Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
multiple gold-silver discoveries at the DeLamar Project, situated
in southwestern Idaho. These discoveries have been made in the
BlackSheep District, a 30 square kilometer land package acquired by
Integra in 2019, and located immediately north-northwest of the
DeLamar Deposit.
“We are very pleased to announce multiple new
gold-silver discoveries in the BlackSheep District. BlackSheep is a
recently acquired 30 square kilometer land package that extends on
a district-scale trend of mineralization to the north-northwest of
the DeLamar Deposit. Numerous shallow historic workings are
indicative of the gold-silver potential of the area; however, only
very limited modern exploration has taken place. Today’s results
strongly highlight the exciting potential for a new zone of
gold-silver mineralization at the DeLamar Project, and this
potential cannot be understated,” noted George Salamis, Integra
Resources’ President and CEO. “The BlackSheep District is host to
large surface soil geochemical and geophysical anomalies that have
similar signatures to the DeLamar and Florida Mountain Deposits,
including the same host lithologies and structural characteristics.
Encountering both narrow high-grade gold-silver intercepts and
large low-grade gold-silver intercepts in the first 4 drill holes
of the exploration campaign suggests the presence of several large,
prospective mineralized systems within the District. In all 4 drill
holes, the Company intersected intense sulphide mineralization and
significant veining, brecciation and alteration, as evidenced by
the drill core photos included in this news release. The grades and
widths reported in today’s results are particularly exciting as
they show gold and silver grades that are substantially above the
cut-off grades used in the 2019 resource estimate at the Project.
More drilling is planned at multiple targets within the BlackSheep
District aimed at further discovery and definition of the extent of
gold-silver mineralization.”
Results for Georgianna and Lucky Days Targets within the
BlackSheep District
The following table highlights selected
intercepts from the Georgianna and Lucky Days drill results
announced today:
Drill Hole Number |
Target |
From (m) |
To(m) |
Interval(m)
(1) |
g/t Au(3) |
g/t Ag(3) |
g/t AuEq(2) |
IGE-20-001 |
Georgianna |
14.33 |
24.08 |
9.75 |
0.36 |
45.79 |
0.95 |
IGE-20-001 |
Georgianna |
43.13 |
49.99 |
6.86 |
0.35 |
15.28 |
0.55 |
IGE-20-001 |
Georgianna |
68.28 |
90.83 |
22.55 |
0.31 |
10.73 |
0.45 |
IGE-20-002Incl: |
Georgianna |
12.8014.33 |
23.4717.38 |
10.673.05 |
0.661.48 |
117.25351.00 |
2.175.99 |
IGE-20-002Incl: |
Georgianna |
45.5764.62 |
87.3385.96 |
41.7621.34 |
0.300.38 |
10.8717.96 |
0.440.61 |
LDE-21-001 |
Lucky Days |
39.93 |
42.06 |
2.13 |
0.47 |
29.37 |
0.85 |
LDE-21-001 |
Lucky Days |
318.33 |
319.73 |
1.40 |
1.65 |
227.00 |
4.57 |
(1) Downhole thickness: true
width varies depending on drill hole dip; drill holes are designed
to intersect the interpreted mineralized zone at a relatively steep
angle therefore true widths are close to downhole widths
(approximately 60 to 70% conversion ratio)(2) Gold
equivalent = g Au/t + (g Ag/t ÷
77.70)(3) Intervals reported are
uncappedResults for the Milestone Deposit within the
BlackSheep District
The following table highlights selected
intercepts from the Milestone drill results announced today:
Drill Hole Number |
From (m) |
To(m) |
Interval(m)
(1) |
g/t Au(3) |
g/t Ag(3) |
g/t AuEq(2) |
IMS-20-015Incl:Incl:Incl:Incl:Incl: |
24.0840.3958.9866.4582.9189.15 |
103.0241.9160.6667.9784.7491.74 |
78.941.521.681.521.832.59 |
0.440.380.280.391.123.11 |
77.60488.00290.82288.00176.00172.00 |
1.436.664.024.103.395.32 |
(4) Downhole thickness: true
width varies depending on drill hole dip; drill holes are designed
to intersect the interpreted mineralized zone at a relatively steep
angle therefore true widths are close to downhole widths
(approximately 60 to 70% conversion ratio)(5) Gold
equivalent = g Au/t + (g Ag/t ÷
77.70)(6) Intervals reported are
uncappedBlackSheep: Geology, Structure and
History
The BlackSheep District is cut by the large,
north-northwest trending Milestone Fault. The Milestone Fault is
host to a series of deep-seated mineralized structures that has
been mapped northwesterly from the DeLamar Deposit, through the
Milestone Deposit and BlackSheep gold-silver occurrences further
north. Geological evidence suggests that this structural zone
controlled the formation of a volcanic graben, with normal
faulting, that extends to the west of the fault. As the basin
formed, it filled with permissive deposit host rocks, mainly
rhyolites, latites, and volcanic sediments. The Milestone Fault
localized the flow of metal- rich hot spring waters, which altered
and leached the host rock, and deposited metals in these areas.
To view a topographical map outlining the
Milestone Fault corridor, click on the link
below:https://www.integraresources.com/site/assets/files/2572/bs_topo_map_vuse.pdf
Further underscoring the potential of the
region, the BlackSheep District is host to extensive
gold-silver-arsenic soil geochemical anomalies analogous to the
size and scope of gold-silver-arsenic anomalies present at the
multi-million-ounce DeLamar and Florida Mountain Deposits. At the
more deeply eroded DeLamar and Florida Mountain Deposits, the
high-grade vein mineralization which was discovered and mined
historically was partially in outcropping and surrounded by a halo
of lower-grade stockwork mineralization, which was subsequently
mined by open pit. At the BlackSheep District, which is less deeply
eroded, only the upper part of the stockwork vein halo is exposed,
and the higher-grade veins are interpreted as being 100 m to 200 m
below the current level of exposure. The drill results announced
today targeted a very small fraction of these geochemically
anomalous areas, with large tracts of land at both Georgianna and
Lucky Days still to be drilled. In addition, multiple targets with
large geochemical anomalies within the BlackSheep District remain
untested, including Twin Peaks, Statute Hills/Spain, Argentum and
other highly gold-silver anomalous areas.
To view the geochemical anomalies and targets
within the BlackSheep District, click on the link below:
https://www.integraresources.com/site/assets/files/2572/bs_au_geochem_map_vuse.pdf
The geochemical anomalies within the BlackSheep
District also coincide strongly with geophysics, including strong
Induced Polarization (“IP”) chargeability at both Georgianna and
Lucky Days. The chargeability anomalies as shown in the diagram
below, bare striking resemblance to the IP signature at the DeLamar
Deposit, host to 2,810,000 ounces of gold-equivalent (“AuEq”)
(1,572,000 oz Au and 96,183,000 oz Ag) (119,621,000 tonnes grading
0.41 g/t Au and 25.1 g/t Ag) in the Measured and Indicated
(“M&I”) and 401,000 oz AuEq (266,000 oz Au and 10,418,000 oz
Ag) (21,291,000 tonnes grading 0.39 g/t Au and 15.2 g/t Ag) in the
Inferred category. As is the case with the soil geochemical
anomalies, only a small fraction of the IP chargeability anomaly
has been tested to date by the exploration team. Several square
kilometers of IP chargeability anomalies remain to be tested in
future exploration work.
To view the IP chargeability signature of the
DeLamar Deposit in relation to the IP chargeability anomaly in the
BlackSheep District, click on the link
below:https://www.integraresources.com/site/assets/files/2572/bs_ip_map_vuse.pdf
Core logging from the reported drill holes thus
far in the Georgianna and Lucky Days confirms the presence of a 30
m to 60 m wide mineralized structure, delineated by surface
mapping, soil geochemistry and IP. This mineralization within the
structures at both Georgianna and Lucky Days consists of
hydrothermal brecciation and stockwork veining as well as colloform
banded quartz veins associated with illite-pyrite alteration. The
core images included in today’s release show examples of the
mineralization encountered.
To view a cross section of the Georgianna
target, click on the link
below:https://www.integraresources.com/site/assets/files/2572/blacksheep_georgianna_section_vuse.pdf
To view drill core photos from Georgianna
Target, click on the link
below:https://www.integraresources.com/site/assets/files/2572/georgianna_core_photos_1-4.pdf
To view drill core photos from the Lucky Days
Target, click on the link
below:https://www.integraresources.com/site/assets/files/2572/lucky_day_core_photos_1-2.pdf
The BlackSheep District has seen mining dating
back to the late 1800’s and early 1900’s; however, due to the
limited erosion in the area the depth potential has remained
untested. The vast land area is approximately 30 square kilometers
and has seen extremely limited modern exploration. Integra’s drill
campaign in the BlackSheep District represents the first concerted
exploration program in this highly prospective area.
Milestone: Potential High-Grade
Gold-Silver Feeder Structure:
The Milestone target has seen recent drill
testing by Integra, in addition to several shallow RC drill holes
conducted by previous operators of the project. A small, NI 43-101
Resource Estimate has been completed at Milestone and is available
in the Company’s Technical Report here:
https://www.integraresources.com/site/assets/files/2572/pea_ni43
101delamarfloridamtn2019_oct_22_2019_final.pdf
The gold-silver grades intersected in the
Milestone drill hole announced in today’s news release are
significantly higher grades than previous Milestone drill
intercepts and are interpreted to represent the upper portion of a
high-grade ‘feeder zone’ within the broader and lower-grade
hydrothermal breccia pipe comprising the bulk of the existing
resource. Several deeper holes are planned to follow this ‘feeder
zone’ down an additional 150 m to the root of the breccia pipe
where it is anticipated it will transition into a high-grade vein
system. This intercept is located in the deeper central portion of
the existing resource, outside of the 2019 Preliminary Economic
Assessment (“PEA”) pit-shell, demonstrating that the existing
resource is open to depth.
Given the location of this single drill hole and
the high-grade gold-silver intercept, within a larger zone of
low-grade gold-silver and relative to the Milestone 2019 pit-shell,
it is possible that the reported intercept sits on the recently
interpreted Milestone Fault and could be the location of a
high-grade feeder system to Milestone and other targets in the
region.
Additional drilling at Milestone is expected
with an emphasis on the potential feeder structure.
Current Drill Status and Future
Drilling
The drill results announced today provide
significant reason to support future exploration drill programs in
the BlackSheep District, especially when taken in context of the
significant soil geochemical and IP anomalies present. One diamond
drill rig is currently in operation at BlackSheep and will continue
to test targets outlined in the current exploration program.
The Company has a second drill rig in operation
at Florida Mountain which is testing high-grade gold-silver veins
outside of the Florida Mountain resource envelope. The Company has
completed approximately 2,200 m of the 10,000 m fully financed
exploration drill program for 2021. In addition to exploration
drilling, the Company is scheduled to deliver an updated Resource
Estimate in Q2 2021 and a Pre-feasibility Study in Q4 2021.
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 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 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
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.
Cautionary Note to U.S. Investors
Concerning Estimates of Measured, Indicated and Inferred
Resources
The terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource”, “inferred mineral
resource” used herein are Canadian mining terms used in accordance
with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") under the guidelines set out in the
Canadian Institute of Mining and Metallurgy and Petroleum (the
“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted
by the CIM Council, as may be amended from time to time (the “CIM
Definition Standards”). Inferred mineral resources' have a great
amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an inferred mineral resource will ever be upgraded to a
higher category. These definitions differ from the definitions in
the United States Securities and Exchange Commission (the "SEC")
Industry Guide 7 ("Industry Guide 7"). United
States investors are cautioned not to assume that all or any
part of measured or indicated mineral resources will ever be
converted into mineral reserves. United States investors are
also cautioned not to assume that all or any part of an inferred
mineral resource exists, or is economically or legally
mineable.
Under Industry Guide 7, a mineral reserve is
defined as a part of a mineral deposit which could be economically
and legally extracted or produced at the time the mineral reserve
determination is made. While the terms “mineral resource”,
“measured mineral resource”, “indicated mineral resource”, and
“inferred mineral resource” are recognized and required by Canadian
regulations, they are not defined terms under Industry Guide 7 and
historically they have not been permitted to be used in reports and
registration statements filed with the SEC. As such, information
contained herein concerning descriptions of mineralization and
resources under Canadian standards may not be comparable to similar
information made public under Industry Guide 7 by U.S. companies in
SEC filings.
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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