Integra Adds 3.9 Moz AuEq to M&I Category, and Reports 0.5 Moz AuEq in Inferred Catagory in NI 43-101 Resource Estimate Update at the DeLamar Project Integra’s latest gold and silver resource estimate at the DeLamar Project is a significant milestone for the Company that has
Integra Adds 3.9 Moz AuEq to M&I Category, and Reports 0.5 Moz AuEq in
Inferred Catagory in NI 43-101 Resource Estimate Update at the DeLamar
Project
Integra’s latest gold and silver resource estimate at the DeLamar Project is a significant milestone for the Company that has
de-risked the project and demonstrated the strength of the underlying gold-silver resource. The resource estimate expands the
gold and silver resource at the Project with vectors to areas of potential future resource expansion and upside.
Press Release Highlights:
• 3.9 Moz AuEq (2.4 Moz Au, and 116.5 Moz Ag) upgraded from inferred into measured and indicated category
(“M&I”) in the DeLamar Project global (DeLamar Deposit + Florida Mountain Deposit) resources, with an average grade
of 0.70 g/t AuEq (0.43 g/t Au, 21.0 g/t Ag) employing a 0.2 g/t AuEq cut-off for oxide/transitional resources, and a 0.3
g/t AuEq cut-off for unoxidized resources
◦ DeLamar Project global inferred resources updated to 501,000 oz AuEq (343,000 oz Au, 12,240,000 oz Ag)
at an average grade of 0.55 g/t AuEq (0.38 g/t Au, 13.5 g/t Ag) employing a 0.2 g/t AuEq cut-off for
oxide/transitional resources, and a 0.3 g/t AuEq cut-off for unoxidized resources
• Approximately 90% of the DeLamar Project global resources have now been upgraded to an M&I category
• DeLamar Project global M&I and inferred oxide and transitional resources (0.2 g/t AuEq cut-off), targeted for potential
heap-leach processing in the upcoming PEA, are:
◦ 1,776,000 oz AuEq (1,142,000 oz Au, and 49,239,000 Ag) M&I resources at an average grade of 0.59 g/t AuEq
(0.38 g/t Au, and 16.5 g/t Ag), and 151,000 oz AuEq (108,000 oz Au, 3,320,000 oz Ag) inferred resources at an
average grade of 0.43 g/t AuEq (0.31 g/t Au, 9.5 g/t Ag)
• DeLamar Project global M&I and inferred unoxidized resources (0.3 g/t AuEq cut-off), targeted for potential mill
processing in the upcoming PEA, are:
◦ 2,100,000 oz AuEq (1,234,000 oz Au, 67,275,000 oz Ag) M&I resources at an average grade of 0.82 g/t AuEq
(0.48 g/t Au, 26.2 g/t Ag), and 350,000 oz AuEq (235,000 oz Au, 8,920,000 oz Ag) inferred resources at an
average grade of 0.63 g/t AuEq (0.42 g/t Au, and 16.0 g/t Ag)
• All resources are pit constrained with a low average overall strip ratio of 1.83 : 1 (2.05 : 1 for the DeLamar Deposit,
and 1.31 : 1 for the Florida Mountain Deposit)
• Updated resource estimate highlights excellent exploration potential for expansion laterally, on-extension, and at depth
in multiple high-quality targets such as Sullivan Gulch, Milestone, and Northern and Southern Extensions of Florida
Mountain. One drill rig is currently active at the DeLamar Deposit, with half of the 20,000 m drill program for 2019
completed
• This resource estimate will be included with ongoing metallurgical test-work, engineering, and environmental studies
into the DeLamar Project’s maiden PEA, scheduled for completion in September 2019
VANCOUVER, British Columbia, June 17, 2019 -- Integra Resources Corp. (TSXV:ITR ; OTCQX:IRRZF) (the “Company” or
“Integra”) is pleased to announce that it has completed a NI 43-101 resource estimate update for its 100% owned DeLamar
Project (the “Project”) located in southwest Idaho. For the purposes of NI 43-101 reporting, the Florida Mountain Deposit
(“Florida Mountain”) and the DeLamar Deposit (“DeLamar”) are considered to be part of the global DeLamar Project, based on
the reasonable expectation that if put into production the two Deposits would likely share common infrastructure, as was done
in the past. The study incorporates over 250,000 meters of drilling conducted by Kinross Gold and its predecessors, in
addition to roughly 30,000 meters of drilling conducted by Integra.
George Salamis, President and CEO of Integra, commented, “This latest resource estimate has far exceeded our expectations
in terms of both highlighting a significant resource conversion from inferred to M&I categories, along with demonstrating overall
global gold-silver resource growth. Upgrading the DeLamar Project resource from what was previously in a 100% inferred
resource category to what is now 90% in a M&I resource category with a much higher confidence level represents a crucial
and hugely positive step in the de-risking process of this Project. This was achieved in less than 18 months from project
acquisition and represents a huge step forward for the DeLamar Project and Integra shareholders. During this conversion
process we were able to upgrade the resource to M&I without losing gold and silver ounces in the conversion process, which is
not often the case in resource estimation. The overall resources, in fact, have grown substantially since the last resource
estimate, and the Project now boasts close to 4 Moz AuEq in M&I and 0.5 Moz AuEq in inferred resources, positioning it into
a very rare group as there are only a handful of projects in North America with this size of resource.”
Mr. Salamis added, “The significant up-grade in resources at the DeLamar Project now paves the way for a PEA to be
delivered in September, a PEA that we believe will be more robust as it has been meaningfully de-risked by a large M&I
resource. This is the first resource the Company has published that portrays resource information by oxidation level, and we
have been pleasantly surprised by both the overall size of the portion of the resource potentially amenable to heap leaching,
and by the ongoing metallurgical results that have continued to trend to the upside of our original expectations. This significant
resource up-grade at a low strip ratio paves the way for future feasibility studies, post-PEA, that will likely not require massive
drill programs to better define resources and reserves. Lastly, the exploration potential and upside for future resource growth at
the Project is more prospective than ever, with multiple areas hosting open-ended targets that highlight excellent expansion
potential. In every manner, this resource update is a significant step forward for the Project.”
Resource Overview
The maiden resource estimates on DeLamar and Florida Mountain completed in January of 2018 were calculated using the drill
database inherited from the previous project owners, a subsidiary of Kinross Gold Corp. This inherited drill database consisted
of approximately 2,430 drill holes (~251,000 meters of drilling) completed from the mid 1970s to the 1990s. 100% of the
maiden resource was reported in the inferred category.
In January 2018, Integra commenced a large exploration program at the DeLamar Project, which hallmarked the first
exploration drilling at DeLamar in approximately 25 years. The objective of the drill program was two-fold: (1) to test and
confirm the inferred resource for the purposes of resource conversion and up-grading from inferred to M&I category; and (2) to
expand the resources along the margins of the DeLamar and Florida Mountain Deposits.
The resource estimate update announced today has been significantly upgraded from the initial inferred resources reported
previously. This reflects the data added to the Project through the successful confirmatory drilling, comprehensive relogging of
historical drill holes, and continued compilation of historical geological information. This allowed for detailed lithological,
structural, and oxidation modeling, as well as the completion of new metallurgical test-work, all of which forms the basis of the
current mineral resource estimates at DeLamar and Florida Mountain. Additionally, further detailed documentation of the final
pit topographies was sourced and used to created high-confidence ‘as-built’ surfaces of all of the historical open pits at the
DeLamar project. The entirety of this new information, coupled with the overall tight-spaced historical drilling, led to the re-
classification and upgrading of a large proportion of the Project resources to the M&I category.
Incorporated in today’s NI 43-101 resource estimate update along with the inherited drill databases are 93 drill holes,
representing roughly 30,000m of drilling conducted by Integra since Q1 2018. Resource work for this update was completed by
Mine Development Associates (“MDA”) of Reno, Nevada, under the supervision of Michael Gustin, an independent Qualified
Person under NI 43-101. A final 43-101 Technical Report will be filed on SEDAR within 45 days.
To view an image of the DeLamar Deposit resource broken out by resource category, please click the following link:
https://www.integraresources.com/site/assets/files/2572/dela_resource_block_vuse.pdf
To view an image of the DeLamar Deposit resource broken out by oxidation state, please click the following link:
https://www.integraresources.com/site/assets/files/2572/dm_oxidation_vuse.pdf
To view an image of the Florida Mountain Deposit resource broken out by resource category, please click the following link:
https://www.integraresources.com/site/assets/files/2572/fm_resource_block_vuse.pdf
To view an image of the Florida Mountain Deposit resource broken out by oxidation state, please click the following link:
https://www.integraresources.com/site/assets/files/2572/fm_oxidation_vuse.pdf
DeLamar Project Mineral Resources
Table 1. DeLamar Deposit Gold and Silver Resources
Classification Tonnes g/t Au oz Au g/t Ag oz Ag g/t AuEq oz AuEq
Measured 14,481,000 0.51 238,000 36.4 16,942,000 0.98 456,000
Indicated 105,140,000 0.39 1,334,000 23.4 79,241,000 0.69 2,354,000
Measured +
Indicated 119,621,000 0.41 1,572,000 25.1 96,183,000 0.73 2,810,000
Inferred 21,291,000 0.39 266,000 15.2 10,418,000 0.59 401,000
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. Oxidized and Transitional Mineral Resources are reported at a 0.2 g AuEq/t cut-off in consideration of potential open-pit
mining and heap-leach processing. Unoxidized Mineral Resources are reported at a 0.3 g AuEq/t cut-off in
consideration of potential open pit mining a milling / agitated leaching or flotation processing. The Mineral Resources
are constrained by pit optimizations.
3. Gold equivalent grades were calculated using the metal prices and recoveries presented elsewhere in this press
release.
4. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and
contained metal content.
5. The Effective Date of the Mineral Resources is May 1, 2019.
6. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues
Table 2. Florida Mountain Deposit Gold and Silver Resources
Classification Tonnes g/t Au oz Au g/t Ag oz Ag g/t AuEq oz AuEq
Measured 1,597,000 0.63 32,000 15.3 784,000 0.83 42,000
Indicated 51,147,000 0.47 772,000 11.9 19,547,000 0.62 1,024,000
Measured +
Indicated 52,744,000 0.47 804,000 12.0 20,331,000 0.62 1,066,000
Inferred 6,975,000 0.34 77,000 8.1 1,822,000 0.44 100,000
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. Oxidized and Transitional Mineral Resources are reported at a 0.2 g AuEq/t cut-off in consideration of potential open-pit
mining and heap-leach processing. Unoxidized Mineral Resources are reported at a 0.3 g AuEq/t cut-off in
consideration of potential open pit mining a milling / agitated leaching or flotation processing. The Mineral Resources
are constrained by pit optimizations.
3. Gold equivalent grades were calculated using the metal prices and recoveries presented elsewhere in this press
release.
4. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and
contained metal content.
5. The Effective Date of the Mineral Resources is May 1, 2019.
6. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues
Table 3. DeLamar Project Global (DeLamar + Florida Mountain) Gold and Silver Resources
Classification Tonnes g/t Au oz Au g/t Ag oz Ag g/t AuEq oz AuEq
Measured 16,078,000 0.52 270,000 34.3 17,726,000 0.96 498,000
Indicated 156,287,000 0.42 2,106,000 19.7 98,788,000 0.67 3,377,000
Measured +
Indicated 172,365,000 0.43 2,376,000 21.0 116,514,000 0.70 3,875,000
Inferred 28,266,000 0.38 343,000 13.5 12,240,000 0.55 500,000
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. Oxidized and Transitional Mineral Resources are reported at a 0.2 g AuEq/t cut-off in consideration of potential open-pit
mining and heap-leach processing. Unoxidized Mineral Resources are reported at a 0.3 g AuEq/t cut-off in
consideration of potential open pit mining a milling / agitated leaching or flotation processing. The Mineral Resources
are constrained by pit optimizations.
3. Gold equivalent grades were calculated using the metal prices and recoveries presented elsewhere in this press
release.
4. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and
contained metal content.
5. The Effective Date of the Mineral Resources is May 1, 2019.
6. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues
Project Sensitivity Analysis
Tables summarizing the grade and tonnage relationships at varying cut-off grades and oxidation states at the DeLamar Deposit
are linked below:
https://www.integraresources.com/site/assets/files/2572/del_re_sensitivity_vuse.pdf
Tables summarizing the grade and tonnage relationships at varying cut-off grades and oxidation states at the Florida Mountain
Deposit are linked below:
https://www.integraresources.com/site/assets/files/2572/fm_re_sensitivity_vuse.pdf
Resource Estimation Methodology and Parameters
• The gold and silver mineral resources at the DeLamar Project were modeled and estimated by:
◦ evaluating the drill data statistically;
◦ creating low-, medium- and high-grade mineral-domain polygons for both gold and silver on sets of cross
sections spaced at 30-meter intervals;
◦ pushing the sectional mineral-domain polygons three-dimensionally to the drill data within each sectional
window;
◦ slicing the three-dimensional mineral-domain polygons along 6-meter-spaced horizontal and vertical planes and
using these slices to recreate the gold and silver mineral-domain polygons on level plans and long sections,
respectively;
◦ coding a block model to the gold and silver domains for each of the two deposit areas using the level-plan and
long-section mineral-domain polygons;
◦ analyzing the modeled mineralization geostatistically to aid in the establishment of estimation and classification
parameters; and
◦ interpolating grades into models comprised of 6x6x6-meter blocks using the gold and silver mineral domains to
explicitly constrain the grade estimations.
• The DeLamar Deposit and Florida Mountain Deposit mineral resources have been constrained to lie within optimized pit
shells created using metal prices of USD $1,400/ounce of gold and USD $18/ounce of silver. For reporting purposes
within this press release, these metal prices were also used to calculate the gold equivalent grades and gold equivalent
ounces disclosed in this press release, with the formula g/t AuEq = g/t Au + (g/t Ag ÷ 77.7)
• Additional inputs for the pit-optimizations include: Mining - $2.20/tonne mined, Heap Leaching - $3.35/tonne; Milling and
Agitated Leach - $11.00/tonne processed, Flotation - $11.25/tonne for on- and off-site processing; G&A -
$4,000,000/year, and Tonnes per year processed - 5,250,000. Gold / Silver Recoveries are as follows: Heap Leach
Oxide - 85% / 45%; Heap Leach Transitional - 80% / 40%; Flotation (DeLamar Unoxidized) - 90% / 95%; Milling and
Agitated Leach (Florida Mountain Unoxidized) - 86% / 63%.
• The optimization parameters yield a 0.3 g/t AuEq cut-off for processing of the unoxidized materials, and a heap-leach
cut-off of 0.11 g/t AuEq. Given that the historical assay data were predominantly generated with a 0.17 g/t Au detection
limit, there is insufficient precision at the low cut-off grade calculated for the heap-leach scenario to justify its use. The
heap-leach optimizations were therefore completed using a 0.2 g/t AuEq minimum-grade override.
• The DeLamar Project mineral resources are defined by applying cut-offs of 0.2 g/t AuEq for oxidized + transitional
materials lying within the optimized pits and 0.3 g AuEq/t for unoxidized materials lying within the optimizations. These
gold equivalencies use the formula g/t AuEq = g/t Au + (g/t Ag/Factor, with the Factor reflecting metal recoveries by
oxidation in addition to metal prices. The Factors by oxidation type are as follows - oxidized: (1,400 x .85) ÷ (18
x .45) = 147; transitional: (1,400 x .80) ÷ (18 x .40) = 156; DeLamar Deposit unoxidized: (1,400 x .90) ÷ (18 x .95) = 74;
Florida Mountain Deposit unoxidized: (1,400 x .86) ÷ (18 x .63) = 106.
• The DeLamar Deposit resource estimate is based on 1,528 historical reverse circulation holes and diamond core holes,
as well as 83 reverse circulation and core holes drilled by Integra. For the Florida Mountain Deposit, Integra added 10
core holes to the 1,074 historical reverse circulation holes and core holes used in the resource estimation. The
historical holes at the DeLamar Project were drilled from the mid 1970s to the late 1990s.
• A technical report on the updated resource estimate will be prepared in accordance with NI 43-101 and filed within 45
days of this news release on Integra’s issuer profile on SEDAR at www.sedar.com
The updated resource estimate integrates 30,000 meters of drilling in 93 drill holes completed in both the DeLamar and Florida
Mountain Deposits. Since the resource database cut-off date of May 1 st, 2019, an additional 2,600 m of drilling has been
completed on or peripheral to the DeLamar Deposit. Multiple exploration targets on the periphery of the DeLamar Deposit have
been identified for potential future resource growth, including Deadwood, Black Sheep, Milestone and Henrietta extending 10
km to the northwest, and the Sullivan Gulch expansion to the southeast. Drilling at the DeLamar Deposit continues to outline
near surface oxide and transitional mineralization.
At the Florida Mountain Deposit, the Company anticipates beginning its 6,500 m drill program in late June. The Company
drilled only 3,400 m at Florida Mountain last year due to the exploration drilling success at Sullivan Gulch which diverted
resources. This year, the Company plans on drilling extensively at Florida Mountain to identify additional near-surface oxide
and transitional extensions to the Deposit that have never been drill tested to the north and south of the existing resource.
Drilling at Florida Mountain will also focus on delineating the high-grade feeder zones encountered by the Company in 2018
(IFM18_001A - 5.23 g/t AuEq over 21.33, including 20.44 g/t AuEq over 3.04 m) and mined historically in the late 1800s.
Next Steps
A technical report with respect to the latest mineral resource estimate disclosed today will be filed within 45 days in
accordance with NI 43-101. The Company plans on incorporating this resource estimate into a PEA expected in September
2019. The upcoming PEA will be an option study for the project that demonstrates multiple processing options, including heap
leaching and milling. Detailed metallurgical test-work will continue to be completed over the summer months along with results
from drilling at the DeLamar and Florida Mountain Deposits.
Sampling and QA/QC Procedure
Thorough QA/QC protocols are followed on the DeLamar Project, including insertion of duplicate, blank and standard samples
into the assay stream for all drill holes. The samples are submitted directly to American Assay Labs in Reno, Nevada for
preparation and analysis. Analysis of gold is performed using fire assay method with atomic absorption (AA) finish on a 1
assay ton aliquot. Gold results over 5 g/t are re-run using a gravimetric finish. Silver analysis is performed using ICP for results
up to 100 g/t on a 5 acid digestion, with a fire assay, gravimetric finish for results over 100 g/t silver.
Qualified Person
The scientific and technical information contained in this news release has been verified and approved by E. Max Baker PhD.
(FAusIMM), Integra’s Vice President Exploration, of Reno, Nevada, a "qualified person" within the meaning of NI 43- 101.
The mineral resource estimates were prepared by Mine Development Associates of Reno, Nevada under the supervision of
Michael Gustin. Mr. Gustin is a Qualified Person and is independent of the Company as defined by NI 43-101.
About Integra Resources
Integra Resources is a development-stage company engaged in the acquisition, exploration and development of mineral
properties in the Americas. The primary focus of the Company is advancement of its DeLamar Project, consisting of the
neighbouring DeLamar and Florida Mountain Gold and Silver Deposits in the heart of the historic Owyhee County mining
district in south western Idaho. The first exploration program in over 25 years began on the DeLamar Project in 2018, with
more than 30,000 meters drilled to date. The management team comprises the former executive team from Integra Gold Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO, and Director
CONTACT INFORMATION
Corporate Inquiries: Chris Gordon, [email protected]
Company website: www.integraresources.com
Office phone: 1 (604) 416-0576
Cautionary Statement Regarding Forward Looking Statements
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking
statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this
news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is
expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative
variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will”
be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. . In this news
release, forward-looking statements relate, among other things, to: statements about the estimation of mineral resources;
magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; future
exploration prospects; the completion and timing of mineral resource estimates and PEA; future growth potential of Integra;
and future development plans.
These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our
current judgment regarding the direction of our business. Management believes that these assumptions are reasonable.
Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the
speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial
position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; actual
results of reclamation activities; conclusions of future economic evaluations; business integration risks; fluctuations in general
macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base
metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar
exchange rate); change in national and local government, legislation, taxation, controls regulations and political or economic
developments; risks and hazards associated with the business of mineral exploration, development and mining (including
environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to
obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on
mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of
increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development
(including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to
properties. Although the forward-looking statements contained in this news release are based upon what management of
Integra believes, or believed at the time, to be reasonable assumptions, Integra cannot assure its shareholders that actual
results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be
anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any
obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as
may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.