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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Integra Resources Corp | TSXV:ITR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.35 | 1.35 | 1.37 | 1.39 | 1.34 | 1.35 | 157,845 | 21:00:00 |
The Company will host a webinar on Tuesday, September 26, 2023 at 8:00am PST/11:00am EST featuring a presentation from Integra’s President, CEO and Director, Jason Kosec. Register for the webinar below: https://us02web.zoom.us/webinar/register/WN_56i1voqFQI2TEjjNQnJ31g
Highlights:
Notes:
Integra’s President, CEO & Director, Jason Kosec commented: “We are extremely proud of our entire team for the combined effort that delivered the DeLamar MRE on time and above expectations. The updated MRE at DeLamar represents a significant milestone for the Company and further solidifies Integra’s position as an industry leading exploration and development company focused in the Great Basin. The highly successful stockpile drill program and subsequent MRE have increased the oxide-and-mixed M&I resource at DeLamar by ~25%, validating the Company’s belief that the mineralized stockpile and backfill material at surface has the potential to significantly expand the heap leach mine life in future phases of operations. This mineralized material, a portion of which was included as a pre-stripping cost in the Company’s 2022 PFS, is expected to provide important operational flexibility for the potential heap leach operation. The Company has begun optimization work on the mineralized stockpile material to evaluate its potential inclusion in future phases of heap leaching at DeLamar which will be formally included in a Feasibility Study expected to be released in late 2024 or early 2025. The focus of the team now shifts to finalizing the MPO for DeLamar which will be submitted in Q4 2023, representing another important step toward the Company’s vision of becoming a leading USA focused gold and silver producer.”
Table 1: 2023 DeLamar Project MRE: Measured, Indicated and Inferred
Type | Category | Tonnes | Au g/t | Au oz | Ag g/t | Ag oz | AuEq g/t | AuEq oz | |||
Oxide | Measured | 6,313,000 | 0.36 | 74,000 | 16.9 | 3,427,000 | 0.58 | 118,000 | |||
Indicated | 42,346,000 | 0.35 | 471,000 | 13.4 | 18,291,000 | 0.52 | 706,000 | ||||
M&I | 48,659,000 | 0.35 | 545,000 | 13.9 | 21,718,000 | 0.53 | 825,000 | ||||
Inferred | 11,132,000 | 0.28 | 99,000 | 7.8 | 2,795,000 | 0.38 | 135,000 | ||||
Type | Category | Tonnes | Au g/t | Au oz | Ag g/t | Ag oz | AuEq g/t | AuEq oz | |||
Mixed | Measured | 10,043,000 | 0.42 | 136,000 | 21.8 | 7,032,000 | 0.70 | 227,000 | |||
Indicated | 60,136,000 | 0.35 | 672,000 | 15.0 | 29,010,000 | 0.54 | 1,045,000 | ||||
M&I | 70,179,000 | 0.37 | 808,000 | 16.5 | 36,042,000 | 0.58 | 1,272,000 | ||||
Inferred | 8,533,000 | 0.27 | 74,000 | 8.4 | 2,302,000 | 0.38 | 104,000 | ||||
Non-OxideDeLamar | Measured | 16,541,000 | 0.54 | 288,000 | 38.1 | 20,249,000 | 1.03 | 549,000 | |||
Indicated | 48,608,000 | 0.45 | 710,000 | 26.4 | 41,292,000 | 0.79 | 1,241,000 | ||||
M&I | 65,149,000 | 0.48 | 998,000 | 29.38 | 61,541,000 | 0.85 | 1,790,000 | ||||
Inferred | 11,797,000 | 0.41 | 157,000 | 17.0 | 6,456,000 | 0.63 | 240,000 | ||||
Non-OxideFlorida Mountain | Measured | 4,515,000 | 0.39 | 57,000 | 13.4 | 1,949,000 | 0.56 | 82,000 | |||
Indicated | 16,878,000 | 0.43 | 233,000 | 9.9 | 5,348,000 | 0.56 | 302,000 | ||||
M&I | 21,393,000 | 0.42 | 290,000 | 10.61 | 7,297,000 | 0.56 | 384,000 | ||||
Inferred | 6,764,000 | 0.33 | 72,000 | 8.8 | 1,915,000 | 0.44 | 97,000 | ||||
Stockpiles | Measured | - | - | - | - | - | - | - | |||
Indicated | 42,455,000 | 0.22 | 296,000 | 11.8 | 16,149,000 | 0.37 | 504,000 | ||||
M&I | 42,455,000 | 0.22 | 296,000 | 11.8 | 16,149,000 | 0.37 | 504,000 | ||||
Inferred | 4,877,000 | 0.17 | 26,000 | 9.8 | 1,535,000 | 0.30 | 46,000 | ||||
Total Heap Leach | Measured | 16,356,000 | 0.40 | 210,000 | 19.9 | 10,459,000 | 0.66 | 345,000 | |||
Indicated | 144,937,000 | 0.31 | 1,439,000 | 13.6 | 63,450,000 | 0.48 | 2,256,000 | ||||
M&I | 161,293,000 | 0.32 | 1,649,000 | 14.3 | 73,909,000 | 0.50 | 2,600,000 | ||||
Inferred | 24,542,000 | 0.25 | 199,000 | 8.4 | 6,632,000 | 0.36 | 284,000 | ||||
Total Resources | Measured | 37,412,000 | 0.46 | 554,000 | 27.2 | 32,657,000 | 0.81 | 974,000 | |||
Indicated | 210,424,000 | 0.35 | 2,381,000 | 16.3 | 110,091,000 | 0.56 | 3,798,000 | ||||
M&I | 247,836,000 | 0.37 | 2,935,000 | 18.1 | 142,748,000 | 0.60 | 4,772,000 | ||||
Inferred | 43,101,000 | 0.31 | 428,000 | 10.8 | 15,002,000 | 0.45 | 621,000 |
Notes:
The Mineral Resource estimate has been reported in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was prepared by Mine Development Associates, a division of RESPEC of Reno, Nevada, with an effective date of August 25th, 2023.
Mineral Resource Estimation Overview:
Next Steps:
The Company is focused on continuing to advance the DeLamar and the Wildcat & Mountain View projects and expects to complete the following key catalysts in the near term:
Stockpile Drill Program
The stockpile drill program was designed to test a large portion of the approximately 49 million tonnes (“Mt”) of mineralized material at the DeLamar deposit and 11 Mt of mineralized material at the Florida Mountain deposit. This mineralized material was blasted and mined by previous operators and either stockpiled or used as backfill because the material fell below the mill cut-off grade. The stockpile drill program was executed at nominal 60 m collar spacings with select 30 m infill test holes to further verify grade and variability. All drilling was vertical through the entirety of the stockpiles and backfill material. The drilling was conducted by a combination of sonic and reverse circulation with casing advance drilling methods. Both these drilling methods were chosen to maintain high sample quality and integrity throughout the drilling process. Additionally, the two drilling methods provided a basis for continuity comparison. Sampling was conducted at 1.5 m intervals for the whole of the drilling program, with all samples sent to a certified third-party lab for analysis.
Sampling and QA/QC Procedure
Thorough QA/QC protocols are followed on the Project, including insertion of duplicate, blank and standard samples in the assay stream for all drill holes. The samples are submitted directly to American Assay Labs in Reno, Nevada for preparation and analysis. Analysis of gold is performed using fire assay method with atomic absorption finish on a 1 assay ton aliquot. Gold results over 5 g/t are re-run using a gravimetric finish. Silver analysis is performed using ICP for results up to 100 g/t on a 5-acid digestion, with a fire assay, gravimetric finish for results over 100 g/t silver.
Additional supporting details regarding the information in this news release, will be provided in the MRE technical report which will be available on SEDAR+ under the Company’s profile within 45 days of this news release, including all qualifications, assumptions and exclusions that relate to the MRE. The MRE technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Raphael Dutaut, Ph.D (P.Geo), Integra’s Vice President, Exploration and Tim Arnold (PE, SME), Integra’s Chief Operating Officer. Both individuals are “Qualified Persons” (“QP”) as defined in National Instrument 43- 101 – Standards of Disclosure for Mineral Projects.
Michael Gustin, C.P.G., of Mine Development Associates, a division of RESPEC of Reno, Nevada is an independent Qualified Person as defined by NI 43-101 and has reviewed and approved the contents of this news release.
DeLamar Project Overview
The past producing DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver deposits, is located in Owyhee County in southwest Idaho. Since acquiring the Project in 2017, the Company has demonstrated significant resource growth and conversion while providing robust economic studies in its maiden Preliminary Economic Assessment and PFS. An independent technical report for the MRE on the DeLamar Project prepared in accordance with the requirements of NI 43-101 will be available under the Company’s profile at www.sedarplus.ca 45 days of this news release.
About Integra Resources
Integra is one of the largest precious metals exploration and development companies in the Great Basin of the Western USA. Integra is currently focused on advancing its three flagship oxide heap leach projects: the past producing DeLamar Project located in southwestern Idaho and the Wildcat and Mountain View Projects located in western Nevada. The Company also holds a portfolio of highly prospective early-stage exploration projects in Idaho, Nevada, and Arizona. Integra’s long-term vision is to become a leading USA focused mid-tier gold and silver producer.
ON BEHALF OF THE BOARD OF DIRECTORS
Jason KosecPresident, CEO and Director
CONTACT INFORMATIONCorporate Inquiries: ir@integraresources.comCompany website: www.integraresources.comOffice phone: 1 (604) 416-0576
Forward Looking and Other Cautionary Statements
Certain information set forth in this news release contains “forward‐looking statements” and “forward‐looking information” within the meaning of applicable Canadian securities legislation and applicable United States securities laws (referred to herein as forward‐looking statements). Except for statements of historical fact, certain information contained herein constitutes forward‐looking statements which includes, but is not limited to, statements with respect to: the future financial or operating performance of the Company and the Company’s mineral properties and project portfolio; the results from work performed to date; the estimation of mineral resources and reserves; the realization of mineral resource and reserve estimates; the development, operational and economic results of technical reports on mineral properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of the Company’ mineral properties and project portfolios including, but not limited to, submission of MPO for DeLamar; exploration expenditures, costs and timing of the development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; exploration prospects of mineral properties; requirements for additional capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible outcome of pending regulatory matters; timing and completion of technical reports; the development, operational and economic results of the Preliminary Economic Assessment for the Wildcat & Mountain View Projects and the MRE for the DeLamar Project; the realization of the expected economics of mineral properties; future growth potential of mineral properties; and future development plans.
Forward-looking statements are often identified by the use of words such as “may”, “will”, “could”, “would”, “anticipate”, “believe”, “expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the Company’s ability to complete its planned exploration programs; the absence of adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render mineral properties economic; the Company’s ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: integration risks; general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and management’s ability to anticipate and manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra’s annual report on Form 20-F dated March 17, 2023 for the fiscal year ended December 31, 2022, and Millennial Precious Metals Corp.’s management’s discussion and analysis dated April 28, 2023 for the fiscal year ended December 31, 2022.
There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward‐looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company’s plans, objectives and goals, and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward‐looking statements. This news release also contains or references certain market, industry and peer group data, which is based upon information from independent industry publications, market research, analyst reports, surveys, continuous disclosure filings and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this news release and accordingly, the accuracy and completeness of such data is not guaranteed.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission (“SEC”) and resource information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.
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 release.
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