Integra Resources lays out drilling plans for Wildcat deposit, Nevada
Integra Resources Corp. [TSXV-ITR; NYSE-ITRG] provided an overview of the coming exploration drill campaign at the Wildcat deposit, which combined with the Mountain View deposit form the Nevada North project. Wildcat is located within the Farrell mining district in northwest Nevada, 56 km (approximately 35 miles) north of the town of Lovelock, Pershing County.
The 17,612-acre land package consists of 916 unpatented claims and four patented claims. Mineralization at Wildcat consists of a gold-dominated, low-sulphidation, epithermal vein system with disseminated oxide, transition and non-oxide mineralization hosted in permeable volcanic and intrusive rocks.
The company intends to complete an approximately 2,000-metre phase 1 exploration drill program at Wildcat, commencing in June 2024. The drill program is designed to test the oxide mineralization adjacent to the existing mineral resource at Wildcat, while also testing the high-grade breccia target which is believed to be the feeder source of gold mineralization at Wildcat.
The planned drill program is the first time Integra’s team will complete a significant follow-up exploration program since the company acquired the project as part of the merger with Millennial Precious Metals in 2023. The company believes that phase 1 drilling has the potential to significantly increase the existing mineral resource at Wildcat by testing high-priority targets that could not be drilled previously due to permit restrictions.
Highlights: Wildcat currently hosts a mineral resource of 746,297 oz gold and 6,437,869 oz silver or 829,152 oz of gold equivalent in the measured and indicated category (M&I) (59,872,806 tonnes at 0.39 g/t Au and 3.34 g/t Ag) and 209,662 oz Au and 1,980,129 oz Ag or 235,146 oz AuEq in the inferred category (inferred) (22,455,848 tonnes at 0.29 g/t Au and 2.74 g/t Ag).
The 2023 Nevada North preliminary economic assessment (PEA) demonstrated strong project economics including an after-tax net present value (5%) of US$310 million ($409 million) and a 37% after-tax internal rate of return (IRR) using base case metal prices of US$1,700/oz Au and US$21.50/oz Ag.
Using recent metal prices of US$2,000/oz Au and US$23/oz Ag, the Nevada North project delivers an after-tax NPV (5%) of US$490 million ($647-million) and an approximately 54% after-tax IRR.
Previous drilling at Wildcat completed by Millennial focused primarily on the Main Hill target which hosts the existing mineral resource. The coming drill campaign will test multiple underexplored targets outside the Main Hill area at Wildcat, which have demonstrated the potential to host additional mineralized material at Wildcat.
The 2,000-metre phase 1 exploration drill program will focus on achieving three main objectives: oxide resource expansion: The 2022 exploration program at Wildcat completed by Millennial increased the mineralized footprint from approximately 1.5 km by 1.5 km to approximately three km by two km through the collection of approximately 850 rock samples. The 2024 drill program will be the first time the expanded mineralized footprint will be drill tested by the company with the goal of increasing the oxide mineral resource in future studies.
Testing high-grade Breccia Pipe target at depth: Significant geophysical, magnetic and chargeability anomalies were interpreted below post-mineralization basalts 800 metres north from the Main Hill resource. These anomalies are interpreted to be the potential location of high-grade epithermal feeder veins which will be drilled as part of the phase 1 program. A discovery at the Breccia Pipe target has the potential to materially augment both the size of the mineral resource and potential future economics at Wildcat.
Metallurgical and geotechnical testing: Strategic drilling will be executed within the proposed PEA pit to collect additional material for future economic studies. Integra has observed a strong correlation at Wildcat between the presence of historical mines and the location of mineralization. Of the approximately 25 historical mines and adits located on the property, only eight are located within the proposed PEA pits, suggesting a strong potential for new areas of mineralization at the targets designated for drilling in 2024.
Jason Kosec, president, CEO and director of Integra, commented: “We are excited to kick off the much-anticipated 2024 drill program at Wildcat. The planned program is the first significant exploration drilling program at Wildcat since the deposit was explored by Millennial in 2022, when five new mineralized targets were discovered outside the 2023 PEA pit. We believe this drill program has the potential to significantly increase the near-surface oxide mineral resource which will enhance future economics at Wildcat. Moreover, the discovery of the main feeder zone could be a potential game changer for Wildcat, altering the scope of what we currently know about the potential size of the deposit.”
In 2022, Millennial completed both drilling and a detailed mapping and sampling program at Wildcat. The sampling program included detailed surface mapping, a robust rock chip sampling program (approximately 850 samples, approximately 23% of samples returned grades above 0.1 g/t Au) and detailed compilation of historic data. The mapping program successfully increased the mineralized footprint at Wildcat from approximately 1.5 km by 1.5 km to approximately three km by two km.
The 2024 exploration drill program at Wildcat will test the expanded mineralized footprint at Wildcat identified by Millennial in 2022. The drill program will focus on greenfield exploration targets that have the potential to expand the oxide mineral resource at Wildcat. Material will also be collected for metallurgical and geotechnical testing to be used in future studies.
Wildcat can be accessed year-round by roads from Lovelock via State Route 399 and Seven Troughs Road. The 17,612-acre land package consists of 916 unpatented claims and four patented claims. The claims are located on publicly owned lands administered by the U.S. Bureau of Land Management.