Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V:ITR; OTCQX:IRRZD) is pleased to announce the first
set of drill results from the 2020 Florida Mountain drill program
at the DeLamar Project, situated in Owyhee County in southwest
Idaho.
George Salamis, President and CEO of Integra
Resources commented, “We are excited to report that the exploration
team has successfully intersected high grade gold and silver in
each of the first four drill holes completed at Florida Mountain.
These initial drill holes targeted down-dip extensions of
high-grade, vertically plunging shoots and structural zones,
interpreted from both modern and historical drill and production
data. Several of the high-grade intercepts were obtained beneath
the current NI 43-101 resource model, and while today’s results
highlight only the first four drill holes in the exploration
program at Florida Mountain, they further underscore the potential
for high grade gold-silver resources to exist outside of the
resource, that could potentially be modelled as high-grade mill
feed in future economic studies. We look forward to further
exploring and defining geometries on the high-grade plunging shoots
throughout the remaining 5,450 m of the drill program at Florida
Mountain. While the exploration team maintains its focus on Florida
Mountain, preparations are already underway for the ensuing phase
of the exploration program to be conducted at War Eagle
Mountain.”
Florida Mountain Results
The following table highlights selected
intercepts from the Florida Mountain drill holes announced
today:
Drill Hole Number |
From (m) |
To (m) |
Interval (m) (1) |
g/t Au(3) |
g/t Ag(3) |
g/t AuEq(2) |
FME-20-075Incl:Incl:Incl: |
0.0020.7366.3589.31 |
114.8522.2569.4995.40 |
114.851.523.146.09 |
0.590.093.332.70 |
52.68389.67133.05208.74 |
1.275.105.045.39 |
FME-20-075 |
228.91 |
230.86 |
1.95 |
2.31 |
448.10 |
8.08 |
FME-20-076Incl:Incl:Incl: |
4.278.239.7580.77 |
121.319.7511.2891.75 |
117.041.521.5210.97 |
1.990.4072.376.77 |
24.17413.6582.0068.62 |
2.305.7273.437.65 |
FME-20-076Incl: |
172.88172.88 |
176.48173.77 |
3.600.88 |
10.0834.40 |
1,233.774,075.40 |
25.9686.85 |
FME-20-076 |
285.90 |
287.43 |
1.52 |
6.37 |
1,459.09 |
25.14 |
FME-20-077Incl: |
4.886.40 |
118.577.93 |
113.691.52 |
1.6372.07 |
17.1363.16 |
1.8572.88 |
FME-20-078Incl: |
1.5299.37 |
109.42100.89 |
107.901.52 |
0.469.47 |
9.213.38 |
0.589.51 |
FME-20-078 |
282.25 |
288.37 |
6.13 |
2.03 |
333.39 |
6.32 |
|
|
|
|
|
|
|
- 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)
- Gold equivalent = g Au/t + (g Ag/t
÷ 77.70)
- Intervals reported are
uncapped
To view an east facing long section of Florida
Mountain with today’s results, please click the following link:
https://www.integraresources.com/site/assets/files/2572/fm_long_section_-_july_292020_vuse.pdf
To view a plan map showing the orientation and
long section width at Florida Mountain, please click the following
link:
https://www.integraresources.com/site/assets/files/2572/long_section_plan_map_vuse.pdf
Over the course of the past year Integra’s
Exploration team has modeled and studied the 6 potentially
high-grade vein structures that appear similar in size and
orientation to the historically productive high-grade Trade Dollar
– Black Jack vein system that was the focus of historic underground
mining from the 1880’s until World War 1. Based on historic
workings, the Trade Dollar – Black Jack vein has a vertical extent
of over 300 m and a strike length of over 1,500 m. The underground
vein system at Florida Mountain is the focus of the current drill
program and has produced the drill results released today.
The intercepts reported today consist of
mineralization with wide-spread low-grade gold-silver values,
crosscut and underlain by narrower high-grade, steeply dipping
low-sulphidation quartz-adularia veins. Widespread intercepts from
shallow oxide and transitional resource definition drilling
conducted by Integra over the previous two years has confirmed
potentially mineable widths and grades for these other high-grade
structures.
As shown in the table of results above, the low
grade “bulk-tonnage” disseminated gold-silver mineralization
reported occurs mainly within the overlying felsic volcanic units
but does also host a number of the high-grade intercepts. The lower
granitic units are primarily host to high-grade gold-silver values
focused on vein structures and structural zones, and low grade
disseminated mineralization around these veins is usually absent,
unlike in the overlying volcanics.
Geometrically, the veins occur in the form of
plunging shoots over an altitude difference of approximately 300 m
below the apex of Florida Mountain. Strike lengths of the
individual shoots tend to be 100-200 m long and with widths of
between 1 m and 8 m.
Drilling in the next several weeks will continue
to focus on depth extensions of other plunging shoots that are
known to exist on the gold-silver deposit, focusing more on the
lower granite units where vein thicknesses are reported to be
greater than within the overlying volcanics.
High Grade Gold-Silver Thesis to
Potentially Augment Future Milling Scenario Highlighted in the
PEA
As highlighted in the September 2019 PEA, future
processing of gold and silver mineralization at DeLamar
contemplates milling of Florida Mountain unoxidized mineralization
through a 2,000 tonne per day mill scenario. The feed grade for
this mineralization was estimated to be approximately 1 g/t AuEq
and was to be concentrated through flotation before regrinding and
leaching.
Given the recent discovery of high grades at
both Florida Mountain and War Eagle Mountain and the prospects for
increasing the resource on the multiple trends that extend past the
margins, subject to future studies and drill results, it is
possible that the contemplated 1 g/t AuEq unoxidized feed grade
could be augmented by material of a much higher grade. The
remainder of the 2020 Exploration Drill Program, along with future
studies will be designed in part to continue to explore this
option.
Next Phases of the 2020 Exploration
Drill Program
In early August, a third exploration drill is
scheduled to be mobilized to War Eagle Mountain, a target that has
produced some of the highest grade assays to date on the entire
DeLamar Project. The intent of the upcoming 5,000 m drill
program at War Eagle will be to complete close-spaced drilling on
mineralized shoots, tracing them to high-grade feeder veins in the
basement granite where historic high-grade mining took place, and
into areas where undrilled soil geochemical anomalies exist on
extension. Following War Eagle, drilling is currently scheduled to
then move to the Blacksheep Area that lies northwest of the DeLamar
Deposit, where 3,000 m of exploration drilling is planned to test
several significant soil geochemical and IP anomalies.
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 PhD. (FAusIMM), Integra’s Vice President Exploration, of
Reno, Nevada, and is 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$600 M 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 a robust economic study in its
maiden Preliminary Economic Assessment. The Company is currently
focused on resource growth through brownfield and greenfield
exploration and the start of pre-feasibility level studies designed
to advance the DeLamar Project towards a potential construction
decision. For additional information, please reference the
“Technical Report and Preliminary Economic Assessment for the
DeLamar and Florida Mountain Gold – Silver Project, Owyhee County,
Idaho, USA (October 22, 2019).”
ON BEHALF OF THE BOARD OF DIRECTORS George
Salamis President, CEO and Director
CONTACT INFORMATION Corporate 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 estimation of mineral resources;
magnitude or quality of mineral deposits; anticipated advancement
of mineral properties or programs; future operations; future
exploration prospects; the completion and timing of mineral
resource estimates and PEA; future growth potential of Integra; and
future development plans.
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.
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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