TSXV: ITR; NYSE American: ITRG
www.integraresources.com
VANCOUVER, BC, June 12,
2024 /CNW/ - Integra Resources Corp. ("Integra" or
the "Company") (TSXV: ITR) (NYSE American: ITRG) is pleased to
announce that Millennial Silver Nevada Inc. ("MSN"), a wholly-owned
subsidiary of Integra, has entered into an option agreement (the
"Agreement") dated June 11, 2024 with
GreenLight Metals USA Corporation,
a wholly-owned subsidiary of Green Light Metals Inc.
("GreenLight"), regarding the Cerro Colorado Property ("Cerro
Colorado"). Cerro Colorado is located within the Pima Mining
District, 70 kilometers ("km") (~43 miles) southwest of
Tucson, Arizona.
MSN currently owns 100% of the membership interests (the
"Interests") in Millennial Arizona LLC ("Millennial Arizona")
which, pursuant to a mining lease and option to purchase agreement,
holds the right to acquire Cerro Colorado. As part of the
Agreement, MSN has granted GreenLight an exclusive option for a
period of 12 months to purchase the Interests in Millennial
Arizona. GreenLight is a private company focused on critical
minerals exploration in the United
States. GreenLight intends to complete a listing on the TSX
Venture Exchange ("TSX-V") in the near future.
Jason Kosec, President, CEO
and Director of Integra commented: "We are pleased to enter
into this agreement with GreenLight for the Cerro Colorado
property. Cerro Colorado was brought into the Integra portfolio
through the merger with Millennial Precious Metals Corp. in 2023
and while the property is currently non-core to Integra, our team
has always been excited about the geologic potential of the project
as it is situated on the prolific Laramide porphyry copper belt in
Arizona. Due to the challenging
market conditions in recent years, minimal work has been completed
on the project, however with the recent strength in the copper
market, we believe GreenLight is the right team to partner with to
unlock the value of Cerro Colorado. We look forward to working with
the team at GreenLight as the company intends to complete a TSX-V
listing later this year and advance its critical minerals portfolio
in the United States."
Key Terms of Agreement
Pursuant to the terms of the Agreement, MSN granted to
GreenLight an exclusive option to purchase the Interests as set
forth in a membership interest purchase agreement for a period of
12 months. In consideration for the grant of the option, GreenLight
has agreed to deliver common shares of the company (the "Shares")
valued at no less than C$500,000 to
Integra. The Shares will be paid in two tranches: (i) the first
tranche of Shares, valued at no less than C$250,000, will be delivered within five days of
the execution of the Agreement; and (ii) the second tranche of
Shares, valued at no less than C$250,000, will be delivered at the earlier of:
1) the time of a go-public event, or 2) December 31, 2024. In order to exercise the
option and acquire the Interests in Millennial Arizona, GreenLight
will pay Integra in cash or common shares of GreenLight, an amount
equal to the total 2024 Cerro Colorado holding costs (other than
exploration expenditures) incurred by Integra under the preexisting
option through the closing date.
Cerro Colorado Property Overview
Cerro Colorado is located within a historic silver mining
district, 70 km southwest of Tucson,
Arizona, along the Laramide porphyry copper belt. The
property is located 26 km southwest of the historical Pima Mining
District, which contains several active porphyry copper and skarn
mining operations. Seven distinct areas of interest comprise the
combined 10,097-acre land package, consisting of 229 unpatented
claims on lands administered by the U.S Bureau of Land Management
and 14 Arizona State Land Department mineral leases situated on
State of Arizona Lands. Cerro Colorado hosts numerous historical
mining operations that exploited silver-gold-copper bearing veins
hosted by Jurassic and early Laramide volcanic rocks.
District-scale and local alteration patterns indicate potential for
porphyry copper mineralization within intrusive units beneath the
volcanic host rocks. Limited historical drilling in intrusive units
adjacent to Integra's areas completed by Phelps Dodge Corporation
(now Freeport-McMoRan, Inc.) and Minefinders Corporation Ltd.
reported weakly mineralized porphyry copper intrusions. Recent
academic work in the area suggests a lack of Cenozoic extension and
dismemberment in the district, preserving the silver-gold veins and
associated deeper porphyry copper systems upright and intact below
older volcanic rocks.
About Green Light Metals
GreenLight's mission is to expand known mineral resources and
make new discoveries on one of North
America's most prolific yet underexplored volcanogenic
massive sulfide ("VMS") greenstone belts - the Penokean Volcanic
Belt (the "Belt") in Wisconsin,
USA. The Belt's deposits are rich in the clean energy metals
copper and zinc, as well as gold, that are required to power the
imminent green, low carbon economy. The company's strategy is to
capitalize on its first mover advantage to consolidate, secure, and
drill dominant land positions. GreenLight is committed to operating
in a responsible and sustainable manner that benefits local
communities, bolsters national security, and assists in building
and securing crucial U.S. supply chains, all while protecting the
environment. GreenLight has established an Environment,
Sustainability, and Communities Committee and is fully committed to
transparency, accountability, environmental stewardship, safety and
community engagement. The company's key assets on the Belt are the
Reef gold-copper and Bend copper-gold properties, each of which
contains known historical resources with the potential for
expansion. In addition, with the closing of the amalgamation with
Can-America Minerals Inc. on July 25,
2022, the company controls two additional prospective
properties in Wisconsin -
Lobo and Lobo East. GreenLight has
also secured rights to the high-priority Swede anomaly located on
the Southern Greenstone Belt. Outside of Wisconsin, the company controls rights to the
Kalium Canyon property, an exciting epithermal gold prospect
located in the Walker Lane district of Nevada.
About Integra Resources
Integra is one of the largest precious metals exploration and
development companies in the Great Basin of the Western USA. Integra is currently focused on
advancing its two flagship oxide heap leach projects: the past
producing DeLamar Project located in southwestern Idaho and the Nevada North Project, comprised
of the Wildcat and Mountain View deposits, located in northwestern
Nevada. The Company also holds a
portfolio of highly prospective early-stage exploration projects in
Idaho, Nevada, and Arizona. Integra's long-term vision is to
become a leading USA focused
mid-tier gold and silver producer.
ON BEHALF OF THE BOARD OF DIRECTORS
Jason Kosec
President, CEO and Director
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).
Except for statements of historical fact, certain information
contained herein constitutes forward‐looking statements which
includes, but is not limited to, statements with respect to: the
future financial or operating performance of the Company and the
Company's mineral properties and project portfolio; the results
from work performed to date; the estimation of mineral resources
and reserves; the realization of mineral resource and reserve
estimates; the development, operational and economic results of
technical reports on mineral properties referenced herein;
magnitude or quality of mineral deposits; the anticipated
advancement of the Company's mineral properties and project
portfolios; exploration expenditures, costs and timing of the
development of new deposits; underground exploration potential;
costs and timing of future exploration; the completion and timing
of future development studies; estimates of metallurgical recovery
rates; exploration prospects of mineral properties; requirements
for additional capital; the future price of metals; government
regulation of mining operations; environmental risks; the timing
and possible outcome of pending regulatory matters; the realization
of the expected economics of mineral properties; future growth
potential of mineral properties; TSX-V listing of GreenLight and
future development plans.
Forward-looking statements are often identified by the use of
words such as "may", "will", "could", "would", "anticipate",
"believe", "expect", "intend", "potential", "estimate", "budget",
"scheduled", "plans", "planned", "forecasts", "goals" and similar
expressions. 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 Company's ability to complete its planned
exploration programs; 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 Company's ability to
continue raising necessary capital to finance operations; and the
ability to realize on the mineral resource and reserve estimates.
Forward‐looking statements necessarily involve known and unknown
risks and uncertainties, which may cause actual performance and
financial results in future periods to differ materially from any
projections of future performance or result expressed or implied by
such forward‐looking statements. These risks and uncertainties
include, but are not limited to: integration risks; general
business, economic and competitive uncertainties; the actual
results of current and future exploration activities; conclusions
of economic evaluations; meeting various expected cost estimates;
benefits of certain technology usage; changes in project parameters
and/or economic assessments as plans continue to be refined; future
prices of metals; possible variations of mineral grade or recovery
rates; the risk that actual costs may exceed estimated costs;
geological, mining and exploration technical problems; failure of
plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing; 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 management's
ability to anticipate and manage the foregoing factors and risks.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in the forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. Readers are
advised to study and consider risk factors disclosed in Integra's
annual report on Form 20-F dated March 28,
2024 for the fiscal year ended December 31, 2023.
There can be no assurance that forward‐looking statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The
Company undertakes no obligation to update forward‐looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
forward-looking statements contained herein are presented for the
purposes of assisting investors in understanding the Company's
plans, objectives and goals, and may not be appropriate for other
purposes. Forward-looking statements are not guarantees of future
performance and the reader is cautioned not to place undue reliance
on forward‐looking statements.
Cautionary Note for U.S. Investors Concerning Mineral
Resources and Reserves
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 news 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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SOURCE Integra Resources Corp.