Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
twenty additional drill holes from the expanded stockpile drill
program underway at the DeLamar Project (“DeLamar” or the
“Project”) located in southwestern Idaho. The drill results
announced today are from the North DeLamar backfill, Sommercamp
backfill, Stockpile 1, and Stockpile 2 located at the DeLamar
Deposit and the Jacobs Gulch stockpile and Tip Top backfill at
Florida Mountain. In total, the Company has drilled 11,300 m in 289
drill holes during the stockpile drill program and expects to
complete the drill program this month. The consistent gold
equivalent grade and drill intercept widths encountered throughout
the stockpile drill program provides additional conviction that
this material could significantly increase the oxide and mixed heap
leach resource at DeLamar and Florida Mountain. Additional
oxide-and-mixed material at the Project has the potential to
materially increase the heap leach mine life in future phases of
the Project and further enhance the robust economics presented in
the Company’s 2022 Pre-feasibility Study (“PFS”).
“The stockpile and backfill drilling continue to
impress the exploration team, returning consistent gold-silver
results that are in-line with or better than our original
estimates. The mineralized stockpile material is reconciling well
with historical mining records and the Company is able to
confidently model the distribution of grade and oxidation
variability within the stockpiles and backfill. It is becoming more
apparent that this mineralized material should positively impact
the strong production profile and economics of the DeLamar Project
presented in the PFS,” noted George Salamis, President and CEO of
Integra Resources. “The Company is on track to complete a resource
estimate that will include material from these stockpiles in Q2
2023. In addition, the Company’s engineering and permitting teams
are completing the remaining baseline work required for the
submittal of the Mine Plan of Operations in the second half of this
year.”
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 |
AuCNRecovery (%) |
NDM-22-150 |
0.00 |
24.38 |
24.38 |
0.33 |
23.42 |
0.64 |
61.18 |
NDM-23-197 |
1.52 |
80.77 |
79.25 |
0.26 |
18.58 |
0.50 |
66.86 |
NDM-23-198 |
0.00 |
62.48 |
62.48 |
0.27 |
18.03 |
0.51 |
77.93 |
SC-23-063 |
0.00 |
38.10 |
38.10 |
0.50 |
18.35 |
0.74 |
53.85 |
SC-23-064 |
1.52 |
30.48 |
28.96 |
0.35 |
14.43 |
0.53 |
60.32 |
WD1-22-305 |
0.00 |
45.72 |
45.72 |
0.21 |
14.41 |
0.39 |
79.05 |
WD1-23-110 |
0.00 |
36.58 |
36.58 |
0.17 |
18.98 |
0.42 |
65.00 |
WD1-23-245 |
0.00 |
44.20 |
44.20 |
0.15 |
12.17 |
0.31 |
81.57 |
WD1-23-312 |
0.00 |
38.10 |
38.10 |
0.31 |
21.07 |
0.58 |
78.23 |
WD2-23-084 |
1.52 |
24.38 |
22.86 |
0.23 |
20.27 |
0.49 |
88.35 |
WD2-23-092 |
1.52 |
28.96 |
27.44 |
0.26 |
19.39 |
0.51 |
86.69 |
WD2-23-223 |
0.00 |
30.48 |
30.48 |
0.14 |
15.99 |
0.34 |
88.18 |
(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-23-015 |
0.00 |
13.72 |
13.72 |
3.28 |
17.68 |
3.50 |
including |
4.57 |
7.62 |
3.05 |
13.49 |
25.70 |
13.82 |
JG-23-039 |
0.00 |
9.14 |
9.14 |
0.52 |
13.27 |
0.69 |
JG-23-072 |
0.00 |
57.91 |
57.91 |
0.36 |
7.10 |
0.45 |
JG-23-118 |
0.00 |
27.43 |
27.43 |
0.35 |
14.72 |
0.54 |
JG-23-155 |
0.00 |
28.96 |
28.96 |
0.41 |
8.31 |
0.52 |
TT-23-012 |
0.00 |
57.91 |
57.91 |
0.40 |
12.26 |
0.56 |
including |
54.86 |
56.39 |
1.53 |
6.92 |
64.24 |
7.75 |
TT-23-013 |
0.00 |
57.91 |
57.91 |
0.54 |
9.72 |
0.67 |
including |
16.76 |
18.29 |
1.53 |
1.51 |
252.00 |
4.75 |
TT-23-033 |
0.00 |
48.77 |
48.77 |
0.39 |
7.98 |
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
DeLamar stockpile/backfill drill program, please click on the links
below:https://integraresources.com/site/assets/files/2572/dc_location_ndm_sc_2023-apr_sm.pdf
https://integraresources.com/site/assets/files/2572/dc_location_wd_2023-apr_sm.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_fm_2023-apr_sm.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 in future resource estimation and to
provide additional metallurgical samples. 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. The Sonic Drilling provides material suitable for ongoing
comprehensive metallurgical test work.
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 DIRECTORS
George SalamisPresident, CEO and Director
CONTACT INFORMATION
Corporate 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 and anticipated completion of drill
programs. 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 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: 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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