Integra Resources Corp. [ITR-TSXV; IRRZF-OTCQB] has announced more results from recent drilling on its DeLamar gold and silver project in southwestern Idaho.
Highlights included step out drill hole IDM18-59, which intersected 2.53 g/t gold equivalent (1.71 g/t gold and 69.03 g/t silver) over 109.73 metres. This hole was collared 400 metres from the limit of the current inferred resource boundary and over 260 metres from the closest drill hole in the Sullivan Gulch area. This step-out hole adds a further 260 metres of strike potential in an area with no previous drilling, opening the zone for further potential resource expansion.
The project, hosts an inferred mineral resource of 3.54 million gold equivalent ounces at a grade of 0.71 g/t gold equivalent.
Integra acquired the DeLamar 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. 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 +15 g/t gold.
“Drilling at DeLamar continues to show the expansion potential on what is already a huge mineral endowment,” said Integra CEO George Salamis in a Thursday January 10, 2019 press release.
On Friday, Integra shares rose 1.15% or $0.01 to 88 cents. That’s up from the January 9, 2019 close of 80 cents. The shares are currently trading in a 52-week range of $1.40 and 62 cents.
“This is a big system and due to little exploration ever taking place as a result of the DeLamar Mine being in operation during a period of depressed commodity prices, Integra has been consistently discovering new, large areas of mineralization within a stone’s throw of existing infrastructure,” Salamis said.
The latest round of drill assays from Sullivan Gulch are from two drill holes located to the south of drill results that were previously disclosed in September 2018.
Due to these new assays, the company has elected to defer drilling planned for other areas of DeLamar in order to immediately focus on the Sullivan Gulch infill and step-out drilling, with the goal of driving further 2019 resource expansion.
“Management finds it prudent to delay the commencement of the resource estimate update from the first quarter of 2019 to the second quarter of 2019 to allow for further drilling in Sullivan Gulch,” the company said in a press release.
The new 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, also located in southwestern Idaho.
Florida Mountain is 8.5 km east of the DeLamar 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 grading 0.74 g/t gold.
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.