SOURCE: Integra Gold Corp.

Integra Gold Corp.

March 31, 2016 06:30 ET

Integra Gold Intersects 93.02 g/t Gold Over 3.7 m (Incl. 687.7 g/t Over 0.5 m) and 47.10 g/t Gold Over 2.8 m (Incl. 141.9 g/t Over 0.7 m) in Near-Surface C2 Structure at the Triangle Deposit

VANCOUVER, BC--(Marketwired - March 31, 2016) -

Press Release Highlights:

  • Drilling of near surface C1 and C2 structures within the Triangle Deposit continues to both confirm continuity and extend the known limits of the high grade gold bearing structures
  • 8 drill rigs currently active on the Lamaque Gold Project
  • Results announced today are from 10,469 meters ("m") of recent drilling; assays are currently pending from an additional 52,500 m of diamond drilling, representing 140 drill holes

Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF), ("Integra" or the "Company") is pleased to announce a fourth round of assay results from its fall 2015/winter 2016 drill program on the Triangle Deposit ("Triangle") on the Lamaque South Gold Project ("Lamaque") located in Val-d'Or, Québec.

"The bulk of the Triangle mineralization is hosted within a series of sub-parallel, steeply-dipping, stacked C type structures which demonstrate a high degree of periodicity and continuity. We are encouraged to see today's results showing strong continuity of gold mineralization within the upper structures where we plan on initiating underground exploration later this year. We are also encouraged to see initial results from the deeper C5 structure which indicate ample room for growth of the Triangle gold resource at depth," commented Company President and CEO, Stephen de Jong. "We are still awaiting results from an additional 52,000 m of drilling, including a number of deeper holes which were designed to test the extent of gold mineralization between 1,000 m and 1,500 m vertical depth, where additional C type structures were intersected in late 2015."

Infill Drilling Continues to Show Upside of C1 and C2 Structures

Results disclosed today are primarily from infill drilling completed on the C1 and C2 structures, which host the bulk of the gold mineralization on the uppermost part of Triangle. These results are significant as high grade gold mineralization continues to be identified at relatively shallow depths (above 350 m vertical). Results announced today both confirm the continuity of these upper zones as well as show the potential for near-surface lateral resource expansion along strike.

Drilling conducted since September 2015 at Triangle has focused on widely spaced step-out and extensional drilling of the C4/C5/C6 structures and on infill drilling within selected areas of the C1 and C2 structures. Characteristic geological host units and alteration assemblages associated with gold bearing veins present within the structures were observed in most drill holes, similar to those reported in previous Company disclosures. Current drill results continue to demonstrate the validity of the geological model and the predictive nature of the high grade gold bearing vein structures.

Intercepts disclosed today include (all reported thicknesses are a measurement of downhole widths):

  • 93.02 grams per tonne gold ("g/t Au") over 3.7 m in hole TM-15-076 (incl. 687.70 g/t Au over 0.5 m; average 4.72 g/t Au when capped at 34.3 g/t) in the C2 structure;
  • 47.10 g/t Au over 2.8 m in hole TM-15-082 (incl. 141.92 g/t Au over 0.7 m; average 19.92 g/t Au when capped at 34.3 g/t) in C2 structure; and
  • 25.88 g/t Au over 2.2 m in hole TM-16-104C (average 16.23 g/t Au when capped at 34.3 g/t Au) in C1 structure.

Results from holes TM-16-104, TM-16-104B, and TM-16-104C (provided in table below), which were drilled a few meters apart in the C1 structure, provide an initial sense of grade variability to be expected at Triangle. While reported downhole thicknesses of the zone remain fairly close, grades of the intercepts vary from 3.75, 4.53, and 25.88 g/t Au respectively; this grade variation is similar those observed historically at the Sigma and Lamaque mines.

Step-Out Drilling on C5 Shows Room for Growth, Results from C4 Drilling Pending

Drilling conducted on the C5 mineralized structure, located approximately 150 m structurally below the C4 structure itself, continues to confirm the continuity of gold mineralization at depth. The intercepts provided below are from depths of 805 m and 665 m respectively. The new intercepts include:

  • 8.47 g/t Au over 2.3 m in hole TM-15-050; and
  • 5.25 g/t Au over 4.9 m in hole TM-15-082.

High Grade Mineralization Continues to be Identified between Known Structures

In addition to the intercepts reported above, select narrow high grade, but as-of-yet un-interpreted, gold bearing intercepts were reported in hole TM-15-082 and other drill holes, demonstrating the possibility for additional C or C-Flat structures between the well-defined C1 to C6 structures themselves. Uncut intercepts in drill hole TM-15-082 include (down-hole widths):

  • 124.23 g/t Au over 1.2 m,
  • 77.66 g/t Au over 0.50 m, and
  • 11.34 g/t Au over 2.5 m.

Click on the following link to view longitudinal sections of the C2 through C6 structures:

http://www.integragold.com/i/pdf/LS-C2-Mar-2016-112.pdf

Click on the following link to view an idealized section showing relation between the main structures:

http://www.integragold.com/i/pdf/Vertical-Section-296400E.pdf

The table below highlights selected results from this tranche of the infill drilling program conducted on the C1 and C2 structures and of extension drilling on the C5 structures.

Drill Hole Number From
(m)
To
(m)
Interval
(m) (1)
Gold
Assay (g/t) (2)
Interpreted
Zone
TM-15-050 977.30 979.60 2.30 8.47 C5
TM-15-076
137.90 138.40
0.50
13.70 Not defined 
353.70 357.40 3.70 93.02 C2
Cut     4.72  
Include   0.50 687.70  
TM-15-078 327.85 330.10 2.25 9.76 Not defined
334.70 338.70 4.00 7.57 C2
TM-15-081A 348.40 349.00 0.60 22.78 -
TM-15-082
136.50 137.70 1.20 124.23 Not defined
Cut     20.76  
Include   0.70 211.68  
300.50 303.30 2.80 47.10 C2
Cut     19.92  
Include   0.70 141.92  
319.80 320.30 0.50 77.66 Not defined
Cut     34.30  
614.60 617.10 2.50 11.34 Not defined
Cut        
Include   0.50 46.84  
734.60 735.10 0.50 26.42 Not defined
789.50 794.40 4.90 5.25 C5
819.30 820.00 0.70 16.90 Not defined-
TM-16-099 33.00 33.70 0.70 15.58 Not defined
141.40 144.70 3.30 5.74 C2-10
TM-16-104 33.00 36.00 3.00 4.53 C1
TM-16-104B 33.00 35.60 2.60 3.75 C1
TM-16-104C 32.90 35.10 2.20 25.88 C1
Cut     16.23  
Include   1.00 55.53  
           

(1) Down-hole thickness; true width varies depending on drill hole dip; most 2015/2016 drill holes were aimed at intersecting the vein structures close to perpendicular, therefore true width are close to down hole width (approximately 85% conversion ratio); true width of C structures intercepts are presented on longitudinal sections.
(2) 1.00 g/t Au cut-off; individual assay values presented uncut and cut (if applicable) with individual values capped at 34.3 g/t Au; no minimum thickness considered.

Click on the following link to view a complete table of available composited results for the fall 2015 and winter 2016 drilling at Triangle:

http://www.integragold.com/i/pdf/Mar-2016_Composites-112.pdf

2015/2016 Exploration Summary

A total of 93,592 m in 203 holes was completed at Lamaque South in 2015, of which 59,753 m in 104 holes was conducted at Triangle. In 2016 a total of 50,900 m in 139 holes have thus far been completed at Triangle. Drilling is ongoing at Lamaque South with 8 drill rigs currently in operation. The results announced today are from 15 drill holes representing 10,469 m. As of March 25th, drill results are still pending from an additional 140 drill holes representing 52,460 m of core, including 9,350 m of drilling in 12 drill holes at the No. 4 Plug and exploration drilling conducted at different targets on the property. Results from ongoing infill and extensional drilling at Triangle will be disclosed during the year as they become available.

2016 Drilling Program

The Company anticipates drilling approximately 90,000 m in 2016 with the majority of this drilling aimed at defining and expanding the gold resource at Triangle. The bulk of the drill program will be completed during the winter months, from January to May. Spring breakup is anticipated to commence soon; however, following the construction of new access roads, the Company expects it will be able to continue drilling throughout the spring with 3 to 4 drill rigs in operation. Integra's planned 2016 drill campaign remains one of the largest drill programs currently underway in the Canadian mining industry.

The ongoing winter drill program includes exploration, extensional and definition drilling on key targets such as Triangle and the No. 4 Plug gold deposits. The program will also include exploration drilling of promising new targets outlined by geophysical surveys, geological mapping, surface sampling and reconnaissance drilling conducted in 2015; additional information on these new targets will be provided by the Company in subsequent news releases this year.

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 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 exploration potential, this acquisition removed major costs and shortened timelines typically associated with mine projects. With a current market capitalization of $185 million, Integra has raised over $75 million since 2013 despite depressed gold prices. In February 2016, Eldorado Gold Corporation completed a strategic investment in Integra, acquiring 15% of the outstanding common shares. Integra was recently named to the TSX Venture top 50 performers in 2015 and the OTCQX Best 50 award for 2015.

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, and Jacques Simoneau, P. Geo., Exploration Manager of the Company. Mr. Thiboutot and Mr. Simoneau are Qualified Persons ("QPs") as defined by the 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 the Bourlamaque Laboratory 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 (AA) finish, with a gravimetric finish completed for samples exceeding 5 g/t Au. Metallic sieve assay is conducted, additional to the regular fire assay methods, for all samples containing visible gold. Results published are from the metallic sieve assay results is available, if not they are from the gravimetric finish if above 5 g/t and from the AA finish if lower than 5 g/t.

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, 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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