In connection with the Term Sheet, the Company has granted the potential partner exclusivity for a period of 120 days subject to extension for an additional 60-day period, in order to complete metallurgical due diligence and negotiate definitive documents. During the exclusivity period, the Company will complete a drill campaign, funded by the potential partner, to accelerate knowledge of the metallurgical properties of the multiple polymetallic base metal deposits at the Ruby Hill Property. The Ruby Hill Property represents one of i-80's core assets, is host to both gold and polymetallic base metal deposits, most of which remain completely open for expansion, and is expected to be the Company's largest mining operation on an all‑metal basis. Multiple successes and advancements at Ruby Hill Property have been realized in including:
- Recent drill results from expansion of polymetallic mineralization1:
- 19.4 % Zn & 19.2 g/t Ag over 30.4 m (iRH23-18A - Blackjack Skarn)
- 11.6 % Zn & 5.8 g/t Ag over 6.1 m And 14.7 % Zn & 3.7 g/t Ag over 4.6 m (iRH23-27 - EHT)
- 20.8 % Zn & 15.0 g/t Ag over 11.6 m (iRH23-30 - EHT)
- 10.7 % Zn & 37.0 g/t Ag over 47.9 m (iRH23-41 - Blackjack Skarn)
- 15.6 % Zn, 8.7 % Pb, 420.4 g/t Ag & 0.6 g/t Au over 40.4 m (iRH23-41 - Blackjack CRD)
- Obtained surface disturbance permits for the development of the portal to access the underground deposits
- Received approvals for expanded surface disturbance allowing for expanded exploration along the Hilltop Corridor
- Completed the acquisition of
Paycore Minerals and the high-grade FAD deposit, securing full control of nearly 5 km structural corridor that is host to the most productive mines in the district
"Given the Company's extensive growth plan, which includes the development of multiple mining operations, securing an accretive partner to advance base metals in addition to gold mineralization has been a priority in recent months.", stated
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1 Previously released results. Please see press releases dated; |
Four main initiatives were started at the Ruby Hill Property in 2023 including a large-scale exploration drilling program, initial economic work for the planned Ruby Deeps underground gold mine, permitting to allow for the commencement of underground development and metallurgical work to better define the expected recoveries of gold and polymetallic base metal mineralization for mining and processing planning.
Drilling is focused on expanding mineralization in the primary known zones as well as testing several new exploration targets on the Ruby Hill Property. New discoveries were made in the early part of the 2023 with
"I believe that the results of our multi-year exploration program have demonstrated that the polymetallic deposits at Ruby Hill are some of the highest-grade deposits of this type anywhere in the world.", stated
During the remainder of the year, the Company will focus on continued metallurgical and exploration drilling, as well as the compiling of drill data to be incorporated into an inaugural polymetallic mineral resource, expected to be completed during the first half of 2024.
The Ruby Hill Property is one of the Company's primary assets and is host to the core processing infrastructure within the
It is expected that refractory gold mineralization from the planned underground operation at the Ruby Hill Property will be trucked to the Company's
Please click here for further information on abbreviations and conversions referenced in this press release.
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 timing and completion of the potential joint venture transaction with the proposed partner; the satisfaction of the conditions contained in the Term Sheet; the timing and completion of a feasibility study at the Ruby Hill Property; the potential retrofitting of the existing
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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