Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V:ITR; NYSE
American: ITRG)
is pleased to announce further exploration results from the 2020
Florida Mountain exploration program at the DeLamar Project,
situated in Owyhee County in southwest Idaho. The drill results
outlined today continue to underscore the strong exploration
potential that exists in near-deposit targets at Florida Mountain.
“Florida Mountain continues to demonstrate
potential for both low-grade, heap-leachable resource expansion as
well as the potential for a high-grade resource below and within
the existing NI 43-101 Resource Estimate. Drilling has intersected
significant mineralization outside the known resource, potentially
increasing the resource footprint by approximately 300 meters to
the south. Drilling through the current resource envelope at
Florida Mountain has also encountered multiple shoots of
higher-grade material that could potentially positively affect the
economics of the Project,” commented George Salamis, President and
CEO of Integra Resources. “The hit-rate of high-grade gold and
silver in drill sections outside of the known resource boundary, in
the form of plunging shoots and vein extensions, is over 60 %, an
impressive rate for exploration that validates the geological model
developed by the exploration team. Furthermore, additional data
from drilling at Florida Mountain continue to strengthen the
geological model and controls of high-grade distribution and should
result in continued drilling success.” Mr. Salamis continued, “The
Company is also excited about the winter drill program in new areas
such as Georgianna, where low-grade disseminated gold-silver
mineralization and high-grade vein-type mineralization has been
recently sampled at surface during the 2020 field exploration
program. The Georgianna area, in particular, bears remarkable
resemblance to the neighboring DeLamar Deposit situated 3 km to the
southeast, with similar anomalous geophysical and soil geochemistry
signatures and geological attributes.”
To view a video summary of today’s news release,
please click the following link:
https://youtu.be/jtZlDdmX7D8
To discuss today’s results or to receive an
update from Integra’s management team, book a meeting via the
following link:
https://calendly.com/integraresources/30min
Florida Mountain
Drill Results
The following table highlights selected
intercepts from the Florida Mountain drill holes announced
today:
Drill Hole Number |
From (m) |
To(m) |
Interval(m)
(1) |
g/t
Au(2) |
g/t
Ag(2) |
g/t
AuEq(3) |
FME-20-085 |
2.13 |
87.48 |
85.35 |
4.53 |
262.67 |
7.91 |
Incl: |
5.18 |
34.14 |
30.48 |
11.74 |
652.45 |
20.14 |
FME-20-086 |
97.84 |
220.98 |
123.14 |
0.55 |
18.16 |
0.79 |
Incl: |
218.24 |
219.46 |
1.22 |
9.98 |
16.43 |
10.19 |
FME-20-087 |
342.75 |
344.12 |
1.37 |
1.76 |
347.37 |
6.23 |
FME-20-088 |
330.40 |
332.84 |
2.44 |
13.36 |
13.04 |
13.53 |
FME-20-091 |
46.18 |
77.11 |
30.93 |
2.36 |
2.38 |
2.39 |
Incl: |
73.15 |
77.11 |
3.96 |
14.49 |
9.94 |
14.62 |
FME-20-093 |
34.66 |
36.27 |
1.61 |
8.61 |
479.00 |
14.78 |
FME-20-093 |
166.42 |
167.03 |
0.61 |
4.32 |
4.11 |
4.373 |
(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) |
To view a plan map showing the drill hole
locations of today’s results at Florida Mountain, please click the
following link:
https://www.integraresources.com/site/assets/files/2572/fm_plan_map_vfinal.pdf
To view a long section of the Alpine vein system
at Florida Mountain, please click the following link:
https://www.integraresources.com/site/assets/files/2572/alpine_vein_ls_east_-_trace.pdf
To view a long section of the Stone Cabin – Tip
Top vein system at Florida Mountain, please click the following
link:
https://www.integraresources.com/site/assets/files/2572/stone_cabin_tip_top_ls_east_-_trace.pdf
To view a long section of the Trade Dollar –
Black Jack vein system at Florida Mountain, please click the
following link:
https://www.integraresources.com/site/assets/files/2572/trade_dollar_black_jack_ls_east_v1_-_trace.pdf
The intercepts reported today consist of
mineralization with wide-spread low-grade gold-silver values,
crosscut and underlain by narrower high-grade, steeply dipping
low-sulphidation quartz-adularia veins. Widespread intercepts from
shallow oxide and transitional resource definition drilling
conducted by Integra over the previous two years has confirmed
potentially mineable widths and grades for these high-grade
structures.
Integra’s exploration team has modeled 7
high-grade vein structures that appear similar in size and
orientation to the historically productive high-grade Trade Dollar
– Black Jack vein system. Most historic underground production
stemmed from the Trade Dollar – Black Jack vein, while the
remaining 6 veins saw limited production up until mining operations
ceased with the start of World War I. Geometrically, the veins
occur in the form of plunging shoots over an altitude difference of
approximately 300 m below the apex of Florida Mountain. Strike
lengths of the individual shoots tend to be 100 m to 200 m long and
with widths of between 1 m and 8 m.
Integra refined its understanding of the
controls on high-grade vein mineralization at Florida Mountain in
early 2020 and has been using this model to specifically target the
higher-grade “shoots” within the several vein systems identified to
date. These higher-grade shoots are interpreted as being localized
at the intersections of the North-Northwest and roughly East-West
Trending fault/fracture systems. The deep intercepts on both the
Stone Cabin / Tip Top and Alpine vein systems announced today are
situated within some of these structurally controlled high-grade
shoots. The intercepts in drill hole FME-20-093 announced today
indicate that the Stone Cabin / Tip Top vein systems appear to
extend over 250 m south of previous drilling and the current
resource boundary. Since 2018, Integra has drilled 20 drill holes
at Florida Mountain that have specifically targeted high-grade
shoots, with 13 significant intercepts to date. The success of
current high-grade drill targeting at Florida Mountain lends
increased confidence in the exploration model, and is a positive
step towards the stated goal of defining a high-grade underground
resource at Florida Mountain.
To date, less than 15% of the overall vein
system strike length has seen targeted drill testing. The
high-grade underground potential at Florida Mountain remains a high
priority drill target, as underscored by results such as those
released today. Further drilling is currently underway, testing
additional high-grade vein continuity at Florida Mountain and, will
continue throughout the winter for as long as weather and
environmental conditions permit.
Next Phases of the 2020 Exploration
Drill Program
Three exploration drill rigs are currently in
operation on the DeLamar Project at Florida Mountain, Milestone and
the Georgianna/Blacksheep area. Drilling at Florida Mountain is
focusing on exploration for high-grade vein mineralization at depth
and along strike extensions to the shallow oxide/transitional
near-surface stockwork mineralization. The two additional drill
rigs are operating at Milestone and Georgianna. These areas have
been the focus of heightened field activity in 2019 and 2020, where
several large, untested soil geochemical and coincident geophysical
anomalies were outlined. Approximately 3,000 m of drilling is
scheduled to be drilled in the Blacksheep area over the next
several months.
To view a plan map outlining the locations of
the Milestone and Georgianna / Blacksheep areas, please click the
following link:
https://www.integraresources.com/site/assets/files/2572/where_we_drill_now.pdf
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 Reno, Nevada, and is 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$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.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.
Cautionary Note to U.S. Investors
Concerning Estimates of Measured, Indicated and Inferred
Resources
The terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource”, “inferred mineral
resource” used herein are Canadian mining terms used in accordance
with National Instrument 43-101 - Standards of Disclosure for
Mineral Projects ("NI 43-101") under the guidelines set out in the
Canadian Institute of Mining and Metallurgy and Petroleum (the
“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted
by the CIM Council, as may be amended from time to time (the “CIM
Definition Standards”). Inferred mineral resources' have a great
amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or
any part of an inferred mineral resource will ever be upgraded to a
higher category. These definitions differ from the definitions in
the United States Securities and Exchange Commission (the "SEC")
Industry Guide 7 ("Industry Guide 7"). United
States investors are cautioned not to assume that all or any
part of measured or indicated mineral resources will ever be
converted into mineral reserves. United States investors are
also cautioned not to assume that all or any part of an inferred
mineral resource exists, or is
economically or legally mineable.
Under Industry Guide 7, a mineral reserve is
defined as a part of a mineral deposit which could be economically
and legally extracted or produced at the time the mineral reserve
determination is made. While the terms “mineral resource”,
“measured mineral resource”, “indicated mineral resource”, and
“inferred mineral resource” are recognized and required by Canadian
regulations, they are not defined terms under Industry Guide 7 and
historically they have not been permitted to be used in reports and
registration statements filed with the SEC. As such, information
contained herein concerning descriptions of mineralization and
resources under Canadian standards may not be comparable to similar
information made public under Industry Guide 7 by U.S. companies in
SEC filings.
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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