Integra Resources Corp. [ITR-TSXV; ITRG-NYSE American] reported drill results from 21 additional drill holes, representing 860 metres, from the recently completed stockpile drilling program at the DeLamar project located in southwestern Idaho. The previously announced share consolidation which, following the receipt of final regulatory approvals, is now expected to become effective May 26, 2023.
The stockpile drilling program at DeLamar was designed to test a large portion of the estimated 60 million tonnes (Mt) of mineralized material that was stockpiled and/or used as backfill at the project. The company believes that additional oxide-and-mixed material from the stockpiles and backfill at DeLamar has the potential to significantly increase the heap leach mine life of the project in future phases and further bolster the robust economics presented in the company’s 2022 prefeasibility study.
Integra is currently focused on achieving several key milestones in 2023, including an updated mineral resource estimate and the submission of the mine plan of operations at DeLamar, as well as an updated mineral resource estimate and preliminary economic study at the Wildcat and Mountain view projects, located in western Nevada.
The stockpile drilling program at DeLamar was completed in April 2023, and consisted of 321 holes, totalling 12,588 metres.
The latest drill results from DeLamar (North DeLamar, Sommercamp, Stockpile 1 and 2) include drill hole NDM-23-118 that returned 0.38 g/t gold and 22.52 g/t silver (0.67 g/t gold equivalent (AuEq)) over 80.77 metres.
WD1-23-299: 0.31 g/t Au and 20.63 g/t Ag (0.58 g/t AuEq) over 48.77 m. NDM-23-199: 0.29 g/t Au and 14.34 g/t Ag (0.48 g/t AuEq) over 85.34 m. NDM-23-021: 0.21 g/t Au and 22.61 g/t Ag (0.50 g/t AuEq) over 54.87 m. NDM-23-053: 0.26 g/t Au and 20.91 g/t Ag (0.53 g/t AuEq) over 50.29 m.
The latest drill results from Florida Mountain (Jacobs Gulch and Tip Top) include JG-23-027 that returned 0.38 g/t Au and 11.85 g/t Ag (0.53 g/t AuEq) over 27.43 m. JG-23-075: 0.34 g/t Au and 15.25 g/t Ag (0.54 g/t AuEq) over 21.34 m. JG-23-100: 0.33 g/t Au and 6.04 g/t Ag (0.40 g/t AuEq) over 70.10 m.
Observations are consistent with previously reported results from the stockpile drilling program, with results demonstrating excellent gold equivalent grade and drill intercept widths with strong continuity throughout the material.
Final drill samples have been shipped to the assay lab and estimation work has commenced for the updated mineral resource estimate at DeLamar, including results from the stockpile drilling program.
Results from 8,229 metres, representing 226 drill holes, have yet to be released.
Integra’s president, CEO and director, Jason Kosec, commented: “The successful completion of the stockpile drilling program this winter required a monumental effort and we are extremely thankful for our industry-leading team at site. Overall, the drill program was a resounding success with the results exceeding our original estimates and modelling in terms of grade and continuity. The updated resource estimate, including results from the stockpile drill program, is expected to demonstrate the potential for the material to significantly increase the heap leach mine life in future phases as well as enhance the overall project economics at DeLamar.”
In connection with the previously announced at-market merger of Integra and Millennial Precious Metals Corp. by way of a court-approved plan of arrangement that was completed on May 4, 2023, the company will consolidate all of its common shares on the basis of one new postconsolidation common share for every 2.5 existing preconsolidation common shares.
The board of directors have approved the consolidation, which will be effective as of May 26, 2023. The consolidation reduces the number of outstanding common shares from 171,943,828 to approximately 68,777,531.
As required by the warrant indenture in respect of the listed Millennial warrants, Integra has entered into a supplemental warrant indenture in respect of such warrant indenture governing the listed Millennial warrants.
Integra is currently focused on advancing its three flagship oxide heap leach projects: the past-producing DeLamar project located in southwestern Idaho and the Wildcat and Mountain View projects located in western Nevada. The company also holds a portfolio of highly prospective early-stage exploration projects in Idaho, Nevada and Arizona.