i-80 Gold Corp. (TSX: IAU) (NYSE: IAUX) has found a new zone with record-breaking high-grade gold-silver mineralization at its Ruby Hill property in Eureka, Nevada.
The company said on Wednesday that the intercept assay results showed an astounding 45.4 grams per tonne of gold (Au) and 50.2 grams per tonne of silver (Ag) over 17.5 meters. i-80 Gold also reported finding 1.47 ounces per ton of silver over 57.4 feet in the same drill hole.
The discovery was made in a previously untested area along the Graveyard Flats called the “Tyche Zone”.
During the drilling program at Ruby Hill, the Tyche Zone was found while testing the Blackjack deposit, which is located under the Archimedes open pit.
The drilling revealed a type of rock that had been significantly changed and broken up along the edge of an area known as the Graveyard Flats Stock. In this rock, visible gold was found, along with increased levels of sulphides (a mineral called pyrite) and a porous form of silica.
“We have now made seven new discoveries at Ruby Hill since we began testing new targets on the property in mid-2022.”, Ewan Downie, CEO of i-80 CEO Ewan Downie said in a statement.
“This program has discovered multiple styles of mineralization in a compact area proximal to the existing pit including high-grade polymetallic base metal (CRD), Zinc-skarn, Carlin-type gold, sediment-hosted disseminated gold, and now visible gold in intrusive,” Downie said.
Table via i-80 Gold.
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Read more: i-80 Gold reports high-grade intercept at Ruby Hill
i-80 Gold recently received approvals for constructing new roads for giving access to additional drill pads and expanding drilling in multiple zones. The approvals also include new drill set-ups that allow additional testing of the Tyche Zone by conventional drilling.
Ruby Hill Property, where the Tyche Zone is located, is one of the company’s primary assets and is host to the core processing infrastructure within the Eureka District of the Battle Mountain-Eureka Trend. This includes an idle leach plant and an active heap leach facility.
The company recently reported high-grade results at its McCoy-Cove property in Nevada where it found 14.9 g/t Au over 32.7 meters in one hole and 15.7 g/t Au over 22.5 meters in another one.
Company stock stayed flat on Wednesday at $2.68 on the Toronto Stock Exchange.
Read more: Calibre Mining expands resources from open pit at Nevada’s Pan Gold Mine
Read more: Calibre Mining reports high-grade discoveries at untapped regions in Panteon VTEM corridor
Battle Mountain-Eureka Trend, renowned region for gold
The Battle Mountain-Eureka Trend in Nevada is a renowned gold mining region, hosting a series of Carlin-type gold deposits. This northwest-southeast belt includes significant operations such as SSRM Mining’s Marigold Mine and Waterton Global’s Ruby Hill mine at Eureka.
Known for moderate to high-grade gold that’s often accessible through low-cost, open-pit operations, the trend has become a focal point for mining companies and investors.
Given its mineral richness and accessibility, several mining companies have operations there, including the mining giant Barrick Gold (NYSE: GOLD) (TSX: ABX) which operates the low-cost Cortez operation including the Pipeline Mine complex and the Cortez Hills mine. Other miners such as SSR Mining Inc (TSX: SSRM) operate the Marigold mine in the Humboldt country.
Calibre Mining (TSX: CXB) (OTCQX: CXBMF) also operates the Pan mine in the Battle Mountain in Eureka and announced Tuesday that its Pan Gold Mine’s latest drill results exceeded the site’s mineral resource grade of 0.4 g/t gold.
High-grade drill results over significant lengths from the Palomino target reported by Calibre last month left analysts from Haywood Securities “gobsmacked” at the consistency of gold mineralization.
Calibre Mining is a sponsor of Mugglehead Magazine news coverage
