Integra Resources Corp. (“Integra” or the “Company”)
(TSX-V: ITR; NYSE American: ITRG) is pleased to announce
multiple high-grade drill results from the Florida Mountain Deposit
as well as long widths of mineralization within the existing
resource envelope at Florida Mountain that exceed the current grade
of the Florida Mountain resource estimate.
“Yet again, we are pleased to report more
high-grade gold and silver at Florida Mountain. Drilling at Florida
Mountain continues to demonstrate both the high-grade resource
potential below the existing resource estimate as well as further
in-pit high-grade optimization potential within the 2019 resource
pit shell. Long runs of high-grade within the bulk tonnage
resource, as demonstrated today in drill hole FME-21-115, suggest
further optimization of the bulk tonnage resource is possible. In
addition, the Company continues to test the high-grade vein system
at depth below Florida Mountain with 10 intercepts reported today
from 3 of the main vein structures. These high-grade intercepts
provide further support in the evaluation of a potential
high-grade, underground exploration program at Florida Mountain in
the future,” noted George Salamis, Integra’s President and CEO.
“Delineation of prospective high-grade resources at depth at
Florida Mountain and the transition of these high-grade resources
to a future mine plan, subject to further studies, could add to the
already strong project economics demonstrated in past studies
regarding open pit mining of bulk tonnage, low-grade gold and
silver.”
Florida Mountain:
The following table highlights selected
intercepts from Florida Mountain drill results announced today:
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
FME-21-115 |
2.44 |
95.10 |
92.66 |
3.15 |
16.63 |
3.36 |
including |
23.77 |
25.30 |
1.53 |
68.88 |
135.00 |
70.62 |
including |
83.21 |
90.22 |
7.01 |
23.25 |
70.04 |
24.15 |
including |
84.73 |
86.26 |
1.53 |
67.16 |
208.00 |
69.84 |
including |
87.78 |
89.00 |
1.22 |
28.44 |
40.14 |
28.96 |
FME-21-115 |
126.49 |
127.41 |
0.92 |
0.80 |
173.00 |
3.03 |
FME-21-115 |
276.15 |
277.83 |
1.68 |
1.72 |
286.00 |
5.40 |
FME-21-117 |
12.50 |
35.36 |
22.86 |
0.80 |
68.77 |
1.69 |
FME-21-119 |
43.13 |
53.65 |
10.52 |
3.06 |
24.70 |
3.37 |
including |
52.43 |
53.65 |
1.22 |
22.67 |
186.00 |
25.06 |
FME-21-119 |
199.34 |
242.93 |
43.59 |
0.87 |
24.64 |
1.18 |
including |
242.32 |
242.93 |
0.61 |
5.25 |
341.00 |
9.64 |
Drill Hole |
From (m) |
To (m) |
Interval (m) |
g/t Au |
g/t Ag |
g/t AuEq |
FME-21-119 |
277.83 |
291.60 |
13.77 |
0.58 |
95.28 |
1.81 |
including |
277.83 |
278.44 |
0.61 |
6.77 |
793.00 |
16.97 |
including |
280.57 |
280.87 |
0.30 |
5.61 |
544.00 |
12.61 |
including |
290.47 |
291.60 |
1.13 |
1.51 |
344.00 |
5.94 |
FME-21-120 |
12.80 |
109.73 |
96.93 |
0.46 |
12.06 |
0.61 |
including |
104.24 |
109.73 |
5.49 |
2.85 |
50.03 |
3.49 |
FME-21-121 |
0.00 |
20.42 |
20.42 |
0.96 |
83.50 |
2.04 |
FME-21-121 |
17.68 |
18.90 |
1.22 |
4.78 |
51.22 |
5.44 |
FME-21-122 |
0.00 |
95.71 |
95.71 |
0.93 |
8.77 |
1.04 |
FME-21-123 |
0.00 |
16.46 |
16.46 |
0.20 |
38.13 |
0.69 |
including |
6.71 |
10.06 |
3.35 |
0.21 |
128.00 |
1.86 |
FME-21-123 |
210.01 |
242.77 |
32.76 |
0.61 |
6.92 |
0.70 |
FME-21-123 |
282.55 |
290.17 |
7.62 |
0.26 |
28.31 |
0.62 |
including |
285.60 |
286.06 |
0.46 |
0.85 |
158.00 |
2.88 |
FME-21-124 |
0.00 |
89.92 |
89.92 |
0.35 |
10.03 |
0.48 |
FME-21-125 |
49.07 |
93.88 |
44.81 |
1.07 |
8.15 |
1.18 |
including |
72.54 |
83.36 |
10.82 |
3.95 |
20.02 |
4.21 |
including |
81.08 |
81.99 |
0.91 |
22.46 |
22.42 |
22.75 |
FME-21-126 |
189.28 |
241.40 |
52.12 |
0.27 |
5.67 |
0.34 |
FME-21-126 |
359.73 |
360.03 |
0.30 |
0.92 |
200.00 |
3.49 |
FME-21-127 |
0.00 |
98.45 |
98.45 |
0.79 |
18.51 |
1.03 |
including |
74.07 |
95.40 |
21.33 |
2.20 |
35.57 |
2.65 |
including |
77.11 |
78.64 |
1.53 |
4.86 |
338.00 |
9.21 |
|
(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) |
Gold equivalent = g Au/t + (g Ag/t ÷ 77.70) |
|
(3) |
Intervals reported are uncapped |
To view a cross section of Florida Mountain,
click on the link
below:https://www.integraresources.com/site/assets/files/2572/fm_hg_cross_section_-_nov_2021.pdf
To view a drill plan map of Florida Mountain,
click on the link
below:https://www.integraresources.com/site/assets/files/2572/drill_collar_location_-_fm_-_full_extent_-_nov_2021.pdf
The drill results announced today include both
broad lower-grade intercepts within the overlying felsic volcanics
which fall within the 2019 Preliminary Economic Assessment (“PEA”)
conceptual open pit and narrower higher-grade intercepts within the
underlying granite. Together with the higher-grade intercepts from
these holes, some which were reported previously, today’s results
continue to demonstrate the continuity of grade within the deeper
high-grade vein systems which could become the focus of a concerted
underground drill program if warranted in the future. Approximately
10 of the high-grade intercepts reported today are from the three
veins which comprise the Alpine Vein Zone with several additional
intercepts from the Trade Dollar-Black Jack Vein Zone.
The Company is of the belief that at some stage
in the future, a transition to high-grade underground exploration
could provide immense benefits to the overall economics of the
Project.
Current Drill Status
The Company has completed its drill program at
War Eagle and currently has 1 drill rig in operation at the DeLamar
Project testing the high-grade target below Florida Mountain.
PFS Timing
The Pre-feasibility Study (“PFS”) for the
DeLamar Project is on schedule to be completed in Q4 2021. As
previously disclosed, the PFS will detail increased throughputs at
the heap leach pad and mill. This larger scope is expected to
result in a 50% or greater increase in the gold equivalent
production profile over a longer time-frame relative to the 2019
PEA which showed 124,000 oz AuEq per year over 10 years.
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,
and Timothy D. Arnold (PE, SME), Integra’s Chief Operating Officer,
both of Reno, Nevada. Each 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 delivery of a Pre-feasibility Study in Q4 2021.
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.com Company 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 scope, timing and completion of the
Pre-feasibility study; estimates of metallurgical recovery rates
and the contribution of silver production to mining operations;
future underground exploration plans and future development plans;
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 to U.S. Investors
Concerning Estimates of Measured, Indicated and Inferred
Resources
The Company’s disclosure is prepared in accordance with the
requirements of the securities laws in effect in Canada, which
differ from the requirements of United States securities laws. The
Company’s mineral reserves and mineral resources classification
terms are made in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects ("NI
43-101"). NI 43-101 is a rule developed by the Canadian
Securities Administrators that establishes standards for all public
disclosure an issuer makes of scientific and technical information
concerning mineral projects. These standards differ from the
requirements of the United States Securities and Exchange
Commission applicable to domestic United States reporting
companies. Accordingly, information that describes the
Company's mineral reserves and mineral resources estimates may not
be comparable with information made public by 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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