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
are the first ten drill holes from the 11,000 m stockpile drill
program at DeLamar. This drill program will test a portion of the
estimated 60 Mt of low-grade stockpiled mineralized material at the
DeLamar and Florida Mountain deposits, resulting in better
understanding of resource potential and grade variability.
“We are pleased to announce that the first round
of shallow drill holes completed into the North DeLamar Backfill
provide a preliminary “proof-of-concept” that a significant amount
of value in terms of gold and silver content resides in this
stockpiled and backfilled material. The first ten drill holes
released today provide further confidence that this stockpiled and
backfilled mineralized material has the potential to materially
increase the heap leach mine life at DeLamar. Based on the first
drill holes, this material is oxidized and is within the grade
range expected by the Company of 0.3 g/t to 0.6 g/t AuEq. Potential
gold cyanide solubility from cyanide shake testwork, indicative of
potential heap leach gold recoveries, has also shown to be
excellent in this first round of drilling. The first drill results
from this program have exceeded our expectations and prompted the
Company to increase the number of drill rigs on the Project to
expedite the drill program,” noted George Salamis, President and
CEO of the Company. “Continued success in drilling this material
should result in an updated resource estimate in the first half of
2023. If just a portion of this 60 Mt can be included in a future
mine plan, the economic benefits from an increased mine life could
be significant. The Company has completed approximately 2,500
m of drilling on these stockpiles and expects continued drill
results over the next few months.”
The following table highlights selected
intercepts from North DeLamar Backfill drill results announced
today:
Drill Hole |
From (m) |
To (m) |
Interval (m)(1)(2) |
g/t Au |
g/t Ag |
g/t AuEq(3) |
AuCN Recovery (%)(4) |
NDM22-024 |
3.05 |
36.58 |
33.53 |
0.28 |
14.43 |
0.46 |
66.15 |
NDM22-032 |
3.05 |
86.87 |
83.82 |
0.31 |
16.12 |
0.51 |
75.52 |
NDM22-033 |
1.52 |
44.20 |
42.68 |
0.25 |
17.91 |
0.48 |
77.45 |
NDM22-034 |
3.05 |
12.19 |
9.14 |
0.40 |
38.42 |
0.89 |
68.83 |
NDM22-122 |
1.52 |
71.63 |
70.11 |
0.27 |
17.25 |
0.49 |
74.34 |
NDM22-123 |
1.52 |
21.34 |
19.82 |
0.24 |
13.83 |
0.42 |
81.80 |
NDM22-135 |
4.57 |
91.44 |
86.87 |
0.26 |
18.02 |
0.50 |
79.60 |
NDM22-137 |
3.05 |
70.10 |
67.05 |
0.29 |
15.34 |
0.48 |
70.76 |
NDM22-138 |
3.05 |
41.15 |
38.10 |
0.28 |
13.27 |
0.45 |
73.27 |
NDM22-139 |
1.52 |
21.34 |
19.82 |
0.26 |
12.94 |
0.42 |
64.81 |
(1) Downhole
thickness is true thickness.(2) Intervals reported are uncapped.(3)
Gold equivalent = g Au/t + (g Ag/t ÷ 77.70). Rounding may cause
minor discrepancies in the AuEq column.(4) Au recovery based on
cyanide shakes (“AuCN”) run on all intervals with Au assay values
>0.1 g/t.
To view a drill collar location map, please
click on the following
link:https://integraresources.com/site/assets/files/2572/drill_collar_location_-_bf_-_2022-dec_sm.pdf
Execution of Drill Program: Methodology
and Timeline
The stockpile drill 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 Sonic and
traditional RC with casing advance 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.
The Company has increased drilling to 24 hours
shifts and expects this drill program to be complete in early March
2023. A resource estimate on this material is expected to be
complete by the end of the first half of 2023.
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 PFS. 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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