Integra Files Technical Report FOR Updated Mineral Resource Estimate at the Delamar Project
1050 – 400 Burrard Street
Vancouver, British Columbia, Canada
V6C 3A6
Email: [email protected]
FOR IMMEDIATE RELEASE TSXV: ITR; NYSE American: ITRG
November 8, 2023 www.integraresources.com
INTEGRA FILES TECHNICAL REPORT FOR UPDATED MINERAL RESOURCE ESTIMATE
AT THE DELAMAR PROJECT
Vancouver, British Columbia – Integra Resources Corp. (“Integra” or the “Company”) (TSXV: ITR; NYSE
American: ITRG) is pleased to announce that it has filed a technical report (the “Report”) for the updated
Mineral Resource Estimate (“MRE”) at the DeLamar and Florida Mountain Project (“DeLamar” or the
“Project”) located in southwestern Idaho.
The MRE incorporates the results from the highly successful stockpile drill program completed in April
2023. The stockpile drill program added an Indicated resource of 504,000 ounces (“oz”) gold equivalent
(“AuEq”)1 and an Inferred resource of 46,000 oz AuEq . Subject to further economic studies, the
mineralized stockpile and backfill material that was incorporated into the updated MRE demonstrates the
potential for this material to significantly increase the heap leach mine life in future production phases.
The updated MRE increased the total heap leachable oxide -and-mixed ounces within the Measured and
Indicated (“M&I”) category by ~25% and increased the total Inferred ounces by ~31%. In total, ~90% of
the updated MRE falls within the M&I category, highlighting the quality and scarcity of projects such as
DeLamar in the prolific Great Basin mining district of the USA.
DeLamar Technical Report Highlights:
• Including the 2023 DeLamar MRE, Integra now controls a total M&I resource of 6.2 million ounces
(“Moz”) AuEq and a total Inferred resource of 0.9Moz AuEq across its key projects located in Idaho
and Nevada, representing one of the largest resource endowments in the Great Basin of the USA
not controlled by a major mining company2.
• Stockpile & Backfill Resource Update:
o The maiden stockpile resource estimate contains an Indicated resource of 504 thousand
ounces (“koz”) AuEq at 0.37 grams per tonne (“g/t”) AuEq, including 296koz gold (“Au”)
and 16.1Moz silver (“Ag ”) and an Inferred resource of 46koz AuEq at 0.30 g/t AuEq,
including 26koz Au and 1.5Moz Ag.
▪ The Company allocated a total of ~US$4.6 million to the stockpile drill program
which successfully resulted in the addition of >500kozs AuEq (M&I), representing
the lowest discovery cost per ounce in the history of DeLamar.
o A portion of the mineralized stockpile and backfill material was moved as a pre-stripping
cost in the 2022 Pre -feasibility Study (“PFS”) , however this material is expected to be
processed in future economic studies. The stockpile and backfill material is also expected
to reduce the overall mining cost as the material is located at surface and was previously
mined, reducing or eliminating additional blasting costs.
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• Total DeLamar and Florida Mountain Resource Update:
o The total DeLamar M&I resource contains 4.8Moz AuEq at 0.60 g/t AuEq, including
2.9Moz Au and 142.7Moz Ag.
o The total DeLamar Inferred resource contains 621koz AuEq at 0.45 g/t AuEq, including
428koz Au and 15.0Moz Ag.
• Oxide-mixed Heap Leach Resource Update:
o The oxide and mixed heap leach portion of the M&I resource contains 2.6Moz AuEq at
0.50 g/t AuEq, including 1.6Moz Au and 73.9Moz Ag.
o The oxide and mixed heap leach portion of the Inferred resource contains 284koz AuEq
at 0.36 g/t AuEq, including 199koz Au and 6.6Moz ounces Ag.
o The significantly increased oxide and mixed resource at DeLamar demonstrates the
potential for an extended heap leach mine life in future phases of operations.
• The Company anticipates filing the Mine Plan of Operations (“MPO”) for DeLamar in Q4 2023 ,
making DeLamar one of the only precious metal development projects in the Western United
States that is actively being advanced towards a production permit.
Notes:
1. AuEq = Au + (Ag / 77.7)
2. Please reference the "Technical Report Preliminary Economic Assessment for the Wildcat & Mountain View Projects, Pershing and
Washoe Counties, Nevada, USA", dated July 30, 2023, with an effective date of June 28, 2023", available under Integra's SEDAR+ profile
at www.sedarplus.ca and EDGAR profile at www.sec.gov.
Integra’s President, CEO & Director, Jason Kosec commented: “The updated MRE at DeLamar represents
a significant milestone for the Company and further solidifies Integra’s position as an industry leading
exploration and development company focused in the Great Basin. The highly successful stockpile drill
program increased the oxide -and-mixed M&I resource at DeLamar by ~25%, validating the Company’s
belief that the mineralized stockpile and backfill material at surface has the potential to significantly
expand the heap leach mine life in future phases of operation. The team is now focused on finalizing the
MPO for DeLamar which will be submitted in Q4 2023, representing another important step toward the
Company’s vision of becoming a leading USA focused gold and silver producer.”
Table 1: 2023 DeLamar Project MRE: Measured, Indicated and Inferred
Type Category Tonnes Au
g/t
Au
oz
Ag
g/t
Ag
oz
AuEq
g/t
AuEq
oz
Oxide
Measured 6,313,000 0.36 74,000 16.9 3,427,000 0.58 118,000
Indicated 42,346,000 0.35 471,000 13.4 18,291,000 0.52 706,000
M&I 48,659,000 0.35 545,000 13.9 21,718,000 0.53 825,000
Inferred 11,132,000 0.28 99,000 7.8 2,795,000 0.38 135,000
Mixed
Measured 10,043,000 0.42 136,000 21.8 7,032,000 0.70 227,000
Indicated 60,136,000 0.35 672,000 15.0 29,010,000 0.54 1,045,000
M&I 70,179,000 0.37 808,000 16.5 36,042,000 0.58 1,272,000
Inferred 8,533,000 0.27 74,000 8.4 2,302,000 0.38 104,000
Non-Oxide
DeLamar
Measured 16,541,000 0.54 288,000 38.1 20,249,000 1.03 549,000
Indicated 48,608,000 0.45 710,000 26.4 41,292,000 0.79 1,241,000
M&I 65,149,000 0.48 998,000 29.38 61,541,000 0.85 1,790,000
Inferred 11,797,000 0.41 157,000 17.0 6,456,000 0.63 240,000
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Type Category Tonnes Au
g/t
Au
oz
Ag
g/t
Ag
oz
AuEq
g/t
AuEq
oz
Non-Oxide
Florida
Mountain
Measured 4,515,000 0.39 57,000 13.4 1,949,000 0.56 82,000
Indicated 16,878,000 0.43 233,000 9.9 5,348,000 0.56 302,000
M&I 21,393,000 0.42 290,000 10.61 7,297,000 0.56 384,000
Inferred 6,764,000 0.33 72,000 8.8 1,915,000 0.44 97,000
Stockpiles
Measured - - - - - - -
Indicated 42,455,000 0.22 296,000 11.8 16,149,000 0.37 504,000
M&I 42,455,000 0.22 296,000 11.8 16,149,000 0.37 504,000
Inferred 4,877,000 0.17 26,000 9.8 1,535,000 0.30 46,000
Total
Heap Leach
Measured 16,356,000 0.40 210,000 19.9 10,459,000 0.66 345,000
Indicated 144,937,000 0.31 1,439,000 13.6 63,450,000 0.48 2,256,000
M&I 161,293,000 0.32 1,649,000 14.3 73,909,000 0.50 2,600,000
Inferred 24,542,000 0.25 199,000 8.4 6,632,000 0.36 284,000
Total
Resources
Measured 37,412,000 0.46 554,000 27.2 32,657,000 0.81 974,000
Indicated 210,424,000 0.35 2,381,000 16.3 110,091,000 0.56 3,798,000
M&I 247,836,000 0.37 2,935,000 18.1 142,748,000 0.60 4,772,000
Inferred 43,101,000 0.31 428,000 10.8 15,002,000 0.45 621,000
Notes:
1. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. Michael Gustin, MDA a division of RESPEC of Reno, Nevada, is a Qualified Person as defined in NI 43-101, is responsible for reporting
Mineral Resources for DeLamar. Mr. Gustin is independent of the Company.
3. In-Situ Oxide and Mixed and Stockpile Mineral Resources are reported at a 0.17 and 0.1 g/t AuEq cut-off, respectively, in consideration
of potential open-pit mining and heap-leach processing.
4. Non-Oxide Mineral Resources are reported at a 0.3 g/t AuEq cut-off at DeLamar and 0.2 g/t AuEq at Florida Mountain in consideration
of potential open pit mining and grinding, flotation, ultra-fine regrind of concentrates, and either Albion or agitated cyanide-leaching
of the reground concentrates.
5. The Mineral Resources are constrained by pit optimizations set out in the Technical Report.
6. Gold equivalent grades were calculated using the metal prices and recoveries presented in the Technical Report.
7. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and contained metal
content.
8. The Effective Date of the MRE is August 25, 2023.
9. The estimate of Mineral Resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical,
marketing, or other relevant issues.
The Report is titled “Technical Report for the DeLamar and Florida Mountain Gold-Silver Project, Owyhee
County, Idaho, USA” and has been prepared in accordance with National Instrument 43-101 – Standards
of Disclosure for Mineral Projects (“NI 43-101”). The key results from the Report were summarized in the
Company’s news release dated September 26, 2023 . A copy of the full Report is available on the
Company’s website and has been filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
The results of the PFS on DeLamar included in the technical report titled “Technical Report and Preliminary
Feasibility Study for the DeLamar and Florida Mountain Gold-Silver project, Owyhee County, Idaho, USA”
dated March 22, 2022 with an effective date of January 24, 2022, remain unaffected by this MRE update
and have been included in the Report.
Sampling and QA/QC Procedure
Thorough QA/QC protocols are followed on the Project, including insertion of duplicate, blank and
standard samples in the assay stream for all drill holes. The samples are submitted directly to American
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Assay Labs in Reno, Nevada for preparation and analysis. Analysis of gold is performed using fire assay
method with atomic absorption finish on a 1 assay ton aliquot. Gold results over 5 g/t are re-run using a
gravimetric finish. Silver analysis is perform ed 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 Persons
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 and Tim Arnold (PE, SME), Integra’s
Chief Operating Officer. Both individuals are “Qualified Persons” (“QP”) as defined in NI 43-101.
Michael Gustin, C.P.G., of RESPEC, Reno, Nevada is an independent Qualified Person as defined by NI 43-
101 and has reviewed and approved the contents of this news release.
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 providing robust
economic studies in its maiden Preliminary Economic Assessment and PFS. A copy of the full Report is
available on the Company’s website and has been filed on SEDAR+ at www.sedarplus.ca and EDGAR
at www.sec.gov.
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 three flagship oxide heap leach projects:
the past producing DeLamar Project located in southwestern Idaho and the Wildcat and Mountain View
Projects located in western 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
CONTACT INFORMATION
Corporate Inquiries: [email protected]
Company website: www.integraresources.com
Office phone: 1 (604) 416-0576
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 co ntained herein constitutes forward‐looking statements which
includes, but is not limited to, statements with respect to: the future financial or operating performance
of the Compan y and the Compan y’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
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properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of
the Company’ mineral properties and project portfolios including, but not limited to, submission of MPO
for DeLamar ; 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;
timing and completion of technical reports; the development, operational and economic results of the
Preliminary Economic Assessment for the Wildcat & Mountain View Projects and the MRE for the DeLamar
project; 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 e xpressions. 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: 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 p roperties 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: 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 Compan y 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 anticipat ed, 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 Compan y
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 ass isting 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
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reliance on forward‐looking statements. This news release also contains or references certain market,
industry and peer group data, which is based upon information from independent industry publications,
market research, analyst reports, surveys, continuou s disclosure filings and other publicly available
sources. Although the Company believes these sources to be generally reliable, such information is subject
to interpretation and cannot be verified with complete certainty due to limits on the availability and
reliability of raw data, the voluntary nature of the data gathering process and other inherent limitations
and uncertainties. The Company has not independently verified any of the data from third party sources
referred to in this news release and accordingly, the accuracy and completeness of such data is not
guaranteed.
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 accordanc e 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.