The results came from the Hilltop target and included 515.3g/t silver, 28.9% lead, 10.5% zinc, and 0.9g/t gold over 28.3 metres.
"At current metal prices, the rock value of the initial drill intercepts in the Hilltop Zone represent some of the highest-grade mineralisation identified, on a per tonne basis, to-date at Ruby Hill," i-80's CEO Ewan Downie said.
"Given its proximity to the underground infrastructure planned in 2023, this zone is expected to fit in to our future development and mine plans such that we ultimately expect to produce gold, silver, and base metals," he said.
Canaccord Genuity Capital Markets analyst Michael Fairbairn said that while CRD deposits are new for i-80, there have been significant discoveries made in the Americas.
These include the South32-Arizon Mining Taylor deposit in the Hermosa property in Arizona; Paycore's FAD deposit adjacent to Ruby Hill; the Upper Manto deposit at MAG Silver's Cinco de Mayo project in Chihuahua, Mexico; and Fireweed Zinc's Macmillan Pass project in Yukon, Canada, he said.
Fairbairn said that there's the potential to harness synergies with Paycore.
"IAU's Hilltop discovery opens up the potential for additional, shallower, CRD mineralisation in the hanging wall of the Jackson that remains underexplored to the south.
"Longer term, we believe CRD mineralization from Paycore could be processed at Ruby Hill through a toll processing agreement or a combination of the two companies, increasing the region's base metal production potential," he said.
Other highlights from i-80's drilling at Hilltop included:
- 671.0g/t Ag, 7.7% Zn & 26.4% Pb over 0.9 metres (19.6 oz/ton silver - 3.0 ft)
- 238.8g/t Ag, 11.0% Zn & 9.0% Pb over 9.4 metres (7.0 oz/ton Ag - 31.0 ft)
- 469.5g/t Ag, 11.8% Zn & 18.2% Pb over 2.1 metres (13.7 oz/ton Ag - 7.0 ft)
Additionally, two historic holes in the target area contain:
- 769.2g/t Ag, 12.4% Zn, 13.9% Pb, 1.0 % Cu over 5.8 metres (22.4 oz/ton Ag - 19.0 ft)
- 929.7g/t Ag & 21.6% Pb over 4.6 metres (27.1 oz/ton Ag - 15.0 ft)
Fairbairn said CG expects production from Ruby Hill in 2025.
i-80's share price was C$2.37 (US$1.81) on 30 August. The company has a market capitlisation of C$569.67 million.
CG has a price target for the company have C$4.75.
