VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 17, 2013) - Integra Gold Corp. (News - Market indicators) ("Integra" or the "Company") is pleased to announce that it has initiated a 3,000 meter ("m") drill program on a new exploration target known as the South Triangle. The target is located approximately 500 m directly south of the Triangle Zone on the Lamaque Gold Project located in Val d'Or, Quebec. The proposed 9-hole drill program may be expanded once initial results have been received. This program is included in the 20,000 m drilling the Company anticipates completing in 2013.
The South Triangle target is highlighted in the attached property geophysical map and can be viewed by clicking on the following link:
http://media3.marketwire.com/docs/icg717-F1.pdf
The South Triangle target was generated through a recent compilation and reinterpretation of an airborne magnetic survey undertaken by Kalahari Resources in 2006, results from geological mapping and surface sampling completed in 2012 and an in depth review of other historic exploration information. This processing of magnetic data has generated multiple new targets which have similar geophysical signatures to known intrusive "Plugs" in the immediate vicinity.
Intrusive plugs were the main host rock for gold mineralization at the Lamaque Mine. The Lamaque Mine's "Main Plug," only a few hundred meters northwest of Integra's Lamaque Project, accounted for more than 3.7 million ounces of the mine's total production between 1935 and 1985 while it was operated by Teck Hughes Gold Mines Ltd. and later Teck Resources Ltd. ("Teck").
A number of shallow, "blind" exploratory holes were drilled in the vicinity of the South Triangle historically, much like what was done previously at the Triangle Zone, but because of the lack of outcrop and unavailability of modern-day exploration techniques and technology, no discoveries were made. It is important to note that the Triangle and South Triangle Zones were not part of Teck's original land package (Lamaque Mine and surrounding area), therefore these areas did not receive the same level of exploration, including geophysical surveys, as the claims included in Lamaque Mine and surrounding area.
"The fact that we can still generate exciting, drill-worthy targets in a mature district and within close proximity to our existing deposits, speaks to the underexplored aspect and near term potential of the Lamaque Gold Project," commented Company President and CEO, Stephen de Jong. "This also demonstrates that a new approach, utilizing modern day technology combined with creative thinking from our geological team continues to increase our chances of exploration success at our flagship project."
South Triangle Target Information
The South Triangle is geophysically defined as an east-west elongated high magnetic anomaly some 500 m long, 200 m wide in a north-south direction, with preeminent low magnetic zones on either sides of the high mag. The anomaly is fairly similar in size and characteristics to the Triangle Zone 500 m to the north. See map in link above for details.
Along with the geophysical targeting, mapping and surface sampling of the area identified weakly mineralized veins located in mafic volcanics and intermediate pyroclastic rocks which although only anomalic in gold on surface, represent the same "wall rock" surrounding the gold bearing intrusive zone found at the Triangle Zone. It is anticipated that the intrusive units are present either laterally or at depth from the surface volcanic rock exposures at South Triangle.
The Company continues to conduct an in depth review of substantial amounts of historic data which led to the discovery of drilling data from the 1940s, when 4 widely spaced holes totalling 995 m were drilled by Rocdor Mines Limited in the South Triangle area. The holes do not appear to have properly tested the geophysical anomalies as they were located on the edges of the new South Triangle target area. A relatively small number of samples (144) were collected from this drill program with values of 2.4 g/t gold ("Au") over 0.61 m and 3.09 g/t Au over 0.79 m mentioned in the drill log from hole E-005. The gold bearing intercepts are described as being quartz-tourmaline-pyrite veins in porphyritic intrusive units which are identical to other gold bearing zones at Lamaque.
In addition, two drill casings, apparently from NQ drilling dating back from 2007, were located in the field close to the main high magnetic geophysical anomalies but information for this drill program is not available. With the recent geophysical interpretation from the Triangle Zone data indicating that gold mineralized veins are associated to the boundaries of high magnetic anomalies, or internal zones of low magnetic within the high mag, the 2007 drill holes appear to have missed the target now being tested.
2013 Lamaque Drill Program
Planned drilling for 2013 at the Lamaque project consists of a minimum of 20,000 m. Aside from drilling the South Triangle exploration target, drilling is also planned for the Mine No. 3 target and the No. 5 Plug. A second rig is anticipated to start drilling at the Mine No. 3 target in the next few weeks; details on this new target and drilling program will be given closer to the start-up date.
Project and Company Profile
Integra's Lamaque Gold Project is located in the heart of the Val d'Or gold camp 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 objective is to continue to prove up additional resources while advancing the existing resource towards production. The project is split into two clusters, the North Cluster and the South Cluster, located approximate 1 km from each other. The Lamaque Project's primary target, the South Cluster, is 4 km from the City of Val d'Or.
Qualified Persons
The Lamaque exploration project is under the direct supervision of Hervé Thiboutot, P.Eng. and Senior Vice-President of the company, Francois Chabot, Eng. and Manager Operations of the Company, both Qualified Person ("QP") as defined by National Instrument 43-101, Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., Geo. of Geologica Inc., both independent QP as defined by 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 ALS Laboratory Group and Bourlamaque Labs 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 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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Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release constitutes forward-looking statements. 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 required to complete the private placement and Company's planned exploration activities, that the Company is able to complete the private placement, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities 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, that the private placement will not be completed, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. 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.
