Integra Resources Intersects 16.73 G/T AuEq over 6.25 M Within 2.82 G/T AuEq over 87.48 M at Florida Mountain
1050 – 400 Burrard Street
Vancouver, British Columbia, Canada
V6C 3A6
Email: [email protected]
FOR IMMEDIATE RELEASE TSXV:ITR ; NYSE American : ITRG
September 24, 2020 www.integraresources.com
INTEGRA RESOURCES INTERSECTS 16.73 g/t AuEq OVER 6.25 m WITHIN 2.82 g/t AuEq OVER
87.48 m AT FLORIDA MOUNTAIN
• Integra continues to intersect high-grade gold and silver at Florida Mountain. Highlight intercepts
include:
o Drill Hole FME-20-084
▪ 1.51 grams per tonne (“g/t”) gold (“Au”) and 102.12 g/t silver (“Ag”) (2.82 g/t gold
equivalent (“AuEq”)) over 87.48 meters (“m”)
• Including 8.91 g/t Au and 607.55 g/t Ag (16.73 g/t AuEq) over 6.25 m
• Including 7.57 g/t Au and 652.54 g/t Ag (15.96 g/t AuEq) over 1.37 m
o Drill Hole FME-20-80
▪ 11.75 g/t Au and 1,951.88 g/t Ag (36.87 g/t AuEq) over 1.68 m
• Including 25.29 g/t Au and 3,841.14 g/t Ag (74.73 g/t AuEq) over 0.76 m
o Drill Hole FME-20-081
▪ 11.07 g/t Au and 1,480.13 g/t Ag (30.12 g/t AuEq) over 0.61 m
• Five drill holes representing approximately 1,500 m of the 7,000 m exploration drill program at the
Florida Mountain Deposit intersected significant high-and-low-grade gold and silver mineralization
both within and below the existing NI 43-101 resource boundary. Approximately, 2,625 m remain
to be drilled at Florida Mountain.
• Large geophysical anomaly recently discovered through Induced Polarization (“IP”) Geophysical
surveys immediately west of Florida Mountain in an area that has seen very limited historic drill
testing.
• The Company has completed 2,800 m of metallurgical drilling to date in 2020 to characterize
recovery variability within oxide and transitional mineralization. Data from this program is currently
being used to optimize processing options at DeLamar and Florida Mountain, an d advance
metallurgical knowledge toward a pre -feasibility level on both Deposits. Results of note in this
drilling include:
o Drill Hole IDM-20-165
▪ 17.45 g/t Au and 56.22 g/t Ag (18.18 g/t AuEq) over 2.29 m
o Drill Hole IDM-20-172
▪ 0.30 g/t Au and 61.30 g/t Ag (1.09 g/t AuEq) over 92.81 m
• Two exploration drill rigs are currently in operation at Florida Mountain, and a third exploration
drill rig is currently drill testing high-grade targets at War Eagle. Assays are pending for both targets.
- 2 -
Vancouver, British Columbia – Integra Resources Corp. (“Integra” or the “Company”) (TSX -V:ITR; NYSE
American: ITRG ) is pleased to announce further exploration results from the 2020 Florida Mountain
exploration program at the DeLamar Project, situated in Owyhee County in southwest Idaho. The drill and
geophysics results outlined today continue to underscore the strong exploration potential that exists in
near-deposit targets at Florida Mountain.
“With three exploration drill rigs in operation at the DeLamar Project, today’s drill results continue to
demonstrate the potential for a significant high-grade resource at Florida Mountain,” commented George
Salamis, President and CEO of Integra Resources . “In addition to today’s strong dril l results, the first IP
geophysics campaign at Florida Mountain has identified a large chargeability anomaly immediately west of
the current NI 43-101 resource that coincides strongly with soil geochemistry. In addition to the aggressive
16,000 m exploration drill campaign underway, this year’s extensive IP geophysics work is progressing
rapidly. The results to date have continued to correlate strongly with known mineralization, while
simultaneously identifying new areas that are yet to be drill tested.”
Florida Mountain Drill Results
The following table highlights selected intercepts from the Florida Mountain drill holes announced today:
Drill Hole Number From (m) To
(m)
Interval
(m) (1) g/t Au(2) g/t Ag(2) g/t AuEq(3)
FME-20-079 51.82 99.67 47.85 0.40 7.68 0.50
FME-20-080 209.09 241.10 32.00 0.51 27.27 0.86
FME-20-080
Incl:
304.80
305.71
306.48
306.48
1.68
0.76
11.75
25.29
1,951.88
3,841.14
36.87
74.73
FME-20-80 321.87 324.31 2.44 0.01 354.47 4.57
FME-20-081 244.30 244.91 0.61 11.07 1,480.13 30.12
FME-20-083 101.50 151.79 50.29 0.44 8.04 0.54
FME-20-084
Incl:
Incl:
Incl:
Incl STOPE(4):
Incl:
Incl:
1.98
1.98
16.67
24.69
34.14
41.76
86.87
89.46
8.23
19.20
27.74
39.50
43.13
88.09
87.48
6.25
2.53
3.05
5.36
1.37
1.22
1.51
8.91
5.64
0.90
0.00
7.57
10.80
102.12
607.55
245.38
607.50
0.00
652.54
5.85
2.82
16.73
8.79
8.72
0.00
15.96
10.87
(1) Downhole thickness; true width varies depending on drill hole dip; most drill holes are aimed at intersecting the vein
structures close to perpendicular therefore true widths are close to downhole widths (approximately 70% conversion
ratio)
(2) Intervals reported are uncapped
(3) Gold equivalent = g Au/t + (g Ag/t ÷ 77.70)
(4) For the interval that was previously mined/stoped and was therefore unrecoverable and unverifiable, a grade of 0 g/t Au
was inserted for compositing.
- 3 -
To view a plan map showing the drill hole locations of today’s results at Florida Mountain, please click the
following link:
https://www.integraresources.com/site/assets/files/2572/plan_view_-_updated.pdf
The intercepts reported today consist of mineralization with wide -spread low -grade gold -silver values,
crosscut and underlain by narrower high-grade, steeply dipping low -sulphidation quartz-adularia veins.
Widespread intercepts from shallow oxide and transitional resource definition drilling conducted by Integra
over the previous two years has confirmed potentially mineable widths and grades for these high -grade
structures.
Integra’s exploration team has modeled 7 high-grade vein structures that appear sim ilar in size and
orientation to the historically productive high -grade Trade Dollar – Black Jack v ein system. Most historic
underground production stemmed from the Trade Dollar – Black Jack vein, while the remaining 6 veins saw
limited production up until mining operations ceased with the start of World War 1. Geometrically, the
veins occur in the form of plunging shoots over an altitude difference of a pproximately 300 m below the
apex of Florida Mountain. Strike lengths of the individual shoots tend to be 100 m to 200 m long and with
widths of between 1 m and 8 m.
This recently improved model of high-grade veins at Florida Mountain provided much of the fundamental
data that helped design the drill program currently underway. In today’s results, drill hole FME -20-084
intercepted several of the high -grade plunging shoots in a target area where Integra geologists have
modelled the northern extension of the Trade Dollar – Black Jack vein. Deep intersects on drill hole FME-
20-80 have intercepted the extension of the Alpine Vein, one of the six veins west of the Trade Dollar –
Black Jack vein. Since 2018, Integra has drilled 13 drill holes at Florida Mountain that have intersected the
targeted high-grade shoots. Of these 13 drill holes, 8 drill holes intersected sufficiently encouraging widths
and grades to warrant further exploration for potentially underground mineable mineralization at Florida
Mountain. To date, only a small percentage of these prospective vein structures have been drill tested.
Induced Polarization Geophysics Results
The Company recently completed the first 4 lines of a 12-line IP geophysics program over Florida Mountain.
IP has proven to be a very effective tool for target generation in the DeLamar District because of the
association of disseminated sulfide alteration with gold and silver mineralization. The IP data released
today delineates an anomaly 1,200 m in length to the west of the NI 43-101 Resource Estimate at Florida
Mountain in an area known as Rich Gulch. This anomaly coincides with an arsenic (“ As”) and Au soil
geochemistry anomaly. H istoric drilling within the delineated zone of high-chargeability reported the
following select intercepts:
Drill Hole Number* From (m) To (m) Interval (m) g/t Au
SRDH6 0.0 53.34 53.34 11.13
F0500 74.68 123.44 48.76 0.94
F0482 1.52 35.05 33.53 0.79
*The historic drill data reported in this release was developed by previous operators of the Florida Mountain Project prior to the introduction of
NI43-101. Historic drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are estimated to be less than
75% of the reported widths. The historic drill data was sourced from Kinross/Nerco DeLamar Mine exploration and production data and reports.
Integra Resources is providing this historic data for informational purposes only, and gives no assurance as to its reliability or relevance. Integra
- 4 -
Resources has not completed any quality assurance program or applied quality control measures to the historic data. According ly, the historic
data should not be relied upon.
To view a south looking cross section displaying c hargeability in context of soil surface sampling data at
Florida Mountain, please click the following link:
https://www.integraresources.com/site/assets/files/2572/ip_chargeability_diagram_-_rich_gulch.pdf
Metallurgical Testwork Drill Highlights
The following table highlights notable intercepts from the 2020 Metallurgical testwork drill holes
announced today:
Drill Hole Number Location From
(m)
To
(m)
Interval
(m) (1) g/t Au(2) g/t Ag(2) g/t
AuEq(3)
IDM-20-165 South Wahl 8.23 10.52 2.29 17.45 56.22 18.18
IDM-20-172 Milestone 49.53 142.34 92.81 0.30 61.30 1.09
(1) Downhole thickness; true width varies depending on drill hole dip; most drill holes are aimed at intersecting the vein
structures close to perpendicular therefore true widths are close to downhole widths (approximately 70% conversion
ratio)
(2) Intervals reported are uncapped
(3) Gold equivalent = g Au/t + (g Ag/t ÷ 77.70)
The 2020 metallurgical drill program has been designed to characterize recovery variability within the oxide
and transitional mineralization at the DeLamar Project. The program seeks to further optimize processing
options at DeLamar and Florida Mountain, and advance the Company’s metallurgical knowledge as Integra
moves toward a pre-feasibility level on both Deposits in 2021.
Notable drill results from the program to date, in addition to the expected runs of mi neralization in line
with the current NI 43 -101 resource, are provided in the table above. These results underscore the
potential for high grade in historic structures that have not been the target of much modern exploration
drilling, as well as the strong potential to increase the current resource as Integra aims to push all current
drill holes beyond and below its boundary.
Next Phases of the 2020 Exploration Drill Program
At present, two exploration drill rigs continue to target high -grade vein structures on Florida Mountain,
while a third exploration drill rig is on War Eagle Mountain where it has recently moved to test the soil
geochemical anomaly identified in 2019. Florida Mountain drilling continues to test the “proof-of-concept”
for high-grade underground veins. A second phase of drilling at Florida Mountain will shift the focus to drill
testing the north and south extensions to the near -surface oxide and transitional mineralization. Results
to date of the Project-wide 2020 exploration drill program have been released for 3,050 m of the proposed
16,000 m program.
- 5 -
Following drilling at Florida Mountain and War Eagle, drill rigs will then move to the Blacksheep Area and
the Deadwood Ridge Area that lie northwest of the DeLamar Deposit, where approximately 3,000 m of
exploration drilling is planned to test several significant soil geochemical and IP anomalies. A recent rock
chip sampling program was completed over the outcropping vein zone at Georgianna in the southern half
of Black Sheep. In addition, a zone approximately 300 m x 100 m of intense stockwork vein mineralization
was delineated at the Lucky Days target also in Blacksheep.
Below is a table highlighting selective rock chip samples from these programs:
Sample Prospect Type AuEq Au Final (ppm) Ag Final (ppm)
102512 Lucky Day Rock Chip 3.724 0.291 266.77
102513 Lucky Day Rock Chip 2.264 0.184 161.63
102527 Lucky Day Rock Chip 4.339 0.857 270.55
102543 Lucky Day Subcrop 1.429 0.327 85.63
102300 Argentum Float 1.339 0.145 92.78
483428 Georgianna Rock Chip 1.687 0.125 121.40
483464 Georgianna Rock Chip 1.848 0.146 132.27
101353 Georgianna Float 14.738 13.328 109.57
101440 Georgianna Outcrop 2.457 1.120 103.90
101609 Lucky Day Float 1.541 0.027 117.67
To view a map of Blacksheep, click here: https://vrify.com/explore/decks/9550
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 Assay Labs
in Reno, Nevada for preparation and analys is. 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 reviewed and approved by
E. Max Baker PhD. (FAusIMM), Integra’s Vice Pr esident Exploration, of Reno, Nevada, and is a “Qualified
Person” (“QP”) as defined in National Instrument 43- 101 – Standards of Disclosure for Mineral Projects.
- 6 -
About Integra Resources
Integra is a development -stage mining company focused on the explor ation and de -risking of the past
producing DeLamar Gold-Silver Project in Idaho, USA. Integra is led by the management team from Integra
Gold Corp. which successfully grew, developed and sold the Lamaque Project, in Quebec, for C$600 M in
2017. Since acqui ring the DeLamar Project, which includes the adjacent DeLamar and Florida Mountain
gold and silver Deposits, in late 2017, the Company has demonstrated significant resource growth and
conversion while providing a robust economic study in its maiden Prelimi nary Economic Assessment. The
Company is currently focused on resource growth through brownfield and greenfield exploration and the
start of pre -feasibility level studies designed to advance the DeLamar Project towards a potential
construction decision. For additional information, please reference the “Technical Report and Preliminary
Economic Assessment for the DeLamar and Florida Mountain Gold – Silver Project, Owyhee County, Idaho,
USA (October 22, 2019).”
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
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
This news release conta ins “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, objec tives,
assumptions, future even ts 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 phras es, 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 t iming 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 b y 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
- 7 -
the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual o r
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 fro m
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 th is 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 for ward-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.
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource”, “inferred mineral resource” used
herein are Canadian mining terms used in accordan ce with National Instrument 43 -101 - Standards of Disclosure for Mineral
Projects ("NI 43-101") under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the “CIM”)
Standards on Mineral Resources and Mineral Reserves, a dopted by the CIM Council, as may be amended from time to time (the
“CIM Definition Standards”). Inferred mineral resources' have a great amount of uncertainty as to their existence, and as to their
economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a
higher category. These definitions differ from the definitions in the United States Securities and Exchange Commission (the "SEC")
Industry Guide 7 ("Industry Guide 7"). United States investors are cautioned not to assume that all or any part of measured or
indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume
that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
Under Industry Guide 7, a mineral reserve is defined as a part of a mineral deposit which could be economically and legally extracted
or produced at the time the mineral reserve determination is made. While the terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource”, and “inferred mineral resource” are recognized and required by Canadian regulations,
they are not defined terms under Industry Guide 7 and historically they hav e not been permitted to be used in reports and
registration statements filed with the SEC. As such, information contained herein concerning descriptions of mineralization a nd
resources under Canadian standards may not be comparable to similar information m ade public under Industry Guide 7 by U.S.
companies in SEC filings.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Ven ture
Exchange) accepts responsibility for the adequacy or accuracy of this release.