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 drill results announced today
continue to demonstrate the size and magnitude of the low-grade
disseminated gold-silver zone at Sullivan Gulch along with the
potential for resource growth, including drill hole IDE-22-229
which was drilled 320 m from the pit constrained resource at
Sullivan Gulch. Intercepts in drill hole IDE-22-228 also continue
to demonstrate the continuity of the newly discovered high-grade
gold-silver structure that trends Northwest and dips Northeast.
Drill hole IDE-22-228 now includes both the highest-grade silver
intercept at DeLamar (please reference the news release dated May
25, 2022) and the longest interval of low-grade mineralization to
date at the Project.
“Along with intersecting the thickest continuous
gold-silver intercept to date on the Project at a grade of
approximately twice the average grade of the deposit, the drill
hole announced today further establishes the continuity of the
recently discovered high-grade zone at Sullivan Gulch. This new
high-grade gold-silver discovery, residing within this large
low-grade gold-silver zone, has been expanded through additional
intercepts reported today, including 9.00 g/t Au and 491 g/t Ag
over 1.52 M and 2.33 g/t Au and 184.02 g/t Ag (4.70 g/t AuEq) over
11.58 m, among others. These high-grade intervals occur along the
new Northeast dipping structure above the recently announced
discovery, suggesting the presence of multiple, high-grade
structures that trend Northwest and dip Northeast at multiple
depths over a strike length of at least 200 m,” noted President and
CEO George Salamis. “Exploration results like those reported today,
both low-grade and high-grade, are further evidence that while the
Company marches forward to permitting and development, the upside
potential at DeLamar remains very relevant. We look forward to
continued drilling at DeLamar while work continues in support of
mine permitting.”
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-22-227 |
194.46 |
259.99 |
65.53 |
2.39 |
60.40 |
3.16 |
including |
202.08 |
205.13 |
3.05 |
3.40 |
78.90 |
4.41 |
including |
214.27 |
215.80 |
1.53 |
3.59 |
40.78 |
4.11 |
including |
231.04 |
231.65 |
0.61 |
4.78 |
22.76 |
5.07 |
including |
256.95 |
258.47 |
1.52 |
2.24 |
84.70 |
3.33 |
IDE-22-227 |
310.29 |
444.40 |
134.11 |
0.94 |
32.20 |
1.36 |
including |
311.81 |
317.91 |
6.10 |
7.77 |
307.43 |
11.73 |
including |
311.81 |
313.33 |
1.52 |
9.91 |
75.13 |
10.88 |
including |
330.10 |
331.62 |
1.52 |
2.17 |
80.59 |
3.21 |
including |
343.81 |
345.34 |
1.53 |
4.12 |
14.44 |
4.31 |
including |
345.34 |
346.86 |
1.52 |
7.64 |
387.00 |
12.62 |
including |
436.78 |
438.30 |
1.52 |
3.65 |
7.03 |
3.74 |
IDE-22-228 |
0.00 |
396.85 |
396.85 |
0.76 |
69.50 |
1.66 |
IDE-22-228 |
120.40 |
173.13 |
52.73 |
1.15 |
88.21 |
2.28 |
including |
124.97 |
136.55 |
11.58 |
2.33 |
184.02 |
4.70 |
including |
127.41 |
128.93 |
1.52 |
9.00 |
491.00 |
15.32 |
including |
141.12 |
142.65 |
1.53 |
1.70 |
114.00 |
3.17 |
including |
167.03 |
168.55 |
1.52 |
1.58 |
210.00 |
4.28 |
IDE-22-228 |
317.91 |
319.43 |
1.52 |
2.95 |
5.39 |
3.02 |
IDE-22-228 |
345.03 |
396.85 |
51.82 |
0.45 |
87.46 |
1.58 |
including |
347.47 |
349.30 |
1.83 |
0.20 |
336.04 |
4.52 |
including |
356.01 |
357.53 |
1.52 |
0.59 |
547.00 |
7.63 |
including |
374.29 |
375.82 |
1.53 |
2.80 |
435.00 |
8.40 |
IDE-22-229 |
300.53 |
411.79 |
111.26 |
0.43 |
19.75 |
0.68 |
including |
304.19 |
309.98 |
5.79 |
1.55 |
227.98 |
4.48 |
including |
308.76 |
309.98 |
1.22 |
1.80 |
528.00 |
8.60 |
including |
329.95 |
332.99 |
3.04 |
2.73 |
49.87 |
3.37 |
IDE-22-229 |
422.76 |
460.86 |
38.10 |
0.44 |
13.90 |
0.62 |
including |
434.95 |
436.47 |
1.52 |
2.23 |
177.00 |
4.51 |
IDE-22-229 |
508.41 |
548.03 |
39.62 |
0.38 |
7.05 |
0.47 |
IDE-22-229 |
576.99 |
578.21 |
1.22 |
1.31 |
4.46 |
1.37 |
(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
uncappedSullivan Gulch:
Along with demonstrating the magnitude of the
large low-grade gold-silver zone at Sullivan Gulch, the drill
results announced today continue to expand the emerging high-grade
vein system at Sullivan Gulch that trends Northwest and dips to the
Northeast. This newly discovered structure has been intercepted at
multiple depths and along a strike length of at least 200 m. These
intercepts further validate the geological model that in addition
to a well-defined North-northwest trending vein system that dips to
the Southwest which has seen the majority of drilling at Sullivan
Gulch, there exists a lithologically controlled structure in quartz
latite that dips Northeast 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.
To view cross sections of Sullivan Gulch, click
on the link
below:https://integraresources.com/site/assets/files/2572/cross_section_228_nr_vuse.pdf
https://integraresources.com/site/assets/files/2572/cross_section_229_nr_vuse.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_2022june_vfinal.pdf
To view a drill plan map of Sullivan Gulch,
click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_location_dm_2022june_sm_vuse.pdf
Summer Work Program and Next
Steps:
Following a brief pause, the Company expects to
recommence drilling at DeLamar this summer. The proposed
summer/fall drill program is being executed primarily on DeLamar
private property on historic patented mining claims and is ready to
proceed at the Company’s discretion. Drill permits for exploration
on patented claims are in process and Integra will be notifying the
Idaho Department of Lands of its intent to drill, providing the
Company with significant flexibility in designing and executing
drill plans at the Project. In addition, the seasonal field studies
are underway at the site to support the remainder of the baseline
surveys that were not completed in 2021 in support of the
preliminary National Environmental Policy Act (“NEPA”) process and
submittal of the Plan of Operations.
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 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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