Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
drill results from the DeLamar Project (“DeLamar” or the “Project”)
located in southwestern Idaho. The drill results announced today
include long runs of strong mineralization at DeLamar, including
multiple high-grade hits of silver. Drill hole IDM-22-207 extended
mineralization below the Pre-feasibility Study (“PFS”) Pit
Constrained Resource by 30 m and drill hole IDM-22-206 demonstrated
the potential for resource in the historic stockpiles and backfill
at the Project.
“Integra is still very active on the ground and
continues to execute on our stated objective of showing resource
growth potential on a myriad of exploration fronts at DeLamar while
advancing the Project towards permitting. The drill holes announced
today continue to define Sullivan Gulch as an outstanding, prolific
gold-silver target with substantial upside for future mining and
processing scenarios. Sullivan Gulch is defined by a 100 m to 300 m
wide thicknesses of disseminated low-grade, gold-silver
mineralization underlain by a newly discovered high-grade
gold-silver zone. This high-grade zone is open to the south,
laterally, and at depth, complimenting the bulk tonnage resource
above it, “noted President and CEO George Salamis. “Today’s
intercept extends mineralization below the PFS resource pit by 30
m. In addition, the new high-grade zone has now been intercepted
over a vertical extent of 215 m, and along a strike length of 350 m
in the Northern zone and 350 m in the Southern zone. There remains
a 370 m untested gap between the Northern and Southern high-grade
zones, presenting an obvious high priority drill target.”
The following table highlights selected
intercepts from the Sullivan Gulch drill results announced
today:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
IDM-22-204 |
206.65 |
308.76 |
102.11 |
0.57 |
131.29 |
2.26 |
including |
208.18 |
214.27 |
6.09 |
0.78 |
875.25 |
12.05 |
including |
209.70 |
211.23 |
1.53 |
1.30 |
2,718.00 |
36.28 |
including |
234.09 |
246.28 |
12.19 |
0.46 |
176.01 |
2.73 |
including |
269.14 |
275.23 |
6.09 |
1.13 |
180.00 |
3.45 |
including |
281.33 |
284.38 |
3.05 |
1.07 |
382.00 |
5.99 |
including |
288.95 |
292.00 |
3.05 |
1.19 |
132.44 |
2.90 |
including |
302.67 |
304.19 |
1.52 |
3.16 |
228.00 |
6.09 |
IDM-22-205 |
212.60 |
245.36 |
32.76 |
0.39 |
12.92 |
0.55 |
including |
227.69 |
229.21 |
1.52 |
2.42 |
26.90 |
2.77 |
IDM-22-206 (backfill) |
0.00 |
110.64 |
110.64 |
0.27 |
48.42 |
0.89 |
including |
35.51 |
38.41 |
2.90 |
0.10 |
833.00 |
10.82 |
IDM-22-207 |
28.35 |
127.41 |
99.06 |
0.18 |
24.36 |
0.50 |
including |
48.16 |
53.04 |
4.88 |
0.21 |
79.77 |
1.24 |
including |
107.59 |
110.64 |
3.05 |
0.08 |
178.50 |
2.37 |
including |
116.74 |
118.26 |
1.52 |
0.18 |
196.00 |
2.70 |
IDM-22-208 |
5.49 |
34.14 |
28.65 |
0.29 |
52.63 |
0.97 |
including |
31.24 |
34.14 |
2.90 |
0.62 |
254.00 |
3.89 |
(1) Downhole thickness: true
width varies depending on drill hole dip; most drill holes are
aimed at intersecting the vein structures close to perpendicular
therefore true widths are close to downhole widths (approximately
70% conversion ratio)(2) Gold equivalent = g Au/t
+ (g Ag/t ÷ 77.70)(3) Intervals reported are
uncappedSullivan Gulch:
Along with demonstrating the magnitude of the
large low-grade gold-silver zone at Sullivan Gulch, the drill
results announced today continue to expand the emerging high-grade
vein system at Sullivan Gulch that trends Northwest and dips to the
Northeast. This new discovery further enriches the high-grade
component of Sullivan Gulch, the bulk of which dips to the
Southwest. High-grade at Sullivan Gulch has been intercepted in a
Northern zone over a 350 m strike length while the Southern zone,
which includes intercepts from 2018 to present which align with the
new geological model, also has a strike length of 350 m. There
remains a 370 m untested zone between the North and South
high-grade zones which has the potential to extend the strike
length of this high-grade target to over 1,000 m. These intercepts
further validate the geological model that in addition to a
well-defined North-northwest trending vein system that dips to the
Southwest which has seen most of the drilling at Sullivan Gulch,
there exists a structurally controlled system in quartz latite that
dips Northeast and is open to the south, laterally, and at
depth.
In general, the mineralization at Sullivan Gulch
is largely hosted by porphyritic rhyolite and latite units, capped
by a banded rhyolite formation, all of which are of mid-Miocene
age. The gold-silver mineralization itself consists of a zone of
moderately intense low-sulphidation epithermal veining, clay
alteration and related disseminated sulphides (mostly pyrite). IP
indicates the potential for mineralization to extend a further 900
m to the south of the southern-most drilled section of Sullivan
Gulch.
To view a cross section of Sullivan Gulch, click
on the link
below:https://integraresources.com/site/assets/files/2572/idm-22-204_sg_cross_section_vedit_use_-_dashes.pdf
To view a drill plan map of Sullivan Gulch,
click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_dm_july_sm_vuse.pdf
Historic Stockpiles and
Backfill:
Drill hole IDM-22-206 is of particular
importance to Integra as it provides additional evidence that the
historic low-grade stockpiles and backfill at DeLamar and Florida
Mountain are mineralized and could provide additional heap leach
material in future mine plans. The Company estimates that 60
million tonnes of run-of-mine, low-grade Oxide material is
stockpiled and/or used as backfill in multiple locations at the
Project from its 20-year history of modern mining (1970s-1990s).
Based on the Company’s reconciliation of milling records and the
reconstruction of mined material, the Company believes this
material exceeds the heap leach cut-off grades and has the
potential to add mine life to the future operations.
The first 100 m of drill hole IDM-22-206 was
through historic backfill, returning average AuEq grades in-line
with Company estimates and potentially suitable for heap leach
material, subject to further studies. Encountering these results in
the first drill hole into historic backfill is encouraging.
Summer Work Program and Next
Steps:
Following a brief pause, the Company expects to
recommence drilling at DeLamar this summer. The proposed
summer/fall drill program is being executed primarily on DeLamar
private property on historic patented mining claims and is ready to
proceed at the Company’s discretion.
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 pre-feasibility
study. 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.com Company website:
www.integraresources.com Office phone: 1 (604) 416-0576
Forward looking and other cautionary
statements
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking statements”) within the meaning of the applicable
Canadian securities legislation. 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:
statements about the scope, timing and completion of the
Pre-feasibility study; estimates of metallurgical recovery rates
and the contribution of silver production to mining operations;
anticipated advancement of DeLamar and future exploration
prospects.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.
Management believes that these assumptions are reasonable.
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: 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); and title to
properties. 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.
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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