Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
additional drill results from the DeLamar Project (“DeLamar” or the
“Project”) located in southwestern Idaho. The drill results
announced today are from a metallurgical drill program at DeLamar
as well as 24 additional drill holes from the 11,000 m stockpile
drill program at the Project. The stockpile drill program, the
results of which continue to exceed expectations, has the potential
to extend the heap leach mine life and positively impact the
already robust economics of the DeLamar Project.
“On the back of the successful release of the
first 10 drill holes from the stockpile drill program in December
2022, the Company is pleased to announce the next 24 drill holes
from this program that further demonstrate the immense value
potential in the 60 million tonnes of gold-silver mineralized
stockpile and backfill material left behind by previous mine
operators. Today’s drill results are well within our expected grade
range of 0.3 g/t AuEq to 0.6 g/t AuEq and have the potential to
provide material to further expand the heap leach mine life at
DeLamar. This material could enhance the strong economics of the
Project presented in the 2022 Pre-feasibility Study while also
creating significant value from the portion of backfill material
that was proposed to be handled as a pre-stripping cost in that
study,” stated George Salamis, President and CEO of Integra
Resources. “The Company has increased the drill count on the
Project to three drill rigs as we continue the successful execution
of the stockpile drill program in anticipation of completing an
updated resource estimate on this material in the first half of
2023. In addition to these drill results, considerable
mineralization in the metallurgical drill holes released today
further illustrate the strong gold-silver grades and significant
widths at DeLamar. These metallurgical drill results are
significant as they exceed the average grade of the existing
deposit, demonstrating continued upside at the Project.”
The following table highlights selected
intercepts from the DeLamar stockpile drill program announced
today:
Drill Hole |
From(m) |
To (m) |
Interval(m) |
g/tAu |
g/tAg |
g/tAuEq |
AuCN ShakeRecovery (%) |
NDM-22-027 |
1.52 |
28.96 |
27.44 |
0.24 |
19.14 |
0.49 |
71.03 |
NDM-22-028 |
1.52 |
71.63 |
70.11 |
0.25 |
17.73 |
0.48 |
81.46 |
NDM-22-036 |
1.52 |
38.10 |
36.58 |
0.25 |
24.59 |
0.57 |
67.31 |
NDM-22-037 |
1.52 |
103.63 |
102.11 |
0.25 |
21.38 |
0.52 |
67.64 |
NDM-22-040 |
1.52 |
85.34 |
83.82 |
0.34 |
18.19 |
0.58 |
80.93 |
NDM-22-041 |
1.52 |
57.91 |
56.39 |
0.19 |
14.24 |
0.38 |
86.53 |
NDM-22-044 |
0.00 |
32.00 |
32.00 |
0.23 |
16.04 |
0.44 |
65.65 |
NDM-22-050 |
3.05 |
27.43 |
24.38 |
0.28 |
53.26 |
0.97 |
75.31 |
NDM-22-095 |
1.52 |
16.76 |
15.24 |
0.23 |
12.73 |
0.39 |
81.13 |
NDM-22-110 |
1.52 |
68.58 |
67.06 |
0.22 |
12.60 |
0.38 |
75.16 |
NDM-22-111 |
3.05 |
41.15 |
38.10 |
0.25 |
10.91 |
0.39 |
77.43 |
NDM-22-112 |
1.52 |
16.76 |
15.24 |
0.32 |
16.98 |
0.53 |
70.58 |
NDM-22-113 |
1.52 |
9.14 |
7.62 |
0.13 |
6.62 |
0.22 |
92.54 |
NDM-22-114 |
1.52 |
9.14 |
7.62 |
0.12 |
18.39 |
0.36 |
95.18 |
NDM-22-136 |
3.05 |
88.39 |
85.34 |
0.32 |
14.28 |
0.50 |
67.20 |
NDM-22-143 |
1.52 |
68.58 |
67.06 |
0.23 |
19.25 |
0.48 |
67.76 |
NDM22-147 |
0.00 |
73.15 |
73.15 |
0.26 |
15.37 |
0.46 |
77.66 |
NDM-22-147A |
1.52 |
44.20 |
42.68 |
0.32 |
19.60 |
0.57 |
68.74 |
including gap |
28.96 |
30.48 |
1.52 |
0.00 |
0.00 |
0.00 |
0.00 |
WD2-22-173 |
0.00 |
48.77 |
48.77 |
0.15 |
8.98 |
0.26 |
83.50 |
WD2-22-177 |
0.00 |
15.24 |
15.24 |
0.17 |
16.11 |
0.38 |
67.73 |
WD2-22-177 |
30.48 |
35.05 |
4.57 |
0.26 |
5.92 |
0.34 |
61.69 |
WD2-22-180 |
0.00 |
12.19 |
12.19 |
0.17 |
23.89 |
0.48 |
88.80 |
WD2-22-180 |
28.96 |
38.10 |
9.14 |
0.29 |
28.78 |
0.67 |
86.30 |
WD2-22-183 |
1.52 |
36.58 |
35.06 |
0.15 |
15.24 |
0.35 |
86.86 |
WD2-22-190 |
3.05 |
10.67 |
7.62 |
0.16 |
14.27 |
0.34 |
82.03 |
WD2-22-196 |
3.05 |
42.67 |
39.62 |
0.15 |
9.86 |
0.28 |
73.40 |
including gap |
21.34 |
24.38 |
3.04 |
0.00 |
0.00 |
0.00 |
0.00 |
(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.
The following table highlights selected
intercepts from metallurgical drill program completed at
DeLamar:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
IDM-22-209 |
5.94 |
10.82 |
4.88 |
0.21 |
34.19 |
0.65 |
IDM-22-211 |
0.00 |
66.90 |
66.90 |
0.41 |
75.37 |
1.38 |
including |
34.90 |
36.42 |
1.52 |
1.14 |
177.00 |
3.42 |
including |
52.58 |
54.41 |
1.83 |
0.38 |
1251.00 |
16.48 |
including |
57.61 |
59.74 |
2.13 |
0.31 |
286.00 |
3.99 |
IDM-22-212 |
0.00 |
18.59 |
18.59 |
0.30 |
42.43 |
0.85 |
IDM-22-213 |
0.00 |
17.68 |
17.68 |
0.30 |
19.91 |
0.56 |
IDM-22-214 |
0.00 |
13.11 |
13.11 |
0.28 |
17.71 |
0.50 |
IDM-22-214 |
29.87 |
61.87 |
32.00 |
0.62 |
7.85 |
0.72 |
(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) Intervals reported are uncapped.(3) Gold
equivalent = g Au/t + (g Ag/t ÷ 77.70). Rounding may cause minor
discrepancies in the AuEq column.
To view a drill collar location map for the
North DeLamar Backfill, please click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_-_bf_ndm_2023-01-09sm.pdf
To view a drill collar location map for
Stockpile 2, please click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_-_bf_stockpile2_2023-01-09sm.pdf
To view a drill collar location map for the
DeLamar metallurgical program, please click on the link
below:https://integraresources.com/site/assets/files/2572/drill_collar_-_dm_-_2023-01-09sm.pdf
Execution of Drill Program: Methodology
and Timeline
The stockpile drill program will be executed at
60 m collar spacings with select 30 m infill test holes to further
verify grade variability. All drilling will be vertical through the
entirety of the stockpiles and backfill material. 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 and integrity throughout the
drilling process. Additionally, the two drilling methods will
provide a basis for comparison for continuity. Sampling will be
conducted at 1.5 m intervals for the whole of the drilling program
with all samples sent to a third-party lab for analysis. These
drilling methods also provide the opportunity for more advanced
metallurgical tests in the future.
Annual Grant of Equity Incentive
Awards
The Company announces that it has granted a
total of 479,760 options, 290,310 restricted share units and
247,500 deferred share units (together, the “Equity Incentive
Awards”) to various investor relations employees, executives and
directors of the Company. The Equity Incentive Awards have been
granted pursuant to the Company’s Amended and Restated Equity
Incentive Plan and are subject to vesting provisions. The options
have an exercise price of C$0.87 per share and will expire five
years from the date of grant.
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 (the “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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