VANCOUVER, BC--(Marketwired - April 11, 2017) -
Press Release Highlights:
- First underground drill rig mobilized at Triangle, 10,000 meter ("m") definition drill program on the C2 structure to commence soon
- Groupe BBA Inc. ("BBA") retained as the Independent consultant to supervise and audit processes for the upcoming bulk sample at Triangle, which will commence in May 2017
- The main exploration ramp at Triangle is now at 850 m in length and has reached the southwestern edge of the C2 structure - including secondary development (ventilation raise, muck and safety bays, electricals stations) a total of 1,345 m in underground workings have been completed
- Petra Decher, CPA, CA, Independent Director of the Company since March 2015 has been appointed Lead Director
Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF) ("Integra" or the "Company") is pleased to announce that it has commenced a 10,000 m underground drill program at the Triangle Deposit ("Triangle") on its 100% owned Lamaque Gold Project ("Lamaque" or the "Property") in Val-d'Or, Québec. The underground drill program has been designed to test the bulk sample target in the C2 structure ("C2") at 10 m centers. Drill bays for this program are located at the 76 level and 94 level (vertical distance in m from surface) of the Triangle exploration ramp. The completion of the bulk sample exercise is expected in the second half of 2017.
"The beginning of the underground drill program at Triangle marks a new milestone for the Company. As the project advances, this program will help ensure the bulk sample is thorough and successful, from both geological and engineering perspectives," noted Stephen de Jong, President and CEO of Integra. "The exploration ramp has also been advancing on schedule, including 58 meters of total development last week, the most efficient week of ramp construction to date at Triangle. In addition to ramp construction and the underground exploration program at Triangle, the Company has 5 drills active at Lamaque, 3 on surface at Triangle, one underground at Triangle, and one on the Lamaque Deep target."
BBA Retained for Triangle Bulk Sample Program
After completing a rigorous selection process, the Company has retained BBA as its geological, engineering, mining and milling consultant for auditing of the bulk sampling processes at Triangle. BBA is an independent Canadian consulting engineering firm headquartered in Mont-Saint-Hilaire, Québec. BBA consults in several geological and engineering disciplines with a particular focus on energy, mining and metals.
Prior to the start of the bulk sampling program, BBA consultants will assist Integra technical staff in establishing the proper sampling protocols (both underground and at the mill), milling protocols, and reconciliation exercises required to validate the bulk sampling program. These protocols will ensure the following four objectives of the bulk sampling program are met:
- The bulk sampling program will further confirm the geometry and continuity of gold bearing structures through detailed underground mapping and core logging;
- The bulk sampling program will further analyze the gold distribution within the deposit using chip and muck samples, and reconciliation with other sampling methods;
- The bulk sampling program will compare and reconcile the geological resource estimates using wider spaced exploration diamond drill holes, closer spaced definition underground drilling data, chip and muck samples, and the milling results;
- The bulk sampling program will confirm gold recovery at the mill.
Throughout the bulk sampling program, BBA will act as an independent consultant to regularly audit the sampling work and ensure established protocols are followed.
Infill Drilling within C2 Structure Results in Substantial Resource Growth in Recent Resource Estimate Update, Increase in Indicated Ounces, Grade and Average Thickness
The location of the bulk sample, the upper part of the C2 structure, has experienced substantial growth, in both tonnes and grade, through extensive drilling of the structure, an outcome not typically associated with infill drilling. The average thickness of the C2 structure has also increased from 3.2 m to 3.8 m. C2 is located near surface and would account for the majority of production in the first 4 years of the proposed mine plan. The underground drill program at C2 is also an infill drill program and will decrease spacing at C2 from approximately 25 m to 10 m.
The following table has been prepared in order to illustrate that growth at C2. This updated resource estimate was not included in the recently completed Preliminary Economic Assessment ("PEA"), which was announced on February 27, 2017.
Comparison of C2 Structure Resources at 5 g/t Cut-off
November 2016 versus March 2017
|| ||Inferred Resource
|| ||Grade (Au g/t)
|| ||Au Ounces
|| ||Grade (Au g/t)
|| ||Au Ounces
| || || || || || || || || || || || |
Triangle Exploration Ramp Continues on Schedule, 58 Meters of Development Work Completed Last Week in Best Week Ever
The Triangle exploration ramp has progressed 850 m at Lamaque, with 1,345 m of total underground development. Drill bays have been completed at the 76 level and 94 level (vertical depth from surface). A ventilation raise has been started at the 68 level which will connect to surface in late spring 2017.
To view a plan of the exploration ramp with photos, click on the following link:
Company Appoints Lead Director
The Company is also pleased to announce the appointment of Petra Decher, CPA, CA, as Lead Director of the Company. Ms. Decher has been a director of the Company since March 2015. Ms. Decher was most recently the Vice President, Finance and Assistant Secretary for Franco-Nevada Corporation. Prior to Franco-Nevada, Ms. Decher was President and Chief Financial Officer for Geoinformatics Exploration Inc., an exploration company focused on projects in British Columbia, Nevada, Mexico and Australia. Petra is a Chartered Accountant and a Québec native.
Project and Company Profile
Integra Gold is a junior gold exploration company advancing projects in Val-d'Or, Québec, one of the top mining jurisdictions in the world. The Company's primary focus is its high-grade Lamaque South project. In the fall of 2014, Integra completed the accretive acquisition of the Sigma Mill and Mine Complex, a fully permitted 2,200 ton per day mill and tailings facility. With major federal and provincial permits in place, existing infrastructure and significant exploration potential, this acquisition removed major capital costs and shortened timelines typically associated with mine development projects. Integra has raised over $125 million since 2013, at successively higher share prices, despite depressed gold prices.
The Lamaque project is under the direct supervision of Hervé Thiboutot, Eng., Senior Vice-President of the Company, Jacques Simoneau, P. Geo., Exploration Manager of the Company, François Chabot, Eng., Operations Manager, Jessy Thelland, P. Geo., underground Chief Geologist at Integra. The technical content of this press release has been reviewed and approved by Mr. Thiboutot, Qualified Persons ("QPs") as defined by the National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
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 and results of future development studies, of a resource estimate on other deposits and the Sigma zone, and the results of future exploration work. 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 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. 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.