Press Release Highlights:
- Exploration drilling at Florida Mountain continues to demonstrate high-grade nature of the gold (“Au”)-silver (“Ag”) deposit with intercept of:
- IFM18_001A, 5.23 grams per tonne (“g/t”) gold equivalent (“AuEq”) over 21.33 meters (“m”) intercepted in the Trade Dollar – Black Jack Vein including 20.44 g/t AuEq over 3.04 m
- High grade intercept lies roughly 200 m beneath current inferred resource boundary, indicative of future exploration potential
- Wider, lower grade disseminated gold-silver mineralization encountered in drilling helping to confirm the current inferred resource:
- IFM18_004, 0.57 g/t AuEq over 46.78 m
- With the H1 2019 drill program now fully funded by the close of the recent successful financing, drilling to resume at Florida Mountain in H1 2019
- Drilling currently ongoing at the DeLamar Deposit, further testing the Sullivan Gulch and Sullivan Knob Targets
VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Integra Resources Corp. (TSXV:ITR ; OTCQX:IRRZF) (the “Company” or “Integra”) is pleased to announce the remaining drill results from Integra’s 100% owned Florida Mountain Gold-Silver Deposit (“Florida Mountain”), located 5 kilometers (“km”) east of Integra’s DeLamar Deposit in southwestern Idaho. A total of 2,920 meters (“m”) was completed in 9 drill holes at Florida Mountain during the 2018 drill campaign, designed to test both the low-grade disseminated mineralization and select high-grade veins on the Deposit. While these results signify the end of the 2018 Florida Mountain drill campaign, one exploration drill remains active on Integra’s neighbouring DeLamar Deposit and will remain active throughout the winter. Drilling is scheduled to continue in H1 2019 at Florida Mountain.
George Salamis, President and CEO of Integra Resources, stated, “The assay results announced today from Florida Mountain highlight some of the immense potential of the Deposit to host high-grade gold-silver mineralization, well beneath the current inferred resource model.”
Mr. Salamis added, “These latest results from the Florida Mountain Deposit outline a significant high-grade gold-silver intercept located roughly 200 meters down-dip beneath the current pit-constrained inferred resource shell, showing the Trade Dollar - Black Jack Vein to be open for expansion. Both the discrete vein hosted mineralization as well as the more disseminated bulk style gold-silver potential at Florida Mountain continues to excite our exploration team, who look forward to returning with drill rigs in the Spring of 2019. Over the coming winter months, drill core from this recently completed program will be incorporated into the ongoing metallurgical testing program. In addition, detailed logging and digitizing of the abundant historical records currently in Integra’s possession will help to shape the 2019 drill program and drive further resource expansion potential. This high-grade intercept further underscores the need for Integra to conduct more drilling down-dip and on extension as we look to return to Florida Mountain in the first half of 2019.”
Florida Mountain - Drill Results Summary
The following table highlights selected intercepts from this set of Florida Mountain drill results. The first two reported intercepts were first disclosed in the news release titled “Integra Announces Initial Drill Results From the Florida Mountain Deposit” dated September 24, 2018. The assays from today’s release were sent to the laboratory in a subsequent shipment, hence why they were not disclosed in the previous Florida Mountain news release.
|Drill Hole Number||From (m)||To|
|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 80% conversion ratio)
- Gold equivalent = g Au/t + (g Ag/t ÷ 85)
To view a cross section of the Florida Mountain deposit please click on the following link:
To view a plan map of the current drill program, please click on the following link:
To view a long section of one historically mined vein at Florida, indicative of grades and strike/dip potential in the district, please click the following link:
Florida Mountain Deposit Geology
As a well-known low-sulphidation gold-silver epithermal system, the geology of the Florida Mountain Deposit is generally similar to that of the DeLamar Deposit with the important exception that the Late Cretaceous Idaho granodiorite crops out on the flanks of Florida Mountain, and was extensively entered by workings of the historic underground mines. Discrete low-sulphidation epithermal related fissure veins and more widely disseminated mineralized zones are both present at Florida Mountain, and have contributed to past gold and silver production. Florida Mountain exhibits significant exploration upside, remaining open at depth and on strike.
In more recent history, the gold and silver mineralized material from Florida Mountain was processed during the 1990’s at the neighboring DeLamar Mill, with material being transported by truck along a haulage road that Integra currently uses to access the project. Historical mill records show mill recoveries of 95% gold and 75% or better silver, in addition to column leach test studies demonstrating gold recoveries as high as 85% and silver as high as 54%, are indicative of the excellent metallurgical nature of the deposit The existing Florida Mountain metallurgical data demonstrates the potential of both conventional milling and heap leach options for any future development, subject to further studies and assessment that are currently underway.
In February 2018, the Company reported a maiden Florida Mountain Deposit inferred mineral resource employing a 0.3 g/t AuEq cut-off, outlining 36,605,000 tonnes grading 0.57 g/t Au and 14.12 g/t Ag, for a total of 675,000 ozs of Au and 16.6 M ozs Ag, or 871,000 oz AuEq at a grade of 0.74 g/t AuEq.
To view a copy of the full NI43-101 Technical Report outlining the current inferred resource estimate at the DeLamar Project, please click the following link:
DeLamar Exploration Ongoing
Though the company has completed its budgeted drilling for the year at Florida Mountain, further exploration work is ongoing at Integra’s DeLamar Deposit, situated 5 km to the west of Florida Mountain. One drill rig remains active, testing a number of targets including Sullivan Gulch and Sullivan Knob, the later representing the highest geophysical induced polarization (“IP”) signature on the property. The exploration program for H1 2019 is now fully funded, following the recently completed financing. Further guidance regarding the 2019 planned exploration program will be released in the coming months.
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.
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.
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 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.