National Bank of Canada said
20 hours ago by MT Newswires
09:48 AM EST, 01/25/2023 (MT Newswires) -- i-80 Gold Corp. (TSX: IAU and NYSE: IAUX) on Wednesday said it has launched an expanded 2023 drill program at its 100%-owned Ruby Hill Property, located in Eureka County, Nevada.
The mining company said it has added additional rigs such that a total of six core and reverse circulation drill rigs have been, or are being, activated. The primary targets of the first part of the program will be the Hilltop Corridor that includes polymetallic Carbonate Replacement Deposit mineralization including the Upper Hilltop Zone, skarn mineralization in the Blackjack and Hilltop Corridor targets, and multiple untested geophysical anomalies, it said.
"Outstanding results and new discoveries at Ruby Hill confirm the potential to grow resources in multiple gold and poly-metallic target areas," said Ewan Downie, CEO of i-80.
"We are currently assessing the potential for a restart of the processing infrastructure at Ruby Hill for either gold or base metal mineralization including the economic opportunity, timing for start-up and the low capital requirement. As such, we are focusing our drill program to help us better understand what the priority should be," said Downie.
Separately, National Bank of Canada said the company's update provides color on the much-anticipated 2023 program following the bonanza-grade Carbonate Replacement Deposit discovery and follow-up results last year. It said this supports its view that Ruby Hill is "worth paying attention to" this year as drilling will test blue sky potential, expected in the second half of 2023.
Overall, the bank has a neutral bias on i-80 as it awaits updates on next steps. It noted that additional results from the 2022 program testing both the Upper and Lower Hilltop Zones remain pending and that i-80 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.
The bank noted that work is also progressing for the completion of updated Mineral Resource Estimate for gold and polymetallic zones and an initial economic study for the gold zones only. It said that while the company has not provided any timeline, it expects mineral resource estimates in H1 2023.
The bank also noted that i-80 is assessing the potential for a restart of the processing infrastructure at Ruby Hill for either gold or base metal mineralization including the economic opportunity, timing and capex.
National Bank maintained its Outperform rating on i-80 and the target price of C$5.50.
Price: 3.75, Change: -0.03, Percent Change: -0.79
20 hours ago by MT Newswires
09:48 AM EST, 01/25/2023 (MT Newswires) -- i-80 Gold Corp. (TSX: IAU and NYSE: IAUX) on Wednesday said it has launched an expanded 2023 drill program at its 100%-owned Ruby Hill Property, located in Eureka County, Nevada.
The mining company said it has added additional rigs such that a total of six core and reverse circulation drill rigs have been, or are being, activated. The primary targets of the first part of the program will be the Hilltop Corridor that includes polymetallic Carbonate Replacement Deposit mineralization including the Upper Hilltop Zone, skarn mineralization in the Blackjack and Hilltop Corridor targets, and multiple untested geophysical anomalies, it said.
"Outstanding results and new discoveries at Ruby Hill confirm the potential to grow resources in multiple gold and poly-metallic target areas," said Ewan Downie, CEO of i-80.
"We are currently assessing the potential for a restart of the processing infrastructure at Ruby Hill for either gold or base metal mineralization including the economic opportunity, timing for start-up and the low capital requirement. As such, we are focusing our drill program to help us better understand what the priority should be," said Downie.
Separately, National Bank of Canada said the company's update provides color on the much-anticipated 2023 program following the bonanza-grade Carbonate Replacement Deposit discovery and follow-up results last year. It said this supports its view that Ruby Hill is "worth paying attention to" this year as drilling will test blue sky potential, expected in the second half of 2023.
Overall, the bank has a neutral bias on i-80 as it awaits updates on next steps. It noted that additional results from the 2022 program testing both the Upper and Lower Hilltop Zones remain pending and that i-80 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.
The bank noted that work is also progressing for the completion of updated Mineral Resource Estimate for gold and polymetallic zones and an initial economic study for the gold zones only. It said that while the company has not provided any timeline, it expects mineral resource estimates in H1 2023.
The bank also noted that i-80 is assessing the potential for a restart of the processing infrastructure at Ruby Hill for either gold or base metal mineralization including the economic opportunity, timing and capex.
National Bank maintained its Outperform rating on i-80 and the target price of C$5.50.
Price: 3.75, Change: -0.03, Percent Change: -0.79