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A classic reduction frit. To get the metallic sheen, leave it on the surface and reduce the flame (adjust your torch for more propane/less oxygen).
It can be difficult to consistently get the golden tones that the name implies since much depends on your torch and kiln environment.
When Iris Gold is worked in a neutral flame and combined with silver, you can get some gorgeous faux boro effects, as seen in this bead set by Amy Hall.