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i-80 Gold Completes Acquisition - High-Grade FAD Deposit
Reno, Nevada--(Newsfile Corp. - May 8, 2023) - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80") ...
About this update from I-80 Gold Corp
[{"type":"text","content":"i-80 Gold Completes Acquisition - High-Grade FAD DepositReno, Nevada--(Newsfile Corp. - May 8, 2023) - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) (\"i-80\") and Paycore Minerals Inc. (TSXV: CORE) (\"Paycore\") are pleased to announce the completion of i-80's acquisition of Paycore, owner of the FAD Property that hosts the high-grade FAD deposit located immediately south of, and adjoining, i-80's 100%-owned Ruby Hill Property (\"Ruby Hill\" or the \"Property\") in Eureka County, Nevada.This transaction was completed by way of a plan of arrangement under the Business Corporations Act (Ontario) (the \"Arrangement\") and consolidates and enhances i-80's exposure to one of the world's premier re-emerging Carbonate Replacement Deposit (CRD) districts, while also providing i-80 with 100% ownership of the FAD deposit, one of the highest-grade polymetallic deposits in North America. Once the current infill & expansion drill program is completed, the FAD deposit is expected to add to the Company's impressive resource base.Paycore's common shares are expected to be de-listed from the TSX Venture Exchange (\"TSX-V\") within three to five business days. Pursuant to the Arrangement, Paycore shareholders received 0.68 of an i-80 common share for each common share of Paycore held. Each Paycore warrant and Paycore option is exercisable for i-80 common shares, as adjusted in accordance with the exchange ratio under the Arrangement.Acquisition highlights:Consolidates the most productive part of the Eureka District - adds 1,468 Ha to land packageFAD deposit historical resource: 3,540,173 t @ 5.14 g/t Au, 196.46 g/t Ag, 8.0% Zn, 3.8% Pb1Positive results from Paycore drilling in 2022:PC22-07: 1.1 g/t Au, 155.5 g/t Ag, 22.0% Zn & 1.5% Pb over 12.5 m and 2.0 g/t Au, 231.6 g/t Ag, 6.3% Zn & 3.7% Pb over 44.8 mPC22-08: 7.1 g/t Au, 376.3 g/t Ag, 6.3% Zn & 10.3% Pb over 14.8 mPC22-10: 8.0 g/t Au, 79.0 g/t Ag, 10.0% Zn & 1.0% Pb over 27.4 m and1.8 g/t Au, 318.0 g/t Ag, 4.6% Zn & 6.1% Pb over 7.4 mPrior to the discovery of Carlin-type mineralization by Homestake at Ruby Hill in the 1990's, the Eureka District enjoyed a successful history (1864-1966) that resulted in some of the world's highest-grade CRD mines. The district produced approximately 1.6 Moz of gold at an average grade of 0.8 oz/ton (27.4 g/t Au) and 39 Moz of silver at an av...