i-80 buys project adjoining Ruby Hill
Nevada-focused mining company i-80 Gold is consolidating the northern portion of the Eureka district with the acquisition of Paycore Minerals – a company that owns the high-grade FAD deposit immediately south of its Ruby Hill property.
The acquisition will increase the size of the land package at Ruby Hill by more than 34% to about 14 272 acres, providing i-80 enhanced exposure to one of the world’s premier emerging carbonate replacement deposit, or CRD, districts.
"The geological setting being defined in the Eureka District is truly the most unique I have witnessed in my career,” stated i-80 CEO Ewan Downie.
"In the immediate area surrounding the Archimedes pit, we have identified oxide gold, Carlin-type refractory gold, base metal skarn and polymetallic carbonate replacement mineralization. Older mineralising events are often overprinted by Carlin-type mineralization resulting in precious metals rich deposits not found elsewhere in the Great basin. We have intersected high-grade mineralisation in every one of our targets tested in 2022, all of which remain wide open for expansion. The expanded property has the potential to host a world-class polymetallic deposit with enhanced potential for further discoveries."
i-80 executive VP Matthew Gollat added that the consolidation of the core part of the Ruby Hill district would allow the company to aggressively pursue the optimisation of the company’s multi-year development plan.
"Step-out drilling results from Paycore's 2022 drill programme confirm the upside potential of what we believe to be one of Nevada's highest-grade undeveloped deposits that will benefit from the Ruby Hill processing infrastructure."
Paycore shareholders will receive 0.68 of an i-80 common share for each Paycore share held, representing a premium of 36% based on the 20-day volume weighted average price of both Paycore and i-80 shares for the period ended February 24.
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