RE:NR - Integra Gold Announces $4.0 Million Private Placement There is one thing in todays NR I liked, “Use of proceeds”.
Commence phase 1 drill testing of multiple, magnetic-high geophysical targets that have similar characteristics to the Triangle and No. 4 plug deposits. A number of these targets have never been tested.
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At the PDAC we talked about that target just S/E of the #4 plug and N/E of the Triangle Zone, this zone was always of great interest to me. It was suggested this zone could be connected at depth to the #4 plug and Triangle Zone. Who knows,,,, this is what exploration is all about. I know Herve has wanted to drill in this area but had to focus on the known zones.
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Time will tell
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"We are very encouraged by the initial response to this offering and look forward to a busy second half of the year. (60,000 MT of drilling) ? We have been eagerly awaiting the chance to test a number of high-priority geophysical targets and now with our Parallel and Triangle programs complete, we have an opportunity to do so," commented company president and chief executive officer Stephen de Jong.
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Lamaque Project New Discoveries Potential
Potential for further discoveries through the use of modern geophysics, along with further compilation of historical data, exists as Integra is the first company to consolidate this highly prospective land package which for over 80 years has had fragmented under multiple claim ownerships. The Triangle Zone, only 2km from over 9 million ounces of historic production by Teck and Placer Dome, was discovered through the use of geophysics. The intrusive "Plug" targets contain significant amounts of magnetite and therefore have a very strong magnetic signature. The ground above the Triangle Zone, and for most of the terrain at out Lamaque project, is swampy with little outcrop, meaning there was not much for prospectors to see from surface. The Sigma and Lamaque mines were discovered because both of the deposits "day-lighted" or came to surface. The Company has the data from a 2006 magnetic airborne geophysical survey which will be used to guide future exploration programs in the pursuit of new discoveries.