VANCOUVER, BC--(Marketwired - May 21, 2014) -
Integra Gold Corp.
(TSX VENTURE: ICG)
Press Release Highlights
- ICG continues to confirm upside resource potential with the majority of the reported high grade intercepts coming from the deeper sections of the Triangle Zones, previously included in the PEA as inferred resources, or outside the resource envelops, extending known mineralization laterally and at depth
- Some of the intercepts disclosed today represent the widest and highest metal-factor intercepts ever reported for the Triangle Zone
- Other significant intersections include:
- TM-14-15 with 10.39 grams/tonne gold ("g/t Au") Au over 4.0 meters ("m")
- TM-14-32 with 23.34 g/t Au over 1.0 m
- TM-14-33 with 15.88 g/t Au over 4.0 m
- TM-14-43 with 13.73 g/t Au over 1.0 m, 25.33 g/t Au over 2.0 m, and 14.49 g/t Au over 2.0 m
Integra Gold Corp. (TSX VENTURE: ICG) ("Integra" or the "Company") is pleased to announce additional results from its winter 2014 Triangle Zone definition and extension drill program at the Lamaque Gold Project ("Lamaque") located in Val-d'Or, Québec.
The majority of the results today are from mineralization intersected between vertical depths of 400 and 650 m. Until the 2014 program, limited drilling had taken place in these portions of the Triangle zone intrusive host rock, sections which were characterized primarily as inferred resources for the recently disclosed PEA results. The results today are especially significant because of the length of the high grade zones, up to 13 m.
The Company has now completed its winter 2014 Triangle Zone drill program with a total of 24,820 m in 65 drill holes completed. Drilling aimed at completing closer spaced drilling at 35 to 50 m centers in the core of the Triangle deposit while testing for lateral extensions. The Triangle Zone, located in the southern part of the Lamaque project, contains the Company's highest grade indicated resource. The results announced today are from 10 holes drilled, representing 4,725 m of the 2014 program. Integra has now released 33 holes out of a total of 65 drilled, representing a total of 14,325 m of the 24,820 m program.
The attached section illustrates the proximity of these holes to existing resources, as well as where these intersections are compared to other recent discoveries outside the Company's current resource model.
Link to Section:
Drill result highlights presented in the following summary table include some of the best widths with significant high grade ever intersected at the Triangle Zone:
| ||Grade (g/t)**
|TM-14-11 to TM-14-14 - Assays Pending
|TM-14-16 - Assays Pending
|TM-14-21 to TM-14-31 - Assays Pending
|TM-14-36 - Assays Pending
|TM-14-38 to TM-14-39 - Assays Pending
|TM-14-41 to TM-14-42 - Assays Pending
|TM-14-45 to TM-14-57 - Assays Pending
* Down-hole thickness, true width varies depending on drill hole dip; most 2014 drill holes are intersecting the vein structures perpendicularly therefore down hole width are close to true width
** 1.00 g/t Au cutoff; individual assay values uncut; no minimum thickness
- Partial results - results of sampling performed between 304.4 m and 499.0 m are not available yet
- Partial results - results of sampling performed between 90.0 m and 575 m are not available yet
To view a complete table of available composited results for the 2014 drilling at Triangle please click on the following link. All 2014 intercepts listed in the complete table are assigned a mineralized zone number as presented in the idealized sections below:
To view a location plan map of the drill holes disclosed today please click on the following link (note: this map only includes drill holes disclosed in this press release):
Individual sections for the widest intercepts listed above in holes TM-14-32 and TM-14-33 are also presented on the following link:
"These results are highly encouraging as they definitively confirm our expectations regarding continuity at depth and laterally of the individual gold bearing zones at Triangle. In addition, the thicknesses of some of these recent intercepts which are close to true width represent some of the thickest high grade intercepts ever reported at the Lamaque Project," commented Company President and CEO, Stephen de Jong. "With over half of the results from the recently completed program having been received and the balance of the assays pending, further drill result updates will continue for the next few months. Once these results have been received, compiled and modelled, shareholders can expect to see an updated resource estimate in the second half of this year. Over 57,000 meters of additional infill and extension drilling has now been completed at the Lamaque Project since the cut-off date used for the resource in the recently announced project PEA, demonstrating the potential to enhance both the resource base and mine life in the upcoming pre-feasibility study."
Results and Initial Conclusions for the 2014 Triangle Zone Drill Program
- Substantial mineralization within the diorite intrusive host rocks exists between the 400 m and 650 m vertical level as witnessed by the results announced today of some of the widest high grade zones ever intersected on the project. The 650 m limit does not represent the limit of gold mineralization at Triangle as deeper high grade intercepts down to 850 m vertical have been disclosed previously at Triangle (see press release dated November 18, 2013); the 650 m vertical it is the vertical limit imposed on the Triangle resource that were used in the PEA; the lower vertical limits of resource to be used in future economic evaluation may vary.
- Mineralization also extends south of the intrusive hosted Triangle Zone, into the pyroclastic volcanics, with previously reported intersections of 13.9 g/t Au over 7.0 m in hole TM-13-07 and 13.2 g/t Au over 2.0 m in hole TM-13-09A (see press releases dated November 18, 2013 and January 23, 2014); these particular intercepts were respectively 175 m and 150 m south of the Triangle Zone resource used for the PEA and at a vertical depth of 225 m. The ground in between this discovery and the existing resource was drill tested during the 2014 winter program with, among others, an intersection 50 m south of the Triangle Zone resource returning 23.0 g/t Au over 5.0 meters in hole TM-14-03A (see press release dated March 25, 2014). Additional assays are pending.
- Confirmation of continuity at the Triangle Zone, both internally and laterally as well as further confidence in the Company's geological model. 2014 infill and extension drill holes intersected gold mineralized zones within meters of where the model predicted they would be. This gives further confidence in the geology model used to calculate mineral resources as well as to the mine plan put forth in the Lamaque Project Preliminary Economic Assessment ("PEA").
- Further credibility in the use of modern-day geophysics, more specifically magnetic response, to identify potentially gold bearing dioritic intrusive plugs, the main host rock of a number of the gold deposits in the immediate vicinity. These include the Lamaque Mine Main Plug (historical production of over 3.7M Au ounces), as well as the Company's Plug No. 4, Plug No. 5, Triangle Zone, and Parallel Zones. Numerous high magnetic targets remain untested on the Lamaque Project which will be drilled in 2014 and 2015.
Triangle Definition and Extension Drilling Program
The Triangle Zone winter drill program had three principal objectives:
- Reduce the drill spacing for the upper portion of the known Triangle deposit between surface to 300 m vertical depth to 25 to 50 m centers;
- Assess the depth extensions of Triangle mineralization between 300 and 650 m vertical at 50 to 75 m drill centers. With most of the geological resource below the 450 m vertical falling into the inferred resource category the drilling also aimed at improving the resource category to a depth of 650 m vertical.
- Test for extensions and continuity of the new Triangle mineralization reported in volcanics 175 m south of the known resource.
2014 results disclosed previously and those presented above strongly support the Company's interpretation and modelling.
Based on assay results available to date, this program has been successful in proving continuity and extensions of known zones as well as in identifying a number of new targets. Considering the positive results of the winter program, the Company will be pushing forward on an updated global resource estimate, which it anticipates will be completed in the second half of 2014.
As mentioned above, the 2014 program also tested for extensions of the Triangle Zone, extending laterally hundreds of meters away from the usual dioritic intrusive host rock itself, with the aim of increasing the Company's near surface resource base. In 2013 two peripheral holes drilled approximately 300 m at surface from the Triangle Zone intersected high grade mineralization 150 m and 175 m down-dip from the Triangle resource limit, at a vertical depth of approximately 225 m. These same holes entered the Triangle Zone intrusive host rock at a depth of approximately 650 m and confirmed the host rock, along with significant mineralization, continued to a depth of over 1,000 m vertical.
Although this deep drilling intersected multiple zones of high grade gold mineralization the Company has opted to focus its efforts on near surface resource expansion, above 650 m vertical, to further increase the level of confidence in the resource estimate that was used for its PEA released in March, 2014, and that will be used for the upcoming pre-feasibility. The 2014 program did not further test mineralization below 650 m vertical and therefore considerable upside to the Triangle Zone resource remains in this lower section. Gold deposits with similar geological characteristics in the immediate area (within 2 km), such as the neighbouring Lamaque and Sigma Mines, have profitably been mined down to depths of over 1,000 and 2,000 m respectively, and in the case of the Lamaque Mine in an intrusive host rock similar to the Triangle Zone host rock.
Planned drilling at the Lamaque Project for the balance of 2014 has been increased to 45,000 m. This includes the recently completed 25,000 m program at the Triangle Zone.
Lamaque Project New Discoveries Potential
Potential for further discoveries through the use of modern geophysics, along with further compilation of historical data, exists as Integra is the first company to consolidate this highly prospective land package which for over 80 years has had fragmented under multiple claim ownerships. The Triangle Zone, only 2km from over 9 million ounces of historic production by Teck and Placer Dome, was discovered through the use of geophysics. The intrusive "Plug" targets contain significant amounts of magnetite and therefore have a very strong magnetic signature. The ground above the Triangle Zone, and for most of the terrain at out Lamaque project, is swampy with little outcrop, meaning there was not much for prospectors to see from surface. The Sigma and Lamaque mines were discovered because both of the deposits "day-lighted" or came to surface. The Company has the data from a 2006 magnetic airborne geophysical survey which will be used to guide future exploration programs in the pursuit of new discoveries.
Project and Company Profile
Integra's Lamaque gold project is located in the heart of the Val-d'Or gold camp in the Province of Québec, Canada, approximately 550 km northwest of Montréal. Québec is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily available.
The Company's primary objective is to continue to prove up additional resources while advancing the existing resource towards production. The project is divided into three main clusters of gold deposits, the North, South and West Cluster. The North Cluster consists of the Parallel, Fortune, No. 5 Plug, and No. 3 Mine deposits and is located approximately 1 km northwest from the South Cluster, which includes the No. 4 Plug and Triangle deposits. The Sixteen Zone and No. 6 Vein form the West Cluster.
The recently disclosed resource for Lamaque, dated January 28, 2014 and available on SEDAR (see March 13, 2014 press release), is summarized in the tables below. The January 2014 resource does not include over 57,000 m of new drilling, including the recent 25,000 m winter program at Triangle, completed at Lamaque since the close-database date of the resource used in the PEA (April 24, 2013). In addition to the winter 2014 program at Triangle, the additional drilling includes 4,800 m at Mine No. 3, 4,700 m at Plug No. 5 (these two zones are not yet included in the Lamaque resource base), 7,000 m at South Triangle, 13,000 m at Parallel, and 2,500 m at Fortune.
Lamaque Gold Project Resource Summary - January 28, 2014
|| ||Indicated Resources
|| ||Inferred Resources
|| ||Grade (g/t Au)
|| ||Grade (g/t Au)
|3 g/t Au
|5 g/t Au
A project plan map illustrating the diverse deposits at Lamaque is available at the following link:
As disclosed in the Company's news release of March 13, 2014, the Company has contracted with Mi3 Communications Inc. to conduct investor relations in Quebec. Consideration for this service is $7,500 monthly and 200,000 stock options, which vest quarterly.
The Lamaque exploration project is under the direct supervision of Hervé Thiboutot, Eng. and Senior Vice-President of the company, and Francois Chabot, Eng., Operations and Engineering Manager of the Company, both Qualified Person ("QP") as defined by National Instrument 43-101, and Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., Geo. of Géologica Inc., both independent QP as defined by National Instrument 43-101. The Company's QPs have reviewed the technical content of this release.
Quality Assurance - Quality Control ("QA/QC")
Thorough QA/QC protocols are followed on the project including insertion of duplicate, blank and standard samples in all drill holes. The core samples are submitted directly to Bourlamaque Lab in Val-d'Or for preparation and analysis. Analysis is conducted on 1 assay-ton aliquots. Analysis of Au is performed using fire assay method with atomic absorption finish, with a gravimetric finish completed for samples exceeding 5 g/t Au, or a metallic sieve assay for all samples containing visible gold. When available the gravimetric or metallic sieve assay results are used for the reported composite intervals.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong
CEO & President
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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 news release.
Cautionary Note Regarding Forward Looking Statements:
Certain disclosures in this release constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the private placement and Company's planned exploration activities, that the Company is able to complete the private placement, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the private placement will not be completed, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.