Integra Resources Initiates Drilling on High-Grade Gold Silver Targets at Florida Mountain Deposit, Idaho U.S.A.
TSX VENTURE: ITR
- A diamond drill rig has commenced drilling at the 100% owned Florida Mountain Deposit
- Florida Mountain is host to a shallow, open-ended, pit-constrained inferred resource of 870,541 ounces (“oz”) gold equivalent (“AuEq”) at 0.74 grams per tonne (“g/t”) AuEq at a 0.3 g/t AuEq cut-off
- 7,300 meters (“m”) in 20 drill holes is planned for the initial phase of drilling on the +2 km long, multiple-vein system
- Historic shallow drilling (average depth ~120 m) at Florida Mountain conducted by Kinross reported intercepts including: drill hole F102 grading 28 g/t Au and 139 g/t Ag over 12.1 m, drill hole F446 grading 32.3 g/t Au and 1747 g/t Ag over 9.1 m, drill hole F55 grading 23 g/t Au and 60 g/t Ag over 13.7 m
- At Florida Mountain, the Trade Dollar/Black Jack Vein was historically mined in the late 1800’s and early 1900’s from surface to a vertical depth of 460 m, with historical average stope grades reported of +/- 20 g/t Au and +/- 100 g/t Ag (based on historical data compilation)
- 2 additional drill rigs currently in operation on the neighbouring DeLamar Deposit, situated 5 km to the west of Florida Mountain
VANCOUVER, British Columbia, June 14, 2018 (GLOBE NEWSWIRE) -- Integra Resources Corp. (TSX-V:ITR) (OTCQX:IRRZF) (the “Company” or “Integra”) is pleased to announce the commencement of drilling at the Florida Mountain Deposit (“Florida Mountain”, or the “Deposit”), located at Integra’s DeLamar Project in the historic Owyhee County mining district in south western Idaho. The Company plans to complete approximately 7,300 m of drilling at Florida Mountain in the initial phase of drilling, the majority of which will be completed using a diamond drill rig.
“With the addition of a third drill rig and the commencement of drilling at Florida Mountain, our summer drill program is now in full-swing,” stated George Salamis, President & CEO of Integra Resources. “These first drill holes at Florida Mountain are designed to test both the near surface, low-grade disseminated gold-silver potential of Florida Mountain in addition to the high-grade structures underneath the current gold-silver resource. Integra’s technical team has completed extensive compilation of the Florida Mountain vein systems and has highlighted up to 4 parallel individual veins, some with strike extensions of 2 km or more and depth extensions of approximately 500 m. Of the two deposits, DeLamar and Florida Mountain, Florida Mountain is more robust in terms of high-grade gold-silver prospectivity with historic drill intercepts of up to 32.3 g/t Au and 1747.0 g/t Ag over 9.1 m reported (historic drill hole F446). All the drilling planned at Florida this year will be completed using a diamond drill rig, in order to obtain important structural information and sample media for future metallurgical test work.”
Table 1. Sensitivity analysis of grade and tonnage at varied pit-constrained cut-off grades on the Florida Mountain Deposit
|Tonnes||g Au/t||oz Au||g Ag/t||oz Ag||AuEq Avg
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. Mineral Resources are comprised of all model blocks at a 0.3 g AuEq/t cutoff that lie within an optimized pit and below the as-mined surface
3. Gold equivalent = g Au/t + (g Ag/t ÷ 85)
4. Rounding may result in apparent discrepancies between tonnes, grade, and contained metal content.
5. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing or other relevant issues.
6. The effective date of the mineral resource estimate is January 30, 2018.
Table 2. Highlighted Historic Drill Intercepts Below Current Mining Surface at Florida Mountain
|Hole_ID||From (m)||To (m)||Interval (m)||Ag (g/t)||Au (g/t)|
*Drill intercept lengths only are reported in tabulations; it is estimated that true widths will be less than 75% of the reported widths
Gold-Silver Mineralization and Targeting Methodology at Florida Mountain
Mineralization at Florida Mountain is strongly controlled by north-northwest trending faults, and to a lesser degree by arcuate east-northeast structures, dipping steeply westward. Host rocks display a definite influence on mineral distribution.
Volcanic-hosted, low-sulfidation type of epithermal gold-silver mineralization has been recognized in two types of deposits at Florida Mountain, within: 1) relatively continuous, quartz-filled high-grade gold-silver fissure veins that were the focus of late 19th and early 20th century underground mining, hosted mainly in the basalt and granodiorite, and to a lesser degree in the overlying rhyolite; and 2) broader, bulk-mineable zones of stockwork-type epithermal vein mineralization. This second type of mineralization was mined in the open pits of the late 20th century DeLamar and Florida Mountain operations, hosted exclusively within the rhyolite.
Kinross commenced production at Florida Mountain in 1994, while continuing operations at the DeLamar mine, moving Florida Mountain ore to the DeLamar mill via an 8-kilometer haul road. Material was excavated from three open pits on the west side of the crest of Florida Mountain from 1994 through 1998. These were named the Stone Cabin, Tip Top, and Black Jack pits.
Integra’s technical team plans on conducting drilling along a portion of the 2 km long vein system strike length to achieve a two-fold objective; 1) to test the lateral continuity of the near-surface lower grade, “bulk-tonnage” disseminated gold-silver mined by Kinross in the 1990’s and 2) to test the lateral and down-dip extensions on known high-grade gold-silver veins mined in the late 1880’s. Most of the drilling has been designed with this dual-purpose in mind in order to maximize the planned meters to be drilled this year.
The average depth of drilling conducted by Kinross in the past is approximately 130 m. This current program at Florida Mountain is designed to test to an average depth of 300 to 400 meters. The Company plans to drill 20 drill holes (~7,300 m) at Florida Mountain in this initial phase of drilling.
In terms of Florida Mountain’s potential amenability to future heap leaching, as referred to in the Company’s March 2018 NI 43-101 report authored by Mine Development Associates (“MDA”) of Reno, Nevada, MDA stated, “A number of 60-day column-leach tests were performed on ¼- to 2-inch (0.6 to 5.1 centimeters) materials from the Florida Mountain area, which yielded gold and silver extractions that ranged from 52% to 95% for gold and 32% to 54% for silver.” Further test work will be conducted this year on drill sample media from Florida Mountain, to further determine amenability to heap-leaching.
Update on DeLamar Drilling In-Progress
Two drill rigs are currently in operation at the DeLamar Deposit, having completed 16 reverse circulation (“RC”) drill holes (~5,000 m) and 12 diamond drill holes (~2,100 m) to date. Current focus is on the Glenn Silver - Sommercamp sections of DeLamar, with drilling designed to test extensions of lower-grade mineralization identified in the recent resource estimate, while at the same time testing for high-grade veins peripheral to the existing inferred resource.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
President, CEO, and Director
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.