VANCOUVER, BC–(Marketwired – December 09, 2015) –
Press Release Highlights:
- Results from the last 12 drill holes of the 2015 drill campaign at Parallel disclosed today
- 7 drill rigs are currently active on the Triangle and No. 4 Plug deposits with an estimated 12,000 metres being drilled per month
- Assays pending from over 35,000 metres in recent drilling at Triangle and No. 4 Plug
- Total of $2.89 million received in 2015 warrant exercises
Integra Gold Corp. (TSX VENTURE: ICG)(OTCQX: ICGQF) (“Integra” or the “Company”) is pleased to announce the final results from its 2015 Parallel Deposit (“Parallel”) infill drill program. Parallel is one of several gold deposits at Integra’s Lamaque South Gold Project (“Lamaque”) located in Val-d’Or, Québec. Parallel is located 2 kilometres (“km”) northwest of the Triangle deposit and less than 800 metres (“m”) from the Company’s milling facility.
The objectives of the infill drill program at Parallel were to:
- Complete 20 to 25 m infill drill pattern in selected areas of Parallel including areas along the edge of the deposit
- Collect additional samples for metallurgical testing
- Confirm continuity of the high grade 6b Zone
The objective of exploration work conducted at Parallel was to outline a deposit with the ability to provide supplemental, high-grade mill feed in a future production scenario on the project. In existing plans, mineralization at Parallel would be accessed by way of a 700 m extension of an existing underground ramp which were acquired as part of the Company’s 2014 purchase of the Sigma Mill and associated mineral titles, including the past producing Sigma and Lamaque Mines. All environmental, exploration, and mining permits are in place at Parallel, a number of which were also acquired through the mill acquisition and subsequently transferred to Integra.
“The results announced today continue to support our high level of confidence in both the continuity and grade of mineralization at the Parallel deposit. Although the Triangle deposit has emerged as the primary focus at Lamaque, Parallel remains a viable possible source of additional high-grade mineralized material during the production phase at Lamaque,” commented Company President and CEO Stephen de Jong. “Now that the final results for the drilling at Parallel are available, they will be integrated into our geological model with an updated resource estimate which will be completed and included in the updated Preliminary Economic Assessment of the project due to be finalized in H1 2016.”
Results from Parallel Infill
The Company completed 26 holes totaling 5,578 m of drilling at Parallel in 2015. Today’s news release covers the remaining 1,822 m, in 12 drill holes, of the 2015 campaign. The objective of this program was to complete an infill drill program at 20 to 25 m centers while also collecting additional core samples for Phase IV metallurgical testing. The following table provides highlights from the results disclosed today:
|Drill Hole||From (m)||To (m)||Interval (m)*||Gold Assay (g/t)**|
|*Down-hole thickness; true width varies depending on drill hole dip; most 2015 drill holes were aimed at intersecting the vein structures as close to perpendicular as possible therefore true widths are close to down hole thickness|
|**1.00 g/t Au cut-off; individual assay values uncut, follow links to full assay table above for interval with cut values; no minimum thickness|
To view a complete table of available composited results for the 2015 drilling at Parallel, please click on the following link:
To view a location of the 2015 drill holes, please click on the following link:
Update on 2015 and 2016 Drilling Programs
There are currently seven diamond drill rigs active at Triangle and on the No. 4 Plug. The Company is drilling approximately 12,000 m per month with the total metres drilled for 2015 expected to be close to 90,000 m. Drilling will be suspended at the end of December for a three week period and is expected to resume in early January 2016 with up to 10 drill rigs, increasing the drilling rate to between 18,000 and 20,000 m per month during the winter months. The Company’s 2016 drilling program is expected to consist of up to 100,000 m of extension and infill drilling at the Triangle and No. 4 Plug deposits, as well as some exploration drilling on other promising targets within the Lamaque property.
Pending Results from Triangle and No. 4 Plug
Presently, assay results are pending for over 35,000 metres of drilling from both Triangle and No. 4 Plug drilling. The Company expects to release these holes once they are received. The updated resource estimate at the Triangle deposit announced on November 10, 2015 incorporated the results from 27,815 m of new drilling. The Company anticipates filing the NI 43-101 Technical Report for this resource estimate on SEDAR within the next week.
In addition, the Company is pleased to announce that in 2015 it has received gross proceeds of $2.89 million as a result of the exercise of share purchase warrants at prices ranging between $0.23 and $0.30 amounting to 11.85 million shares in total. The continued exercise of warrants has indicated strong shareholder support throughout the year and has increased Integra’s cash position, providing additional capital to advance the Lamaque South Project.
Year End Change
The Company also announces that it has changed its financial year end from May 31 to December 31. The change in the financial year end will allow the Company to provide continuous disclosure information on a comparable basis with its industry peer group.
The Company’s next filing of financial information under the new financial year end will include audited financial statements for the seven month period ended December 31, 2015, which will be filed on or before April 29, 2016. A Notice of Change in Year End has been filed via SEDAR and is accessible at www.sedar.com.
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 if positive subsequently developing, subject to further underground exploration and advanced economic studies, 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 Triangle deposit in the South Cluster and the Parallel deposit in the North Cluster. The Sigma Mill, a fully permitted 2,200 ton per day mill and tailings facility which was acquired by Integra in 2014, is located 1 kilometre from Parallel and 3 kilometres from Triangle. 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.
The Lamaque South and Sigma-Lamaque exploration projects, jointly known as the Lamaque project, are under the direct supervision of Hervé Thiboutot, Eng., Senior Vice-President of the Company and Mr. Jacques Simoneau, P.Geo., Exploration Manager of the Company. Mr. Thiboutot and Simoneau are Qualified Person (QP) as defined by the National Instrument 43-101 and have 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.
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 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.
Or visit the company website: www.integragold.com
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