Integra Gold Reports Bonanza Grade at Lamaque Including 945 g/t Gold Over 1 Meter and 111.2 g/t Gold Over 6 Meters; Appoints President and CEO
19.07.2012 | Marketwire
- OTHER RESULTS INCLUDE 50.4 GRAMS/TONNE ("G/T) OVER 2 METERS ("M"), 31.4 G/T OVER 4 M, 37.33 G/T OVER 2M, AND 11.8 G/T OVER 11 M- NO. 4 PLUG 2012 DRILL PROGRAM EXTENDED TO A MINIMUM OF 20,000 M
- RESULTS FOR INITIAL 9 HOLES REPORTED, 14 HOLES COMPLETED TO DATE
- HIGH GRADE MINERALIZATION AS SHALLOW AS 30 M - NO. 4 PLUG REMAINS OPEN AT DEPTH
- STEPHEN DE JONG APPOINTED PRESIDENT AND CEO
- $2.2 MILLION IN CASH WITH AN ADDITIONAL APPROX. $1 MILLLION REBATE COMING FROM QUEBEC GOV'T
VANCOUVER, July 19, 2012 - Integra Gold Corp. (TSX VENTURE: ICG) (the "Company") is pleased to announce the highest grade intersections ever reported at the No. 4 Plug on the 100% owned Lamaque Project in Val d'Or, Quebec. Five holes published today returned high grade composites, further demonstrating the robustness and continuity of mineralization. The Company has now completed over 14,600 m of drilling on No. 4 Plug and in view of the recent results has extended its 2012 drill program on that target to a minimum of 20,000 m. The additional metrage will aim at further defining and extending the high grade gold mineralization within the intrusive plug, both laterally and at depth.
Highlights of mineralized intercepts include:
Grams/tonne
From To Interval gold
Drill Hole (m) (m) (m) (g/t Au)*
P4-12-04 263.00 264.00 1.00 18.05
300.00 303.00 3.00 22.11
431.00 435.00 4.00 19.35
459.00 460.00 1.00 17.24
630.00 632.00 2.00 12.06
809.00 813.00 4.00 31.41
P4-12-06 29.00 31.00 2.00 22.77
170.00 171.00 1.00 945.00
328.00 329.00 1.00 18.35
449.00 451.00 2.00 37.33
487.00 498.00 11.00 11.77
551.00 552.00 1.00 10.25
561.00 567.00 6.00 111.16
P4-12-07B 584.50 586.50 2.00 25.09
677.00 679.00 2.00 50.41
P4-12-08 652.50 655.00 2.50 16.33
755.00 759.00 4.00 13.24
P4-12-09A 524.00 526.00 2.00 15.35
541.00 546.00 5.00 10.67
790.00 792.00 2.00 21.75
* All uncut - Composites with individual assay results cut to 2 oz./t Au are presented in the detailed table (see link below)
Results from holes P4-12-07B, P4-12-08 and P4-12-09A are the portions of the holes that have NOT been previously disclosed. Assays from other portions of these specific holes were disclosed in a Company press release dated June 27, 2012.
To view the complete drill results tables please click on the following link:
http://www.brmstatpack.com/lt/1005/1266/composite-compilation-for-no.-4-plug
"These latest results confirm the suspicion that mineralization at the Number 4 Plug is similar to that of the adjacent Main Plug, which produced over 3.6 million high grade ounces of gold. Mineralization in these intrusive plugs is unique in that the high-grade veins occur in clusters, potentially allowing for a much more cost-effective, bulk mining method," commented Hervé Thiboutot, P.Eng. Senior Vice-President. "Once the current program is completed there will be over 25,000 meters of drilling to be incorporated in the existing No. 4 Plug resource. Some of the drilling has been confirming historic holes with the most recent expanding the mineralized zone laterally and at depth. We also expect to complete an updated resource estimate on the adjacent, high-grade Triangle Zone at the same time as estimation work on the No. 4 Plug."
To view a copy of the Company's Corporate Presentation please click on the following link:
http://www.integragold.com/i/pdf/12-07-18-ICG-Corporate-PPT-v4.pdf
Prior to this year's +20,000 m drilling program, the No. 4 Plug had a current N1 43-101 inferred resource of 315,975 ounces grading 9.43 g/t. As of the end of 2011, total global resources for the Lamaque Project are 518,643 inferred ounces grading 6.91 g/t gold and 162,962 indicated ounces grading 6.33 g/t gold.
The close spaced definition drill program on No. 4 Plug is aiming at converting inferred resource into the indicated category; data from the ongoing program will be incorporated into the geological model during the fall to permit a resource estimate update next winter. Two drill rigs continue to work towards achieving the Lamaque property's 2012 objective of increasing the gold resource and improving resource categories on a number of gold zones known to exist on the property.
Holes 04-12-04 and P4-12-06 are part of the 25 m by 25m infill drill program aimed at confirming the continuity of gold mineralization along strike and at depth within the 100 m wide by 250 m long No. 4 Plug. While hole P4-12-06 is demonstrating the possibility for significant high grade "clusters" with abundant free gold, hole P4-12-04 for its part is indicative of gold mineralization extending beyond the -900 m level. The intrusive body, which contains the gold mineralized veins, remains open at depth showing the potential for mineralization to continue at considerable depth, not unlike many gold deposits in the Val d'Or district.
CEO/President Appointment:
The Board of Directors (the "Board") also announces it has appointed Stephen de Jong, a Director of the Company, as CEO and President. Stephen served most recently as the President and CEO of Rogue Iron Ore Corp. ("Rogue"). Stephen led the restructuring and rebranding of Rogue, raising the funds and building the team needed to complete a 10,000 meter program and to commence resource estimation work on the historical Radio Hill iron ore deposit. Stephen holds a Bachelor of Commerce degree from Royal Roads University.
The Board is confident in Stephen's ability to lead the Company through the next phases of project development at Lamaque, and build a strong, capable team as it begins the transition from gold exploration and resource definition to conducting preliminary economic and development focused studies.
The Board has accepted the resignation of John de Jong as President and CEO. John de Jong has led the Company through a significant restructuring period through the last 24 months in which a major Chinese Gold producer was brought in as a strategic partner. During this period over $13 million was raised, multiple resource updates were published and approximately 60,000 m of drilling was completed.
"John's contributions as CEO and President on both the project and corporate levels have positioned the Company for success. We look forward to working with the new CEO as we continue building our team and exploration programs around an asset that continues to outperform our expectations," commented Robert Bryce, Director of the Company. "The Board wishes to thank John for his accomplishments as CEO and President and wish him the best in future endeavors."
To view maps highlighting the No. 4 Plug drilling program please click on the following links:
http://www.brmstatpack.com/lt/1005/1267/no.-4-plug-map-insert-for-holes-4-and-6
http://www.brmstatpack.com/lt/1005/1268/no.-4-plug-map-insert-for-holes-7-to-9
To view idealized sections for holes P4-12-04 and P4-12-06 click on the following link:
http://www.brmstatpack.com/lt/1005/1265/idealized-section-of-no.-4-plug
PROJECT AND COMPANY PROFILE
Integra's Lamaque Gold Project is located in the Val d'Or gold camp in the Province of Québec, Canada, about 550 km northwest of Montréal. Québec is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily accessible.
The project shares its northeastern border with the Sigma Mine which has produced 4.7 million ounces of gold to date, with 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, and directly west of Goldex is the producing Osisko Mine reporting reserves of 10.71 million oz. of gold.
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 ALS Laboratory Group and Bourlamaque Labs 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 a gravimetric finish completed for samples exceeding 5 g/t Au, or a metallic sieve assay for samples containing visible gold. When available the gravimetric or metallic sieve assay results were used for the reported composite intervals. The Lamaque exploration project is under the direct supervision of Hervé Thiboutot, P.Eng. Vice-President of the company and qualified person ("QP") as defined by National Instrument 43-101, Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, P.Eng., Geo. of Géologica Inc., both independent QP as defined by National Instrument 43-101. The Company's QP has reviewed the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong
CEO & President
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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release may 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.
Ariel Cobangbang, Investor Relations
604-629-0891
604-229-1055 (FAX)
ariel.c@integragold.com
www.integragold.com