Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V:ITR ; NYSE American:ITRG) is pleased to
provide an update on work being done to advance the DeLamar Project
through de-risking efforts related to permitting, engineering and
metallurgy.
“Integra is pleased to report the signing of a
Memorandum of Understanding with the Bureau of Land Management
regarding the appointment of a dedicated mineral specialist in the
Marsing office who will oversee all permitting work on the DeLamar
Project. In addition, the first pure exploration program is
underway at the DeLamar Project with two drill rigs testing the
high-grade potential below Florida Mountain. A third drill rig has
recently been added at War Eagle Mountain conducting follow up
drill testing on the high-grade intercepts encountered late last
year.” stated George Salamis, President and CEO. “While exploration
efforts to grow the resource at DeLamar are underway, the Company
has been equally focused on de-risking the Project and advancing it
towards development and pre-feasibility-level studies in the second
half of 2021 through the start of extensive permitting activities,
detailed engineering and metallurgical testwork. The Company is
currently leveraging its large database of existing permitting
reports, studies and associated data from past Environmental
Assessments and Environmental Impact Statements in place when
DeLamar and Florida Mountain were last in production until
1998. These studies will support and potentially streamline
the future National Environmental Policy Approval process for the
DeLamar Project.”
Permitting
The first half of 2020 has seen significant
efforts with respect to advancing the permitting process at the
DeLamar Project. To enhance the process, Integra has
maintained a focus from the outset on establishing positive
partnerships with a wide selection of stakeholders. By focusing on
these partnerships well in advance of submitting actionable
documents to regulatory agencies, the Company intends to position
itself in the best possible scenario to facilitate the permitting
process in an efficient manner. Paramount to this process has
been working with the BLM, the lead federal agency that the Company
will engage with regarding permitting, in addition to Idaho State
regulators. The MOU announced today streamlines the iterative
permitting process, with the agreement allowing for an efficient
communication framework between the Company and the BLM moving
forward. In accordance with the MOU, Integra will reimburse
the BLM for the costs of a dedicated mineral specialist project
manager in the Marsing BLM office, who shall remain at all times
independent of the Company. This BLM project manager responsible
for the DeLamar Project permitting work will help the BLM manage
increased workloads from current and anticipated future
applications for mineral notices, operations plans/amendment
approvals and environmental analyses resulting from the DeLamar
Project. This funding effort is intended to increase the
capacity of the local BLM office to work on DeLamar Project related
applications and project requests on a priority basis, while
not burdening the BLM with the cost of this increased workload.
The ability to have initial plans reviewed for
accuracy and conditionally approved by various regulatory agencies
up front can add meaningful efficiencies in the permitting
timeline. Being committed to transparent, straightforward, and
accountable communication with stakeholders, Integra intends to
facilitate a process in which the prospective mine plan being
developed receives the appropriate acceptance from those
stakeholders that any future development plans may impact. To
this extent, recent actions involving stakeholders at the
regulator/agency level include:
- Acceptance and preliminary approval of the Surface Water
Sampling Program by Idaho Department of Environmental Quality
(IDEQ) and the Idaho Department of Water Resources (IDWR).
- Acceptance and preliminary approval of the Ground Water
Drilling Plan and Sampling Program by IDEQ and IDWR.
- Acceptance and preliminary approval of both the Surface Water
and Ground Water Sampling and Analysis Plans by IDEQ and
IDWR.
In addition, the 2020 summer permitting work
program proposes an extensive ground water drilling program that is
scheduled to begin in September with the addition of 21 monitoring
wells. Second and third quarter surface water and existing
groundwater well sampling has been completed. The first party
air monitoring program contractor has been selected and the site
meteorological monitoring station will be operational later this
month. Other 2020 studies will include wetlands and seeps and
springs, geochemistry, wildlife, fisheries and cultural
resources. Rob Mullener, Integra’s Manager of Permitting
stated, “there is a wealth of baseline data that already exists for
the Project, and the current studies, monitoring efforts, and
ongoing communication with the BLM regarding existing data are
intended to build upon decades of monitoring data collected during
the successful permitting and operation of DeLamar from the 1970’s
to the late 1990’s.”
In conjunction with the engagement of
stakeholders at the regulator level, and of vital importance to the
process, Integra has been extremely active in meetings with local
community stakeholders. This is a continual effort that is
imperative in successfully creating a mine plan that is based on
the inputs of the varied stakeholder groups. To date, clear,
comprehensive disclosure with stakeholders has created strong local
confidence in Integra’s business practices and prospective future
plans.
Engineering
The 2020 engineering plans have been advancing
steadily, building upon the concise plans outlined in the maiden
Preliminary Economic Assessment (the “PEA”) completed in September
2019. Importantly, current efforts are focussed on adding
resources into the mine plan that are within the current resource
estimate, but not included in the maiden PEA mine plan. While
the mainstay of the 2019 PEA focussed on heap-leaching (DeLamar and
Florida Mountain oxide and transitional mineralization) and milling
(Florida Mountain sulfide mineralization), much of these current
efforts are centered in the metallurgical properties of the DeLamar
sulfide material. Metallurgical testwork on the DeLamar
sulfide mineralization includes:
- Detailed minerology.
- Sulfur and clay speciation.
- Further regrind and flotation testwork.
- Albion processing testwork, and other pre-oxidation
methods.
- Off-site processing of flotation concentrate at several
locations in the US and Canada.
“Continued work on the metallurgical front
re-affirms the strong potential at DeLamar and Florida Mountain.
The testwork on the DeLamar sulfide material is showing that a
portion of the material is amenable to cyanide leaching”, stated
Tim Arnold, COO. “The most promising testwork shows that a portion
of the DeLamar sulfide material could be processed in the same mill
design used at Florida Mountain in the PEA, in a flotation,
re-grind and concentrate leach type circuit. This would mean
that an expansion of the previously envisioned PEA mill could be
used instead of a capital-intensive oxidation processing facility.
Additional testwork on the sulfide material will continue
throughout the year.”
The Company has also undertaken a program to
further increase the level of detailed knowledge of both the
Florida Mountain and DeLamar heap leach mineralized areas.
Extensive metallurgical variability drilling carried out in 2019 at
Florida Mountain and in 2020 at DeLamar will be used to de-risk the
metallurgy surrounding the oxide and transitional mineralization,
and advance the metallurgical knowledge needed for next year’s
pre-feasibility level studies. The planned clay speciation
work will allow for proper processing methods to be included in the
heap facility design, as necessary. Building upon the promising
work completed in 2019, current testwork on DeLamar heap leach
material will better outline the potential for courser crushing of
the material, potentially eliminating the need for a tertiary
crushing facility as envisioned in the PEA, which could potentially
reduce the sustaining capital and operating costs in a meaningful
manner.
Qualified Person
The scientific and technical information
contained in this news release has been reviewed and approved by
Tim Arnold (PE, SME), Integra’s Chief Operating Officer, of Reno,
Nevada, and is a “Qualified Person” (“QP”) as defined in National
Instrument 43- 101 – Standards of Disclosure for Mineral
Projects.
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.
About Integra Resources
Integra Resources 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 Resources 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:
anticipated advancement of mineral properties or programs; future
operations; 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 impact of COVID-19 on the
timing of exploration and development work; 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.
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 and there may
be other factors that cause results not to be anticipated,
estimated or intended. Accordingly, readers should not place undue
reliance on forward-looking information.
CAUTIONARY NOTE TO US INVESTORS WITH
RESPECT TO MINERAL RESOURCES
The SEC has adopted amendments to its disclosure
rules to modernize the mineral property disclosure requirements for
issuers whose securities are registered with the SEC. These
amendments became effective February 25, 2019 (the “SEC
Modernization Rules”) and, following a two-year transition period,
the SEC Modernization Rules will replace the historical property
disclosure requirements for mining registrants that are included in
Industry Guide 7. Following the transition period, as a foreign
private issuer that files its annual report on Form 40-F with the
SEC pursuant to the multi-jurisdictional disclosure system, the
Company is not required to provide disclosure on its mineral
properties under the SEC Modernization Rules and will continue to
provide disclosure under NI 43-101 and the CIM Definition
Standards. If the Company ceases to be a foreign private issuer or
loses its eligibility to file its annual report on Form 40-F
pursuant to the multi-jurisdictional disclosure system, then the
Company will be subject to the SEC Modernization Rules which differ
from the requirements of NI 43-101 and the CIM Definition
Standards.
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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