposit at the company’s 100%-owned Ruby Hill property.
Located in Eureka county, Ruby Hill is considered by the company to be a core land package within one of the world’s premier re-emerging carbonate replacement deposit (CRD) districts.
FAD is one of several polymetallic deposits drilled at Ruby Hill in 2023 for the completion of initial resource estimates alongside the Blackjack and Hilltop deposits. The new results have intersected multiple stacked zones of mineralization in the southeast portion of the deposit, i-80 said.
Highlights from 2023 drilling at FAD include: 4.4 g/t Au, 91.3 g/t Ag, 8.4% Zn and 0.3% Pb over 1.6 m; 4.9 g/t Au, 50.2 g/t Ag, 9.0% Zn and 0.2% Pb over 4.5 m; 6.2 g/t Au, 57.1 g/t Ag, 6.9% Zn and 0.1% Pb over 5.0 m; 6.0 g/t Au, 35.5 g/t Ag, 5.8% Zn and 0.2% Pb over 8.5 m; and 3.1 g/t Au, 48.8 g/t Ag, 2.1% Zn and 1.3% Pb over 3.8 m.
An infill hole drilled on the western margin of the west FAD lobe returned 5.7 g/t Au, 159.4 g/t Ag, 15.0% Zn and 2.8% Pb over 5.4 m; 13.7 g/t Au, 430.0 g/t Ag, 15.9% Zn and 7.7% Pb over 2.5 m; and 9.0 g/t Au, 92.4 g/t Ag, 12.2% Zn and 1.0% Pb over 14.6 m.
The Eureka district has a long and successful history of mining since 1864, including some of the world’s highest-grade CRD mines. From 1866 until 1967 the Ruby Hill district produced an estimated 2 million tonnes of ore containing approximately 1.65 million oz. gold, 39 million oz. silver and 625 million lb. lead.
According to i-80, it is estimated 80% to 90% of this production came from the original Ruby Hill mine located 500 metres southwest of the FAD deposit.
In addition to the deeper sulfide mineralization at FAD, drilling tested proximal to the historic Ruby Hill mine. These holes intersected low-grade oxide mineralization suggesting the potential to delineate near-surface mineralization proximal to historic workings that may be amenable to open pit mining, the company added.
“The drill program at FAD compliments successful programs on the Blackjack and Hilltop deposits and our expanded focus on exploring for polymetallic mineralization in the Eureka district to better assess the economic opportunity,” Tyler Hill, chief geologist of i-80 Gold, said in a news release. “FAD is unusual in comparison to global CRD deposits given its elevated gold grades.”
The company’s stock surged over 10% in Toronto on Monday, with shares traded nearly five times its average daily volume. Its market capitalization is estimated at C$677 million ($504m).
