Press Release Highlights: - Triangle deposit (3.0 g/t Au cut-off): indicated resources increased 17.5% from 627,810 gold ("Au") ounces to 737,590 Au ounces grading 7.01 g/t Au and inferred resources increased 15.2% from 871,530 Au ounces to 1,004,170 Au ounces at an average grade of 6.94 g/t Au.
- Triangle deposit (5.0 g/t Au cut-off): indicated resources increased 15.2% from 503,420 Au ounces to 580,150 Au ounces grading 8.96 g/t Au and inferred resources increased 14.5% from 676,960 Au ounces to 774,880 Au ounces at an average grade of 9.03 g/t Au.
- 23,800 meters ("m") of new drilling incorporated into resource estimate announced today. Next resource estimate (Q1 2017) will incorporate an additional 105,000 m (290 drill holes) of diamond drilling at the Triangle deposit ("Triangle") with an estimated assay database cut-off date of December 31, 2016.
- Triangle indicated and inferred resources are now 247% and 505% larger, respectively, than the resource estimate used for the Company's most recent PEA (January 2015, 5 g/t Au cut-off). An updated PEA using the resource estimate announced today is underway with an expected completion date in early Q1 2017.
- Not included in the Lamaque Property global resource estimate summary (Tables 1 and 2) are the lower grade vein clusters at the No. 4 Plug deposit ("P4 Clusters") which account for indicated resources of 185,720 Au ounces grading 3.93 g/t Au and inferred resources of 188,900 Au ounces grading 3.12 g/t Au. When included in the total for the Lamaque Property resource estimate, global indicated resources increased by 13% while global inferred resources increased by 44%.
- Six drill rigs currently active on the Lamaque Property, 22,550 m in drill assays currently pending, Lamaque Deep hole has reached target depth of 2,200 m and first wedge is planned to start shortly, exploration decline has advanced 370 m towards Triangle and the Company has $43 million in the treasury not including marketable securities.
Integra Gold Corp. (TSX-V: ICG) ("Integra" or the "Company") is pleased to announce that it has completed a global resource estimate on its 100% owned Lamaque South Gold Project ("Lamaque" or the "Property") in Val-d'Or, Qubec. This update includes resource estimates on the Triangle, No. 4 Plug, Sixteen, Fortune, No. 6 Vein, and Parallel deposits. Resource estimation work was completed by Christian D'Amours of GeoPointCom, Val-d'Or, Qubec.
The resource estimates announced today will be used for an updated Preliminary Economic Assessment ("PEA") which the Company anticipates completing in early Q1 2017. Management felt it was prudent to move forward with both the resource estimate announced today and the subsequent PEA as this resource represents a three-fold increase when compared to the resource used for the previous PEA (see news release dated January 13, 2015).
In the mine plan outlined in the Company's January 2015 PEA, a total of 228,000 Au ounces were recovered from the Triangle deposit and 62,000 Au ounces recovered from the No. 4 Plug deposit ("No. 4 Plug"). The Triangle resource estimate (at 5 g/t Au cut-off) as of today's disclosure is at 580,150 Au ounces indicated and 774,880 Au ounces inferred, respectively 247% and 505% larger than the resource estimate used in the January 2015 PEA and 15.2% and 14.5% larger than the Company's November 2015 resource estimate.
A total of 23,800 m of drilling completed at the Triangle deposit was included in the resource estimate announced today. An additional 105,000 m of Triangle drilling (approximately 70% infill / 30% step-out) was not included in this resource estimate which is expected to have a material impact on the next Lamaque resource estimate. Modelling work to incorporate these new results has already begun with an updated resource estimate expected to be completed in late Q1 2017.
Based on the orientation of the steeply dipping C Structures as outlined in this updated resource, the Company is anticipating a mine plan for the upcoming PEA in which a minimum of 80% of the gold at Triangle will be potentially amenable to being mined by way of long-hole mining methods. The previous mine plan prepared for Triangle projected that less than 30% of the gold to be mined by way of long-hole mining methods.
"Our exploration team has done an outstanding job in delivering consistent resource growth year after year and based on the exceptional expansion and infill drill results we've had since the database for this resource estimate closed, we are optimistic this trend will continue," commented Company President and CEO, Stephen de Jong. "As Triangle continues to prove itself as the backbone of our Company we are also encouraged by what we are seeing at the No. 4 Plug and other satellite deposits as we continue to execute on our strategy of proving up the case for an expanded mine plan which draws mill feed from multiple sources. The exploration ramp which will be used for close spaced underground drilling of the Triangle deposit as well as a bulk sample and resource reconciliation work continues to advance towards the deposit, with 370 m of the main ramp completed to date." |