Integra Resources Corp. (“Integra” or the “Company”) (TSX-V:ITR;
OTCQX:IRRZF) is pleased to announce additional results from the
2019 drill program at War Eagle Mountain (“War Eagle”), situated in
the southeast corner of the DeLamar Project (“DeLamar”) in Owyhee
County, Idaho. In addition, the Company is also pleased to report
positive geochemical results from War Eagle and the Florida
Mountain Deposit (“Florida Mountain”) as well as the commencement
of exploration drilling at the high-grade Henrietta target
(“Henrietta”), located on the western edge of the DeLamar Deposit.
“With these latest results from War Eagle, the
Company has identified an open-ended gold-silver mineralized zone
that is at least 300 m in length, within which at least one or
several moderately to steeply plunging high-grade “shoots” exist.
These “shoots” are zones of higher-grade mineralization, developed
due to local structural influences, within a more extensive,
comparatively lower grade body. These latest results, though lower
in grade and thickness than previously reported intercepts within
the same structure, are nonetheless indicative of continuity on a
target structure that is entirely open to further expansion. The
2019 drill program was designed to test for these possible
high-grade shoots and establish the orientation of the controlling
structures in order to better plan for a more extensive drill
program in 2020. Follow-up surface geochemical sampling conducted
in 2019 with results received following the drill program, indicate
that the better parts of the related gold-silver anomalies have yet
to be tested and that parallel structures containing more shoots
may exist. As such, the drill program scheduled for War Eagle in
2020 will be approximately 5,000 m and is designed to further
define these high grade shoots in an effort to begin building a
potential high-grade resource at War Eagle in 2020,” noted
President and CEO George Salamis. “In addition to War Eagle,
Integra received positive news from Florida Mountain where a new,
high intensity gold-silver soil geochemical anomaly has been
identified from recent sampling, directly east of the Florida
Mountain resource boundary. The large anomaly, measuring roughly
1400 m x 600 m in area, is roughly the same size and intensity as
the existing resource envelope at the Florida Mountain Deposit.
This newly generated high-intensity anomaly is largely untested by
historical drilling and the Company plans to initiate drilling in
this area by mid-year. Lastly, the Company is excited to report the
commencement of exploration drilling at the Henrietta Target,
situated southwest of the DeLamar resource. Drilling conducted by
Integra in 2018 intercepted some of the highest silver grades on
the project. The start to 2020 has certainly been very exciting for
the Company and its shareholders.”
War Eagle Project Results and Future
Plans
The objective of the 2019 drill program at War
Eagle was to evaluate the potential for high-grade vein
mineralization within a 1,200 m north-by-northwest mineralized zone
defined by the Integra drill program and the compilation of
historic drilling at War Eagle. The area is covered by volcanics,
approximately 200 m thick, underlain by basement granite which is
the host to the high-grade veins mined historically at Silver City
and Florida Mountain to the north. Historic production from the
Silver City District, which also hosts War Eagle, is reported to
have exceeded 500,000 ounces of gold from narrow high-grade veins
mined from within the granite. Reports suggest that much of this
production came primarily from several well-developed shoots, each
with a strike-length of less than 100 m and down dip extensions of
several hundred meters. Initial drilling at War Eagle has shown
that in addition to high-grade veins within the underlying granite,
there is potential for high-grade shoots within the overlying
volcanics as well. This concept was demonstrated in drill holes
IWE19-01 and IWE19-02 which were announced on December 10, 2019. To
view the news release, please click on the following link:
https://integraresources.com/news/2019/integra-resources-intercepts-high-grade-at-war-eagle-and-florida-mountain-including-73.62-g-t-au-and-817.29-g-t-ag-over-4.27-m/
Drill holes IWE19-04, IWE19-05, and IWE19-06
reported in this release have defined a structure with
approximately 300 m of strike-length within the mineralized
footprint of 1,200 m. These holes were widely spaced and designed
primarily to establish the orientation of the controlling
structure. Further close spaced drilling will be required along the
entire 1,200 m strike-length of this structure to further define
other potential high-grade shoots and, potentially, future
resources at War Eagle.
The table below highlights the best results
obtained to date from the War Eagle 2019 drill program.
Drill HoleNumber |
From(m) |
To (m) |
Interval (m) (1) |
g/t Au(2) |
g/t Ag(2) |
g/t AuEq(3) |
IWE19-01Incl:Incl:(Previously Disclosed) |
116.74116.74147.83 |
150.88121.01150.88 |
34.144.273.05 |
10.8873.629.93 |
115.31817.2648.34 |
12.3784.1410.55 |
IWE19-01(Previously Disclosed) |
315.16 |
317.30 |
2.13 |
6.03 |
269.33 |
9.50 |
IWE19-02Incl:(Previously Disclosed) |
172.82194.16 |
196.14195.38 |
23.321.22 |
1.408.32 |
51.42713.73 |
2.0617.51 |
IWE19-02(Previously Disclosed) |
87.48 |
88.70 |
1.22 |
2.32 |
0.83 |
2.33 |
IWE19-04 |
160.93 |
163.98 |
3.05 |
2.98 |
7.27 |
3.07 |
IWE19-05 |
285.90 |
287.73 |
1.83 |
1.96 |
112.86 |
3.42 |
319.13 |
319.43 |
0.30 |
3.29 |
155.57 |
5.29 |
IWE19-06 |
227.99 |
231.04 |
3.05 |
5.40 |
45.85 |
5.99 |
235.91 |
236.98 |
1.07 |
1.11 |
36.88 |
1.58 |
341.99 |
342.14 |
0.15 |
2.66 |
20.47 |
2.92 |
IWE19-07 |
164.74 |
167.03 |
2.29 |
1.70 |
3.50 |
1.75 |
190.20 |
190.96 |
0.76 |
1.53 |
5.25 |
1.60 |
(1) Downhole thickness; not yet able to estimate
true width as drill hole data for only 7 drill holes has been
received to date(2) Intervals reported are uncapped(3) Gold
equivalent = g Au/t + (g Ag/t ÷ 77.70)
Concurrent with the 2019 drill program at War
Eagle Mountain, the Company completed a soil geochemical sampling
program which outlined a 1 km long north-south trending linear zone
of anomalous Au, Ag, As and Mo values, situated 400 m to the east
of the structure recently drilled by Integra. This summer, the
Company plans to run several lines of Induced Polarization (“IP”)
geophysics over this anomaly, in addition to preliminary
reconnaissance drilling. This new geochemical anomaly is located in
an area with little to no historical mining and no historical
drilling and has the potential to be larger than the structures and
high-grade shoots intersected at War Eagle in 2019. These
discoveries continue to demonstrate the potential for a high-grade
component at the DeLamar Project that could significantly augment
future resource estimates, economics and optionality on the
project.
To view maps of the Au and As geochemical
anomaly at War Eagle, please click on the following links:
https://www.integraresources.com/site/assets/files/2572/war_eagle_anomaly_au.pdf
https://www.integraresources.com/site/assets/files/2572/war_eagle_anomaly_as.pdf
Florida Mountain High-Grade and
Geochemical Anomaly
The Company completed an extensive soil
geochemical sampling program at Florida Mountain during the summer
of 2019. This program revealed a high-intensity 1,400 m x 600 m
gold-silver soil anomaly immediately east of the resource at
Florida Mountain. This geochemical anomaly is approximately the
same size as the resource envelope at Florida Mountain and has the
potential to add near surface, oxide and transitional mineralized
material amenable to heap leaching.
Previous operators completed a limited drill
program within a small area on the western side of this large
anomaly. The historic drill program, though limited, did intersect
high-grade gold-silver mineralization in this area. A sampling of
results from historic drilling into the western part of this
anomaly include:
Drill HoleNumber (1) |
From(m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq(2) |
F0856 |
28.96 |
30.48 |
1.52 |
8.88 |
13.37 |
9.05 |
F0969A |
7.629.1410.67 |
9.1410.6712.19 |
1.521.531.52 |
43.9910.9733.53 |
43.8913.0334.63 |
44.5511.1433.98 |
F0996 |
7.629.1410.67 |
9.1410.6712.19 |
1.521.531.52 |
14.789.779.39 |
12.69171.7712.34 |
14.9411.989.55 |
(1) The historic drill data reported in this
release was developed by previous operators of the Florida Mountain
Deposit prior to the introduction of NI-43-101. Historic drill
intersections are reported as drilled thicknesses. True widths of
the mineralized intervals are estimated to be less than 75% of the
reported widths. The historic drill data was sourced from
Kinross/Nerco DeLamar Mine exploration and production data and
reports. Integra Resources is providing this historic data for
informational purposes only and gives no assurance as to its
reliability or relevance. Integra Resources has not completed any
quality assurance program or applied quality control measures to
the historic data. Accordingly, the historic data should not be
relied upon.(2) Gold equivalent = g Au/t + (g Ag/t ÷ 77.70)
The geochemical anomaly also suggests the
potential for a high-grade vein structure within this anomalous
zone. The historic drill results above do suggest a high-grade
component within the anomaly. Like War Eagle, the higher-grade
shoots within Florida Mountain are interpreted as having developed
on the intersection of these north-south structures with subsidiary
east-west striking faults. An IP / Resistivity survey covering
Florida Mountain is scheduled for June and the expectation is that
this survey will help in the delineation of both the primary
north-south structures and the east-west cross-structures.
To view a map of the Au geochemical anomaly at
Florida Mountain, please click on the following link:
https://www.integraresources.com/site/assets/files/2572/fm_anomaly_feb_2020_nr.pdf
Henrietta Drill Program
The Company is excited to announce that it has
commenced drilling at the high-grade Henrietta target, situated 500
m west of the DeLamar resource boundary. The drilling will include
1,500 m aimed at intersecting additional high-grade gold-silver
mineralization on extent from previous drilling by the Company as
announced on October 10, 2018. To view the news release, please
click on the following link:
https://integraresources.com/news/2018/integra-intercepts-1080.90-g-t-ag-and-0.28-g-t-au-13.00-g-t-aueq-over-4.57-m-in-high-grade-discovery-at-the-delamar-project/
The Henrietta Target is host to a number of
shallow, hand-dug shafts dating back to the late 1800s. In October
2018, drilling by the Company confirmed a shallow high-grade
discovery at Henrietta with highlights including:
Drill HoleNumber |
From(m) |
To (m) |
Interval (m) (1) |
g/t Au |
g/t Ag |
g/t AuEq(2) |
IDM18-066(Previously Disclosed) |
57.91 |
59.44 |
1.53 |
0.20 |
344.47 |
4.63 |
IDM18-066Incl:(Previously Disclosed) |
74.6880.77 |
105.1685.34 |
30.484.57 |
0.350.28 |
252.691080.90 |
3.6014.19 |
(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 85%
conversion ratio)(2) Gold equivalent = g Au/t + (g Ag/t ÷
77.70)
This +1,000 g/t Ag intercept remains the
highest-grade silver intercepted by the Company to date.
OTCQX Top 50 and TSX Tier
1:
The Company is pleased to announce that Integra
has been named to the 2020 OTCQX® Best 50, a ranking of top
performing companies traded on the OTCQX Best Market last year. The
Company is also pleased to announce that it has been approved for
graduation from Tier 2 to Tier 1 issuer status on the TSX Venture
Exchange (the “TSXV”).
OTCQX Best 50
The OTCQX Best 50 is an annual ranking of the
top 50 U.S. and international companies traded on the OTCQX market.
The ranking is calculated based on an equal weighting of one-year
total return and average daily dollar volume growth in the previous
calendar year. Companies in the 2020 OTCQX Best 50 were ranked
based on their performance in 2019.
For the complete 2020 OTCQX Best 50 ranking,
visit:https://www.otcmarkets.com/files/2020_OTCQX_Best_50.pdf
The OTCQX Best Market offers transparent and
efficient trading of established, investor-focused U.S. and global
companies. To qualify for the OTCQX market, companies must meet
high financial standards, follow best practice corporate
governance, and demonstrate compliance with applicable securities
laws.
TSXV Tier 1
The TSXV classifies issuers into different tiers
based on standards including historical financial performance,
stage of development and financial resources. Tier 1 is the TSXV's
premier tier and is reserved for the TSXV's most advanced issuers.
Tier 1 issuers benefit from decreased filing requirements and
improved service standards.
As a result of the graduation to Tier 1 issuer
status, the remaining 2,416,407 common shares of Integra currently
held in escrow will be released on or about February 6, 2020. The
number of outstanding common shares of Integra will not change as a
result of the escrow release.
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 PhD. (FAusIMM), Integra’s Vice President Exploration, of
Reno, Nevada, and is a “Qualified Person” (“QP”) as defined in
National Instrument 43- 101 – Standards of Disclosure for Mineral
Projects.
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.
About Integra Resources
Integra Resources 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 Resources is led by the management team from Integra
Gold Corp. which successfully grew, developed and sold the
Lamaque Project, in Quebec, for C$600 M 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 a robust economic study in its maiden
Preliminary Economic Assessment. The Company is
currently focused on resource growth through brownfield and
greenfield exploration and the start of pre-feasibility level
studies designed to advance the DeLamar Project towards a potential
construction decision. For additional information, please reference
the “Technical Report and Preliminary Economic Assessment for the
DeLamar and Florida Mountain Gold – Silver Project, Owyhee County,
Idaho, USA (October 22, 2019).”
ON BEHALF OF THE BOARD OF
DIRECTORS
George Salamis President, CEO and Director
CONTACT INFORMATION
Corporate Inquiries: Chris Gordon,
chris@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 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 and PEA; future growth potential of Integra; and
future development plans.
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.
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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