Integra Resources Corp. (“Integra” or the
“Company”) (TSX-V:ITR ; NYSE American:
ITRG) is pleased to announce
the engagement of Mine Development Associates, a division of RESPEC
(“MDA”) as the lead consultant for the Pre-Feasibility Study (the
“PFS”) at the DeLamar Gold-Silver Project in southwest Idaho.
George Salamis, President and CEO, commented:
“The upcoming DeLamar Project Pre-Feasibility Study will be based
on similar parameters that led to the robust 2019 Preliminary
Economic Study, demonstrating a baseline of gold and silver
production to come from the heap-leaching of oxide and transitional
gold and silver mineralization from the Florida Mountain and
DeLamar Deposits. Last year’s PEA also contemplated a measure of
sulphide mineralization processing in a 2,000 tonne per day milling
scenario, to compliment low-grade heap-leaching. The upcoming PFS
will be examining the potential for larger milling options to
process and recover more gold and silver from sulphide
mineralization, potentially leading to higher overall gold and
silver production rates than those outlined in the 2019 PEA. As
more than 90% of the current resource at DeLamar is in the Measured
and Indicated category, the Company will not be required to deplete
its treasury with costly resource-definition drilling in
preparation for the 2021 Pre-feasibility Study. The 2019 PEA
envisaged an average annual production of 124,000 ozs per year gold
equivalent, from two open pits on the project. The 2019 PEA also
produced an After-tax NPV (5%) of US$358 million and 43% After-Tax
IRR at US$1350/oz Au and US$16.90 /oz Ag with a AISC of US$742/oz
on an AuEq co-product basis.” Mr. Salamis added, “As of
our last reporting period, the Company’s treasury totalled C$ 42
million and thus we are fully financed to complete this study in
2021. As the Company works to establish formal sourcing and
procurement best practices, the equipment and consumables for the
PFS will be sourced using an “Idaho-First” methodology, meaning
procurement options will be prioritized on sourcing from within the
State of Idaho, and specifically from within Owyhee County where
possible. Hiring personnel for the Project has been and will
continue to be locally prioritized. We look forward to the formal
start of the PFS as it represents an exciting next step in the
evolution and de-risking of the DeLamar Project.”
As lead consultant for the PFS, MDA will be
responsible for resource and reserve calculations, geology, open
pit mine design, site infrastructure design including waste rock
piles and haul roads, mine scheduling, capital and operating cost
estimation, and execution planning. Tom Dyer of MDA, the lead
project manager for the PFS, will be coordinating contractor
engagement with a strong focus on local procurement, service
providers, and employment. Working in coordination with MDA,
Integra has selected M3 Engineering and Technology for process
facilities design, access and power infrastructure design. Welsh
Hagen have been retained for the design of the tailing management
facility and the heap leach pad design, and McClelland Laboratories
will continue to handle all metallurgical test work. As part of
Integra’s commitment to responsible modern mining that prioritizes
environmental stewardship, Warm Springs Consulting of Boise, Idaho,
has been retained to undertake trade-off studies that evaluate the
integration of several sustainable and regenerative systems into
the PFS.
Over the course of 2020, several
pre-feasibility-level and environmental baseline studies have been
underway at the DeLamar Project, including geomechanical drilling
and testwork for pit slope design and stability. Tetra Tech, out of
its local office in Boise, Idaho, is the lead consultant for
surface water sampling and analysis as well as hydrogeological
studies in support of groundwater well drilling oversight and
installation that was completed in Q4. Environment & Health
experts from Ramboll’s Boise, Idaho, office have been overseeing
the collection of meteorological data at the DeLamar site since
construction of the meteorological tower was completed in early
August 2020. SRK Consulting (US), Inc., out of Reno, NV, has been
selected to initiate the baseline geochemical studies in Q4 of 2020
with Q1 of 2021 being targeted for sample selection and
testing.
The PFS is projected to take approximately 10
months to complete, with results currently expected in the 4th
quarter of 2021.
Recent
Appointments
The Company is pleased to announce the
appointment of Josh Serfass to Executive Vice President, Corporate
Development and Investors Relations. Mr. Serfass is responsible for
leading the Company’s marketing and investor relations activities.
The Company also announces the appointment of Mark Stockton to the
position of Vice President, Corporate Affairs and Sustainability.
Mr. Stockton will be responsible for leading the development and
implementation of Integra’s corporate affairs and ESG (Environment
Social Governance) strategy and programs.
The Company has also significantly expanded its
Boise team in 2020 with the important additions of Robert Mullener
as Permitting Manager, Michael Spicher as Engineering Manager,
Christopher Longton as Senior Exploration Manager, and Jared Blake
as Site Controller. These recent hires bring significant Western
U.S. mining experience, and will play critical roles as the DeLamar
Project advances towards PFS.
Qualified Person
The scientific and technical information
contained in this news release has been reviewed and approved by
Tim Arnold (PE, SME), Integra’s Chief Operating Officer, 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 DIRECTORSGeorge
SalamisPresident, CEO and Director
CONTACT INFORMATIONCorporate Inquiries:
ir@integraresources.comCompany 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 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 impact of COVID-19 on the
timing of exploration and development work; 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 TO US INVESTORS WITH
RESPECT TO MINERAL RESOURCES
The SEC has adopted amendments to its disclosure
rules to modernize the mineral property disclosure requirements for
issuers whose securities are registered with the SEC. These
amendments became effective February 25, 2019 (the “SEC
Modernization Rules”) and, following a two-year transition period,
the SEC Modernization Rules will replace the historical property
disclosure requirements for mining registrants that are included in
Industry Guide 7. Following the transition period, as a foreign
private issuer that files its annual report on Form 40-F with the
SEC pursuant to the multi-jurisdictional disclosure system, the
Company is not required to provide disclosure on its mineral
properties under the SEC Modernization Rules and will continue to
provide disclosure under NI 43-101 and the CIM Definition
Standards. If the Company ceases to be a foreign private issuer or
loses its eligibility to file its annual report on Form 40-F
pursuant to the multi-jurisdictional disclosure system, then the
Company will be subject to the SEC Modernization Rules which differ
from the requirements of NI 43-101 and the CIM Definition
Standards.
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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