Integra Resources Commences 20,000 Meter Drill Program at the DeLamar Project
TSX VENTURE: ITR
News Release Highlights:
- Integra Resources commences the first drill program on the DeLamar Gold-Silver Project in 25 years
- Phase one of drilling on the DeLamar Deposit increased to 6,000 meters
- Initial drilling will test the potential high-grade vein extensions below the historic open pits as well as a newly discovered IP anomaly that extends 500 meters in strike length
VANCOUVER, British Columbia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Integra Resources Corp. (TSX-V:ITR) (OTCQB:IRRZF) (the “Company” or “Integra”) is pleased to announce that it has commenced drilling at the DeLamar Gold-Silver Project (“DeLamar” or the “Project”) in southwestern Idaho, USA. Phase one of drilling has been increased 50% to 6,000 meters (“m”) in order to further define targets for phase two of drilling, which is scheduled to start in the spring of this year. Phase one will include 18 reverse circulation (“RC”) drill holes. More than 20,000 m of RC and diamond hole drilling is planned at the DeLamar and Florida Mountain Deposits in 2018.
The Company received all necessary drill permissions from the Idaho Department of Lands with the application process taking 4 weeks from start to finish. The approvals required to initiate drilling exemplified Idaho’s concise and efficient mining processes, reinforcing its rank as a top mining jurisdiction in North America.
Hallmarking the first exploration drilling to be conducted on the project in over 25 years, the primary targets for the initial 6,000 m phase will focus strictly on the DeLamar Deposit. A total of 18 drill holes have been planned to test the well documented and historically mined high-grade zones beneath the Company’s recently reported DeLamar Deposit resource estimate (to view the NI 43-101 report, click here: Click Here.
These zones are modelled as high-grade vein extensions that extend below the open pits previously operated by Kinross Gold. Several drill holes have been designed to test the low-grade mineralization included in the Company’s current resource estimate, then continue deeper into the historic high-grade zones below. The average down-hole length of these drill holes will be 325 m, testing to an average vertical depth of 265 m. To view a plan map of the proposed drill hole collars, please click the following link: Click Here
George Salamis, President and CEO, commented, “We are excited to commence the first modern drill program at DeLamar in over 25 years under the Integra Resources banner. The historic high-grade gold-silver mineralization situated below the low grade open pits and resource boundaries has never been purposely targeted with exploration drilling, as previous operators were solely focused on building a large low-grade resource. While the low-grade resource has huge merit on its own, we seek to also prove up the potential that we believe exists in the high-grade targets that have been modelled to lie within only a few hundred meters from surface. This first 6,000 m program will provide the Company’s technical team with valuable information, partially validating the low-grade resource in some areas while providing key orientation information on the potentially high-grade structures. Key geological information obtained from this initial phase will serve to guide follow-up surveys and drilling for the rest of the year, when the Company plans to expand its field program.”
Targeting methodologies used for the 6,000 m of phase one drilling were primarily developed from an extensive database of historic drilling conducted on the Project from the late 1970’s to the 1990’s by NERCO and Kinross Gold. In addition to targeting information derived from this extensive drill database, the Company adjusted certain targets based on the initial results of the recent 18 kilometer Induced Polarization (pole-dipole, “IP”) survey conducted over top of the DeLamar Deposit. The IP survey provided valuable targeting information as it displayed the expected strong chargeability related to known zones, as well as highlighted an extensive zone of high chargeability immediately beneath the DeLamar resource and previously mined open pits. This newly discovered IP anomaly measures 500 m in strike length and to a depth of several hundred meters. The location of this massive chargeability anomaly coincides with the location of the interpreted, potentially high-grade zones immediately beneath the open pits, further highlighting this area as a high-priority drill target. To view a photo of the drill rig embarking on the initial 6,000 m phase of drilling at the DeLamar Deposit, please click the following link: Click Here
Integra has, subject to regulatory approval, retained Venture Liquidity Providers Inc. (“VLP”) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP C$5,000 per month for a period of 12 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
The scientific and technical information contained in this news release has been reviewed and approved by Gary Edmondo of Reno, Nevada, who serves as Integra’s Chief Geologist, and is a "qualified person" within the meaning of 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. The 43-101 technical report on DeLamar is available here: Click Here
ON BEHALF OF THE BOARD OF DIRECTORS
CEO & President
Company website: www.integraresources.com
Office phone: 1 (604) 416-0576
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.