Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V:ITR; NYSE American: ITRG) is pleased to announce
numerous high-grade gold-silver drill results from the Florida
Mountain Deposit at the DeLamar Project, situated in southwestern
Idaho. The drill holes announced today at Florida Mountain continue
to demonstrate high-grade gold-silver mineralization continuity in
various locations covering a strike length of 1.5 kilometers (“km”)
on the deposit and in some cases 250 m outside of the current NI
43-101 resource model. Including the drill results announced today,
the Company has reported a total of 79 high-grade intercepts at
Florida Mountain, with grades of over 4 g/t AuEq and a minimum
width of 1.52 m. The continued success in intersecting high-grade
gold-silver at Florida Mountain has demonstrated the accuracy of
the geological model created by Integra’s exploration team. Since
the cut-off date for the resource estimate previously scheduled for
June 2021 would prevent the Company from including a large number
of high-grade gold-silver intersects into the resource estimate
update, the Company has made the decision to delay the resource
estimate to early Q4 2021 so as to include high-grade
mineralization into the NI 43-101 study. The updated resource
estimate with a high-grade component will now be included alongside
the upcoming PFS due out in Q4 2021.
“The impressive high-grade gold-silver
intercepts reported today at Florida Mountain continue to
demonstrate the high-grade resource potential and upside at Florida
Mountain, both within and outside of the current resource
estimate,” noted George Salamis, Integra Resources’ President and
CEO. “With a high-grade intercept hit rate of 60% to 70% in the
last two years of drilling at Florida Mountain, Integra’s
exploration team has clearly shown the high-grade, underground
resource potential at this deposit. Over the past 2 years, the
Company has reported 79 high grade intercepts grading in excess of
4 g/t AuEq, covering a strike extent 1.5 kms and down to a vertical
depth of 250 m. We’ve now drilled enough high-grade at Florida
Mountain to warrant the inclusion of a high-grade component into
the Q4 NI 43-101 resource estimate update, both within the bulk
tonnage resource envelope and outside of the existing resource
envelope at Florida Mountain. Over the next few months, the
resource estimators will focus on including high-grade
mineralization into the updated 2021 resource estimate that will be
published alongside the PFS in Q4.”
“Following the expected completion of the
upcoming PFS in Q4 of this year, and subject to continued drilling
success on these high-grade structures at Florida Mountain, Integra
may seek to evaluate certain potential exploration scenarios of
this high-grade mineralization and demonstrate the possible
positive contributions of this potential high-grade resource
component to the already-robust DeLamar development plans outlined
in the 2019 Preliminary Economic Assessment. There are tremendous
merits in continuing to push the envelope by extending high-grade
mineralization laterally and at depth at Florida Mountain,
potentially demonstrating the need for an underground exploration
program at some stage in the future,” remarked Mr. Salamis.
Drill Results for Florida
Mountain:
Drill Hole |
From (m) |
To (m) |
Interval (m) (1) |
g/t Au(3) |
g/t Ag(3) |
g/t AuEq(2) |
FME-21-107 |
41.30 |
42.43 |
1.13 |
2.16 |
27.58 |
2.52 |
FME-21-107 |
126.19 |
139.60 |
13.41 |
0.96 |
6.52 |
1.04 |
FME-21-109Incl: |
95.4098.15 |
119.7999.52 |
24.391.37 |
1.017.98 |
2.348.30 |
1.048.09 |
FME-21-110Incl: |
91.5993.12 |
108.9794.64 |
17.381.52 |
2.1012.94 |
2.383.01 |
2.1312.98 |
FME-21-111 |
158.19 |
181.66 |
23.47 |
0.82 |
23.31 |
1.12 |
FME-21-116 |
327.81 |
328.73 |
0.92 |
4.28 |
1,689 |
26.02 |
FME-21-118Incl: |
249.63250.24 |
256.34251.00 |
6.710.76 |
3.2027.04 |
790.506631 |
13.37112.38 |
FME21-118 |
303.58 |
314.25 |
10.67 |
0.58 |
128.91 |
2.24 |
(1) 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)(2) Gold equivalent = g Au/t
+ (g Ag/t ÷ 77.70)(3) Intervals reported are
uncappedTo view a plan map of today’s drill results, click on the
link below:
https://www.integraresources.com/site/assets/files/2572/drill_collar_location_-_fm_-_2021-06-02.pdf
To view cross sections of the drill results
announced today, click on the link below:
https://www.integraresources.com/site/assets/files/2572/xn_107-118_fm_only_ddh.pdf
https://www.integraresources.com/site/assets/files/2572/fm_xn_109-110_vuse.pdf
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 high-grade
structures.
Integra’s exploration team has modeled 7
high-grade vein structures that appear similar in size and
orientation to the historically productive high-grade Trade Dollar
– Black Jack vein system. Most historic underground production
stemmed from the Trade Dollar – Black Jack vein, while the
remaining 6 veins saw limited production up until mining operations
ceased with the start of World War I. 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 m to 200 m long and
with widths of between 1 m and 8 m.
Integra refined its understanding of the
controls on high-grade vein mineralization at Florida Mountain in
early 2020 and has been using this model to specifically target the
higher-grade “shoots” within the several vein systems identified to
date. These higher-grade shoots are interpreted as being localized
at the intersections of the four principal north-northwest vein
structures with a series of north-east trending splays.
The high-grade underground potential at Florida
Mountain remains a high priority drill target, as underscored by
results such as those released today. Further drilling is currently
underway, testing the interpreted vein structure and continuity of
grade at Florida Mountain.
Current Drill Status and Future
Drilling
A total of 4 drill rigs are currently in
operation at DeLamar, with 2 rigs positioned at Florida Mountain
and a further 2 rigs situated in the BlackSheep District on the
Georgianna Target, north-northwest of DeLamar. In the coming weeks,
one Florida drill rig will be repositioned to the eastern flank of
Florida Mountain to test the Florida Keys target, a 2 square
kilometer gold-in-soil geochemical anomaly. In late summer,
drilling is scheduled to commence at War Eagle and will include a
series of drill fences aimed to further delineate the high-grade
shoots in the volcanics and potential high-grade feeder structures
in the granites. War Eagle will also see the completion numerous
soil geochemical and geophysical surveys.
Pre-Feasibility Study
Update
Metallurgical test work for Florida Mountain
heap leaching of oxide and transitional ores and the unoxidized
mill feed is well advanced. The DeLamar heap leach testing program
has progressed with the variability testing concluding in early
June. The first column is under leach while the remaining
composites have been selected and are being prepped for testing.
Mill testing for DeLamar unoxidized ore will begin in June,
including further evaluation of Albion processing on flotation
concentrates. Milling throughputs are being evaluated to optimize
mine life and production schedules. Other PFS related work
continues to advance as scheduled.
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,
and Timothy D. Arnold (PE, SME), Integra’s Chief Operating Officer,
both of Reno, Nevada. Each 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 Pre-feasibility studies; future growth potential of Integra;
future underground exploration plans 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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