i-80 Gold Corp. announced that high-grade, silver-rich, polymetallic CRD mineralization has been discovered in drilling the Hilltop target at the Company's 100%-owned Ruby Hill Property ("Ruby Hill" or "the Property") located in Eureka County, Nevada. The Hilltop target is one of five conceptual exploration targets drilled in the 2022 program at Ruby Hill and was identified for its potential to host polymetallic (silver-lead-zinc) mineralization.

The new zone of mineralization is located approximately 400 metres southwest of the poly-metallic Blackjack Zone and immediately south of the Archimedes pit and the planned portal that the Company is advancing for construction. Mineralization in the Hilltop target consists of polymetallic carbonate replacement (CRD) in the form of massive and semi-massive sulphide mineralization containing high-grade silver (including 515.3 g/t Ag over 28.3 m & 929.7 g/t Ag over 4.6 m) and has been intersected in two areas within the Hilltop target. Definition and expansion drilling is underway, and the horizon remains open along strike and at depth.

Mineralization has been intersected in additional holes 50 metres west of iRH22-43, for which assays remain pending. The Ruby Hill district has a long history of high-grade polymetallic CRD mining that began in the late 1800's, resulting in production of 1.65 Moz Au, 39 Moz Ag, 625 Mlb Pb and 12 Mlb Zn from just 2 Mtons of ore through 19641. Since then, the CRD potential of the district has been largely overlooked, providing the Company what it believes to be a substantial opportunity.

The discovery of the Hilltop zone opens up a greater than 1.5 km corridor between the Archimedes pit and the original Ruby Hill mine that has historically been underexplored due to post-mineral alluvial cover. Importantly, iRH22-43 intersected massive sulfide mineralization immediately below the alluvium at a depth of 146 m. Discovery International Geophysics of Saskatchewan, Canada has been contracted to conduct downhole electromagnetic (EM) and induced polarization (IP) surveys over the area, with the goal of defining additional massive sulfide zones. The Company is completing a large-scale surface (+20,000 metre) drill program at Ruby Hill for both deposit delineation and exploration purposes.

Definition and expansion drilling is focused on the initial areas planned to be mined including the 426 Zone and the deeper Ruby Deeps Zone where recently released results include 19.8 g/t Au over 33.2 m and 7.1 g/t Au over 78.6 m in the Ruby Deeps deposit and 15.6 g/t Au over 12.2 m and 13.9 g/t Au over 13.4 m in the 426 deposit. Multiple gold and polymetallic exploration targets are also being drilled. It is expected that refractory mineralization from the planned underground operation at Ruby Hill will be trucked to the Company's Lone Tree facility, once operational, and oxide mineralization can be processed on-site at the existing heap leach pad, or at the existing leach plant, once refurbished.

The Company is commissioning a study that will contemplate retrofitting the leach plant, once oxide mineralization is depleted, to a floatation plant that would recover base metals. i-80's substantial existing infrastructure at Lone Tree and Ruby Hill is expected to reduce potential exposure to the current inflationary environment. The ongoing infill and step-out drill program will aide in the advancement of the Company's plan to develop an underground mine at Ruby Hill, accessed via ramp from the Archimedes open pit.

Following the 2022 program, an updated mineral resource estimate is planned for the completion of an economic study. The current program at Ruby Hill is one of several ongoing and anticipated drill programs on i-80 projects in 2022 that are collectively budgeted to comprise more than 50,000 metres. The Ruby Hill Property 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 including an idle leach plant and an active heap leach facility and is host to multiple gold, gold-silver and poly-metallic (base metal) deposits.