Integra Gold Corp. Acquires Ground Adjacent to High-Grade Triangle Resource
18.01.2012 | Marketwire
- Tonalite Intrusive Sill Hosting Triangle Zone Resource Continues onto Acquired Ground- Previous Work Intersected 20.2 g/t Gold over 0.76 meters on Eastern Boundary
- Western Limit of the Structure Closest to the Triangle Zone Untested
- Majority of Previous Drilling Focused on Portion of Geological Feature
- Directly East of the #4 Plug Hosting 315,975 Gold Ounces
VANCOUVER, Jan. 18, 2012 - Integra Gold Corp. (TSX VENTURE:ICG) (Integra or the "Company") is pleased to announce, subject to regulatory approval, that the Company has entered into an option with Globex Mining Enterprises Inc. to acquire a 100% interest in the Donald property, located directly east of the Company's flagship Lamaque Gold Project in Val d'Or, Quebec.
Click on the following link to view the property:
http://www.brmstatpack.com/lt/1005/1223/acquistion-of-the-donald-property.
The Donald Property, adjacent and contiguous to the East of the Lamaque Gold Project, is located between the Lamaque and MacGregor Property and consists of seven (7) mining claims for a total of 112 hectares. It was acquired by the Company in order to permit follow-up exploration work on the eastern lateral extension of the Triangle Zone and its host tonalite intrusive sill. It is strategically located 200 meters east of the Triangle Zone; approximately 400 meters southeast of the No. 4 Plug (315,975 inferred gold ounces) and some 450 meters south of the old Aumaque Mine (located east of the Lamaque property). The mineralization in the Aumaque Mine was found to be "consistent in style with that found in the Sigma- Lamaque Complex, a non-NI 43-101 compliant historical resource of 67,000 gold ounces [57,000 ounces (8.57 g/t) and 17,000 ounces (6.03 g/t)] was estimated." (Century Mining Corp. website)
Gold Metric Grade (Grams
Deposit Tonnes per Ton-uncut) Ounces
# 4 Plug* 1,042,258 9.43 g/t 315,975 inferred
Forestel** 861,000 2.10 g/t 58,000 inferred
Parallel** 211,484 1.72 g/t 11,681 inferred
Parallel** 659,959 4.80 g/t 101,794 indicated
Triangle Zone*** 220,788 18.73 g/t 132,987 inferred
Triangle Zone*** 140,080 13.51 g/t 61,168 indicated
Total Inferred 2,355,530 6.91 g/t average 518,643 inferred
Total Indicated 800,799 6.33 g/t average 162,962 indicated
* The tabulated results above show the newly calculated resource estimates and includes the 2004 Audit Report estimate for the #4 Plug prepared by Watts, Griffis and McOuat.
** For the Parallel Zone, an Ordinary Kriging (OK) estimator was utilized and the Forestel zone was interpolated utilizing an IPD2 estimator
*** For the Triangle Zone, an Ordinary Kriging (OK) estimator was utilized
"Purchasing this property is part of Integra's intentional plan to secure land positions directly to the east of the #4 Plug and the Triangle Zone, an area of the Lamaque Gold Project that shows the greatest potential for hosting gold," comments Company President and CEO, John de Jong. "The #4 Plug, containing almost half of the reported gold ounces, and the Triangle Zone with its significant gold grades, are now fully open for exploration to the east. Individual drill results on the Donald Property, with grades of 20.20 g/t Au over .76 meters, are consistent with individual drill results on the Triangle Zone and #4 Plug. All in all, obtaining this property now provides Integra unfettered ability to expand exploration and development to the east without concerns of encroaching claim boundaries."
Similar to the recently acquired MacGregor Property, the geology mainly consists of East-West striking felsic to mafic volcano-sedimentary rock units (rhyolites, andesites, basalts and pyroclastics) and local tonalitic intrusive sills and plugs that are known to host gold mineralization when altered and fractured.
Past exploration drilling on the Donald Property revealed the following significant intersections:
Diamond Drill Hole Grade (Grams per Ton) Length
No. 1005 20.20 g/t .76 meters
6.86 g/t 1.07 meters
The gold mineralization is associated with quartz-tourmaline-carbonate-pyrite veins and shears. Exploration work and follow-up drilling will be proposed as soon as data validation and geo-scientific compilation is completed.
Consideration for the property is $175,000 and 250,000 shares, all payable over a period of four years. Globex is entitled to a 3% Gross Metal Royalty. The Company has the right to purchase one-third (1%) of this royalty for $750,000 for a period of five years from the date of exercise of the option.
Company and Gold Project Location
Integra's Lamaque Gold Project is located in the Val d'Or gold camp in the Province of Quebec, Canada, which is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily accessible.
The Company's shares are tightly held by a number of private investors, institutions and a major gold producer, Shandong Gold International Mining Ltd. The Company's focus is to advance gold zones demonstrating potential for open pit mining and where gold resources can be added quickly to the reported gold resource estimate as noted in the news release dated November 16, 2011, posted on Sedar and the Company website.
The gold project shares its northeastern border with the producing Sigma Mine which has produced 4.7 million ounces of gold to date and has reported significant gold resources and reserves. On its northwest border the Main Plug produced the majority of its 4.7 million ounces of gold for the historic Lamaque Mine. The Agnico-Eagle Goldex Mine, located approximately 6 kilometers west, reported reserves of 3.4 million gold ounces (mine closed recently due to engineering difficulties), and directly west of Goldex is the producing Osisko Mine reporting reserves of 10.71 million ounces of gold.
The Lamaque Property is located about 550 km northwest of Montréal, Quebec. The property consists of four (4) contiguous mining concessions and twenty (20) mining claims for a total of 1,459 hectares, owned 100% by Integra.
QUALITY ASSURANCE - QUALITY CONTROL
The Lamaque project exploration is under the direct supervision of Alain Beauregard, P.Geol. of Geologica Inc., an independent qualified person as designated by National Instrument 43-101, who has reviewed the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
John de Jong
CEO & President
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This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, any person in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure 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 the Company's planned exploration activities, 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 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.
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.
Contact
Integra Gold Corp.
John de Jong, CEO
604.629.0891
john.dejong@integragold.com
Integra Gold Corp.
Ariel Cobangbang
604.629.0891
604.229.1055 (FAX)
ariel.c@integragold.com
www.integragold.com