Integra Gold SEDAR Files NI 43-101 Technical Report for the Lamaque Resource Estimate
VANCOUVER, BC--(Marketwired - December 22, 2016) -
Press Release Highlights:
- Triangle deposit (5.0 g/t Au cut-off): indicated resources increased 15.2% from 503,420 gold ("Au") ounces to 580,150 Au ounces grading 8.96 g/t Au and inferred resources increased 14.5% from 676,960 Au ounces to 774,880 Au ounces at an average grade of 9.03 g/t Au.
- 23,800 meters ("m") of new drilling incorporated into resource estimate for Triangle deposit ("Triangle"). The next resource estimate for Triangle (Q1 2017) will incorporate a minimum of 105,000 m of diamond drilling at Triangle with an assay database cut-off date of December 31, 2016.
- An updated Preliminary Economic Assessment ("PEA") using the resource estimate update is expected to be complete in Q1 2017.
- 6 drill rigs operating on the Triangle Deposit with one additional drill rig currently testing the Lamaque Deep target
Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF) ("Integra" or the "Company") is pleased to announce that it has filed on SEDAR the independent NI 43-101 Technical Report (the "Report") including the updated Mineral Resource Estimate for the Lamaque Gold Project ("Lamaque") located in Val-d'Or, Québec, as described in the Company's news release dated November 16, 2016.
The Report is available on SEDAR under the Company's profile and on the Company's website at:
http://www.integragold.com/i/pdf/reports/2016-11-16-NI-43-101-Lamaque.pdf
The extensive 2015 and 2016 drill programs completed on deposits and targets across the property have contributed greatly to refining the Company's understanding of the geology, especially in regard to gold mineralization distribution and controls. This has led to refinements on a number of key resource estimation parameters relative to previously used parameters.
An additional 23,800 m of drilling completed at Triangle in the last 12 months was used in the Report. The Triangle Q1 2017 resource estimate will utilize a year-end database cut-off date of December 31, 2016 and will incorporate an additional 105,000 m.
Table 1
November 2016 Global Lamaque Resource Estimate (3 g/t Au Cut-Off)
| Deposit | Indicated | Inferred | ||||||||||
| Tonnes | Grade (g/t Au) | Ounces(Au) | Tonnes | Grade (g/t Au) | Ounces(Au) | |||||||
| Triangle (1) | 3,273,000 | 7.01 | 737,590 | 4,500,400 | 6.94 | 1,004,170 | ||||||
| No. 4 Plug (2) | 505,448 | 6.67 | 108,443 | 915,903 | 6.84 | 201,464 | ||||||
| Parallel (3) | 761,100 | 7.48 | 182,920 | 382,100 | 5.72 | 70,290 | ||||||
| No. 6 Vein (4) | 462,800 | 5.60 | 83,450 | 362,000 | 6.40 | 74,240 | ||||||
| Fortune (5) | 330,200 | 5.10 | 53,660 | 28,100 | 4.60 | 4,160 | ||||||
| Sixteen (6) | 91,700 | 5.20 | 15,440 | 1,800 | 4.20 | 250 | ||||||
| Total | 5,424,248 | 6.78 | 1,181,503 | 6,190,303 | 6.81 | 1,354,574 | ||||||
Table 2
November 2016 Global Lamaque Resource Estimate (5 g/t Au Cut-Off)
| Deposit | Indicated | Inferred | ||||||||||
| Tonnes | Grade (g/t Au) | Ounces(Au) | Tonnes | Grade (g/t Au) | Ounces(Au) | |||||||
| Triangle (1) | 2,014,600 | 8.96 | 580,150 | 2,668,700 | 9.03 | 774,880 | ||||||
| No. 4 Plug (2) | 300,417 | 8.56 | 82,634 | 579,432 | 8.59 | 160,028 | ||||||
| Parallel (3) | 426,800 | 10.29 | 141,210 | 184,100 | 7.70 | 45,560 | ||||||
| No. 6 Vein (4) | 201,300 | 7.90 | 51,280 | 239,800 | 7.50 | 58,080 | ||||||
| Fortune (5) | 155,000 | 6.30 | 31,620 | 9,400 | 6.60 | 1,990 | ||||||
| Sixteen (6) | 41,800 | 6.90 | 9,250 | 400 | 6.40 | 90 | ||||||
| Total | 3,139,917 | 8.88 | 896,144 | 3,681,832 | 8.79 | 1,040,628 | ||||||
| (1) | Triangle: Effective date is March 15, 2016; Specific gravity of 2.8 g/cm3; geologically constrained model with hard boundary; capping of 20 g/t Au on composites when estimated cells are more than 15 m from drill hole otherwise uncapped; composited to 1 m downhole length before geostatistical analysis; 2 m minimum true thickness, if required diluted with in situ grade when assay results are available otherwise diluted with "zero" grade; ordinary kriging; 3 g/t cut-off calculated for official resource numbers. | |
| (2) | No. 4 Plug: Effective date is October 28, 2016; Specific gravity of 2.80 g/cm3; geologically constrained model with hard boundary; capping of 20 g/t Au on composites when estimated cells are more than 15 m from drill hole otherwise uncapped; composites are 1 m in downhole length before geostatistical analysis; 2 m minimum true thickness, if required diluted with in situ grade when assay results are available otherwise diluted with "zero" grade; ordinary kriging; 3 g/t cut-off calculated for official resource numbers. | |
| (3) | Parallel: Effective date is February 05, 2016; Specific gravity of 2.80 g/cm3; geologically constrained model with hard boundary; capping of individual gold values at 100 g/t Au then capping of 20 g/t Au on composites when estimated cells are more than 15 m from drill hole otherwise uncapped; composited to 1 m downhole length before geostatistical analysis; 2 m minimum true thickness, if required diluted with in situ grade when assay results are available otherwise diluted with "zero" grade; ordinary kriging; 3 g/t cut-off calculated for official resource numbers. | |
| (4) | No. 6 Vein: Effective date is June 17, 2016; Specific gravity of 2.80 g/cm3; geologically constrained model with hard boundary; capping of 20 g/t Au on composites when estimated cells are more than 15 m from drill hole otherwise uncapped; composited to 1 m downhole length before geostatistical analysis; 2 m minimum true thickness, if required diluted with in situ grade when assay results are available otherwise diluted with "zero" grade; ordinary kriging; 3 g/t cut-off calculated for official resource numbers. | |
| (5) | Fortune: Effective date is April 06, 2015; Specific gravity of 2.82 g/cm3; geologically constrained model with hard boundary; individual gold values uncap; composited to 1 m downhole length before geostatistical analysis; 2 m minimum true thickness, if required diluted with in situ grade when assay results are available otherwise diluted with "zero" grade; ordinary kriging; 3 g/t cut-off calculated for official resource numbers. | |
| (6) | Sixteen: Effective date is November 18, 2013; Specific gravity of 2.80 g/cm3; geologically constrained model with hard boundary; individual gold values capped at 35 g/t Au; composited to 0.7 m downhole length before geostatistical analysis; 2 m minimum true thickness, if required diluted with in situ grade when assay results are available otherwise diluted with "zero" grade; ordinary kriging; 3 g/t cut-off calculated for official resource numbers. | |
Next Steps
All drilling completed on the various satellite deposits (Parallel, No. 6 Vein, No. 4 Plug, Fortune, Sixteen) has now been incorporated in the current resource estimate. The one significant exception is Triangle, where a total of over 105,000 m of both infill (70%) and step-out (30%) drilling has been completed since the database cut-off for the current estimate. These drill results, which have been disclosed on a timely basis throughout the year, clearly illustrate the potential for additional resource growth at Triangle (see 2016 News Releases). Modelling is now underway for a full Triangle resource update which will include all of the drill data referenced above. This resource estimate is expected to be completed in Q1 2017.
The Company currently has 7 diamond drills active at Lamaque, including 6 at Triangle, and estimates that the total drilling conducted in 2016 will amount to 120,000 m.
Drilling in 2017 will focus on Triangle and No. 4 Plug in addition to key exploration targets throughout the property including the Lamaque Deep and priority Gold Rush Challenge targets.
The Company has also commissioned a PEA which will incorporate the resource estimates disclosed in the Report and in this news release. This PEA is anticipated to be completed in Q1 2017 and will focus on four of the six deposits for which resources exist at Lamaque. The Fortune and Sixteen deposits, which account for minimal resources, will not be included in the upcoming PEA.
Project and Company Profile
Integra Gold is a junior gold exploration company advancing projects in Val-d'Or, Québec, one of the top mining jurisdictions in the world. The Company's primary focus is its high-grade Lamaque South Gold Project. In 2014, Integra completed the accretive acquisition of the Sigma Mill and Mine Complex, a fully permitted 2,200 ton per day mill and tailings facility. With major federal and provincial permits in place, existing infrastructure, an excellent resource base, and exploration potential, this acquisition removed major costs and shortened timelines typically associated with mine projects.
Integra has raised over $127 million since 2013, at successively higher share prices, despite depressed gold prices. In August 2015, Eldorado Gold Corp. completed a strategic investment in Integra, acquiring 15% of the outstanding common shares. Integra was named to the TSX Venture top 50 performers in 2015 and the OTCQX Best 50 award for 2015.
Qualified Person
The Lamaque South and Sigma-Lamaque exploration projects, jointly known as the Lamaque Gold Project, are under the direct supervision of Hervé Thiboutot, Eng., Senior Vice-President of the Company, and Jacques Simoneau, P. Geo., Exploration Manager of the Company. Mr. Thiboutot and Mr. Simoneau are Qualified Persons ("QPs") as defined by the National Instrument 43-101. Mr. Christian D'Amours, P. Geo., OGQ #226, from GeoPointCom, is responsible for the completion of the resource estimates and is an independent QPs as defined by the National Instrument 43-101. The Company's QPs have reviewed the technical content of this release.
Quality Assurance - Quality Control ("QA/QC")
Thorough QA/QC protocols are followed on the project including insertion of duplicate, blank and standard samples in all drill holes. The core samples are submitted directly to the Bourlamaque and ALS Laboratories in Val-d'Or for preparation and analysis. Analysis is conducted on 1 assay-ton aliquots. Analysis of Au is performed using fire assay method with atomic absorption (AA) finish, with a gravimetric finish completed for samples exceeding 5 g/t Au. Results published are from the gravimetric finish if above 5 g/t Au and from the AA finish if lower than 5 g/t Au.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong
CEO & President
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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 news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosures in this release constitute forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the private placement and Company's planned exploration activities, that the Company is able to complete the private placement, that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the private placement will not be completed, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Contact
CONTACT INFORMATION
Corporate Inquiries:
Chris Gordon:
chris@integragold.com
Or visit the company website: www.integragold.com