VANCOUVER, BC –(Marketwired – July 20, 2016) – Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF)
Press Release Highlights:
- Other significant results include: 2.83 g/t gold (“Au”) over 19.7 metres (“m”), 2.45 g/t Au (1.70 g/t capped) over 25.8 m, 2.94 g/t Au (2.67 g/t capped) over 13.8 m, 13.03 g/t Au (12.50 g/t capped) over 3.1 m, and 4.56 g/t Au (2.94 g/t capped) over 20.9 m (see assay table for details)
- Results announced today are from 3,912 m in 6 holes of the 12,035 m program completed in 2015/16 at No. 4 Plug Deposit
- 4 drill rigs active on the Lamaque South Gold Project, approximately 58,215 m in assay results pending
- Updated estimate at No. 4 Plug now underway
Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF), (“Integra” or the “Company”) is pleased to announce the final tranche of assay results from its 2015/2016 infill drill program on the No. 4 Plug Deposit (“No. 4 Plug”) situated at the Lamaque South Gold Project (“Lamaque”) located in Val-d’Or, Québec.
“With all drill results from the No. 4 Plug Deposit exploration program in-hand, we are on track to update the resource estimate for this deposit by the end of 2016,” commented Company President and CEO, Stephen de Jong. “The updated resource estimate will be followed by a series of trade-off studies to fully understand and assess the benefits of a bulk mining approach compared to the narrow vein mining methods currently being contemplated for other areas of the Lamaque Project.”
Drill Results Continue to Show Potential for Bulk Mineable Resource
Infill drill holes disclosed today are located on the eastern side of the No. 4 Plug along a 75 m long east-west trend demonstrating lateral continuity of the gold mineralized vein clusters. The table below highlights selected results from this final tranche of the No. 4 Plug drilling program. The summary results are presented uncapped and, when applicable, with high grade values capped at 34.3 g/t Au (results are also available with high grade values capped at 20.0 g/t Au in the full assay table available at the link below).
As the gold distribution in the thick clusters of brittle, shallow-dipping tension veins has the tendency to portray a higher nugget effect relative to the high-angle C-type structures identified at the Triangle Deposit (“Triangle”), the selection of disclosed intervals is partially controlled by the visual occurrence of veins and the amount of pyrite in drill core along with grade distribution, providing a further layer of control for the spatial constraining of these thick vein clusters. The reported intervals are clearly identifiable visually in terms of vein densities present in drill core.
Click on the following links to view drill core photos from selected wide intercepts announced today (P4-15-029):
|(1)||Down-hole thickness; true width varies depending on drill hole dip and on general orientation of the vein clusters; most 2015-2016 drill holes were aimed at intersecting the generally flat lying vein clusters close to perpendicular therefore true width are close to down-hole width.|
|(2)||Minimum 1 g/t Au cut off over 5-10 m interval, allowing up to 5 m of below cut off material internally – individual assays cut to 34.3 g/t gold when applicable; no minimum thickness considered.|
Links to No. 4 Plug Assay Table, Section and Location Map
Click on the following link to view a complete table of available composited results for the 2015/2016 drilling at No. 4 Plug (results disclosed today are identified in red colored font):
Click on the following links to view idealized and schematic composite sections showing the spatial relationship between the Triangle and No. 4 Plug and illustrating selected results.
Click on the following link to view a location map of the different gold deposits present at Lamaque South:
No. 4 Plug Next Steps
The Company intends to complete a new resource estimate on No. 4 Plug to be completed in H2 2016. Given the ample milling capacity and scalability of the Sigma Mill Complex (2,400 tons per day (“tpd”), expandable to 5,000 tpd), the Company believes that a combined scenario of selective high-grade mining at Triangle, in parallel with low-cost bulk-mining at No. 4 Plug situated 500 m north of Triangle, has the potential to ramp up production profiles beyond previous estimates.
Geological Setting at the No. 4 Plug
The No. 4 Plug is a sub-vertical dioritic/gabbroic intrusive, of similar shape to the Lamaque Mine Plug (located 2 kilometres (“km”) to the northwest), which produced over 4.5 million gold ounces from surface to a depth of 1,100 m vertical. The No. 4 Plug intrusive is located 500 m north of Triangle and can be traced on surface for 200 m east-west by 150 m north-south, extending to a depth of over 1,000 m vertical. Gold mineralization is found within the intrusion hosted by quartz-carbonates-tourmaline shear veins associated with sub-vertical shear zones (similar to Triangle C-type structures) and flat lying quartz-carbonate-tourmaline veins that are present as dense vein clusters.
Interpretation of the reported gold bearing zones at No. 4 Plug indicate that these dense vein clusters can be tens of metres thick vertically, are geometrically stacked within the intrusion in the down-dip direction, and can also extend roughly 75 m to a maximum of 200 m laterally. The mineralized vein clusters are more abundant below a vertical depth of approximately 200 m, and are confined to the intrusion. The intrusive host and the vein clusters remain open at depth. The mineralogy and alteration assemblages associated with these vein clusters consist of carbonate, sericite, albite alteration, with varying intensity and distribution, being more pronounced near the high-angle shear zones. Where these sub-vertical shear zones cross-cut the intrusion, brittle and shallower dipping tension veins are more prominent.
The large gold bearing vein clusters have striking similarities to bulk zones mined historically at the Lamaque Mine, where historical records have recorded mining in panels in excess of 50 m wide. The style of mineralization at No. 4 Plug also resembles the nearby Agnico-Eagle Goldex Deposit, situated just west of Val-d’Or.
2016 Exploration Drilling Summary
To date in 2016 a total of 77,246 m in 138 holes have been completed at the Lamaque South project. Results announced today are from 6 holes drilled at No. 4 Plug representing the final 3,912 m of the 12,035 m program completed in that area. Including the fall 2015 drilling, as of July 10, drill results are still pending for approximately 58,215 m of core from Triangle and other exploration targets. Results will continue to be disclosed as they become available.
The Company anticipates drilling between 110,000 and 120,000 m in 2016 with the majority of this drilling aimed at defining and expanding the gold resource at Triangle and No. 4 Plug. The Company expects to continue drilling to year end with 4 drill rigs in operation. The ongoing drill program includes exploration, extensional, and definition type drilling on key targets such as Triangle and possibly the No. 4 Plug gold deposits. The program will also include exploration drilling, to be initiated in August 2016, of promising new targets generated by the Company’s Gold Rush Challenge.
Project and Company Profile
Integra Gold is a junior gold exploration company exploring advanced stage 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 2,200-2,400 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 costs and shortened timelines typically associated with developing mine projects. With a current market capitalization of approximately $350 million, Integra has raised over $100 million since 2013, at successively higher share prices, despite depressed gold prices. In August 2015, 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.
The Lamaque project is 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 and ALS-Chemex laboratories 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. Results published are from the gravimetric finish assay if above 5 g/t and from the AA finish assay if lower than 5 g/t.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong
CEO & President
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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.