Integra Initiates 10,000 Meter Drill Program at Florida Canyon, Focused ON Near MINE Oxide GOLD Resource Growth Opportunities
INTEGRA INITIATES 10,000 METER DRILL PROGRAM AT FLORIDA
CANYON, FOCUSED ON NEAR MINE OXIDE GOLD RESOURCE GROWTH
OPPORTUNITIES
TSXV: ITR; NYSE American: ITRG
www.integraresources.com
VANCOUVER, BC
,
May 8, 2025
/CNW/ -
Integra Resources Corp. ("Integra" or the "Company")
(TSXV: ITR) (NYSE American: ITRG) is pleased to
announce the initiation of a gold resource growth-focused drill program at the Company's primary operating asset, the Florida Canyon Mine ("Florida Canyon")
located in
Nevada
. The 2025 drill program marks the first phase of a multi-year growth strategy designed to expand mineral reserves and resources, extend mine
life, and ultimately maximize the value of Florida Canyon.
Highlights:
The 2025 drill program will consist of ~10,000 meters ("m") of reverse circulation ("RC") drilling focused on near-mine targets identified at Florida Canyon,
designed to support oxide mineral reserve and resource growth and mine life extension.
Drilling commenced in early May and is expected to conclude in the third quarter of 2025, with initial results expected to be released during the summer
months of 2025.
The program is focused on testing near-mine targets at Florida Canyon in three key areas:
Opportunity 1: Near-surface oxide potential from historical dump material (~2,000m):
Drilling will target large volumes of historical gold-mineralized
backfill and low-grade waste material previously estimated to be below the mining cut-off grade in a significantly lower gold price environment. These
areas demonstrate the greatest near-term opportunity to increase mineral resources and potentially extend mine life.
Opportunity 2: Expand in-situ resources between existing mine open pits (~5,000m):
Drilling will target "saddle" and "ridge" areas located
between active and historical pits. Many of these areas have been sparsely drilled historically and offer meaningful oxide growth potential directly
adjacent to current and future mining phases.
Opportunity 3: Test lateral extensions and in-pit infill drilling (~3,000m):
Drilling will target lateral extensions of existing pits as well as infill drilling
within areas planned for further pit pushbacks. Potential has been identified to improve resource classification, optimize mine planning, and potentially
increase short-term ore feed.
The 2025 drill program at Florida Canyon is expected to support a mineral resource and reserve update and a revised life-of-mine plan in early 2026.
George Salamis, President, CEO and Director of Integra commented
: "Following a strong start to 2025 with solid operational results from Florida Canyon
gold production and a demonstrated ability to generate cash flow, we are pleased to launch a growth-focused drill program. We see this program as a critical
step in unlocking the next phase of value at Florida Canyon. We have identified significant potential to not only optimize the mining operation, but also to increase
the production scale and mine life of the asset, leading to material value creation for Integra's shareholders. We look forward to sharing our progress over the
coming months."
Florida Canyon: Long Operating History with Significant Growth Potential
Figure 1 – Florida Canyon Mine Property:
https://wp-integraresources-2024.s3.ca-central-1.amazonaws.com/media/2025/05/FCM-NR-Fig-1-Plan-Figure-2025-05-07_v3.pdf
Since the start of operations in 1986 through to the end of 2024, Florida Canyon has produced approximately 2.7 million ounces of gold from over 200 million
tonnes ("Mt") of ore mined. As of
December 31, 2024
, proven and probable mineral reserves at Florida Canyon total 70.4 Mt at a grade of 0.35 grams per tonne
("g/t") gold for a total of 785,000 ounces of gold (refer to Integra's latest Mineral Reserves and Resources statement effective
December 31, 2024
available on
the Company's website at
www.integraresources.com
). Building on this long operating history, Integra believes there remains significant near-mine resource
growth potential within the current permitted mine plan. With the recent increase in spot gold prices, areas historically considered uneconomic now present a
compelling opportunity for re-evaluation.
Integra has identified multiple opportunities with the potential to increase the mine's production scale, extend mine life, and enhance future operational flexibility.
Numerous mining optimization initiatives are being evaluated and are expected to positively impact current operations. Near-term growth opportunities require
targeted exploration drilling and mine optimization work, while longer-term initiatives will focus on broader greenfield exploration across the extensive Florida
Canyon land package.
This news release outlines the near-term, brownfield exploration activities that form the basis of the 2025 growth-focused drilling program at Florida Canyon. The
program is expected to support a mineral resource and reserve update and a revised life-of-mine plan in early 2026.
2025 Florida Canyon Drill Program Overview
Figure 2 – Florida Canyon Mine 2025 Drilling Collar Locations:
https://wp-integraresources-2024.s3.ca-central-1.amazonaws.com/media/2025/05/FCM-NR-Fig-2-Proposed-Drilling-2025-05-07_v3.pdf
Integra's 2025 drill program at Florida Canyon represents the first phase of a focused, multi-year strategy designed to increase mine life and mineral resources
and reserves, both within and outside the permitted pit limits. The program is also focused on improving operational flexibility and enhancing overall asset value.
Importantly, these initiatives will leverage Florida Canyon's existing infrastructure and operational footprint, minimizing capital requirements while maximizing
potential for a positive impact to future economics.
The first phase of the program is budgeted at approximately
US$1.5 million
and will consist of drilling that is focused on three key areas: (1) Near-surface oxide
potential from historical waste; (2) Expanding in-situ resources between existing mine open pits; and (3) Testing lateral extensions and in-pit infill drilling.
Opportunity 1: Near-Surface Oxide Potential from
Historical Dump Material (RC drilling: ~2,000m)
Figure 3 – Historical North Mine Dump Material Conceptual Section:
https://wp-integraresources-2024.s3.ca-central-1.amazonaws.com/media/2025/05/FCM-NR-Fig-3-N-Mine-Dump-Material-Section-2025-05-07_v3.pdf
Within the permitted Florida Canyon mine boundary there exists several large volumes of historically mined low-grade gold-mineralized dump material, averaging
below the historical mine cut-off grades. This material is a product of decades of past mining and has been identified as a high-potential, low-strip, near-surface
oxide gold target for growth. Potential has been demonstrated by the historical in-pit mine dumps (historical backfill material), which are already being partially
utilized by current operations and offer an immediate opportunity to expand reserves with minimal mining cost. Objectives for drilling:
Confirm gold grade continuity and distribution within the historical North Dumps;
Provide material for metallurgical testing, including bottle rolls, column tests, and permeability assessments;
Support potential conversion of this material into mineral reserves through inclusion in the updated resource and reserve block model and mine plan; and
Increase operational flexibility by providing readily available, gold-mineralized material suitable for heap leaching, that will not require blasting.
This strategy directly supports Integra's objective of improving near to medium term ore feed without significant capital investment, while also reducing reliance on
higher-strip in-situ fresh rock material.
A similar strategy was utilized at the Company's DeLamar Project ("DeLamar" or the "Project") located in
Idaho
. In 2022, Integra drilled numerous stockpile and
backfill areas at DeLamar, which were mined by previous operators of the Project, but were discarded as waste as the material did not meet the cut-off grade of
the operation at the time. In 2023 Integra successfully added a significant quantity of potentially heap-leachable material to the total mineral resource at the
Project (refer to the Company's news release dated
September 23, 2023
and report titled "Technical Report for the DeLamar and Florida Mountain Gold-Silver
Project,
Owyhee County, Idaho
, USA", available on the Company's website and on SEDAR+ at
www.sedarplus.ca
and EDGAR at
www.sec.gov
).
Opportunity 2: Expand In-Situ Resources Between Existing Mine Open Pits (RC drilling: ~5,000m)
Figure 4 – Conceptual Section of Central/Radio Tower Saddle Drilling Section:
https://wp-integraresources-2024.s3.ca-central-1.amazonaws.com/media/2025/05/FCM-NR-Fig-4-Saddle-Section-2025-05-07_v3.pdf
Integra will target in-situ gold resource expansion opportunities within "saddle" and "ridge" zones located between existing open pits. Several of these areas
remain sparsely drilled and offer significant upside gold potential, with historical drilling demonstrating encouraging intercepts of oxide mineralization at or near
surface. Objectives for drilling include:
Testing the Central/Radio Tower Pit Saddle: material directly connecting two large areas of known gold mineralization;
Testing Florida Canyon Saddle: area requires an improved structural geologic understanding and offers potential to host additional oxide mineralized gold
material; and
Testing North Pit Saddle: location of a potential satellite pit adjacent to an existing pit; drilling is required to follow up on a high-grade gold vein system that
was historically underexplored.
Success within these identified zones has the potential to meaningfully increase mineral resources and reserves by extending existing pit limits within the current
Florida Canyon Mine Plan of Operations.
Opportunity 3: Testing Lateral Extensions and In-Pit Infill (RC drilling: ~3,000m)
Additional drilling is planned to test lateral extensions of existing pits and to complete infill drilling within current areas planned for pit pushbacks. These areas offer
potential to improve resource classification, optimize mine planning, and potentially increase short-term gold ore feed to the heap leach pads. Objectives for
drilling include:
Testing the North and Central Pit areas: the upper portions of the planned pit pushbacks are currently classified as inferred. Although this material is generally
low-grade, infill drilling has potential to improve classification, enhance short-term mine planning, and increase oxide gold heap leach pad feed.
Testing Jasperoid Hill Pit area: most of the near-surface oxide mineralization has been mined or is expected to be largely depleted within the next few years.
However, at current gold prices, opportunities exist to potentially define additional near-surface gold mineralization.
Limited infill drilling has been historically completed within these areas and the 2025 drilling program aims to de-risk future production and unlock potential for
readily accessible gold oxide material in a historically productive zone. By reducing geological risk and increasing oxide gold mineral inventory in accessible
mineralized zones at Florida Canyon, the 2025 drilling program is expected to enhance both short-term operational flexibility and long-term mine planning.
Drill Program Timing
The 2025 growth-focused exploration drilling program at Florida Canyon is expected to be completed in the third quarter of 2025. Results from the drill program
will support an updated mineral resource and reserve estimate and life-of-mine plan targeting early 2026. The drill program forms an important part of Integra's
broader strategy of maximizing value from its portfolio of high-quality assets through disciplined capital allocation, operational excellence, and targeted near mine
and regional exploration.
About Integra
Integra is a growing precious metals producer in the Great Basin of the
Western United States
. Integra is focused on demonstrating profitability and operational
excellence at its principal operating asset, the Florida Canyon Mine, located in
Nevada
. In addition, Integra is committed to advancing its flagship development-
stage heap leach projects: the past producing DeLamar Project located in southwestern
Idaho
and the Nevada North Project located in western
Nevada
. Integra
creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined
capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices.
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO and Director
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Raphael Dutaut (Ph.D., P.Geo, OGQ Membership
1301), Integra's Vice President, Geology and Mining. Mr. Dutaut is a "qualified person" as defined in National Instrument 43- 101 –
Standards of Disclosure for
Mineral Projects
("NI 43-101").
Sampling and QA/QC Procedure
RC samples were collected at 5-foot intervals directly at the drill rig using pre-labeled bags. Diamond drill ("DDH") core samples were cut in half, sampled at 5-
foot intervals, with one half sent for analysis and the other half retained for reference. Diamond drill holes were sampled on 5-foot intervals. Samples were
submitted to American Assay Laboratories ("AAL") in
Reno, Nevada
, an ISO/IEC 17025 accredited laboratory. Sample preparation involved drying, jaw crushing
to >70% passing 2 mm (10 mesh), and pulverizing a 300 g split to >85% passing 75 microns.
Gold analysis was performed on a 30-gram pulp using fire assay with ICP-AES finish. Samples returning >10 ppm Au were re-assayed using a gravimetric finish.
Additionally, samples with Au >0.150 ppm underwent cyanide-soluble analysis and preg-robbing tests to assess metallurgical characteristics. Quality control
protocols included the routine insertion of blank samples, certified reference materials (standards), and field and pulp duplicates. Blank material and standards
were purchased from Moment Exploration Geochemistry. AAL also inserted internal control samples and duplicates within each batch.
Forward Looking 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 in applicable
United States
securities law (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:
statements regarding the timing, scope, and objectives of the 2025 drill program at the Florida Canyon, the potential to expand mineral resources and reserves,
extend mine life, optimize mine planning, and maximize project value, as well as the anticipated timing of results and a future mineral resource and reserve update
and revised life-of-mine plan for Florida Canyon; the future financial or operating performance of the Company and the Wildcat and Mountain View deposits (the
"Nevada North Project"), the Florida Mountain and DeLamar deposits (the "DeLamar Project") and the Florida Canyon mine (the "Florida Canyon Mine" and
together with the Nevada North Project and the DeLamar Project, the "Projects"). 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 statement
was made. Assumptions and factors include: expected synergies from acquisition of Florida Canyon; the Company's ability to complete its planned exploration and
development programs; the absence of adverse conditions at the Projects; satisfying ongoing covenants under the Company's loan facilities; no unforeseen
operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and
unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Projects economic, as applicable; 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: 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; risks related to local communities; 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 other factors beyond
the Company's control and as well as those factors included herein and elsewhere in the Company's public disclosure. 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 Information Form dated
March 26, 2025
for the fiscal year ended
December 31, 2024
, which is available on the SEDAR+ issuer
profile for the Company at
www.sedarplus.ca
and available as Exhibit 99.1 to Integra's Form 40-F, which is available on the EDGAR profile for the Company at
www.sec.gov
.
Investors are cautioned not to put undue reliance on forward-looking statements. The forward-looking statements contained herein are made as of the date of
this news release and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise
any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in
accordance with applicable securities laws. Investors are urged to read the Company's filings with Canadian securities regulatory agencies, which can be viewed
online under the Company's profile on SEDAR+ at
www.sedarplus.ca
.
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.
View original content to download multimedia:
https://www.prnewswire.com/news-releases/integra-initiates-10-000-meter-drill-program-at-florida-canyon-focused-on-near-mine-oxide-gold-resource-growth-opportunities-302449385.html
SOURCE
Integra Resources Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/May2025/08/c9162.html
%SEDAR: 00013334E
For further information:
CONTACT INFORMATION: Corporate Inquiries: [email protected], Company website: www.integraresources.com, Office
phone: 1 (604) 416-0576
CO: Integra Resources Corp.
CNW 06:30e 08-MAY-25