i-80 Gold Corp. (IAU) Earnings Call Transcript & Summary

I'd like to remind everybody on the call to please make sure you're muted. We're going to try to limit this call to about 45 minutes, so its presentation and hopefully, a little bit of time at the end to take a few questions. So today, we're giving what we call a [ teaching ] on the Ruby Hill property. Ruby Hill has been an acquisition we made in 2021 that exploration-wise has been a tremendous success for our company. We've had great success in expanding the existing mineralized areas, both oxide and refractory gold [indiscernible] mineralization. And more recently, we've started to focus on some of the base metal or polymetallic targets on the property. And just yesterday at the close of the market, we announced the follow-up drilling to our very exciting Hilltop discovery, which is a CRD or a carbonate replacement deposit type mineralization that we've identified immediately south of the Ruby Hill pit. So what we're doing today is we're going to take everybody through the opportunity that we see here that we think is an emerging, very exciting and very high-grade CRD district. I'd like to -- I urge everybody to read this forward-looking statement or the disclaimer. And this presentation may include some forward-looking statements being made. Quickly take you through our company. i-80 was formed about 1.5 years ago following the takeover of Premier Gold Mines. We have assembled a portfolio of projects in Nevada in the United States. So we are 100% U.S. focused. And every project is in Nevada. And Nevada is one of the most [ favored ] jurisdictions for mining, exploration and development anywhere in the world. And is consistently ranked in the top 1, 2 or 3 when it comes to favorable investment for mining by the Fraser Institute of Mining. We are in the process of developing several assets [indiscernible] Ruby Hill. We also have Granite Creek, which we are currently just starting to ramp up our mining development. We have initiated the decline at Cove, which is a project in development, and our company is -- has started with very extensive gold and silver resources with over almost 6.5 million ounces of gold measured and indicated and more than 8 million ounces in inferred. The growth in ounces, we expect to be fairly significant when we release our new resources in the first half of 2023 as we've had significant success in our drill programs, and we are going to be upgrading several additional projects to 43-101. Currently, our company is one of the largest holder of gold and silver resources in all of the United States. And importantly, these projects are either fully permitted or on the way to be fully permitting for development. So we have road access, grid power, and we have 2 existing processing facilities that we are looking at starting up. So we do have very advanced stage projects for development, and we do expect to be one of the fastest-growing gold producers in the market. On Slide 4, [indiscernible]. Our company is entirely focused on North Central Nevada, the great basin, so to speak, in Nevada. And our projects are all located within the Carlin and Battle Mountain Trends and next to Nevada Gold Mines in Nevada, our company is the second largest holder of gold resources in the [indiscernible]. Arguably we are -- the -- sorry, I'm getting distracted, the second largest holder of gold and silver [ resources ] in this region. We're planning to develop 4 mining [indiscernible] a central processing facility at Lone Tree. Importantly, the Lone Tree facility is host to an autoclave, and this autoclave facility that we are looking to retrofit over the next couple of years will make our company only 1 of 3 with the capability of processing refractory ore in the state. And in my opinion, this gives our company a considerable advantage or a strategic advantage when it comes to long-term development in the state. We expect to release that study in the near future. It is in the range of our guidance we've previously given, and we're currently working on a couple of financing options relating to that start-up. On Slide 6, just looking at measured and indicated plus inferred resources in a graph. And you can see here, Nevada Gold Mines, the largest producer in the state is the largest holder, obviously, that joint venture between Barrick and Newmont is the largest holder of gold and silver resources, but our company ranks up there in the top 3. And with more than 60,000 meters of drilling completed at Granite Creek and at Ruby Hill, we do expect to see an increase in our resources. We're also working to upgrade the Blackjack and Second Chance deposits to mineral resource status. So as we move forward, we do fully expect to become the #2 holder of gold resources in the state. We also have nearly 180 million ounces of silver in all categories, and that's growing with the discovery of Hilltop and with the expected inclusion of the Blackjack polymetallic deposit into our resources in early 2023. One thing that I think really stands out amongst our deposit is superior grades, both our open pit and underground projects have grades at the top end of our peer group. In fact, 2 of our 3 deposits in Nevada have grades of greater than 10 grams per tonne, that's Granite Creek and Cove. We are also working on upgrading the Ruby Hill deposit, and we expect that the Ruby Hill deposit when we rereleased resources will have a significant increase in grade, and you can see that from the results that we released today. [Audio Gap] ranked amongst the highest-grade new discoveries of any metal anywhere in the planet. And the follow-up drilling, the first [indiscernible] mineralization that we have at best discovery. In terms of our growth, we [indiscernible] the company has numerous contracts that we're advancing with Granite Creek. We are now putting on the third sublevel [indiscernible] mining at the Granite Creek operation, and currently, we started delivering some materials in Nevada Gold Mines [indiscernible] the oxide material and/or delivering that material to our Lone Tree site for processing on [indiscernible]. The Cove operation has started, we're about 2,000 feet into the decline and preparing the first drill base [Audio Gap] and we are currently [indiscernible] rollout of the existing pit. We're targeting production of roughly 250,000 ounces per year by 2025, with further growth through the development of our [indiscernible] operations and potentially developing base metals. In addition to the Lone Tree plant, we also have significant process infrastructure at Ruby Hill, and we're currently assessing the [ options ] and what we're going to do with that infrastructure, including converting this processing facility to the base metal processing plant and we would make up both the zinc and lead concentrate that would then be moved off-site for processing. We're going to go through Ruby Hill today. As you can see here, a very significant infrastructure. It is a permitted mine site. Last year, we completed the final part of mining out of the Ruby Hill or the Archimedes open pit. And we are continuing to residual leach that material as we advanced our [ plan ] to go underground here to access both the gold and the base metal deposits. Just a little look at the history of Ruby Hill. So this is what we call the Eureka District in Nevada. One thing that's not really known about the Eureka District are not widely known is the fact that the majority of its production history was CRD type mineralization or as I said, carbonate replacement deposits. The discovery of CRD mineralization was made in [ 1964 and in 1969 ], the first -- 1869, sorry, the first mines came into production with the smelting technology that was developed to process some of the oxides. So there was both oxide and sulphide base metal mineralization here. The discovery of the FAD deposit was one of the last work projects here that's immediately adjoining our property to the south and operated by Paycore. The last work that was done on the CRD mineralization was in 1966. That meant there was 100 years of CRD mining in this district before it kind of went into hibernation in mid-1960s. In 1990s, Homestake consolidated the district and made the discovery of the Archimedes open pit mine, which is a Carlin-type discovery. And that mine went into production in 1998 was operated by Homestake and subsequently Barrick until 2014. There was a pit wall failure in 2014 and Barrick sold the property immediately after. Waterton acquired that. In 2021, we acquired the Ruby Hill property with the view that it had significant gold and base metal potential. So we've always looked at this project as having very significant opportunity for polymetallic or base metal mineralization, and that's been the focus of our work of late. Ruby Hill to us represents the ultimate optionality. There's refractory underground gold as we're looking to develop in the Ruby Deeps deposit. The Ruby Deeps deposit is immediately underneath the Archimedes pit, as you can see at the north end of this image. There's oxide underground gold that we have been defining in the 426 Zone. That's part of the Ruby Deeps deposit. There's an oxide open pit deposit, which is called Mineral Point that's a gold-silver open pit project that was extensively drilled by Barrick prior to closure. And it's something that we're going to look at as a future growth opportunity. There's polymetallic mineralization and those would be both CRD and skarn deposits. In this image, you see here, the yellow donates Carlin-style mineralization. The Ruby Hill pit was Carlin style. And the red circles donate the polymetallic mineralization here. So you can see very extensive base metal or silver and gold-rich polymetallics here in the Eureka District. The Silverlik (Holly) Mines, T.L. Mine, which is [indiscernible] and the historic Ruby Hill Mine ranked amongst the highest-grade CRD mines that you'll find anywhere in the world and those are all mined historically. The FAD, Hilltop and Blackjack areas that you see here in red are deposits that are unmined here. The Hilltop discovery was made here in 2022. The upper zone that we're going to focus our attention on today was discovered with [ our ] hole 22-43. So the 43rd hole of this year's program, and we intersected an impressive 515 grams per tonne silver, nearly 40% lead-zinc and 0.9 grams gold over 92.5 feet or 28.3 meters. The FAD deposit is being drilled by Paycore to the south. That is about 2 kilometers south of where we're drilling in the Jackson and east Archimedes fault structures that run down to the south there are almost entirely untested between there. So that opens up about a 2 km corridor, where we feel has very high potential to host additional CRD type mineralization. The image on the right, the yellow circles donate the historic mining of Carlin-type deposits, and the red are CRD type deposits that were mined, including several to the south of FAD, so south of the larger image on the left. And these CRD mines occurred over a strike length that's measured in about 10 kilometers. So there's -- this is a very extensive district for mineralization, and we feel has substantial potential for both CRD and gold mineralization throughout. The Ruby Hill project that you see here, we're focused currently on defining the Hilltop extension. So the Hilltop Corridor in our property from we're drilling to the property boundary is an untested area of about 1.5 kilometers. The reason for it being untested is the fact that the -- this area is completely undercover, whereas where [indiscernible], the original Ruby Hill, the Holly Mines were discovered was up on the ridge [indiscernible]. And back in the 18 -- late 1800s and early 1900s, prospectors discovered mineralizations, which were subsequently put into operation. But this area under the cover to the East was not testing because there's between 200 and about 400 feet of overburden. The smaller image you see on the left is our longer-term development plan. So we've always had the vision in yellow, we would develop the gold deposits, which is the Carlin -- style mineralization here. And in orange, is the Blackjack project. So Blackjack is not currently in our resource estimate for this property, but we are currently drilling 6 additional holes at Blackjack. We are upgrading that to become a 43-101 resource. And of note is that the Blackjack deposit has a Carlin-style zone, which we call Upper Jack above the Blackjack polymetallic, and it has a Carlin-style zone below it, which we call Lower Jack. And we're looking to also upgrade those 2 zones into 43-101 resource. The reason I think that the grades of the polymetallic deposits, I'll go back here. If you look at the Silverlik Mine, the grade -- the reported grade that was my note of it was 0.23 ounces gold or over 7 grams per tonne gold, 28.7 ounces per tonne silver and 37% lead. The [indiscernible] mine was reported to have produced at 0.43 ounces gold or well over 10 grams, 11.5 ounces per tonne silver and about 20% lead-zinc. The highest-grade mine was to the south, the historic Ruby Hill Mine that produced at a grade of about 30 grams per tonne gold, 21 ounces per tonne silver and over 15% lead. So as I said, these ranked amongst the highest-grade CRD mines you'll find anywhere in the world. And we feel that there's a very significant opportunity. So when you see the grades that we're drilling at Blackjack and what we expect to see at -- or what we're seeing at Hilltop and what we expect to see at Blackjack, the gold mineralization is not a surprise. So when we see 60 grams gold and 900 grams silver in our recent follow-up hold iRH22-25, it's not a surprise, and it's because we believe that these fault structures were open for both the base metal and the gold in placement. So many of the base metal deposits actually have a Carlin overprint and that Carlin overprint results in such high grade. Many CRD mines around the world are actually low in gold and high in silver. The Eureka District tends to have high gold and silver in these projects. What we're doing is we're in the process of submitting our permits to start the underground development here. This would involve 2 declines from the Archimedes pit, and the mineralization that would be first accessed is the 426 Zone. 426 is part of the Carlin-style mineralization in the Ruby Deeps deposit. As you can see in this image, we plan to drift over underneath the pit where the Blackjack deposit occurs. Most of the drilling for Blackjack we expect to occur from underground, hopefully starting in 2023 or 2024. The Ruby Deeps deposit is shown at depth below the 426 where the [indiscernible] on the left. And the Hilltop zones that we're drilling are immediately at the subside of the pit, and we are starting to step out to the south along that structure. You can see here on our Slide 14 is just a composite section of the drilling that was done immediately below the pit. So immediately below the bottom of the Archimedes pit, Homestake and Barrick drilled a dozen 20 holes that intersected significant base metal mineralization. You can see there, intercepts were up to 27% zinc, 3 grams gold, 13 grams silver in addition to other holes with [indiscernible] about 75 meters. We're currently working with [indiscernible] Mining, an engineering firm that is currently working with us on building a model of this polymetallic mineralization that we are looking to release an inaugural resource estimate in the first half of 2023 for the Blackjack deposit. The Hilltop zones are a very exciting discovery for us. The initial program that we initiated here was to follow up [indiscernible] Homestake hole. So more than 20 years ago, Homestake drill hole 1427 at the south end of the pit, a deeper hole that intersected significant polymetallic mineralization, intersected 769 grams per tonne silver, more than 26% lead-zinc, 1% copper over 5.8 meters. We drilled about a 40 to 50-meter step out from that with hole 25, and this is what we call our Hilltop discovery. So that is the lower zone. Our hole hit 239 grams per tonne silver and 20% lead-zinc over 9.4 meters. We've now completed a series of follow-up holes to that, that we will be releasing in the near future. The next hole in our program following the hole 25 is we stepped out about 200 meters south and we were pre-collaring a hole to test the lower Hilltop zone was actually our target. And we drill RC, reverse circulation drilling in the upper part in order to reduce our drilling costs and complete the holes with core. And when we drilled that RC hole, we had about 90 feet of Sphalerite and Galena. So that's a zinc and lead mineralization in the pre-collar, and we [indiscernible] and intersected 0.9 grams per tonne gold, 515 grams per tonne silver, 28.9% led and 10.5% zinc over 28.5 meters -- or 28.3 meters. So now we've embarked on a program to follow that up. When you intersect mineralization of that tender, you don't just ignore it. So we definitely moved quickly to start following this up. The first 4 core holes were released just today, all of them intersecting what we call bonanza-grade mineralization, and it remains open for expansion. So we -- there are additional holes completed. We're waiting on assays and we're just starting to continue to follow up. We're limiting our setups. We are on a BLM land here, so we are just moving to permit additional setup, so we can continue larger step outs. But from these setups, we've also drilled a hole towards the Blackjack deposit. That was a northeasterly hole that did intersect significant base metal sulphides underneath and to the south of where the drilling was done previously in Blackjack. And about 500 meters further south, we drilled a hole to test the -- what we call the Hilltop quarter towards the east Archimedes fault. And again, we saw numerous intercepts of oxide and sulphide mineralization, confirming what we believe is a major base metal system here at Ruby Hill. Here on Slide 16 is a composite section. So the upper zone is where we've just announced the first 4 follow-up holes, all intersecting gold mineralization between about 0.5 grams per tonne up to over 60 grams per tonne, silver mineralization ranging from just under 300 -- just under 400 grams to over 900 grams per tonne and lead-zinc grades ranging from 50% to 40% in every follow-up hole. So we continue to expand mineralization in that area. And we've also -- we're also doing drilling into the lower zone. So as you can see there, the lower Hilltop zone is where the Homestake 1427 was drilled, and hole 25, our first hole of our program here testing the polymetallic targets. We've now drilled 6 additional holes in this target, and those assays will be released here in the near future. But again, we see very high silver and base metal grades in this lower Hilltop zone. On Slide 17, we show the intercepts we've drilled to date. So we're doing about 25 to 30 meters step outs in this zone. The red stars donate mineralization. It's either oxide or sulfide that were observed in subsequent drilling that we haven't -- we don't have the assays for yet. And the yellow stars are the program we're doing right now. So we're continuing to infill and step out in this zone. And once we get these holes completed, we will assess those values and look at where we're going to continue stepping out. The in-situ metal value of these intercepts often significantly exceeds USD 1,000 per ton, so that's what has us so excited about this target and why we're making it a focus. The lower image on the left is a picture of some of the massive sulfide mineralization that we see. So some of this mineralization we expect would have specific gravities of over 6 given the amount of Galena that we see here. The lower Hilltop zone shown here on Slide 18 is almost strictly sulfide mineralization, very core sulfides that we see. There is mainly sphalerite and Galena, that's the accessory minerals for zinc and lead. We do see in this zone some capital pyrite, more than what we see in the Upper Hill top zone. And we've actually seen a little bit of moly in some of the intercepts as well. The first hole that we drilled didn't just hit the 9.5 meter intercept, we also had 3 additional high-grade intercepts of polymetallic mineralization in that hole and we've -- as I said, we've now drilled -- sorry, 5 holes to follow up these intercepts, so we're stepping out both to the east and west and some to the north and south in this horizon as well. We're waiting on the assays for this part of the program. As I said earlier, we see this both the gold, the Carlin style gold and the polymetallic mineralization opportunity here to be very significant. And we've always looked at the plan to grow our production profile was to include the polymetallics here at Ruby Hill. The Blackjack deposit is a high-grade deposit that we are defining and we're extending mineralization to the south. I'd like to look at Slide 20 here. The Blackjack and the Ruby Deeps deposit are at the north end, we see the historic Ruby Hill mine and where the FAD deposit are to the south. And under this alluvial color -- cover, there's a 2 to 2.5 kilometer structural corridor that we are looking to define. To the east, where there's outcrops, as I mentioned, we have -- we show here the underground workings from the Silverlik and Holly Mines, the TL mines in the south there and further south Ruby Hill. As I mentioned, all of these deposits outcrop. The Hilltop corridor, we believe, has the potential to have resources that exceed the production of the entire Tintic district, which is 1 being explored right now in Utah across the border. And we believe that this base metal opportunity has been almost entirely overlooked until recently for the last 60 years. We'll also touch on the Carlin-style deposits we're defining here because we did drill about 30,000 meters to test these horizons. We've released numerous holes and there's still more to come as we continue to expand this mineralization north and south. But our surface drill program here is complete. We're now completing a revised resource for Ruby Deeps and 426, moving that into a mine plan, and we expect to also release a preliminary economic assessment here in the beginning of 2023. And we've also made additional discoveries like the Blue Sky so that's a very significant step out to the north where we hit mineralization, Carlin-style mineralization in an area previously untested and we've also hit mineralization -- oxide mineralization up to 10.5 grams gold over 11 meters in the 007 target. We also expect to do additional underground drilling in that area. And you can see immediately underneath the pit where the Blackjack deposit occurs. So quickly just to look at the gold potential. At Ruby Deeps, we have the 426 zone, which is subvertical mineralization in the 426 fault structure. And we also have Carlin-style mineralization at depth. The tenor of mineralization here is very high grade. We typically see mineralization well in excess of the 6-gram resource grade that was carried by the previous owner, Waterton. So we are expecting a very significant increase in resource grades here when we upgrade resources, and we're also defining mineralization above this hill. So as you can see in the hole 2206, we hit 22 meters of 8 grams above the what we call the main Ruby Hill lens. That's the deeper zone where we hit almost 20 grams over more than 33 meters. So this delineation and expansion program is now complete for the year and additional assays will be coming out prior to year-end from that program. Just to a couple of the intercepts we had there, hole 5 of this year's program in the Ruby Deeps deposit, we intersected a 78.6 meters of just over 7 grams per ton, including a 41.8 meters of 10 grams. As you can see on the image on the right. What I'd really like to point out is that a lot of the Carlin-style deposits have -- are associated with fault structures. So you often see what's considered to be reasonably difficult ground conditions or challenging ground conditions. What we see in the core in the Ruby Deeps deposit is very competent rock unit. So much more confident than we've seen in any of our other projects. So we expect this to result in significant mineability and hopefully, lower mining cost because we can employ some lower-cost bulk mining methods here at the Ruby Hill deposit. Again, in Hole 6, which was -- is the Southmost hole that we've released results to date, the Lower Zone was 19.8 grams, over 33.2 meters. There were multiple intercepts, as you can see are listed, there were 4 intercepts of mineralization greater than 6 grams in this hole, with widths of 3.7 to 33 meters. The rock tenor or the rock quality that you can see on the image on the right, again, is very high quality for a Nevada deposit and additional drilling has been completed, and we will be releasing those results in the near future. So before I open up to a couple of questions, we're also completing geophysics because of the mineralization that we're hitting, we've completed -- we just completed an IP survey testing the southern extension of the Hilltop discovery. So on the image on the right, iRH22-25 is the -- black line is the drill trace as we drill a Northeast hole to test the polymetallic mineralization, about 400 meters from the Blackjack deposit. And so we're completing the additional IP. We're hoping to have the results of that for today's teach-in. We haven't -- we should receive the final interpretation of that work here this week. But we've also gone back and taken a look at the historic geophysics that was done here. And the images on the left are TMI or total magnetic intensity. And this is a survey that was completed by Barrick previously. And when you look at the Eureka District, it has all of the ingredients to have a major porphyry system. So there's disseminated gold that you find in the Archimedes pit and the Carlin-style mineralization that we have at Ruby Deeps. There's polymetallic CRD mineralization. And here in these images, the 3 white and red stars are where the Hilltop deposit is and the Silverlik and TL mines, so they are historic CRD operations. The Blackjack deposit is a skarn deposit. So when you look at the geological sequence or the environment for creating these type of deposits, often a big heat source that is related to these and the skarn would be more proximal to mineralization. So we see that influence of going from the disseminated gold to skarn mineralization in and around the Ruby Hill pit. And when you take a 900-foot depth slice of the magnetics, there's just a very subtle magnetic anomaly in the Ruby Hill pit. When you look at a 3,000-foot depth slice there's a very intense Mag high. And then when you look at the Titan survey that was completed or an MT electromagnetic survey at a depth of below 3,000 feet, there's a very high and strong conductor. We -- this is an untested anomaly on the property, and we believe could represent a porphyry target. So that would be a copper gold type target that you see a lot of in these districts. The carbonate hosted porphyries, which are similar to the one that we'd expect to find in the Ruby Hill area, if there's one, would tend to be higher grade like the Grasberg deposit. And these type of targets in Nevada have been almost entirely overlooked often because of a lack of broad alteration associated with these but we distinctively see a metamorphic alteration halo at depth to the east in the eastern portion of the Archimedes pit that is distinct from the Blackjack skarn. So it is definitely a target we're looking at in the future, and we intend to drill this anomaly in 2023. Not going to get into any of the big particulars of ESG or other things we're doing. But I would open up the floor to hopefully, 2 questions.

I know -- I believe that Bryce at CIBC had a question. So maybe we'll take 1 or 2. Hopefully, everybody doesn't come off mute at once. And then I urge everybody to reach out to Matt Gili, who's on the line, Matt Gollat who is also on the line or we'll put you in touch with our senior geologists, Tyler Hill. The reason that's called the Hilltop zone is that it's a credit to Tyler for his geological acumen that is resulted in the discovery of the Hilltop zone. And if there are no questions, then I would urge people who have questions to call us. We expect to have a busy day in terms of phone calls, but please reach out. We will endeavor to get back to everybody we can.

It looks like Justin Chan has a question.

Okay. Justin?

Just kind of talking through the -- I know it's early, but just with the development concept, first of all, can you hear me? Sorry.

Yes, we hear you.

Yes, we're good.

Okay. Great. So just given that there's also gold in this system, and I'm sure it's quite complicated for Tyler to kind of figure out. But when you convert -- when the study on the flotation happened, I guess, does it have scope for processing the gold in that circuit, which kind do you think it would be? Would that kind of change the overall scope of the mill plan? Or what are your thoughts just looking at the gold grades along with the base metal grades and silver today?

Do you mean that the gold grades, what we're going to do with the plants at Ruby Hill, like the plans for the plant at Ruby Hill?

Yes, exactly. Like I guess how do you envisage processing this material would the gold just come out in the flotation into the lead circuit? Or...

Yes. Well, the -- we just released a scoping study that we retained DRA to look at I think, as you know, we've been seeing a lot more oxide in our mining at Granite Creek than what we expected. And we've also seen significant oxide gold mineralization in the upper parts of 426. So because of the oxide mineralization surpassing what we expected to see in these projects when we acquired them, we expected pretty much entirely these gold systems to be completely refractory, which would utilize the autoclave, we are looking at how are we going to process the oxide portion. So we commissioned a study looking at potentially, we restart the plant at Ruby Hill as an oxide plant and then convert to base metal. And we're also right now trucking the development [ ore ] in some of the high grade that we've been mining at Granite Creek to Lone Tree, we have offering heap leach pad there. And we're putting a 3-, 4-gram development material on our heap leach right now. So we're expecting to get gold out of that. And that mineralization would -- and if we get significant recoveries in that, we may look at doing all of our oxide at that facility as a leach rather than restarting the plant. The real long-term plan in my vision is that we will convert the Ruby Hill plant to be a base metal plant. And the study also contemplated that, but that study contemplated 1,000 ton a day operation. We're hoping that the size of base metals we develop here would be amenable to really upsize in that, so more like 2,500 to 3,000 tons per day. And that would mean a pretty substantial increase in the size of the facility here. The underground and the surface drilling will define what size operation we'd ultimately look at. There has been historic mining here. We -- Barrick actually did a little bit of metallurgy on the Blackjack deposit. It appears that the silver and the gold primarily report to the lead concentrate and not to the zinc concentrate, which is a favorable situation when it comes to processing. So I hope that was a long-winded way of answering your question, Justin.

[ Kind of straight ]. Yes, that was very helpful. And then just maybe 1 on -- it's really interesting, the regional scale MAG you put out there. I guess 1 is as soon as you will look for free? Or is that kind of aways away?

I think the plan -- I think our Board is -- was pretty keen on seeing us drill that target. If you look here on Slide 25, we are superimposed on the Titan section where our hole was drilled into the -- with an intersect to the polymetallic mineralization shown in red. That hole did go to depth not to it, but it was on the -- we're in the hanging wall side of the Ruby Hill fault, where we believe this target is in the footwall side of the Ruby Hill fault structure. So to drill this, we're going to have to set up to the west and drill east to get into that target. I would expect that as we drill out Hilltop and we step out that 1 of our holes, we will pre-collar deeper with RC and drill about 3,500 to 4,000 foot hole that we would expect that would be sufficient to test that anomaly. And I would expect that hole to be drilled probably in the first half of next year.

Looks like Fairbairn is up.

Just 1 for me on the Hilltop discovery. Wondering if you can -- just more of a recap than anything else. Can you go over again how large an area you've identified this significant base metal mineralization over at Hilltop just so we can get some -- start to think of rough dimensions where you've traced it so far?

Yes, sure. I'll go to this slide. So from where we've drilled out here and where hole 1427 was the Homestake on our Slide 15, to where we're drilling Hilltop is about 200, 250-meter area. Mineralization in this direction is probably about 100 meters right now, maybe 150, and we're continuing to step out. The hole that we drilled to the -- basically into the corridor to the Southwest, I think that was our whole 64 is about a 500-meter step up from Blackjack and about another 200, 250 meters from Hilltop. So we're -- we believe we're opening up a very significant area of polymetallic mineralization. This is the -- almost the entire scope of drilling that's been done so far into this area. And we're consistently seeing oxide and sulfide mineralization. I'd also like to point out that in the pit, one thing we've learned is in the open pit, the Archimedes pit, they did hit a cave and of these Eureka CRD deposits have -- what's a cave a weathered portion of the deposit that created an underground cave and below that is where you find the -- either the consolidated mineralization, there often is very high gold and then below that, the massive sulfides. And they filled it with concrete in the pit when they were mining the pit. So we think that is indicative of potentially skarn type mineralization that was in the pit, but was never really assessed because this was mined as a pure gold pit. I'd also like to point out that in the area of the Upper Hilltop, yes, it's right beside the pit. So I've been asked, is there -- has there been historic drilling here, and I say yes there has. But because Homestake and Barrick did some RC drilling peripheral to the pit to see if they could expand the open pit mineralization. And what we found is we went back and looked at some of these RC drill logs, and the RC drill logs were -- they were drilling to see if they could expand the pit. They did note in several or many of these drill logs that they hit sphalerite Galena or base metal mineralization in these RC holes, but they did not assay for zinc or lead, they only assayed for gold. So we believe that they actually drilled part of the Hilltop Upper Zone discovery, but never assayed for the base metals. So good for us, and sorry for them.

Do you want to take another question there Ewan or end the call?

I think Matt and I are traveling. We're going marketing. So we have to get to the airport today and move. So we're probably available for the next 1, 1.5 hours before that flight. But if there's any other questions, please reach out to the company. We're very excited, and very open about what we're doing here. Please reach out. Thank you everybody for attending.

Thanks, everybody.

Thanks, all.