Integra Resources Corp. [ITR-TSXV; IRRZF-OTCQB] on Thursday May 10 announced initial assay results from nine of 13 drill holes completed to date from its 2018 drill program on the DeLamar Gold and Silver Project in southwestern Idaho.
Initial results demonstrate continuity of certain structures within the DeLamar deposit. The results announced Thursday are from 2,903 metres of drilling from the approximate 20,000-metre exploration program underway in 2018.
Integra’s DeLamar Gold and Silver Project, hosts an inferred mineral resource of 3.54 million gold equivalent ounces at a grade of 0.71 g/t gold equivalent per tonne.
Integra acquired the DeLamar Gold and Silver Project from Kinross Gold Corp. [K-TSX; KGC-NYSE] in September 2017 for $7.5 million in cash and issued a number of shares equal to 9.9% of Integra’s outstanding equity.
In 2017, Integra outlined plans to spend $10 million on exploration this year at the DeLamar Project, including the 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.
On Thursday, the company said drilling has confirmed the continuity and expansion potential in both resource and grade within certain large zones on the margins of the current inferred resource that were not previously mined by historical operations.
Significant drill results from the Sullivan Gulch target within the DeLamar deposit include 1.20 g/t gold equivalent over 150.88 metres, 1.19 g/t gold equivalent over 140.21 metres and 1.05 g/t gold equivalent over 91.44 metres.
The drill program has been expanded to include two rigs that are currently active on site, including one reverse circulation drill rig, and one diamond drill rig, with a third drill rig expected to arrive on site in June.
The latest results are being announced after Integra recently completed a maiden NI 43-101-compliant resource estimate for its newly acquired Florida Mountain Gold and Silver Project, which is also located in southwestern Idaho.
Florida Mountain is located 8.5 km east of Integra’s DeLamar Gold and Silver Project.
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 g/t.
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 Kinross Gold for US$1.6 million.
Shares of Integra, formerly known as Mag Copper Ltd., rose 3.26% or $0.03 to 95 cents on Thursday. The stock is trading in a 52-week range of $1.40 and 85 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.