Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
the commencement of drilling on an estimated 60 Mt of low-grade,
stockpiled gold-silver mineralized material at the DeLamar and
Florida Mountain deposits. This material was stockpiled at surface
by previous operators and has the potential, pending further
drilling, to significantly increase the heap leach mine life and
production rates at the Project. This drill program is designed to
estimate grade and grade variability within the stockpiles as well
as to obtain material for metallurgical testwork to further
understand the potential inclusion of this material in future mine
plans and heap leach processing. The total drill program will
include 11,000 m of shallow, dual rotary reverse circulation
drilling and sonic drilling.
“We are excited to commence drilling on the
stockpiled material at DeLamar and Florida Mountain as it has the
potential to significantly increase the mine life and economics of
the proposed future heap leach project at DeLamar. If even a
portion of this material meets expectations in regards to grade and
recoverability, it has the potential to meaningfully enhance the
project. Our studies indicate that a substantial amount of material
stockpiled and/or used as backfill, estimated to be as much as 60
Mt, resides in a potential grade range of 0.3 g/t to 0.6 g/t AuEq
and could provide a large source of low-cost, low-strip Oxide and
Mixed material that could be included in future heap leach mine
plans. Based on historic mining records from the 1970s to 1990s,
the Company expects the gold-silver grades in these stockpiles to
be well above the heap leach cut-off grade used in the 2022 PFS,”
stated George Salamis, President and CEO of Integra Resources. “The
Company has initiated a fully-financed, 11,000 m dual rotary RC and
sonic drill program designed to test these stockpiles with fences
of shallow drill holes. The drilling is expected to take
approximately 3 months and will be conducted in various locations
where 60 Mt of stockpiled and backfilled material is located. The
opportunity here is very clear: In the PFS, the cost of moving much
of these stockpiles to access mineralized material below was
included in the pre-stripping costs. As such, subject to success in
terms of grade definition and potential Oxide and Mixed
recoverability in these stockpiles, the Company plans to turn this
material from a cost into a significant benefit to the Project
through increased life of mine and value accretion.”
The Proof of Concept: Evidence of Grade
in Stockpiles and Backfill:
The Company has drilled through backfill and
low-grade stockpiles on a number of occasions through normal course
drilling on the Project since 2018. This drilling, in addition to
historic drilling from previous operators, provides a strong case
to substantiate the potential mineralization in these stockpiles
and backfill.
Below are select drill highlights that
encountered Oxide and Mixed mineralization in stockpiles and/or
backfill:
Integra Resources Drill
Results1,2,3 |
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
Location |
FME-20-086 |
10.67 |
47.40 |
36.73 |
0.37 |
16.47 |
0.58 |
Florida Mtn |
IFM-18-003 |
0.00 |
57.30 |
57.30 |
0.35 |
9.89 |
0.48 |
Florida Mtn |
IDM-22-206 |
0.00 |
102.41 |
102.41 |
0.28 |
50.98 |
0.93 |
DeLamar |
including |
35.51 |
38.41 |
2.90 |
0.10 |
833.00 |
10.82 |
DeLamar |
IDM-18-026 |
1.52 |
128.02 |
126.50 |
0.22 |
20.16 |
0.48 |
DeLamar |
IDM-18-022 |
0.00 |
35.05 |
35.05 |
0.36 |
12.67 |
0.52 |
DeLamar |
IDM-18-042C |
0.00 |
34.14 |
34.14 |
0.49 |
17.74 |
0.72 |
DeLamar |
Including |
18.90 |
21.03 |
2.13 |
3.62 |
66.90 |
4.48 |
DeLamar |
IDM-22-211 |
0.00 |
59.74 |
59.74 |
0.42 |
82.20 |
1.48 |
DeLamar |
Historic Drill
Results22,4,5 |
R251 |
0.00 |
15.24 |
15.24 |
0.78 |
20.50 |
1.05 |
DeLamar |
F0935 |
10.67 |
44.20 |
33.53 |
0.50 |
16.63 |
0.71 |
Florida Mtn |
SP45 |
0.00 |
33.53 |
33.53 |
0.40 |
28.62 |
0.77 |
Stockpile 1 |
Including |
24.38 |
27.43 |
3.05 |
1.03 |
82.05 |
2.09 |
Stockpile 1 |
SP55 |
0.00 |
21.34 |
21.34 |
0.43 |
45.06 |
1.01 |
Stockpile 1 |
SP48 |
0.00 |
30.48 |
30.48 |
0.29 |
15.05 |
0.48 |
Stockpile 1 |
|
(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 |
|
(4) |
Historical drill results from previous operators that are provided
for context. |
|
(5) |
Historical drill holes are true thickness |
Execution of Drill Program: Methodology
and Timeline
The stockpile drilling program will be executed
at 60 m collar spacing with select 30 m infill test holes. All
drilling will be vertical through the entirety of the stockpiles.
This drilling will be conducted by a combination of dual rotary RC
and sonic drilling methods. Both these drilling methods will serve
to maintain high sample quality through the drilling process.
Additionally, the two sampling methods will provide a basis for
comparison for continuity. Sampling will be conducted at 1.5 m
intervals for the whole of the drilling with all samples sent to a
third-party lab for analysis. These drilling methods provide the
opportunity for various metallurgical tests, as well. Bottle rolls
will be collected on crushed material and column testing is planned
for select material obtained with the sonic drill. Once begun the
drilling will take approximately three months to complete at 60 m
spacings.
To view the stockpiles and backfill at DeLamar,
click on the following
link:https://integraresources.com/site/assets/files/2572/lg_stockpiles_del_sm.pdf
To view the stockpiles and backfill at Florida
Mountain, click on the following
link:https://integraresources.com/site/assets/files/2572/lg_stockpiles_fm_sm.pdf
Description of the PFS Mine Plan and
Heap Leach Focus
The Company’s 2022 PFS study demonstrated a
robust, economic project with significant optionality and upside
potential. The Company has commenced permitting and plans to
commence development and operation of the project with a low-cost,
high-margin 35,000 tonne per day (“mtpd”) heap leach facility. The
simple, low-cost, low-risk strategy to focus on the financial
engine of the project, the heap leach, does not negate the strong
optionality of the project in multiple areas. Based on internal
models generated by the Company, adding Oxide and Mixed material to
the heap leach significantly increases the mine life and is very
accretive to the Project’s value, at a very low-cost.
Advancing the DeLamar gold-silver project
towards permitting and development of the heap leach stage as a
stand-alone mining operation, is a far lower cost, lower risk
option for the Company and its shareholders, creating strong
economic returns and rapid payback. In these inflationary times,
with increased scrutiny on permitting of all resource projects,
this is the optimal strategy for the Company and its shareholders,
as it vastly reduces execution risk. Adding stockpiled and backfill
material residing at surface, with little or no stripping required,
subject to successful delineation and inclusion in future mine
plans, has phenomenal value-add potential at a very low-cost.
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.com Company website:
www.integraresources.com Office 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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