Press Release Highlights:
- Drilling has confirmed continuity and expansion potential in both resource and grade within certain large zones on the margins of the current inferred resource that were not previously mined by historical operations
- Significant drill results from the Sullivan Gulch target within the DeLamar Deposit include 1.20 g/t gold equivalent (“AuEq”) over 150.88 meters (“m”), 1.19 g/t AuEq over 140. 21 m, and 1.05 g/t AuEq over 91.44 m
- Drill program expanded to include two drill rigs that are currently active on site, including one reverse circulation (“RC”) drill rig, and one diamond drill rig, with a third drill rig expected to arrive on site in June
- Integra Resources begins trading on the OTCQX under the symbol “IRRZF”
Vancouver, British Columbia – Integra Resources Corp. (TSXV:ITR ; OTCQX:IRRZF) (the “Company” or “Integra”) is pleased to announce initial assay results from 9 of 13 drill holes completed to date from its 2018 drill program on the DeLamar Gold and Silver Project (“DeLamar, or the “Project”), located in the historic Owyhee County mining district in south western Idaho. Initial results demonstrate continuity of certain structures within the DeLamar Deposit. The results announced today are from 2,903 m of drilling from the approximate 20,000 m exploration program underway in 2018.
“With the relatively slow start due to inclement winter drilling conditions now behind us, the drill program at DeLamar is now in high-gear with a second drill rig added and a third on its way in June.” stated George Salamis, CEO of Integra Resources. “The first drill holes at DeLamar were designed to provide data and orientation on geology, vein structure and optimized drilling conditions testing large zones of gold-silver mineralization outside of areas that were previously mined by Kinross from 1977 to 1998. The first 9 holes of dozens more to come reported encouraging bulk grades that correlate well between drill holes over large distances. As Integra ramps up drilling at DeLamar and later in June at Florida Mountain, we are gaining a better understanding of lithological and structural controls on the gold-silver mineralization that was mined in the past by Kinross and others, as far back as the late 1880’s. These initial results serve to underscore the resource growth opportunities at DeLamar.”
DeLamar Drill Results Summary
The following table highlights selected intercepts from this initial tranche of drill results. Detailed results are presented in the link to the full assay results table below.
|g/t Au||g/t Ag||g/t AuEq(2)|
- 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 75% conversion ratio)
- Gold equivalent = g Au/t + (g Ag/t ÷ 85)
To view a cross section of the Sullivan Gulch area within the DeLamar Deposit please click on the following link:
To view a plan map of the current drill program, please click on the following link:
DeLamar Exploration Ongoing
As shown in the plan map above, further assays are pending and over 30 more drill holes (17,000 m) are scheduled for drilling in the 2018 exploration campaign at DeLamar, which is designed to test both the lower-grade inferred resource at DeLamar and explore for the high-grade vein systems historically intercepted by NERCO/Kinross.
Since the start of the 2018 campaign, the Company has drilled roughly 4,000m in 13 drill holes, with assays pending from a further 4 holes beyond what has been released today. Initial drill rates encountered by the company were slower than expected due to inclement winter weather conditions, but with drill mobilization and drilling procedures now amended, drilling rates for more recent holes have averaged 90 -100 m/day for RC drilling, while initial diamond drill holes have exhibited rates of roughly 60 m/day.
Drilling is expected to commence on the Florida Mountain deposit in the summer of 2018, with initial drilling to be focused on the depth extensions of veins that were mined at surface by Kinross in the 1990’s.
Drill results announced today demonstrate that DeLamar remains open for resource expansion, on-strike and down-dip of the mineralization mined by Kinross/Nerco in the late 1970’s to late 1990’s. In particular, drill hole IDM18_007 ended in successive +1 g/t AuEq mineralization indicating that further drilling is certainly warranted in the down dip direction of the deposit to the south. In addition, the best intercepts reported in this first round of assays (drill holes IDM18_005, IDM18_007, and IDM18_008) were obtained from the south east portion of the deposit, in the Sullivan Gulch area. This area has not seen previous mining activity by Kinross, nor to our knowledge, any past underground mining and warrants significant further exploration work.
The DeLamar Deposit, within the DeLamar Project, is a low-sulphidation epithermal-type deposit hosted within Miocene-aged felsic volcanics and has an inferred resource of 117, 934, 000 tonnes grading 0.70 g/t AuEq using a 0.3 g/t AuEq cut-off, containing an estimated 2.67 M oz of gold equivalent (1.59 M oz Au, 91.88 M oz Ag). A maiden inferred resource published earlier this year on the Florida Mountain Deposit brings the total DeLamar Project inferred resource to 154,539,000 tonnes grading 0.71 g/t AuEq at a 0.3 g/t AuEq cut-off, for a total of 3,543,000 oz AuEq. Though low grade mineralization was mined and processed in a milling operation from 1977 to 1998, column leach test work and trial heap leaching were performed as a test on mineralization from the DeLamar and Florida Mountain areas indicating potential amenability to heap leaching.
As demonstrated by the recent drilling, two specific rocks types, namely the porphyritic rhyolite and quartz latite units, are the preferential host lithologies for gold-silver mineralization. The upper banded rhyolite unit that sits stratigraphically above these units appears to have behaved as a “trap rock” barrier (aquitard) for mineralizing fluids circulating within the epithermal system at DeLamar.
Integra Resources Listing on the OTCQX
On May 1, 2018, Integra Resources began trading on the OTCQX under the symbol “IRRZF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com. Integra was sponsored for OTCQX by Dorsey & Whitney LLP, a qualified third-party firm responsible for providing guidance on OTCQX requirements and recommending membership.
Sampling and QA/QC Procedure
Thorough QA/QC protocols are followed on the Project including insertion of duplicate, blank and standard samples in all drill holes. The samples are submitted directly to the American Assay Lab in Reno, Nevada for preparation and analysis. Analysis of Au and Ag is performed using fire assay method with atomic absorption (AA)and gravimetric finish.
The scientific and technical information contained in this news release has been reviewed and approved by Gary Edmondo of Reno, Nevada, who serves as Integra’s Chief Geologist, and is a “qualified person” within the meaning of National Instrument 43- 101 – Standards of Disclosure for Mineral Projects.
About Integra Resources
Integra Resources Corp. is a development-stage company engaged in the acquisition, exploration and development of mineral properties in the Americas. The primary focus of the Company is advancement of it’s DeLamar Project, consisting of the neighbouring DeLamar and Florida Mountain Gold and Silver Deposits in the heart of the historic Owyhee County mining district in south western Idaho. The first exploration program in over 25 years is currently underway on the DeLamar Project with more than 20,000 meters planned for 2018. The management team comprises the former executive team from Integra Gold Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO, and Director
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 discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to 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 estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; future exploration prospects; the completion and timing of mineral resource estimates; the length of the current market cycle and requirements for an issuer to survive in the current market cycle; future growth potential of Integra; and future development plans.
These forward-looking statements are based on reasonable assumptions and estimates of management of Integra at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Integra to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: 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 formations 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 as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company’s MD&A dated April 13, 2018 for the fiscal year ended December 31, 2017.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Integra assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.