Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) announces drill results
from the 2021 Florida Mountain drill program at the DeLamar Project
(“DeLamar” or the “Project”) which continue to demonstrate the
potential for a high-grade resource below the existing Florida
Mountain Deposit. In addition, the Company is pleased to announce
that it has received approval from the BLM authorizing an
underground development and exploration drill program at Florida
Mountain. This underground development and exploration drill
program could begin at the Company’s discretion, subject to further
on-going studies, and would allow for more efficient delineation of
high-grade resources below the Florida Mountain resource envelope.
“The Company is excited that the team at the
BLM, working alongside our environmental permitting staff in Boise,
Idaho, granted Integra the approval through an EA authorizing an
underground development and exploration drill program at Florida
Mountain. We are obviously very pleased with this news which we
view as a positive endorsement for responsible resource development
and exploration at the DeLamar Project. The Company will engage
third-party contractors to create a plan to potentially develop, at
the Company’s discretion, underground access at Florida Mountain to
pursue an underground exploration drill program,” stated Integra
President and CEO George Salamis. “An underground exploration drill
program, subject to the outcome of on-going studies, would allow
the Company to drill the existing high-grade gold-silver structures
far more efficiently on tighter drill spacings and with less drill
meters than that which could be accomplished from surface drilling
alone. Other potential operating efficiencies include the ability
to work in all seasons at Florida Mountain, from underground drill
stations, as well as to conduct limited bulk sampling on high grade
gold-silver mineralization.
Mr. Salamis continued, “Exceptional drill
results like those reported today continue to show the potential
for resource growth at Florida Mountain. These results include both
long runs of higher-grade mineralization within the pit as well as
continued high-grade hits below the existing resource envelope at
Florida Mountain. The Company has now intersected 110 drill
intercepts of 4 g/t AuEq or greater with a minimum width of 1.52 m
at Florida Mountain, demonstrating the potential to complement the
robust low-grade resource at surface with a high-grade resource at
depth. The potential to add a high-grade resource below Florida
Mountain, subject to on-going studies, could further enhance the
robust economics of the recently released PFS by increasing the
grade of the material being processed through the contemplated
mill.”
The following table highlights selected
intercepts from the Florida Mountain drill results announced
today:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
FME-21-130 |
1.68 |
92.66 |
90.98 |
1.79 |
45.17 |
2.37 |
including |
3.20 |
9.45 |
6.25 |
0.15 |
155.52 |
2.16 |
including |
15.70 |
28.35 |
12.65 |
9.32 |
174.41 |
11.57 |
including |
77.11 |
92.66 |
15.55 |
1.86 |
18.84 |
2.10 |
FME-21-130 |
191.72 |
193.24 |
1.52 |
0.67 |
111.00 |
2.10 |
FME-21-130 |
267.31 |
268.04 |
0.73 |
2.73 |
538.00 |
9.65 |
FME-21-131 |
36.27 |
56.08 |
19.81 |
0.38 |
2.33 |
0.41 |
including |
43.89 |
46.94 |
3.05 |
1.04 |
2.96 |
1.07 |
FME-21-131 |
138.07 |
154.23 |
16.16 |
0.56 |
11.23 |
0.70 |
including |
146.00 |
147.52 |
1.52 |
2.05 |
40.83 |
2.58 |
FME-21-132 |
0.00 |
110.64 |
110.64 |
0.54 |
10.36 |
0.68 |
FME-21-134 |
2.13 |
99.67 |
97.54 |
1.65 |
14.24 |
1.83 |
including |
2.13 |
9.14 |
7.01 |
0.40 |
57.88 |
1.14 |
including |
78.03 |
99.67 |
21.64 |
6.66 |
21.11 |
6.93 |
including |
94.49 |
96.01 |
1.52 |
74.90 |
175.00 |
77.15 |
FME-21-135 |
97.23 |
133.20 |
35.97 |
0.25 |
12.14 |
0.40 |
including |
122.23 |
123.44 |
1.21 |
2.09 |
3.29 |
2.13 |
including |
128.32 |
130.15 |
1.83 |
0.49 |
125.00 |
2.10 |
FME-21-135 |
222.81 |
224.64 |
1.83 |
2.81 |
444.00 |
8.52 |
FME-21-136 |
0.00 |
104.55 |
104.55 |
0.50 |
9.78 |
0.63 |
including |
5.18 |
12.95 |
7.77 |
0.97 |
36.46 |
1.44 |
including |
90.83 |
103.02 |
12.19 |
2.00 |
9.34 |
2.12 |
including |
90.83 |
92.96 |
2.13 |
5.27 |
9.43 |
5.39 |
FME-21-136 |
298.55 |
309.52 |
10.97 |
1.07 |
174.11 |
3.31 |
including |
298.55 |
301.14 |
2.59 |
2.91 |
445.19 |
8.64 |
FME-21-137 |
71.48 |
124.05 |
52.57 |
0.27 |
8.82 |
0.39 |
including |
119.48 |
121.01 |
1.53 |
0.92 |
131.00 |
2.61 |
FME-21-137 |
145.39 |
158.95 |
13.56 |
0.43 |
33.42 |
0.86 |
including |
146.91 |
148.44 |
1.53 |
2.52 |
140.00 |
4.32 |
FME-21-139 |
0.00 |
163.68 |
163.68 |
0.28 |
8.45 |
0.39 |
including |
73.76 |
75.29 |
1.53 |
1.92 |
65.44 |
2.76 |
including |
157.28 |
161.24 |
3.96 |
0.39 |
65.77 |
1.24 |
FME-21-139 |
258.96 |
259.48 |
0.52 |
1.34 |
311.49 |
5.35 |
including |
259.23 |
259.48 |
0.25 |
2.35 |
540.00 |
9.30 |
FME-21-149 |
49.07 |
100.89 |
51.82 |
0.13 |
22.83 |
0.43 |
including |
53.65 |
55.17 |
1.52 |
0.04 |
202.00 |
2.64 |
FME-21-149 |
128.32 |
129.85 |
1.53 |
3.04 |
13.54 |
3.21 |
FME-21-150 |
40.84 |
115.52 |
74.68 |
0.23 |
17.73 |
0.46 |
including |
51.97 |
53.49 |
1.52 |
1.84 |
251.00 |
5.07 |
including |
104.85 |
106.38 |
1.53 |
3.11 |
21.28 |
3.38 |
FME-21-150 |
142.95 |
171.91 |
28.96 |
0.49 |
7.20 |
0.58 |
including |
164.29 |
165.81 |
1.52 |
3.66 |
4.15 |
3.71 |
(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 cross section of Florida
Mountain, click on the link
below:https://integraresources.com/site/assets/files/2572/february_fm_nr_xn_vuse.pdf
To view a plan map of Florida Mountain with the
location of the cross section, Click on the link
below:https://integraresources.com/site/assets/files/2572/february_fm_nr_plan2.pdf
To view a topographical drill hole location map
of Florida Mountain, click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_location_-_fm-_2022-02-17.pdf
The Florida Mountain Underground Mineral
Exploration Plan of Operations
The BLM has conducted an EA
(DOI-BLM-ID-B030-2022-0001EA) for Integra Resources’ DeLamar Mining
Company’s (“DMC”) proposed underground development and exploration
drill program at its current operation in Owyhee County,
Idaho. The proposed project would include the construction of an
underground portal pad in the historic mining area of Blue Gulch,
exploration drifting into Florida Mountain, the establishment of
drill stations perpendicular to the veins and an underground
exploration drill plan. Based upon a review of the EA and DMC’s
commitments to minimizing environmental effects during
construction, operation, and reclamation of the proposed project,
BLM has determined that the Stone Cabin Mine Underground Portal
Plan of Operations Amendment was not a major federal action and did
not significantly impact the quality of the human environment. As
defined by Code of Federal Regulations (“CFR”) an environmental
impact statement was not needed for this action. A Finding of No
Significant Impact (“FONSI”) was signed allowing the Company to
move forward with detailed design and subsequent construction
activities.
The Company has now intersected 110 intercepts
of 4 g/t AuEq or greater with a minimum width of 1.52 m. The drill
success below the existing resource envelope at Florida Mountain
continues to demonstrate the potential for a high-grade resource
below the Florida Mountain Deposit, which was recently the subject
of a PFS. None of these high-grade intercepts have been included in
a Resource Estimate to date. Including a high-grade resource into
the mine plan laid out in the PFS has the potential to further
enhance the economics of the mill. Florida Mountain Non-Oxide
material, which includes the high-grade intersects disclosed today,
could be processed through the existing mill flow sheet based on
known metallurgy. Increasing the grade and material run through the
mill has the potential to increase production profile for both gold
and silver.
Select intercepts from drill holes FME-21-130,
FME-21-132 and FME-21-135 were rushed at the laboratories and
previously reported (please see the Company news release dated
August 31, 2021). The remaining portions of these drill holes were
announced today in the table above.
Current Drill Status
The Company currently has 1 drill rig in
operation at Sullivan Gulch. This drill rig is testing the
extensions of the Sullivan Gulch target while providing crucial
data for further Albion test work.
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 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 the completion of an independent technical
report for the PFS on the DeLamar Project announced on February 9,
2022. The independent technical report prepared in accordance with
the requirements of NI 43-101 will be available under the Company’s
SEDAR profile within 45 days of the PFS news.
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 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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