VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 23, 2013) -
Press Release Highlights:
Integra Gold Corp. (TSX VENTURE:ICG) ("Integra" or the "Company") is pleased to announce the second set of results from its 2013 drill program on the Triangle Zone at its Lamaque Gold Project located in Val d'Or, Québec. Highlights from results announced today include the widest intercept ever recorded at the Triangle Zone at 7.1 g/t Au over 19.5 m starting from 246.5 m down hole. This intercept represents true width as the hole was drilled perpendicular to the interpreted southerly dipping mineralized zones. Results from the first 11 of 15 holes in this exploration campaign have now been released.
"These results clearly show the potential to expand known resources at the Triangle Zone. The 19.5 meter high-grade intersection announced today was discovered on the northern limit of the existing geological model and resource, which continue to expand with drilling. To put the significance of these results in context, one should remember the bulk of our existing resource, contained within the No. 4 Plug located a few hundred meters north, has been modeled down to a depth of over 900 meters in identical host rock and remains open at depth. The Triangle Zone has only been modeled to a depth of 350 meters, and mineralization has since been discovered to approximately 600 meters vertical. The neighbouring Lamaque and Sigma Mines, 1 km to the north, also with very similarly geology, were mined to a depth of 1,000 and 2,000 meters, respectively," commented Company President and CEO, Stephen de Jong. "Future drilling programs at Triangle will be directed to fully test the depth potential of Triangle in order to continue adding resources to the existing deposit. The Company has $4 million in working capital, allowing us to continue to execute on our 2013 exploration objectives."
The Company has completed its 2013 winter drill program at Triangle with 6,800 m drilled. Results announced today are from three additional drill holes with assays still pending for the last 4 holes. The newly disclosed holes, TM-13-09, 10 and 11, were aimed at testing the up dip projection of the recently re-interpreted mineralized zones at Triangle. All holes intersected zones which had been predicted in the recently completed geological model of the Triangle resource. Of particular significance is that the wide intercepts reported from TM-13-10 represent a new mineralized horizon previously not recognized or modelled. This zone appears to be the up-dip projection of a new zone identified below the actual geological model, clearly demonstrating the potential for additional gold mineralization at depth at Triangle.
Following this new discovery, two of the four last holes were drilled to target the potential of the Triangle Zone to vertical depth greater than 500 m. The two holes, on sections 50 m apart, intersected a series of 4 sub-parallel, potentially gold mineralized quartz vein arrays below the actual model. The upcoming Lamaque Project resource update (expected Q2 2013) is limited to resources occurring between surface and 350 meters vertical at the Triangle Zone. The results from the latest 15 holes will be compiled and included in a subsequent resource update. The Triangle Zone is an advanced exploration target within the Company's primary target area, the South Cluster (see map link below).
Link to map: http://media3.marketwire.com/docs/icg423-Map.pdf
Additional sections and maps are currently being compiled and will be available on the Company's website when completed.
Drill highlights reported today at Triangle include:
|* Down-hole thickness, true width varies depending on drill hole dip|
|** 1.00 g/t Au cutoff - individual assay values uncut - no minimum thickness|
To view a complete table of composited assay results of recent drilling please click on the following links:
2013 Lamaque Drill Program
A minimum program of 17,000 m is planned for the Lamaque Gold Project in 2013. With the Triangle winter drill program now completed, the Company will focus on Plug No. 4 where a 5,000 m infill program is being planned to validate and extend the newly generated geological model. Drilling will be initiated in May 2013. Following this program an additional 5,000 m of drilling will take place on Plug No. 5.
Summary of Various 2013 Engineering, Environmental, Technical and Economic Studies:
Project and Company Profile
Integra's Lamaque Gold Project is located in the heart of the Val d'Or gold camp in the Province of Québec, Canada, approximately 550 km northwest of Montréal. The Lamaque Project's primary target, the South Cluster, is 4 km from the City of Val d'Or. Québec is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily available.
The Company's primary objective is to continue to prove up additional resources while advancing the existing resource towards production. The project is split into two clusters, the North Cluster and the South Cluster, located approximate 1 km from each other.
South Cluster - No. 4 Plug and Triangle Zone
The South Cluster is the Company's top priority, and currently has a high grade gold resource of 444,962 inferred ounces grading 11.06 g/t Au in 1,263,046 tonnes, and 61,168 indicated ounces grading 13.51 g/t Au in 140,840 tonnes. Including 2013 drilling, over 34,000 meters of drilling has been completed on the South Cluster since the last resource estimate. An updated resource estimate is expected to be completed in Q2, 2013.
North Cluster - Parallel Zone, Forestel Zone and No. 5 Plug
The North Cluster hosts an NI 43-101 resource estimate of 69,981 inferred ounces grading 2.03 g/t Au in 1,072,484 tonnes, and 101,794 indicated ounces grading 4.8 g/t Au in 659,959 tonnes. An additional 8,000 meters of drilling has been completed on the North Cluster since the last resource which will also be included into the Q2, 2013 updated resource estimate.
The Lamaque exploration project is under the direct supervision of Hervé Thiboutot, P.Eng. and Senior Vice-President of the company, a 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.
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 atomic absorption finish, 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 are used for the reported composite intervals.
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 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.
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.