Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
an additional set of drill results from the 11,000 m stockpile
drill program underway at the DeLamar Project (“DeLamar” or the
“Project”) located in southwestern Idaho. The drill results
announced today are from 20 additional drill holes representing 825
m from the 11,000 m stockpile drill program. In total, the Company
has drilled 10,164 m in 262 drill holes as part of stockpile drill
program. With each new set of drill results, the Company’s
confidence that this material, a portion of which was included as a
pre-stripping cost in the Company’s 2022 Pre-feasibility Study
(“PFS”), has the potential to increase the heap leach mine life and
further enhance the robust economics presented in the PFS.
“The stockpile and backfill drill results
announced today include long intervals of gold-equivalent grades
that are similar to, if not better than, other in-situ targets
drilled at the Project. This mineralized material was previously
mined by past operators and stockpiled and/or used as backfill at
DeLamar and Florida Mountain because it fell below the mill cut-off
grade. The potential to transform this material into additional
ounces of gold and silver should increase the heap leach mine life
at DeLamar and further enhance the strong economics of the Project
outlined in the 2022 PFS. The Company expects to complete a
resource estimate for the stockpiles/backfill in Q2 2023 while
preparing the Mine Plan of Operations for submittal to the Bureau
of Land Management in the second half of this year,” stated Integra
President and CEO George Salamis. “The DeLamar Project, along with
the addition of Millennial Precious Metals’ Wildcat and Mountain
View projects, as announced by the companies on February 27, 2023,
has the potential to create a development-stage company with
one-of-the-largest resource endowments in the Great Basin, assuming
all requisite approvals are obtained and the merger is
completed.”
The following table highlights selected
intercepts from the DeLamar backfill and stockpile drill program
announced today1,2,3,4:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
AuCN Recovery (%) |
NDM-22-051 |
1.52 |
51.82 |
50.30 |
0.32 |
19.05 |
0.57 |
72.78 |
NDM-22-142 |
0.00 |
28.96 |
28.96 |
0.26 |
26.28 |
0.60 |
82.18 |
NDM-22-181 |
0.00 |
42.67 |
42.67 |
0.23 |
21.98 |
0.51 |
76.92 |
WD1-22-303 |
1.52 |
33.53 |
32.01 |
0.15 |
20.36 |
0.41 |
79.32 |
including |
30.48 |
32.00 |
1.52 |
0.51 |
289.00 |
4.23 |
37.11 |
WD1-22-310 |
0.00 |
38.10 |
38.10 |
0.26 |
15.59 |
0.46 |
70.13 |
WD1-22-322 |
0.00 |
33.53 |
33.53 |
0.27 |
12.95 |
0.44 |
78.78 |
WD1-23-159 |
0.00 |
50.29 |
50.29 |
0.19 |
18.14 |
0.43 |
92.42 |
WD2-22-146 |
0.00 |
39.62 |
39.62 |
0.14 |
13.04 |
0.31 |
63.93 |
WD2-22-199 |
0.00 |
44.20 |
44.20 |
0.15 |
14.54 |
0.34 |
70.11 |
WD2-22-153 |
0.00 |
19.81 |
19.81 |
0.20 |
10.30 |
0.33 |
83.60 |
WD2-22-153 |
30.48 |
42.67 |
12.19 |
0.13 |
19.22 |
0.38 |
92.04 |
(1) Downhole thickness is true thickness.(2)
Intervals reported are uncapped.(3) Gold equivalent = g Au/t + (g
Ag/t ÷ 77.70). Rounding may cause minor discrepancies in the AuEq
column.(4) Au recovery based on cyanide shakes (“AuCN”) run on all
intervals with Au assay values >0.1 g/t.
The following table highlights selected
intercepts from the Florida Mountain stockpile and backfill drill
program announced today1,2,3:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
JG-23-033 |
0.00 |
32.00 |
32.00 |
0.46 |
13.24 |
0.63 |
JG-23-037 |
0.00 |
30.48 |
30.48 |
0.42 |
8.56 |
0.53 |
JG-23-052 |
0.00 |
39.62 |
39.62 |
0.39 |
9.03 |
0.51 |
JG-23-064 |
0.00 |
53.34 |
53.34 |
0.37 |
9.44 |
0.49 |
JG-23-109 |
0.00 |
76.20 |
76.20 |
0.62 |
9.54 |
0.74 |
including |
73.15 |
74.68 |
1.53 |
7.30 |
9.13 |
7.42 |
JG-23-147 |
0.00 |
15.24 |
15.24 |
0.56 |
9.65 |
0.68 |
JG-23-151 |
0.00 |
21.34 |
21.34 |
0.51 |
7.78 |
0.61 |
TT-23-014 |
0.00 |
59.44 |
59.44 |
0.35 |
7.19 |
0.45 |
TT-23-022 |
0.00 |
57.91 |
57.91 |
0.28 |
5.93 |
0.36 |
TT-23-035 |
0.00 |
47.24 |
47.24 |
0.25 |
10.51 |
0.39 |
(1) Downhole thickness is true thickness.(2)
Intervals reported are uncapped.(3) Gold equivalent = g Au/t + (g
Ag/t ÷ 77.70). Rounding may cause minor discrepancies in the AuEq
column.Cyanide shake analysis is not performed on Florida Mountain
samples. Gold occurrences in Florida Mountain material can often be
coarse in nature, making comparisons between cyanide shake analyses
and fire assays unreliable. Once pulverized, as per any cyanide
shake procedure, all Florida Mountain material show high recoveries
by cyanidation, rendering cyanide shake analysis unreliable for
differentiating between ores that can be heap leached and those
requiring grinding to achieve high recoveries.
To view a drill collar location map for the
DeLamar stockpile/backfill drill program, please click on the links
below:
https://integraresources.com/site/assets/files/2572/dc_location_bf_wd_-2023-03-30sm.pdf
https://integraresources.com/site/assets/files/2572/dc_location_bf_ndm_-2023-03-30sm.pdf
To view a drill collar location map for Florida
Mountain’s Jacobs Gulch and Tip Top drill program, please click on
the link below:
https://integraresources.com/site/assets/files/2572/dc_location_bf_fm_-2023-03-30sm.pdf
Execution of Drill Program:
Methodology
The stockpile drill program is being executed at
60 m collar spacings with select 30 m infill test holes to further
verify grade variability. All drilling is vertical through the
entirety of the stockpiles and backfill material. This drilling is
being conducted by a combination of Sonic and traditional reverse
circulation (“RC”) with casing advance drilling methods. Both these
drilling methods maintain high sample quality and integrity
throughout the drilling process. Additionally, the two drilling
methods provide a basis for comparison for continuity. Sampling is
being conducted at 1.5 m intervals for the whole of the drilling
program with all samples sent to a third-party lab for analysis.
These drilling methods also provide the opportunity for more
advanced metallurgical tests in the future.
The Company anticipates completing an updated
resource estimate on the Project in the first half of 2023 to
incorporate results from the stockpile drill program.
Sampling and QA/QC
Procedure
Thorough QA/QC protocols are followed on the
Project, including insertion of duplicate, blank and standard
samples in the assay stream for all drill holes. The samples are
submitted directly to American Assay Labs in Reno, Nevada for
preparation and analysis. Analysis of gold is performed using fire
assay method with atomic absorption (AA) finish on a 1 assay ton
aliquot. Gold results over 5 g/t are re-run using a
gravimetric finish. Silver analysis is performed using ICP for
results up to 100 g/t on a 5-acid digestion, with a fire
assay, gravimetric finish for results over 100 g/t silver.
Qualified Person
The scientific and technical information
contained in this news release has been reviewed and approved by E.
Max Baker Ph.D. (F.AusIMM), Integra’s Vice President Exploration of
Post Falls, Idaho, a “Qualified Person” (“QP”) as defined in
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects.
About Integra Resources
Integra is a development-stage mining company
focused on the exploration and de-risking of the past producing
DeLamar gold-silver project in Idaho, USA. Integra is led by the
management team from Integra Gold Corp. which successfully grew,
developed and sold the Lamaque Project, in Quebec, for C$600m in
2017. Since acquiring the DeLamar Project, which includes the
adjacent DeLamar and Florida Mountain gold and silver deposits, in
late 2017, the Company has demonstrated significant resource growth
and conversion while providing robust economic studies in its
maiden preliminary economic assessment and now PFS. An independent
technical report for the PFS on the DeLamar Project has been
prepared in accordance with the requirements of NI 43-101 and is
available under the Company’s profile at www.sedar.com and on the
Company’s website at www.integraresources.com.
ON BEHALF OF THE BOARD OF
DIRECTORSGeorge SalamisPresident, CEO and Director
CONTACT INFORMATIONCorporate Inquiries:
ir@integraresources.comCompany website:
www.integraresources.comOffice phone: 1 (604) 416-0576
Forward looking and other cautionary
statements
Certain information set forth in this news
release contains “forward‐looking statements” and “forward‐looking
information” within the meaning of applicable Canadian securities
legislation and applicable United States securities laws (referred
to herein as forward‐looking statements). All statements, other
than statements of historical fact, are forward-looking statements
and are based on expectations, estimates and projections as at the
date of this news release. Any statement that involves discussion
with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions, future events or performance
(often, but not always using phrases such as “plans”, “expects”,
“is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates”, or “believes” or variations (including
negative variations) of such words and phrases, or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will” be taken, occur or be achieved) are not statements of
historical fact and may be forward-looking statements. In this news
release, forward-looking statements relate, among other things, to:
future operations; future exploration prospects; the completion and
timing of mineral resource estimates; future growth potential;
future development plans, estimates of metallurgical recovery rates
and the contribution of silver production to mining operations;
anticipated advancement of DeLamar; drill results; potential
mineralization at DeLamar including, but not limited to, potential
to extend heap leach mine life; anticipated completion of drill
programs; and closing and anticipated benefits of the Millennial
Precious Metals transaction. These forward-looking statements, and
any assumptions upon which they are based, are made in good faith
and reflect our current judgment regarding the direction of our
business. Forward-looking statements are based on a number of
factors and assumptions made by management and considered
reasonable at the time such information is provided. Assumptions
and factors include: the successful completion of the Millennial
Precious Metals transaction (including receipt of all regulatory
approvals, shareholder and third-party consents), the integration
of Millennial Precious Metals and realization of benefits
therefrom; the accuracy of mineral resource and mineral reserve
estimations; that political and legal developments will be
consistent with current expectations; the absence of adverse
conditions at mineral properties; no unforeseen operational delays;
no material delays in obtaining necessary permits; the price of
gold remaining at levels that render mineral properties economic;
the ability to continue raising necessary capital to finance
operations; and the ability to realize on the mineral resource and
reserve estimates. Forward-looking information involves known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance, or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Such factors include, among others: risk related to
the Millennial Precious Metals transaction, including, but not
limited to, the ability to obtain necessary approvals in respect of
the transaction and to consummate the transaction; risks related to
the speculative nature of the Company’s business; the Company’s
formative stage of development; the Company’s financial position;
possible variations in mineralization, grade or recovery rates;
actual results of current exploration activities; actual results of
reclamation activities; conclusions of future economic evaluations;
business integration risks; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of gold, silver, base metals or certain
other commodities; fluctuations in currency markets (such as the
Canadian dollar to United States dollar exchange rate); change in
national and local government, legislation, taxation, controls
regulations and political or economic developments; risks and
hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formation pressures, cave-ins and
flooding); inability to obtain adequate insurance to cover risks
and hazards; the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); title to
properties; and the impact of COVID-19 on the timing of exploration
and development work and management’s ability to anticipate and
manage the foregoing factors and risks. Although the
forward-looking statements contained in this news release are based
upon what management of Integra believes, or believed at the time,
to be reasonable assumptions, Integra cannot assure its
shareholders that actual results will be consistent with such
forward-looking statements, as there may be other factors that
cause results not to be anticipated, estimated, or intended.
Readers are advised to study and consider risk factors disclosed in
Integra’s Form 20-F annual report for the year ended December 31,
2022 and Integra’s management’s discussion and analysis
(“MD&A”) for the year ended December 31, 2022.
Forward-looking statements contained herein are
made as of the date of this news release and the Company disclaims
any obligation to update any forward-looking statements, whether as
a result of new information, future events or results, except as
may be required by applicable securities laws. There can be no
assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
information.
Cautionary Note for U.S. Investors
Concerning Mineral Resources and Reserves
National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") is a
rule of the Canadian Securities Administrators which establishes
standards for all public disclosure an issuer makes of scientific
and technical information concerning mineral
projects. Technical disclosure contained in this news release
has been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification
System. These standards differ from the requirements of the U.S.
Securities and Exchange Commission (“SEC”) and
resource information contained in this press release may not be
comparable to similar information disclosed by domestic United
States companies subject to the SEC's reporting and disclosure
requirements.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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