Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
additional drill results from the DeLamar Project (“DeLamar” or the
“Project”) located in southwestern Idaho. The drill results
announced today are from 20 additional drill holes representing
984.5 m from the North DeLamar backfill, Stockpile 1, Stockpile 2
and the first assays from Florida Mountain’s Jacobs Gulch and Tip
Top backfill. The drill program and the assay results reported to
date have exceeded the Company’s expectations and continue to
demonstrate the potential for this material to extend the heap
leach mine life at DeLamar and further enhance the Project
economics. The estimated 60 Mt of previously blasted and mined
material that has been stockpiled and/or used as backfill at
DeLamar and Florida Mountain has consistently returned grades that
far exceed the cut-off grade for the proposed heap leach operation
outlined in the Company’s 2022 Pre-feasibility Study (“PFS”).
“Today’s excellent drill results reported from
the previously mined stockpiles and backfill at the Project are
comparable to, and in some cases better than, drill results
reported from in-situ oxide and mixed material zones drilled by
Integra over the last five years at DeLamar and Florida Mountain.
The stockpile drill program is progressing well and increasing our
confidence that this material will have a significant positive
impact on a potential future heap leach mining operation at
DeLamar. The possibility of increasing the proposed mine life of
the heap leach operation with this material, a portion of which was
included as a pre-stripping cost in the PFS, should positively
enhance the already robust economics of the Project. The Company
has completed approximately 9,000 m of the 11,000 m stockpile drill
program and expects to finish the drill program in April 2023. The
20 drill holes announced today further demonstrate the continuity
of mineralized width and grade within the stockpiles,” noted George
Salamis, President and CEO of Integra. “The possibility of
expanding the heap leach mine life at DeLamar while advancing the
proposed staged development approach for Millennial Precious
Metals’ Wildcat and Mountain View projects, as announced by the
companies on February 27, 2023, has the potential to create
additional value for shareholders and the future Company
post-merger, 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-22-038 |
0.00 |
53.34 |
53.34 |
0.32 |
20.79 |
0.59 |
80.53 |
NDM-22-039 |
0.00 |
111.25 |
111.25 |
0.27 |
24.60 |
0.59 |
67.04 |
NDM-22-117 |
0.00 |
50.29 |
50.29 |
0.34 |
25.29 |
0.67 |
67.08 |
NDM-22-146 |
3.05 |
105.16 |
102.11 |
0.29 |
18.72 |
0.53 |
68.83 |
NDM-22-151 |
0.00 |
42.67 |
42.67 |
0.31 |
22.51 |
0.60 |
72.61 |
WD1-22-273 |
0.00 |
36.58 |
36.58 |
0.27 |
18.05 |
0.51 |
60.62 |
WD1-22-286 |
0.00 |
44.20 |
44.20 |
0.22 |
16.33 |
0.43 |
79.10 |
WD1-22-299 |
0.00 |
48.77 |
48.77 |
0.21 |
20.50 |
0.47 |
80.24 |
WD1-22-334 |
1.52 |
30.48 |
28.96 |
0.26 |
20.24 |
0.52 |
77.49 |
WD2-22-141 |
1.52 |
44.20 |
42.68 |
0.24 |
24.59 |
0.56 |
88.93 |
including |
1.52 |
3.05 |
1.53 |
1.02 |
309.00 |
5.00 |
58.82 |
WD2-22-188 |
0.00 |
44.20 |
44.20 |
0.15 |
15.20 |
0.35 |
85.27 |
(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 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-23-021 |
0.00 |
19.81 |
19.81 |
0.61 |
9.02 |
0.72 |
JG-23-056 |
0.00 |
41.15 |
41.15 |
0.51 |
11.72 |
0.66 |
including |
19.81 |
21.34 |
1.53 |
7.47 |
12.18 |
7.62 |
JG-23-069 |
0.00 |
50.29 |
50.29 |
0.41 |
6.64 |
0.50 |
JG-23-087 |
0.00 |
54.86 |
54.86 |
0.48 |
11.22 |
0.62 |
including |
15.24 |
16.76 |
1.52 |
4.95 |
54.89 |
5.66 |
JG-23-139 |
0.00 |
10.67 |
10.67 |
0.19 |
70.88 |
1.11 |
including |
7.62 |
9.14 |
1.52 |
0.06 |
412.00 |
5.36 |
JG-23-141 |
1.52 |
51.82 |
50.30 |
0.38 |
12.60 |
0.54 |
JG-23-149 |
0.00 |
54.86 |
54.86 |
0.39 |
11.67 |
0.54 |
TT-23-024 |
0.00 |
51.82 |
51.82 |
0.37 |
9.35 |
0.49 |
TT-23-027 |
0.00 |
45.72 |
45.72 |
0.36 |
10.40 |
0.49 |
(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
North DeLamar backfill, please click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_location_-_bf_ndm_-_2023-03-03sm.pdf
To view a drill collar location map for
Stockpile 1 and 2, please click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_location_-_bf_wd_-_2023-03-03sm.pdf
To view a drill collar location map for Jacobs
Gulch and Tip Top, please click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_location_-_bf_florm_-_2023-03-03sm.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 annual information form dated March 30, 2022 for the
fiscal year ended December 31, 2021 and Integra’s Form 40-F annual
report for the fiscal year ended December 31, 2021
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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