Integra Resources Corp. [ITR-TSXV; IRRZF-OTCQB] on Thursday November 19 released a series of high-grade gold-silver assays from the 2020 drill program in the War Eagle Mountain area near the companyâ€™s DeLamar Gold and Silver Project in southwestern Idaho.
Highlights include 24.20 g/t gold and 655.06 g/t silver over 7.62 metres north of 2019 drilling at War Eagle.
â€œThe drill results announced today once again demonstrate the occurrence of high-grade gold and silver at War Eagle, highlighting the potential for high-grade resource expansion at the DeLamar Project,â€ said Integra President and CEO George Salamis.
â€œThese drill results further confirm the presence of a high-grade, steeply dipping mineralized structure in the location of the 2019 drill program,â€™â€™ he said. â€œMultiple intercepts of high-grade gold and silver were encountered in follow-up drilling and suggest the potential for high-grade gold-silver continuity in the north-northwest striking structure,â€ he said.
On Thursday, Integra shares advanced on the news, rising 4.2% or $0.18 to $4.43 in light volume. or $0.05 to $1.20. The shares are currently trading in a 52-week range of $5.90 and $1.52.
Integra acquired the DeLamar Gold and Silver Project from Kinross Gold Corp. [K-TSX, NYSE]Â in September, 2017 for $7.5 million in cash and issued a number of shares equal to 9.9% of Integraâ€™s outstanding equity.
Since acquiring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain gold and silver deposits, the company says it has demonstrated significant resource growth and conversion while providing a robust economic study in its maiden preliminary economic assessment (PEA).
The PEA envisages a production scenario focused primarily on resources that are amenable to heap leaching with a proposed 27,000 tonnes-per-day heap leach facility complemented by a 2,000 tonnes per day milling facility.
According to the PEA, that operation would be capable of producing 124,000 ounces of gold equivalent annually in the first 10 years of its life span at an all-in-sustaining cost of US$619 per ounce net of silver by-product or US$742 an ounce on a gold equivalent co-product basis.
The initial capital expenditure is estimated to be $213 million (US$161 million).