Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
drill results from the DeLamar Project (“DeLamar” or the “Project”)
located in southwestern Idaho. The results announced today are from
the Sullivan Gulch exploration program that was intended to further
define a high-grade gold-silver feeder system in conjunction with
the Sullivan Gulch bulk tonnage resource. Sullivan Gulch, in
addition to targets at DeLamar such as War Eagle, Florida Mountain
and BlackSheep, show the future potential at DeLamar for both
resource expansion and mining scenarios.
President and CEO, George Salamis, notes: “The
grades announced today are clearly spectacular and represent some
of the highest-grade gold and silver intercepts ever encountered on
the project. The immense value of the DeLamar project was recently
highlighted in the February 2022 PFS Resource Estimate which
included a large gold and silver resource. This resource base tied
into a robust mine plan that demonstrated low-cost gold-silver
production and a mining scenario that we believe can be permitted
in a simple and straight-forward manner. As a potential new
high-grade discovery, these results announced today further
underscore that resource upside is not at all capped, but in fact
further enhanced by results such as these shown today, as a large
measure of today’s intercepts reside outside of current resource
limits and mine plans. The growth opportunities and project
optionality remain omnipresent at DeLamar. This has always been a
key hallmark of the project and Integra has been adding ounces to
DeLamar at a discovery cost of approximately $10/oz AuEq.
Furthermore, the Company has increased the total resource on the
project by approximately 76%, from no declared resources in 2017 to
those presented in the February 2022 PFS.” Mr. Salamis further
adds, “Drilling to date at Sullivan Gulch has delineated a
mineralized zone over a strike length of 1,000 m with a width of
200 m and a depth extent of up to 350 m. The mineralized area at
Sullivan Gulch correlates with a strong Induced Polarization
chargeability footprint. This IP chargeability extends 900 m to the
south beyond any existing drilling completed by the Company,
suggesting the mineralization at Sullivan Gulch continues on
strike.”
The following table highlights selected
intercepts from the Sullivan Gulch drill results announced
today:
Drill Hole |
From (m) |
To (m) |
Interval(m) |
g/t Au |
g/t Ag |
g/t AuEq |
IDE-22-226 |
192.63 |
243.23 |
50.60 |
0.57 |
47.79 |
1.18 |
including |
203.61 |
205.13 |
1.52 |
1.02 |
234.00 |
4.03 |
including |
223.11 |
225.13 |
2.02 |
0.99 |
293.00 |
4.76 |
IDE-22-226 |
253.90 |
282.85 |
28.95 |
0.73 |
5.47 |
0.80 |
including |
258.47 |
261.52 |
3.05 |
2.88 |
7.47 |
2.98 |
IDE-22-226 |
308.76 |
406.30 |
97.54 |
1.09 |
70.17 |
2.00 |
including |
310.29 |
311.81 |
1.52 |
6.57 |
1,406.00 |
24.67 |
including |
331.62 |
333.15 |
1.53 |
5.53 |
96.92 |
6.77 |
including |
337.72 |
340.77 |
3.05 |
1.85 |
266.50 |
5.28 |
including |
349.91 |
351.43 |
1.52 |
7.62 |
263.00 |
11.00 |
including |
354.48 |
357.53 |
3.05 |
4.40 |
192.00 |
6.87 |
including |
372.77 |
374.29 |
1.52 |
7.32 |
368.00 |
12.06 |
IDE-22-228 |
27.13 |
120.40 |
93.27 |
0.27 |
30.61 |
0.66 |
including |
34.44 |
35.97 |
1.53 |
0.49 |
260.00 |
3.84 |
including |
40.54 |
42.06 |
1.52 |
0.19 |
378.00 |
5.05 |
including |
81.69 |
81.99 |
0.30 |
0.47 |
834.00 |
11.21 |
IDE-22-228 |
173.13 |
185.17 |
12.04 |
0.91 |
53.98 |
1.60 |
including |
176.17 |
177.24 |
1.07 |
2.87 |
74.17 |
3.83 |
IDE-22-228 |
206.65 |
243.23 |
36.58 |
0.99 |
36.84 |
1.46 |
including |
211.23 |
214.27 |
3.04 |
3.74 |
201.90 |
6.34 |
including |
222.35 |
223.57 |
1.22 |
2.16 |
82.90 |
3.23 |
including |
241.10 |
242.32 |
1.22 |
4.29 |
22.08 |
4.57 |
IDE-22-228 |
287.43 |
314.40 |
26.97 |
4.10 |
446.92 |
9.85 |
including |
290.78 |
293.68 |
2.90 |
3.59 |
121.81 |
5.16 |
including |
299.22 |
299.92 |
0.70 |
1.79 |
218.00 |
4.60 |
including |
303.89 |
304.56 |
0.67 |
9.04 |
9.17 |
9.16 |
including |
307.70 |
313.33 |
5.63 |
13.47 |
1,909.45 |
38.05 |
including |
308.70 |
309.10 |
0.40 |
80.40 |
14,054.00 |
261.28 |
including |
309.98 |
310.74 |
0.76 |
40.74 |
2,839.00 |
77.28 |
|
(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 uncapped |
|
Sullivan Gulch:
The high-grade results announced today build on
the previous news releases from 2022 and are particularly exciting
due to the presence of an emerging high-grade vein system at
Sullivan Gulch below the existing low-grade, bulk tonnage resource.
To date, drilling by the Company has focused on a North-northwest
trending vein system that dipped to the Southwest. Through
geological modeling and interpretation, the Company noted the
possible presence of a Northwest trending vein system dipping to
the Northeast. In drill hole IDE-22-228, the Company turned the
drill rig around to test the new vein orientation and successfully
hit both low-grade, bulk tonnage material along with a new
high-grade vein system below the resource. This new vein system at
Sullivan Gulch is lithologically controlled in quartz latite and is
open to the south, laterally, and at depth.
In general, the mineralization at Sullivan Gulch
is largely hosted by porphyritic rhyolite and latite units, capped
by a banded rhyolite formation, all of which are of mid-Miocene
age. The gold-silver mineralization itself consists of a zone of
moderately intense low-sulphidation epithermal veining, clay
alteration and related disseminated sulphides (mostly pyrite).
Drilling to date at Sullivan Gulch has delineated mineralization
extending over a strike length of 1,000 m with a width of 200 m and
a depth of 350 m. IP indicates the potential for mineralization to
extend a further 900 m to the south of the southern-most drilled
section of Sullivan Gulch.
Additionally, the Company’s success at targeting
high-grade at Sullivan Gulch, including the results today which
have encountered a new vein system, suggests further optimization
of the high-grade gold-silver geological model at Sullivan
Gulch.
To view a cross section of Sullivan Gulch, click
on the link
below:https://integraresources.com/site/assets/files/2572/sg_cross_section_vfinal_may_2022.pdf
To view a photo of drill core from Sullivan
Gulch, click on the link
below:https://integraresources.com/site/assets/files/2572/sg_drill_core_photo_may_vfinal.pdf
To view a drill plan map of Sullivan Gulch,
click on the link
below:https://integraresources.com/site/assets/files/2572/sg_drill_collar_location_may_2022_sm.pdf
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
Post Falls, Idaho, 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$600m 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 robust economic studies in its
maiden preliminary economic assessment and now pre-feasibility
study. An independent technical report for the PFS on the DeLamar
Project has been prepared in accordance with the requirements of NI
43-101 and is available under the Company’s profile at
www.sedar.com and on the Company’s website at
www.integraresources.com.
ON BEHALF OF THE BOARD OF
DIRECTORS
George SalamisPresident, CEO and Director
CONTACT INFORMATION
Corporate 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 scope, timing and completion of the
Pre-feasibility study; estimates of metallurgical recovery rates
and the contribution of silver production to mining operations;
anticipated advancement of DeLamar and future exploration
prospects.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 for U.S. Investors
Concerning Mineral Resources and Reserves
National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("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 press 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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