SOURCE: Integra Gold Corp.

Integra Gold Corp

October 07, 2015 07:00 ET

Integra Gold Announces Discovery of New Gold Bearing Zones at Lamaque South and Discloses Significant Drilling Results From No. 6 Vein Including 22.64 g/t Over 2.59 Meters*

VANCOUVER, BC--(Marketwired - October 07, 2015) -

Press Release Highlights:

  • New gold bearing zones presenting similar geological characteristics as other gold deposits on the Lamaque South property, namely No. 4 Plug and Triangle Zone, discovered by reconnaissance type drilling of geophysical targets
  • Results from the No. 6 vein 2015 drilling program indicate lateral and down dip extensions on several of the mineralized horizons with an updated resource estimate to be completed in 2016. Some of the most significant results disclosed today include (*note: all intervals are down-hole thicknesses, true width cannot be determined with the information currently available):
    • 13.18 grams per tonne gold ("g/t Au") over 1.80 meters ("m") in hole V6-15-01
    • 32.15 g/t Au over 1.69 m in hole V6-15-05
    • 22.64 g/t Au over 2.59 m in hole V6-15-11
    • 11.95 g/t Au over 4.80 m in hole V6-15-21

Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF) ("Integra" or the "Company") is pleased to announce the discovery of two new gold bearing zones located approximately 2.6 kilometres ("km") and 2.7 km west of the Triangle Zone ("Triangle") and 1.5 km and 1.1 km south of the past producing Lamaque Mine, respectively. The Company is also providing final results from the winter/spring 2015 drill programs at the No. 6 Vein and the No. 3 Mine targets. All drill results announced today are from the Lamaque South Gold Project ("Lamaque") located in Val-d'Or, Québec.

"What is especially intriguing about the results announced today is the discovery of previously unknown intrusive units in areas that have seen very limited work apart from Integra's grassroots drill program that focused on geophysical targets. The new gold mineralization, which is spatially associated to those intrusive units, show all the characteristics of other significant intrusive deposits on the property, including quartz veining with tourmaline and sulfides. Thus far, drilling has been very limited on the new discoveries, and using the Triangle Zone as a potential analogue, additional drilling laterally and at depth is required to better understand the significance and impact of these results," commented Company President and CEO Stephen de Jong. "Drill permits are now in place and we will prioritize follow up drilling to fully assess the potential of these new zones which will commence as soon as access is available, likely in January 2016. The discovery of these new Triangle analogues creates yet another series of high priority targets for Integra as it pushes forward with one of the most aggressive exploration campaigns in the mining industry, with over 90,000 meters targeted for this year and more than 100,000 meters of diamond drilling planned for 2016. There are currently five diamond drill rigs in operation on the Lamaque South Project and we are planning to increase the number of active rigs as we move into the winter period."

Discovery of New Gold Bearing Zones through Testing of Grassroots Geophysical Targets

A total of 5,686 m in 19 drill holes were completed between October 2014 and April 2015 in a series of geophysical targets drilled throughout the Lamaque South property as part of the Company's reconnaissance exploration program. Results for this program had been delayed as the Company has prioritized the logging and sampling of core from Triangle drill holes.

The new targets and discoveries were identified through re-interpretation of geophysical signatures and geological characteristics based on compilation work completed over the years on multiple mines, targets and new gold deposits in the area. Of the 19 holes testing geophysical targets, two (GT-15-08 and GT-15-10) returned significant results associated with rock types and structures generally associated with other known gold deposits such as Triangle, No. 4 Plug and the past producing Lamaque Mine. Although the assay results returned on these initial holes are not necessarily high grade, the presence of tourmaline, quartz veining and sulfides indicate their potential. The table below presents significant results reported for the grassroots drilling.

Drill Hole  From (m)  To (m)  Interval (m)*  Grade (Au g/t)**
GT-14-03  91.00  92.00  1.00  3.25
GT-15-08  118.88  119.88  1.00  4.17
GT-15-09  56.50  57.00  1.58  0.50
GT-15-10  134.00  136.00  2.00  2.81
GT-15-11A  154.70  155.70  1.00  1.34

*Down-hole thickness; true width varies depending on drill hole dip

**1.00 g/t Au cut-off; individual assay values uncut; no minimum thickness

To view a complete table of available composited results for the 2014/15 drilling on the selected geophysical targets click on the URL below:

A map locating the various targets throughout the Lamaque South property and the geophysical targets holes is available by clicking on the URL below:

Two of the targets, identified in red on the location map provided at the URL above, correspond to geophysical anomalies that were tested by holes GT-15-08, GT-15-09 and GT-15-10 respectively. They are of particular interest as the intercepts are hosted in geological units and structures similar to the ones controlling gold mineralization elsewhere at Lamaque South. These intercepts represent new discoveries as they have never been drill tested previously and remain open in all directions. A description of the two targets reported in drill holes is presented below.

Geophysical Target 1: Tested with Drill Holes GT-15-08 and GT-15-09

The first isolated magnetic anomaly of interest, an ovoid shape anomaly 250 m east-west by 150 m north-south in size, was tested by holes GT-15-08 and GT-15-09 to a maximum depth of 100 m vertical and is located 1,500 m south of the Lamaque Mine and 2,600 m west of Triangle. No outcrop is present in the area and it represents a truly new discovery. Both drill holes intersected quartz veining associated with tourmaline and pyrite in altered volcanics at the contact with dioritic intrusive units, a setting which is reminiscent of Triangle and No. 4 Plug deposits, as well as mineralization at the Lamaque Mine. The two mineralized sections are promising and warrant follow-up drilling. A set of follow-up holes on both sides of the target and 50 m in front of drill hole GT-15-08 will be drilled this winter when access is better.

To view a photo of core from drill hole GT-15-08, click on the URL below:

Geophysical Target 2: Tested with Drill Hole GT-15-10

The second isolated magnetic anomaly, an ovoid shape anomaly approximately 250 m east-west and 100 m north-south in size, that was tested by hole GT-15-10, to a maximum depth of 100 m vertical, also represents a new discovery, and is located 1,100 m south of the Lamaque Mine and 2,700 m west of Triangle. Hole GT-15-10 intersected a 4.6 m wide quartz-carbonate-tourmaline vein with sulfide as pyrite (3%) and chalcopyrite (7%) within a foliated and altered dioritic unit. The intrusive unit itself is reported from 95 m to 176 m down-hole but its real thickness cannot be measured until other drill holes are available for this target. The host rocks, alteration, and mineralization at this new discovery are similar to known deposits in the area. Follow-up holes have been planned and will be done this winter when access is available.

To view a photo of core from drill hole GT-15-10, click on the URL below:

No. 6 Vein Drilling Summary

The Company completed 8,197 m in 27 drill holes at the No. 6 Vein deposit during 2015. Assay results were only made available recently as logging and sampling of Triangle holes were prioritized.

Drilling focussed on testing extensions of the known mineralization in order to increase the resource base for the deposit. The latest resource estimate update for No. 6 Vein was disclosed on January 20, 2014 and consisted of 79,550 indicated gold ounces in 389,400 tonnes grading 6.4 g/t and 24,590 inferred gold ounces in 111,600 tonnes grading 6.9 g/t Au. The drill results presented here generally confirm the average grade and lateral/down-dip extensions of the deposit with a series of up to 4 sub-parallel shallow dipping (30 to 45 degrees) vein structures identified to date. 3D modelling and re-interpretation is presently ongoing in preparation of an update resource estimate which should be available in 2016.

The No. 6 Vein structures and mineralization appear to be the western extension of the vein array mined at the West Plug of the Lamaque Mine deposit by Teck prior to 1988. The West Plug was mined via underground stopes by Teck and by open pit by McWatters in the early 2000s. McWatters production history from the West Plug is not available; however, Teck indicated in historic reports that they had mined 1,644,606 short tons grading 0.133 ounces per ton for a total recovery of 219,014 ounces of gold. Recent preliminary geological mapping by Integra within the West Plug pit corroborate this hypothesis with gold bearing veins and structural patterns clearly indicating a strike direction lining-up with the No. 6 Vein mineralization.

The table below is presenting significant results reported for No. 6 Vein.

Drill Hole From (m)   To (m)   Interval (m)*   Grade (Au g/t)**
V6-15-01 212.70   214.50   1.80   13.23
V6-15-03 211.30   212.50   1.20   5.66
V6-15-05 223.00   224.69   1.69   32.15
V6-15-06 158.00   159.00   1.00   6.57
V6-15-07 402.00
V6-15-11 89.06   91.65   2.59   22.64
V6-15-12 177.20   178.20   1.00   15.38
V6-15-13B 184.00   184.50   0.50   10.39
V6-15-14 98.20   100.90   2.70   4.11
V6-15-15 135.70   136.70   1.00   4.22
V6-15-16 390.30   391.50   1.20   14.51
V6-15-20 152.10   153.25   1.15   10.60
V6-15-21 141.60   146.40   4.80   11.95

*Down-hole thickness; true width varies depending on drill hole dip

**1.00 g/t Au cut-off; individual assay values uncut; no minimum thickness

To view a complete table of available composited results for the 2015 drilling at No. 6 Vein click on the URL below:

No. 3 Mine Drilling Summary

The Company completed 7,244 m in 13 drill holes at the No. 3 Mine target during 2015. Drilling focussed on testing extensions of the known mineralization in order to assess the potential to build a resource base for this deposit. No resource estimate has been prepared by the Company on this target to date although the area was the site of underground mining by Teck in the late 1960s and early 1970s. Teck indicated in historic reports that they mined 152,015 short tons grading 0.22 ounces per ton for a total recovery of 33,423 ounces of gold.

The limited amount of drill holes completed by Integra does not appear to have expanded the No. 3 Mine target area, with only those closest to the historic resources returning significant results over narrow widths. The table below presents the significant drill results reported from the No. 3 Mine 2015 drilling.

Drill Hole From (m)   To (m)   Interval (m)*   Grade (Au g/t)**
M3-15-03 341.50
M3-15-06 343.00   344.00   1.00   37.54
M3-15-17 155.22   155.47   0.25   7.17

*Down-hole thickness; true width varies depending on drill hole dip.
**1.00 g/t Au cut-off; individual assay values uncut; no minimum thickness

To view a complete table of available composited results for the 2015 drilling at No. 3 Mine click on the URL below:

3D modelling and re-interpretation of this target will be completed and an initial resource estimate prepared as time permits in 2016.

2015 Drilling Program

The results disclosed today represent a total of 21,127 m in 59 holes completed during the winter and spring of 2015, on targets outside of the Triangle Zone area which, up to now, has been the primary focus of exploration efforts on Lamaque South. After today's announcement, the Company has yet to release results from 4,635 m in 21 drill holes, completed during the summer of 2015 at the Parallel Zone. Logging and sampling is still ongoing for some of these holes. These drill holes, pending disclosure, do not include any of the ongoing drilling on Triangle which was re-initiated in August 2015. Five drill rigs are presently operational at Triangle and have completed over 8,500 m in 15 extensional and infill drill holes which have yet to be completely logged, sampled and disclosed. Drill results from the Parallel Zone and ongoing Triangle drilling will be released as soon as they become available.

Given an abundance of positive results, continued success in step-out drilling, and a lower than anticipated cost of drilling for the 2015 winter program at Triangle, the drilling program at Lamaque was recently expanded to 90,000 m, leaving 25,000 m to be completed before the year end using 5 drill rigs. This 2015 program will lead to another substantial drill program in 2016, which the Company anticipates will be approximately 100,000 m.

Project and Company Profile

Integra's Lamaque South Gold Project and Sigma-Lamaque Mill and Mine Complex are located directly east from the city of Val-d'Or along the prolific Abitibi Greenstone belt 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 focus is on exploring and subsequently developing, subject to further underground exploration, its high-grade Lamaque South project. The Lamaque South property is divided into three clusters, the North, South and West cluster. The primary targets are the high-grade Parallel zone in the North Cluster and the Triangle zone in the South Cluster. The recently acquired Sigma Mill, located 1 kilometre from the Parallel zone and 3 kilometres from the Triangle zone, is a fully-permitted, 2,200 ton per day mill and tailings facility. The Sigma-Lamaque Mill and Mine Complex include the historic Sigma and Lamaque Mines which operated for 75 and 52 years respectively and produced more than 9 million ounces of gold in total.

Qualified Person

The Lamaque South exploration project and Sigma-Lamaque Mill and Mine Complex, jointly known as the Lamaque project, are under the direct supervision of Hervé Thiboutot, Eng., Senior Vice-President of the Company. Mr. Thiboutot is a Qualified Person (QP) as defined by the National Instrument 43-101 and has reviewed and approved 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.


Stephen de Jong
CEO & President

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, including timing of completion of an updated resource estimate, timing of completion of an updated PEA and completion of the Sigma-Lamaque transaction. 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, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results 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, those matters identified in its continuous disclosure filings, including its most recently filed MD&A. 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.

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