Integra Resources Corp. [ITR-TSXV.ITR, IRRZF-OTCQB] said Thursday February 8 that it has completed a maiden NI 43-101-compliant resource estimate for its newly acquired Florida Mountain Gold and Silver Project in southwestern Idaho.
Florida Mountain is located 8.5 km east of Integra’s DeLamar Gold and Silver Project, which hosts an inferred mineral resource of 3.54 million gold equivalent ounces at a grade of 0.71 g/t gold equivalent/tonne.
Integra said Florida Mountain hosts an inferred mineral resource of 36.6 million tonnes grading 0.57 g/t gold and 14.12 g/t silver, for a total of 675,000 ounces of gold and 16.6 million ounces of silver, or 871,000 gold equivalent ounces at a grade of 0.74 grams per tonne.
Integra acquired a 100% royalty-free interest in claims that encompass a historic underground mine at the Florida Mountain Project in January, 2018. It bought the claims from [K-TSX, NYSE] for US$1.6 million.
Shares of Integra, formerly known as Mag Copper Ltd., advanced on news of the Florida Mountain resource estimate, rising 1.48% or $0.02 to $1.37. The stock is trading in a 52-week range of $1.40 and 96 cents.
For the purposes of NI 43-101 reporting, Florida Mountain and DeLamar are now considered to be part of the global DeLamar Project, based on the reasonable expectation that if put into production, and as in the past, the two deposits would likely share common infrastructure, the company said.
Integra acquired the DeLamar Gold and Silver Project from Kinross Gold in September, 2017 for $7.5 million in cash and issued a number of shares equal to 9.9% of Integra’s outstanding equity.
The two projects are connected by an all-weather road that was used historically by Kinross to transport mineralized material from Florida Mountain to DeLamar.
Historical underground mining at Florida Mountain from the 1830s to 1910s produced a total of 133,000 ounces of gold and 15.4 million ounces of silver. Modern open pit mining was conducted by Kinross Gold in the 1990s and produced an additional 124,500 ounces of gold and 2.6 million ounces of silver.
However, due to low metal prices, the open pit was closed in 1998, and the Florida Mountain Project, as an extension of the DeLamar Project, was placed on care and maintenance.
Integra Resources said Florida Mountain exhibits significant exploration upside, remaining open at depth, with limited historical drilling below 150 metres. It says available drill hole data from the 1990s includes intercepts which have intersected a series of deeper high-grade veins.
Highlights include Hole FT10, which returned 45.72 metres, grading 1.99 g/t gold and 97.13 g/t silver, including 3.05 metres grading 14.05 g/t gold and 54.85 g/t silver.
In 2017, Integra outlined plans to spend $10 million on exploration this year at the DeLamar Project. The plan includes 20,000 metres of drilling designed primarily to test the down-dip and on-strike extensions of the historic high-grade veins mined between 1889 and 1914.
Historic records report that these veins produced approximately 700,000 ounces of gold and 50 million ounces of silver at a cut-off of plus 15 g/t gold.