New Gold High-Grade Zone And Expansion Of Mineralization At Ruby Hill

RENO, NV - i-80 Gold Corporation announced the discovery of a new gold horizon, the "007 Zone", and additional high-grade drill results that continue to demonstrate the potential to expand mineralization in the Ruby Deeps deposit at the Ruby Hill Property located in Eureka County, Nevada. Owing to the substantial success of the 2022 program, drilling has been expanded to include more than 30,000 meters (m) of drilling, focused on defining and expanding gold mineralization in the primary zones while also testing several high-potential targets on the Property including the recent Hilltop discovery.  Continued results confirm substantial expansion potential at the Ruby Deeps deposit, and has discovered new high-grade mineralization in the 007 and Blue Sky exploration targets

The Ruby Deeps deposit is the primary target of the 2022 drill program with new results demonstrating excellent continuity of mineralization, impressive widths and grades, often in excess of 10 grams per ton gold (g/t Au), and favorable ground conditions.  Hole iRH22-13 expands mineralization in the Ruby Deeps 125 meters to the northeast.

Highlight results from drilling in the Ruby Deeps and 426 Deeps horizons: iRH22-12: 13.5 g/t Au over 11.4 m (0.39 ounces per ton (opt) – 37.5 ft); iRH22-13: 13.4 g/t Au over 6.1 m (0.39 opt – 20.0 ft); iRH22-14: 14.8 g/t Au over 12.3 m (0.43 opt – 40.2 ft); iRH22-16: 10.8 g/t Au over 7.6 m (0.32 opt – 25.0 ft); and  iRH22-20: 11.8 g/t Au over 18.3 m (0.34 opt - 60.0 ft) & 11.9 g/t Au over 16.8 m (0.35 opt – 55.0 ft).

The Ruby Deeps deposit is comprised of the 426 Zone, the upper part of the deposit interpreted to consist of more vertical mineralization hosted within or proximal to the northeast striking 426 fault structure, and the deeper Ruby Deeps Zone, a flat-lying, north-south striking, sulphide zone located in the hanging wall of the Holly and 150 fault structures. Both zones remain open for expansion.

A new zone of high-grade gold mineralization was discovered when testing the Graveyard Flats fault structure located in close proximity to the 426 Zone . The first hole to test this structure intersected what appears to be oxide mineralization and multiple follow-up holes have been drilled to follow up this discovery with assays pending. Highlight results from hole iRH22-18 include: iRH22-18: 10.5 g/t Au over 11.1 m (0.31 oz/ton – 36.5 ft).

Hole iRH22-17 is the first hole testing the Blue Sky target located approximately 600 meters northeast of the northern extent of the Ruby Deeps and returned multiple significant intervals of low to moderate grade mineralization accompanied by strong alteration, similar to what is observed in the Ruby Deeps deposit including 1.4 g/t Au over 35.1 m and 7.7 g/t Au over 3.0 m.

"Step-out drilling in the 426 and Ruby Deeps Zones continue to confirm our belief that Ruby Hill has excellent potential to host a world-class, Carlin-type, gold deposit", said Ewan Downie, CEO. "Generative exploration drilling has now resulted in multiple new discoveries including at the 007, Hilltop and Blue Sky targets with extensive alteration and mineralization, further demonstrating a system comparable to several of Nevada's most productive gold districts."

Gram will aid in the advancement of the Company's plan to develop an underground mine at Ruby Hill, accessed via ramp from the Archimedes open pit. Infill drilling is being completed for initial mine planning and to upgrade resources for the completion of an economic study.  Step-out drilling is also being completed with a focus on expanding mineralization in advance of completing a revised resource estimate at year-end. The current program at Ruby Hill is one of several ongoing and planned drill programs in 2022 that combined are expected to comprise in excess of 50,000 meters.

It is expected that refractory mineralization mined from the underground operation at Ruby Hill will be trucked to the Company's Lone Tree facility once its operational and oxide mineralization can be processed on-site at the existing heap leach pad, or at the existing leach plant. i-80's substantial existing infrastructure at Lone Tree and Ruby Hill is expected to reduce potential exposure to the current inflationary environment.