Integra Gold Corp.
TSX VENTURE : ICG

Integra Gold Corp.

June 27, 2011 09:00 ET

Integra Gold Announces Lamaque Gold Project NI 43-101 Mineral Resource Estimate

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2011) - Integra Gold Corp. (TSX VENTURE:ICG) -

  • 2,114,742 Metric Tons, average grade 5.67 g/t for 385,656 ounces gold Inferred
  • 659,959 Metric Tons, average grade 4.80 g/t for 101,794 ounces gold Indicated
  • Recommended exploration program designed to add additional resources quickly

Integra Gold Corp. (Integra or the "Company") is pleased to announce that the NI 43-101 Technical Mineral Evaluation Report for the Lamaque Property prepared by Geologica Groupe-Conseil Inc., has been completed. This report documents the initial mineral resource evaluation and incorporates information from diamond drilling completed on the property since the last report filed on October 20, 2004 (Sedar).

Updated Resource Estimates for Zones are:
Gold Deposit NameMetric TonsGrade (Grams per Ton-uncut)Ounces
No. 4 Plug*1,042,2589.43 g/t315,975 inferred
Forestel Zone**861,0002.10 g/t58,000 inferred
Parallel Zone**211,4841.72 g/t11,681 inferred
Parallel Zone**659,9594.80 g/t101,794 indicated
Total Inferred Resources2,114,7425.67 g/t (average)385,656 inferred
Total Indicated Resources659,9594.80 g/t (average)101,794 indicated
*The tabulated results above show the newly calculated resource estimates and includes the 2004 Audit Report estimate for the #4 Plug prepared by Watts, Griffis and McOuat.
**For the Parallel Zone, an Ordinary Kriging (OK) estimator was utilized and the Forestel zone was interpolated utilizing an IPD2 estimator.

Integra will begin working towards implementing the technical report's recommended multi-phase exploration plan in the very near future. The Company believes the exploration's focus of expanding work on the zones currently reporting resources and those with historical non-compliant resources will increase the number of gold ounces quickly and also add value to the inventory. Additionally, resource estimates added from the recently drilled zones still awaiting data compilation and validation will also augment the resource estimate aggregate. Integra is of the opinion that the potential for the Lamaque Property to add significantly to its mineral gold resources is achievable over the course of the next twelve to eighteen months and beyond. To view a map of the Lamaque geological zones, click on this link: http://www.brmstatpack.com/lt/1005/1172/lamaque-geological-zones----marketwire.

"Management is pleased with the results of the drill program and the increase in resources on the Lamaque Gold Project. The technical report recommendations provide a clear path of development that will ultimately lead the project towards pre-feasibility. Integra is optimistic that increases to the resource estimate will be ongoing as additional zones are brought to NI 43-101 compliancy, existing resources are expanded, and as more zones are explored," stated John de Jong, President & CEO.

Forthcoming Resource Estimates

  • Resource calculations on the Triangle, Mylamaque and Sixteen Zones will begin as soon as all drillhole assay results are made available, validated and verified.
  • Several other historical and more recently discovered and recognized mineralized structures remain to be drill tested, evaluated and validated.
  • The No. 4 and No. 5 Plugs, No. 4, No. 6 and No. 7 Veins, No. 3 Shaft Area and Sigma Zone all remain important and significant auriferous mineralized zones to validate, verify, extend and evaluate for future resource calculations.

Recommended Exploration Plan and Budget

Based on the encouraging progress, a multi-phase budget to advance the Lamaque property has been recommended by Geologica Groupe-Conseil Inc. ("Geologica") estimated at CDN $5.7 million. The program plan consists of 95 holes aggregating approximately 28,500 meters and is designed to add additional resources to the resource inventory quickly, allow for additional compilation of data, drilling designed to better define and test for lateral and at depth extensions of mineralized veins, and to explore for other veins in the hosting structures. The goal for definition drilling on the Parallel Vein (including No. 10 Vein) structure is to bring resources from inferred and add to the indicated category, and to increase the overall mineral resource inventory. Effective exploration to advance the No. 4 Plug hosting the largest inferred resource will require deep validation and definition drill holes. There is opportunity to add three additional mineralized zones to the resource estimate in the very near future. The multi stage exploration program is shown in the following tables:

Phase One – Timeline: July – October, 2011
AreaHolesMetersObjective
Parallel Vein315000To investigate the lateral and depth extensions of the zone with the aim of adding to the resource calculation and enhancing the classification of resources
Sixteen41200To investigate the lateral and depth extensions of the zone with the aim of preparing a resource calculation and enhancing the classification of resources
Forestel41200To confirm the vertical model, increase resources and enhance the classification of resources
TriangleTo compile drill and assay results for a resource calculation and enhance the classification of resources
Mylamaque184800To investigate the Mylamaque mine and tonalite intrusion
The budget for phase one is estimated at CND $2.4 million.
Phase Two – Timeline: October – December, 2011
AreaHolesMetersObjective
Vein #6122100To validate previous drilling and infill drilling with the objective of being able to compile results for the purpose of preparing a resource calculation
Sigma Vein83000To investigate the lateral and depth extensions of the zone
Plug # 541200To determine the eastern limit
The budget for phase two is estimated at CND $1.4 million.
Phase Three – Timeline: January – May, 2012
AreaHolesMetersObjective
Plug #468000To test #4 Plug's tension vein networks and test the quartz diorite intrusion at depth.
No. #3 Shaft2400To investigate quartz diorite intrusion
Vein #42600To investigate No. 4 vein
Triangle41200To test between the Triangle and #4 Plug zones to confirm mineralized zone intersects in RL-4 and RL-6 and further test the Triangle Extension zones
The budget for phase three is estimated to be CDN $1.9 Million.

Project Highlights

  • Three additional mineralized zones to be added to the resource estimate in the near future.
  • Majority of zones remain open and require further drilling to outline further potential resources.
  • Based on the review of historical as well as recent work, Geologica concludes that through further drilling the gold resource will be defined, categorized and gold inventory increased.
  • Infrastructure and access to mining expertise in the area enhances the viability of the project.
  • The gold mineralization found within granitic-dioritic plugs appears to be consistent or have similar geological characteristics to the Main Plug which was responsible for the majority of production at the adjacent Lamaque Mine.
  • While significant exploration potential exists on other zones, Geologica recommends that near-term exploration activities focus on enhancing resources and reserves.
  • Majority of reportable resources are high-grade (9.43 g/t) contained within the No.4 Plug.
  • The Parallel Vein zone is now better outlined and defined and resources upgraded.
  • Although lower in grade than the No. 4 Plug, the Forestel Zone mineralized resources are nearer to surface and therefore easier to mine.

Location & History

The Lamaque Property is located in the Val-d'Or gold camp in Quebec about 550 km northwest of Montréal, Quebec. The property consists of 4 contiguous mining concessions and twenty (20) mining claims for a total of 1,459 hectares, owned 100% by Integra. None of the claims are within park, forest reserves or other areas that are restricted from exploration and mining.

The Property includes much of what constituted the mine property of Lamaque Gold Mines Limited that for parent company Teck Hughes Gold Mines Ltd., and later Teck Corporation, produced a total of 4,554,167 ounces of gold between 1935 and 1985.

The property's north-eastern boundary lies next to the producing Sigma Mine and pit which has produced 4.7 million ounces of gold (Sedar June 24, 2009) from 1935 to the present and has reported approximately 5.5 million ounces in gold resources and reserves. To the southwest is the Goldex Mine, owned and operated by Agnico-Eagle reporting 3,500,000 gold ounces in resources and reserves and directly to the west is the Osisko Canadian Malartic open pit gold mine reporting 10.71 million Proven and Probable gold ounces. The adjoining Cadillac, Malartic and Val d'Or camps have produced over 45 million ounces of gold since the 1930's and presently encompass 7 producing gold mines (15 million ounces in reserves).

Geology

There are twelve significant zones of known gold mineralization on the Lamaque Property comprising various simple vein structures, vein complexes and stockwork zones. For further geological information please refer to the Technical Mineral Evaluation Report.

QUALITY ASSURANCE - QUALITY CONTROL

Mr. Christian d'Amours , P.Geol., of Geopoint Inc. Val d'Or (Quebec), an independent qualified person as designated by National Instrument 43-101, provided the resource estimates for the Forestel and Parallel Veins zones. The Lamaque project exploration is under the direct supervision of Alain Beauregard, P.Geol., of Geologica Inc., an independent qualified person as designated by National Instrument 43-101 who has reviewed the technical content of this release.

ON BEHALF OF THE DIRECTORS

John de Jong, CEO & President

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