Integra Resources Announces Initial Drill Results From the Florida Mountain Deposit, Including 13.94 g/t AuEq Over 3.05 m and 10.57 g/t AuEq Over 2.74 m
TSX VENTURE: ITR
VANCOUVER, British Columbia, Sept. 24, 2018 (GLOBE NEWSWIRE) --
Press Release Highlights:
- Initial drill results from Florida Mountain indicative of the high-grade nature of the gold (“Au”)-silver (“Ag”) deposit with intercepts of:
- IFM18_012, 13.94 grams per tonne (“g/t”) gold equivalent (“AuEq”) over 3.05 meters (“m”) encountered in the Alpine Vein
- IFM18_026A, 10.57 g/t AuEq over 2.74 m
- Wider, lower grade disseminated gold-silver mineralization also encountered in drilling, supporting the current inferred resource:
- IFM18_001, 1.16 g/t AuEq over 19.96 m
- IFM18_001A, 1.45 g/t AuEq over 17.38 m
- IFM18_002, 0.66 g/t AuEq over 24.98 m
- IFM18_010, 0.86 g/t AuEq over 51.81 m and 0.56 g/t AuEq over 61.27 m
- IFM18_012, 3.20 g/t AuEq over 19.51 m
- IFM18_025, 1.44 g/t AuEq over 32.00 m
- IFM18_026A, 4.17 g/t AuEq over 11.43 m, and 0.79 g/t AuEq over 22.86 m
- Further exploration work for the remainder of the year to include metallurgical sampling and detailed compilation work of historic underground data in preparation for the 2019 drill campaign
Integra Resources Corp. (TSXV:ITR ; OTCQX:IRRZF) (the “Company” or “Integra”) is pleased to announce the initial 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 2,400 meters (“m”) has been completed in 9 holes at Florida Mountain, designed to test both the low-grade disseminated mineralization and select high-grade veins on the Deposit.
George Salamis, President and CEO of Integra Resources, stated, “Florida Mountain has a proud history of high-grade mining, historically averaging 30 g/t AuEq during the late 1800s and earlv 1900s, and a more recent history of low-grade, open pit mining from the 1970s to the 1990s. At the outset of the Florida Mountain acquisition earlier this year, Integra recognized the potential for growing both the high-grade and low-grade resource at the deposit. Drill hole and exploration data that accompanied the transaction was used by MDA of Reno, Nevada, to compile a maiden inferred resource totalling 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 using a 0.3 g/t AuEq cut-off. This inferred resource estimate provides a great base to further explore and grow a resource that has always worked in tandem with DeLamar.
Mr. Salamis continued, “What attracted us to the Deposit was the narrow-vein high-grade gold-silver potential of the Deposit, in addition to the wide, lower-grade gold-silver potential hosted in the same rock types as encountered at DeLamar, situated to the west. Given the high-grade nature of gold-silver underground mining conducted in the late 1880’s and the low-grade, open pit mining conducted by Kinross in the 1990’s, our mission was to attempt to intercept both styles of mineralization in this first limited drill campaign. The results released today have succeeded in confirming the presence of both high-grade and low-grade mineralization at Florida Mountain. All of the high grade-intercepts reported today reside within 30 m of surface. Though this summer’s drilling encountered technical issues after intersecting several underground stopes dating back to the 1880’s, we are highly encouraged by the high grades and wider lower-grade intervals reported today. Given that past drilling conducted on the project by previous operators rarely exceeded 130 m vertical depth, we look forward to further demonstrating mineralization continuity and expansion potential in upcoming drill programs as we continue to explore beyond the margins of the historic Florida Mountain open pit.”
Forida Mountain - Drill Results Summary
The following table highlights selected intercepts from this set of Florida Mountain drill results.
|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: Click Here
To view a plan map of the current drill program, please click on the following link: Click Here
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 granite 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.
The high-grade mineralization reported in today’s news release is hosted in a discrete vein zone, historically named the Alpine Vein, measuring 2 m to 3m in true thickness on average. The vein shows classic low-sulphidation epithermal textures and related wall-rock alteration features.
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: Click Here
Florida Exploration Ongoing
Though the company has completed its budgeted drilling for the year at Florida Mountain, further exploration work is planned for the remainder of this year included metallurgical testwork, detailed logging, and incorporation of the historic underground data going back to the 1890’s into the geological model.
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
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.