- i-80 Gold Corp. (IAU) has agreed to acquire all outstanding common shares of Paycore
- Paycore owns the FAD Property adjoining i-80’s 100 per cent-owned Ruby Hill Property
- Paycore shareholders will receive 0.68 of an i-80 common share for each Paycore share held
- On completion of the transaction, i-80 will continue to own and operate its portfolio of mining assets and also own a 100 per cent interest in the FAD Property
- i-80 Gold is a Nevada-focused mining and production company
- i-80 Gold (IAU) opened trading at C$3.18
i-80 Gold Corp. (IAU) has signed an agreement to acquire all outstanding common shares of Paycore.
Paycore owns the FAD Property adjoining i-80’s 100 per cent-owned Ruby Hill Property in Nevada.
Highlights:
- Paycore shareholders will receive 0.68 of an i-80 common share for each Paycore share held
- Provides i-80 with an additional high-grade deposit along trend from mineralization being drilled on the Ruby Hill Property
- Processing infrastructure (3,540,173 t @ 5.14 g/t Au, 196.46 g/t Ag, 8.0% Zn, 3.8% Pb)2
- Consolidates the northern portion of the Eureka District and enhances the upside opportunity of i-80 post-transaction
- Increases i80’s land position along the highly prospective Jackson-Holly fault corridor from 1.5km to 4.3km
Ewan Downie, CEO of i-80, spoke about the benefits of the transaction.
“The geological setting being defined in the Eureka District is truly the most unique I have witnessed in my career. 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 mineralizing events are often overprinted by Carlin-type mineralization resulting in precious metal-rich deposits not found elsewhere in the Great Basin. We have intersected high-grade mineralization 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.”
“This transaction not only provides Paycore shareholders with greater exposure to the Eureka District but also to i-80’s high-grade Granite Creek and Cove Projects, and its existing permitted infrastructure which includes an autoclave, while also delivering a significant premium and enhanced liquidity as i-80 shareholders.”, stated Christina McCarthy, President & CEO of Paycore.
On completion of the transaction, i-80 will continue to own and operate its portfolio of mining assets, including Lone Tree, Ruby Hill, Granite Creek and McCoy Cove and will also own 100 per cent interest in the FAD Property located on the Battle-Mountain-Eureka trend in Nevada.
i-80 Gold is a Nevada-focused mining and production company.
i-80 Gold (IAU) opened trading at C$3.18.