i-80 GOLD CORP. (TSX: IAU)
Announced that it has entered into a non-binding term sheet in connection with a potential joint venture with an arm’s length third party pursuant to which such potential partner will acquire a minority interest in the Company’s Ruby Hill Property located in Eureka County, Nevada.
.
i-80 Gold Signs Non-Binding Term Sheet for the Joint Venture of the Ruby Hill Property
07/11/2023 11:00am
RENO, Nev., Nov. 7, 2023 /CNW/ – i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) (“i-80”, or the “Company”) is pleased to announce that it has entered into a non-binding term sheet (the “Term Sheet“) in connection with a potential joint venture with an arm’s length third party pursuant to which such potential partner will acquire a minority interest in the Company’s Ruby Hill Property (the “Ruby Hill Property“) located in Eureka County, Nevada.
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
.
.
Matthew Gollat, Executive Vice-President of i-80 stated
“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.”
“Upon Closing, and the signing of definitive documentation, we expect to be in a position to immediately pursue underground development at Ruby Hill and advance to full feasibility on an expedited basis with a plan that will include the conversion of the Ruby Hill processing facility to floatation for base metal production and accelerate our ultimate goal of building a mid-tierNevada-focused producer.”
.
.
To read the full news release, please click HERE
.
If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
=======
.
City Investors Circle is based in the financial district in the City of London
We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.
Our audience is selected and invited individually to ensure interest and relevance for the presenting company.
Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.
We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.
If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com
.
=======
,
This website is not sponsored, we are truly independent, and will always remain so.
Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.
These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.
.
.
Disclosure
At the time of writing the author holds shares in i-80 Gold.
.