Integra Closes Acquisition of Strategic Claims at Delamar Project
INTEGRA CLOSES ACQUISITION OF STRATEGIC CLAIMS
AT DELAMAR PROJECT
TSXV: ITR; NYSE American: ITRG
www.integraresources.com
VANCOUVER, BC
,
March 11, 2024
/CNW/ -
Integra Resources Corp. ("Integra" or the "Company")
(TSXV: ITR) (NYSE
American: ITRG) is pleased to announce that further to its news release dated
February 28, 2024
, the Company, through its
wholly owned subsidiary, DeLamar Mining Company ("DMC"), has completed the acquisition of seventeen patented claims in
the Rich Gulch area ("Rich Gulch") (the "Acquisition"). The Rich Gulch claims are located adjacent to the Florida Mountain
Deposit at the DeLamar project (the "Project" or "DeLamar") in
Owyhee County
,
State of Idaho
.
Rich Gulch is approximately 2 kilometers (1.2 miles) west-southwest of the Florida Mountain Deposit at the base of the
Jacobs Gulch stockpile. Control of the Rich Gulch claims at the Project will provide operational flexibility to the Company in
future mining and processing scenarios. In the upcoming Feasibility Study, a Development Rock Storage Facility ("DRSF")
will be located at Rich Gulch to accommodate mining activities at the adjacent Florida Mountain Deposit and Jacobs Gulch
stockpile.
Summary Terms of the Acquisition
Under the terms of the option agreement dated
November 1, 2023
(the "Option Agreement") as between DMC and an arm's
length vendor (the "Vendor"), DMC has the Option to purchase all of the member interests of Rich Gulch, LLC (the
"Interests"), pursuant to a membership interest purchase agreement (the "MIPA"), to be entered into as between DMC and
the Vendor. Rich Gulch, LLC is the sole owner of the seventeen patented Rich Gulch claims. On
February 28, 2024
, DMC
exercised the Option and on
March 8, 2024
, the parties entered into the MIPA. Under the terms of the MIPA, DMC acquired
all of the Interests in exchange for
US$2,100,000
(the "Purchase Price"). The Purchase Price was satisfied through the
issuance of 2,959,769 common shares in the capital of the Company (the "Shares").
The Shares are subject to a statutory hold period of four months and a day expiring on
July 9, 2024
, and a voluntary lock-up
from which 25% will be released 45 and 90 days, respectively, from closing, and 50% to be released on
January 3, 2025
.
As consideration for the grant of the Option pursuant to the Option Agreement, DMC completed a
US$24,000
cash payment
to the Vendor.
No finder's fees were paid or are payable in connection with the Acquisition.
The closing of the Acquisition remains subject to the final approval of the TSX Venture Exchange (the "TSXV").
Company Webinar
The Company is pleased to host a corporate update webinar on
Thursday, March 14, 2024
at
11:00am PST
/
2:00pm EST
.
The webinar will feature a presentation from Integra's President, CEO and Director,
Jason Kosec
, as well as a live Q&A
session. A recording of the webinar will be available on Integra's corporate website. To register for the webinar, please use
the following link:
https://us02web.zoom.us/webinar/register/WN_SY-uNxuWR12DXx-9Y8kpSA
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Raphael Dutaut,
Ph.D (P.Geo), Integra's Vice President, Exploration. Mr. Dutaut is a "qualified person" as defined in National Instrument 43-
101 –
Standards of Disclosure for Mineral Projects
("NI 43-101").
DeLamar Project Overview
The past producing DeLamar Project, which includes the adjacent
DeLamar and Florida Mountain
gold and silver deposits, is
located in
Owyhee County
in southwest
Idaho
. Since acquiring the Project in 2017, the Company has demonstrated
significant resource growth and conversion while demonstrating robust economic studies in its maiden Preliminary Economic
Assessment and Preliminary Feasibility Study. An independent technical report for the DeLamar Project has been prepared in
accordance with the requirements of NI 43-101 and is available under the Company's profile at
www.sedarplus.ca
About Integra Resources
Integra is one of the largest precious metals exploration and development companies in the Great Basin of the
Western USA
.
Integra is currently focused on advancing its two flagship oxide heap leach projects: the past producing DeLamar Project
located in southwestern
Idaho
and the Nevada North Project, comprised of the Wildcat and Mountain View deposits, located
in northwestern
Nevada
. The Company also holds a portfolio of highly prospective early-stage exploration projects in
Idaho
,
Nevada
, and
Arizona
. Integra's long-term vision is to become a leading
USA
focused mid-tier gold and silver producer.
ON BEHALF OF THE BOARD OF DIRECTORS
Jason Kosec
President, CEO and Director
Forward Looking and Other Cautionary Statements
Certain information set forth in this news release contains "forward
looking statements" and "forward
looking information"
within the meaning of applicable Canadian securities legislation and applicable
United States
securities laws (referred to
herein as forward
looking statements). Except for statements of historical fact, certain information contained herein
constitutes forward
looking statements which includes, but is not limited to, statements with respect to: final TSXV approval
of the Acquisition; the future financial or operating performance of the Company and the Company's mineral properties and
project portfolio; the results from work performed to date; the estimation of mineral resources and reserves; the realization of
mineral resource and reserve estimates; the development, operational and economic results of technical reports on mineral
properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of the Company' mineral
properties and project portfolios; exploration expenditures, costs and timing of the development of new deposits;
underground exploration potential; costs and timing of future exploration; the completion and timing of future development
studies; estimates of metallurgical recovery rates; exploration prospects of mineral properties; requirements for additional
capital; the future price of metals; government regulation of mining operations; environmental risks; the timing and possible
outcome of pending regulatory matters; the realization of the expected economics of mineral properties; future growth
potential of mineral properties; and future development plans.
Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate",
"believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar
expressions. Forward-looking statements are based on a number of factors and assumptions made by management and
considered reasonable at the time such information is provided. Assumptions and factors include: final TSXV approval of the
Acquisition; the Company's ability to complete its planned exploration programs; the absence of adverse conditions at mineral
properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining
at levels that render mineral properties economic; the Company's ability to continue raising necessary capital to finance
operations; and the ability to realize on the mineral resource and reserve estimates. Forward
looking statements necessarily
involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future
periods to differ materially from any projections of future performance or result expressed or implied by such forward
looking
statements. These risks and uncertainties include, but are not limited to: risks related to final TSXV approval of the
Acquisition; integration risks; general business, economic and competitive uncertainties; the actual results of current and
future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of
certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined;
future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed
estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate
as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals
or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary
licenses, permits and approvals from government authorities); title to properties; and management's ability to anticipate and
manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in the forward-looking statements, there may be
other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to
study and consider risk factors disclosed in Integra's annual report on Form 20-F dated
March 17, 2023
for the fiscal year
ended
December 31, 2022
, and Millennial Precious Metals Corp's management's discussion and analysis dated
April 28,
2023
for the fiscal year ended
December 31, 2022
.
There can be no assurance that forward
looking statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward
looking statements if circumstances or management's estimates or opinions should change except as required by applicable
securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in
understanding the Company's plans, objectives and goals, and may not be appropriate for other purposes. Forward-looking
statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward
looking statements.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release
has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum
Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission
("SEC") and resource information contained in this news release may not be comparable to similar information disclosed by
domestic
United States
companies subject to the SEC's reporting and disclosure requirements.
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.
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SOURCE
Integra Resources Corp.
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For further information:
Corporate Inquiries: [email protected], Company website: www.integraresources.com,
Office phone: 1 (604) 416-0576
CO: Integra Resources Corp.
CNW 07:00e 11-MAR-24