VANCOUVER, BC--(Marketwired - December 02, 2014) - Integra Gold Corp. (TSX VENTURE: ICG) (ICGQF)
Press Release Highlights:
- Two drill holes intending to condemn the area selected for the Triangle deposit exploration ramp intersected significant gold bearing zones up to 200 meters ("m") west of the present resource model
- Mineralization hosted in volcanic rocks further demonstrates potential to extend beyond the present Triangle resource limit as mineralization is not constrained to intrusive host
- Discovery remains open to west, follow-up drilling planned for Q1 2015
Integra Gold Corp. (TSX VENTURE: ICG)(ICGQF) ("Integra" or the "Company") is pleased to announce final results from its summer/fall 2014 condemnation drill program which focused on the area to the west of the Triangle Deposit where a proposed exploration ramp and associated infrastructure would be located. The objective of the program was to ensure the location of the exploration ramp was through barren rock in order to not compromise future extraction of mineralized material. The discovery of mineralization 200 meters west of the Triangle Deposit opens up a wide area of unexplored ground, both between this discovery and the deposit, and further to the west. The Triangle Deposit contains the highest grade indicated resources on the Company's Lamaque South Project ("Lamaque"), and is located approximately 2km from the Parallel Deposit.
This announcement marks the second substantial discovery of mineralization well beyond the limits of the Triangle Deposit resource envelope. In 2013, drilling intersected 13.29 g/t gold over 7.0 m including 22.11 g/t gold over 4.0 m 175 meters to the south of the Triangle deposit (see News Release dated November 18, 2013).
"It is encouraging to see the area of resource potential around the Triangle Deposit continue to grow. Near-surface, high-grade mineralization in areas where there are existing plans for infrastructure have the potential to positively impact early stage cash flows in our modelling," commented Company President and CEO, Stephen de Jong. "This discovery opens up a large area for further exploration which we will begin testing in the near future. The continued discovery of gold mineralization in the volcanics surrounding the Triangle intrusive strengthens our belief that mineralization at the Triangle Zone closely reflects that of the Main Plug from the historic Lamaque Mine. Approximately 3.7 million ounces of gold, approximately 20% of the total production at Lamaque, came from mineralization hosted within volcanics surrounding the Main Plug."
Significant intercepts from the holes that have intersected gold mineralization in the two drill programs are presented in the following table:
| | | | | | |
| Drill Hole |
Type |
From
(m) |
To
(m) |
Interval
(m)* |
Grade
(g/t)** |
| TMC-14-01 |
Condemnation |
222.00
Incl. |
231.00
|
9.00
4.40 |
3.02
4.10 |
| TMC-14-10 |
Condemnation |
39.00
53.00
165.20
167.60
182.00
246.00
326.00
397.40
Uncut
427.00 |
40.00
53.50
165.70
168.20
183.00
248.00
326.70
399.00
428.50 |
1.00
0.50
0.50
0.60
1.00
2.00
0.70
1.60
1.50 |
3.46
2.04
3.64
3.26
4.09
3.11
6.95
47.58
101.85
14.31 |
| GT-14-03 |
Geophysical |
91.00 |
92.00 |
1.00 |
3.25 |
| * Down-hole thickness, true width varies depending on drill hole dip; most 2014 drill holes are intersecting the vein structures perpendicularly therefore down hole width are close to true width |
| ** 1.00 g/t Au cut-off; individual assay values uncut; no minimum thickness |
| |
To view complete tables of available composited results for these 2014 drilling programs please click on the following links:
http://www.integragold.com/i/pdf/2014-Composites-Compilation-Triangle-Condemnation_Final.pdf
http://www.integragold.com/i/pdf/2014-Composites-Compilation-Geophysical-Targets_Final-x.pdf
Summary of Triangle Infrastructure Condemnation Drilling Program
The Company completed 1,951 m of drilling in 10 drill holes as part of its Triangle infrastructure condemnation drill program. Holes testing the area of the proposed waste dump, stockpiles, ventilation raise, and office returned no significant assays meaning at this time there are no major planned changes to the infrastructure plan at Triangle.
Two of the holes testing the location of the proposed Triangle ramp respectively 120 m and 200 m from the Triangle resource limits intersected significant mineralization as reported above. This mineralization is interpreted to be an extension of the modelled Triangle gold bearing zones hosted within volcanic units.
The large grade variance witnessed in these initial results is consistent with mineralization throughout the Company's deposits, and is especially encouraging due to the presence of the one very high grade intercept. The new zones could represent a significant strike extension of the Triangle Deposit. The intercepts are below the proposed ramp location and do not interfere with its current design. Mineralization could likely be accessed without any substantial modifications to the existing plan.
In 2015 the Company will drill additional holes in the area to test and further define these extensions and determine their relationship with the main Triangle Deposit.
Summary of Preliminary Geophysical Targets Drilling Program
In addition to condemnation drilling, the Company concurrently tested a number of grass-root geophysical targets. A total of 2,678 m of drilling was completed in 8 holes. Due to access issues with wet ground conditions the Company was unable to test the higher priority targets. Initial results on these targets did not identify additional mineralized plugs. Drilling will continue in 2015 once the ground is frozen and accessibility is no longer a concern.
The majority of holes intersected quartz-carbonate veins in volcanics but with limited tourmaline or pyrite mineralization which appears to be essential elements for the presence of gold mineralization. In addition to the intercepts listed in the table above, anomalous zones below 1 gram per tonnes gold (g/t Au) are also reported from two of the geophysical holes indicating that gold is present in the system.
The limited geophysical drilling program was the first real grass-roots program completed by the Company since 2011 and is judged to be a technical success. Numerous more pronounced and untested geophysical anomalies still require drill testing. The Company intends to test more of those anomalies in 2015 with the intention of discovering additional gold bearing zones similar to the Parallel, Plug No. 4 or Triangle zones.
Annual General Meeting
The Company is pleased to announce the results from its Annual General Meeting held in Vancouver on December 1, 2014, wherein 55,695,005 or 26.44% of votes were cast. The number of directors was set at five, and all existing directors were re-elected.
Morgan & Company LLP were also re-appointed as auditors and the stock option plan was approved.
Advance Notice Policy
The Company also announces that it has implemented a policy in respect of advance notice for the election of directors at meetings, wherein
- in the case of an annual general meeting (which may also be an annual and special meeting of shareholders), not less than 30 and not more than 65 days prior to the date of the annual general meeting; provided, however, that in the event that the annual general meeting is to be held on a date that is less than 50 days after the date (the "Notice Date") on which the first Public Announcement of the date of the annual general meeting was made, the Shareholder Notice may be given not later than 5 p.m. in the time zone of the Head Office on the tenth (10th) day following the Notice Date; and
- in the case of a special meeting (which is not also an annual meeting of shareholders) called for the purpose of electing directors (whether or not called for other purposes), not later than 5 p.m. in the time zone of the Head Office on the fifteenth (15th) day following the first Public Announcement of the date of the special meeting.
For further details of this policy, please contact the Corporate Secretary of the Company.
Project and Company Profile
Integra's Lamaque South Gold Project and Sigma-Lamaque Milling Complex and Mine are located adjacent and directly east of 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 exploration and development planning for its high-grade Lamaque South project. The Lamaque South property is divided into three resource clusters, the North, South and West cluster. The primary targets are the high-grade Parallel Zone in the North Cluster and the Triangle Zone in the South cluster. The acquired Sigma Mill, located 1 kilometer from the Parallel Zone and 3 kilometers from the Triangle Zone, is a fully-permitted, 2,200 ton per day mill and tailings facility. The Sigma-Lamaque Mill and Mining Complex include the historic Sigma and Lamaque Mines which operated for 60 and 40 years respectively and produced more than 9 million ounces of gold in total.
Qualified Person
The Lamaque South exploration project is under the direct supervision of Hervé Thiboutot, Eng. and Senior Vice-President of the Company, and Francois Chabot, Eng., Operations and Engineering Manager of the Company, both Qualified Persons ("QP") as defined by National Instrument 43-101, and Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., Geo. of Géologica Inc., both independent QPs as defined by National Instrument 43-101. The Company's QPs have approved the scientific and 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
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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.