Integra Provides Corporate Update
1050 – 400 Burrard Street
Vancouver, British Columbia, Canada
V6C 3A6
Email: [email protected]
FOR IMMEDIATE RELEASE TSXV: ITR; NYSE American: ITRG
May 10, 2023 www.integraresources.com
INTEGRA PROVIDES CORPORATE UPDATE
Vancouver, British Columbia – Integra Resources Corp. (“Integra” or the “Company”) (TSXV: ITR; NYSE
American: ITRG) is pleased to provide an update on work programs and upcoming catalysts at its flagship
assets located in the Great Basin, USA , as well a corporate update with respect to the proposed share
consolidation. Integra is focused on achieving several key milestones in 2023 , including an updated
mineral resource estimate and the submission of the Mine Plan of Operations (“MPO”) at the DeLamar
Project located in southwestern Idaho, as well as an updated mineral resource estimate and Preliminary
Economic Study (“PEA”) at the Wildcat & Mountain View Projects, located in western Nevada.
The Company is pleased to host a corporate update webinar on Tuesday, May 16, 2023 at 8:00am
PST/11:00am 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_L5osfCkPQ66qZw9ZsB-O8w
Project Update:
DeLamar Project
• Integra recently completed a highly successful stockpile drilling program at DeLamar in April 2023.
The program consisted of 321 holes, totalling 12,588 meters (“m”). Results from 9,089 m,
representing 247 drill holes, have yet to be released. The Company will continue to release results
from the stockpile drilling program as they are received from the lab.
o Highlights from the drilling program include (refer to March 2023 press releases, gold
equivalent (“AuEq”) = g/t gold (“Au”) + g/t silver (“Ag”) ÷ 77.7):
▪ 76 m of 0.74 g/t AuEq (0.62 g/t Au and 9.54 g/t Ag)
▪ 111 m of 0.59 AuEq (0.27 g/t Au and 24.60 g/t Ag)
▪ 50 m of 0.67 g/t AuEq (0.34 g/t Au and 25.29 g/t Ag)
• Integra intends to release an update d mineral resource estimate for DeLamar in Q2 2023,
incorporating results from the stockpile drill ing program as well as additional drilling that was
completed after the cut-off date for the previous mineral resource estimate.
• The Company expects to submit the MPO for DeLamar to the United States Bureau of Land
Management (“BLM”) in Q4 2023. The submission of the MPO represents a significant milestone
in the National Environmental Policy Act (“NEPA”) permitting process. Additional commentary on
Integra’s permitting efforts and achievements at DeLamar is provided below.
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Wildcat & Mountain View Projects
• The Wildcat & Mountain View Projects, located in western Nevada, were acquired by Integra as
part of the recently completed merger with Millennial Precious Metals Corp. ("Millennial").
• The Company is currently preparing an updated mineral resource estimate to incorporate
Millennial’s 2021-2022 drill program of 1,250 m at Wildcat and 7,200 m at Mountain View.
o Given the positive resource conversion results seen by the Company to date, it is
expected that there will be significant conversion of resources from the Inferred
category to the Indicated category in the upcoming resource estimate.
• Highlights from the 2021-2022 drilling program at Wildcat & Mountain View include (refer to
2022 Millennial press releases):
o Wildcat: 39.2 m of 1.26 g/t oxide Au, 41.4 m of 0.93 g/t oxide Au, and 120.2 m of 0.39
g/t oxide Au
o Mountain View: 185.5 m of 1.48 g/t oxide Au, 128.3 m of 1.73 g/t oxide Au, and 232.5 m
of 0.91 g/t oxide Au
• Material from drilling at Wildcat and Mountain View was used for metallurgical testing,
including 22 column leach tests and 186 bottle roll variability tests performed at McClelland
Laboratories of Reno, Nevada. All metallurgical test work is now complete and results have met
or exceeded the Company’s expectations.
• Final mining and engineering studies are underway to support the combined maiden PEA for
Wildcat & Mountain View, expected to be released in late Q2 2023.
• Integra intends to initiate a resource expansion drill program at Wildcat in H2 2023 to test
potential extensions of the oxide resource and demonstrate growth potential in previously un-
explored areas surrounding the proposed main pit.
• An Exploration Plan of Operations (“EPO”) was submitted to the BLM for both Wildcat and
Mountain View in late 2022 and early 2023 respectively. The Company is working closely with
the BLM to obtain the authorizations for expanded exploration programs in the future.
o The EPO will allow for significantly increased flexibility (400 acres of surface disturbance
vs. 5 acres of surface disturbance permitted under the current Notice of Operations) for
future exploration, geotechnical and metallurgical drilling to support resource growth
and future economic studies at Wildcat and Mountain View.
President, CEO & Director, Jason Kosec, stated, “following the transformational merger with Millennial
Precious Metals, Integra now controls one of the largest precious metal resource endowments in the
Western USA. Our vision is to be come the next mid -tier producer in the Great Basin and 2023 will be
pivotal in achieving that goal. In addition to the maiden PEA for Wildcat and Mountain View and three
updated resource estimates, the Company plans to submit the Mine Plan of Operations for DeLamar. The
team continues to work aggressively to unlock the full potential of these projects and continue to de-risk
them through advanced metallurgy, engineering, geological and environmental baseline studies, in
addition to conducting exploration focused on oxide growth.”
Executive Chairman, George Salamis, added, “Integra is committed to pursuing responsible mining
development in the United States and this is reflected in our approach to de -risking and developing our
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key projects in Idaho and Nevada. Extensive baseline work has been underway at DeLamar for over three
years, studying everything from wildlife and vegetation to air and water quality and soils. The permitting
team has done a n excellent job and we look forward to applying the same level of dedication to the
environmental baseline, stakeholder engagement , and project development work underway at Wildcat
and Mountain View.”
DeLamar Permitting Update
Integra is currently in its third and potential final year of baseline study data collection for the upcoming
NEPA process subsequent to the submittal to the BLM as part of the MPO in Q4 2023. To date, Integra has
established 38 surface water monitoring locations and 34 historic and new groundwater wells have been
sampled quarterly since 2021, resulting in over 8 quarters of site-specific data. Baseline studies have been
initiated for Wetlands, Seeps and Springs, Aquatic Resources, Air Quality, Wildlife, Vegetation, Soils,
Cultural Resources, and Geochemistry in addition to Surface Water and Groundwater. To date, no
federally listed threatened or endangered species have been identified in the proposed project area.
Integra has also entered into a cost recovery agreement with the BLM and initiated Agency and Tribal
coordination to provide input on baseline studies to identify potential issues and alternatives in advance
of the NEPA. In addition, Integra has worked with the BLM to select a third-party consultant to assist the
BLM in the process of baseline plans of study review and approval, baseline data collection, and
subsequent baseline technical report review in an effort to reduce the need for baseline data gap analysis
and the risk of new issues or concerns arising during the scoping process.
Share Consolidation
Subject to the receipt of approval from the TSXV and NYSE American, Integra intends to consolidate its
common shares (“Integra Shares”) on the basis of one post-consolidation Integra Share for every 2.5 pre-
consolidation Integra Shares (the “Consolidation” ). The Consolidation is currently expected to be
implemented on or about May 22, 2023.
As a result of the Consolidation, Integra Shares issuable pursuant to Integra’s convertible securities will
be proportionally adjusted on the same basis. No fractional share of Integra will be issued, and any
fractional interest in Integra shares resulting from the Consolidation will be rounded to the nearest whole
Integra share.
A letter of transmittal will be mailed to registered shareholders once the Consolidation h as taken effect,
which will contain instructions on how registered shareholders can exchange their share certificates or
direct registration system advices (“DRS Advices”), evidencing their pre -Consolidation Integra Shares for
new share certificates or DRS Advices representing the number of post -Consolidation Integra Shares to
which they are entitled.
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, t he
Company has demonstrated significant resource growth and conversion while providing robust economic
studies in its maiden preliminary economic assessment and Pre-Feasibility Study (“PFS”). An independent
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technical report for the PFS on 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.sedar.com.
Wildcat Project Overview:
Wildcat is located within the Farrell mining district in Nevada, 56km north of the town of Lovelock within
Pershing County. The property can be accessed by year -round roads from Lovelock via State Route 399
and Seven Troughs Road. The 17,612-acre land package consists of 916 unpatented claims and 4 patented
claims. The claims are located on publicly -owned lands administered by the BLM. The mineralization at
Wildcat consists of a gold -dominated, low sulphidation, epithermal vein system with oxidized,
disseminated sulphide mineralization hosted in volcanic and intrusive rocks. The Inferred mineral resource
estimate at Wildcat contains 776,000 ounces of Au (oxide) (60.8 million tonnes at 0.40 g/t Au; effective
date of November 18, 2020). A technical report for the Wildcat Project is available on the Millennial
Precious Metals Corp. issuer profile on SEDAR at www.sedar.com.
Mountain View Project Overview:
Mountain View is located within the Deep Hole mining district in Nevada, 24km north of the town of
Gerlach within Washoe County. The project area is covered by a 5,476-acre land package consisting of 282
unpatented claims, located on publicly -owned lands administered by the BLM. Gold -dominated
mineralization at Mountain View consists of low sulphidation epitherma l veins and disseminated oxide
and sulphide mineralization hosted in Cenozoic volcanic rocks. Mountain View has an Inferred mineral
resource estimate containing 427,000 ounces of Au (oxide) (23.2 million tonnes at 0.57 g/t Au; effective
date of November 15 , 2020). A technical report for the Mountain View Project is available on the
Millennial Precious Metals Corp. issuer profile on SEDAR at www.sedar.com .
About Integra Resources Corp.
Integra Resources Corp 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.
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 and Tim Arnold (PE, SME), Integra’s
Chief Operating Officer. Both individuals are “Qualified Persons” (“QP”) as defined in National Instrument
43- 101 – Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Jason Kosec
President, CEO and Director
CONTACT INFORMATION
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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 “forwar d‐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 fa ct, certain information contained herein constitutes forward‐looking statements which
includes, but is not limited to, statements with respect to: the potential benefits to be derived from the
recently completed merger with Millennial, including, but not limited to, the goals, synergies, strategies,
opportunities, profile, mineral resources and potential production, project timelines, prospective
shareholding, integration and comparables to other transactions; the Consolidation; the future financial
or operating performance of the Company and the Company’s mineral properties and project portfolio;
Integra’s intended use of the net proceeds from the sale of subscription receipts; 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 “m ay”, “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 as sumptions made by management and considered reasonable at the time
such information is provided. Assumptions and factors include: the integration of the Companies, and
realization of benefits therefrom; the Companies’ ability to complete its planned explor ation programs;
the Consolidation; 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 Companies’ 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 ma y 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
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obtaining governmental approvals or financing; the speculative nature of miner al exploration and
development (including the risks of obtaining necessary licenses, permits and approvals from government
authorities); title to properties; the impact of COVID -19 on the timing of exploration and development
work and management’s ability to anticipate and manage the foregoing factors and risks. Although the
Companies have 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’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 fu ture 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
reliance on forwa rd‐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, continuous disclosure fili ngs 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 accur acy 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 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.