VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 31, 2013) - Integra Gold Corp. (TSX VENTURE:ICG) ("Integra" or the "Company") is pleased to announce that it has initiated drilling at its No. 3 Mine target on its Lamaque Gold Project located in Val d'Or, Québec. The addition of a second diamond drill rig on the project has allowed drilling to commence on this priority target located approximately 700 metres ("m") northwest of the No. 4 Plug deposit and 500 m southwest of the Parallel Zone. This drill program is intended to delineate gold ("Au") mineralization laterally and at depth from previously mined gold occurrences at the No. 3 Mine site.
"The No. 3 Mine target is an exciting target as high-grade ounces were produced from it historically and its depth extensions have never been fully explored nor mined. Historic drilling intersected multiple, high grade veins below the bottom of the No. 3 Mine Shaft, which was sunk to a vertical depth of 225 m, and were never followed up on. This target is particularly attractive as it lies directly between two of the Company's highest priority zones, the No. 4 Plug and the Parallel Zone. Because of the close proximity of the Lamaque Project's deposits, we anticipate the same mining infrastructure could be used to access multiple zones at once, which we will be able to comment further upon at the time we complete our PEA," commented Company President and CEO, Stephen de Jong. "There is a wealth of information being retrieved and re-discovered through the ongoing compilation and digitization of historic Teck archives. We are optimistic that additional discoveries will be made at Lamaque through this work and are confident that additional targets, much like the No. 3 Mine project, will continue to be identified."
No. 3 Mine
The No. 3 Mine target potential was identified by Integra in 2012 after a compilation of historic Lamaque Mining Company Ltd., a subsidiary of Teck (originally Teck Hughes Gold Mines Ltd. and later Teck Resources Ltd.), surface and underground information was completed. In the late 1960s Teck partially mined a multi-vein system using a small vertical shaft and five underground levels to a maximum vertical depth of 225 m. According to historical mining statistics, a total of 152,015 tonnes grading 7.55 g/t Au or 33,425 ounces of gold were mined in two veins in stopes above the 575 ft (175 m) level. No mining occurred below the vertical depth of 213 m although numerous underground and surface drill holes seem to indicate extensions of the vein system at depth. The No. 3 shaft was also used to mine the No. 4 Plug using the 450 ft (137m) and 700 ft (213m) levels.
From the early 1970s to the mid-1980s the project was primarily dormant, as Teck focussed on cutting costs and mining the "Main Plug" at the Lamaque mine. In the mid-1980s a series of drill holes from surface, consisting of 7,707 m in 22 drill holes, were completed which aimed at testing the lateral and depth potential of the zone below the 215 m level. Numerous high grade intercepts over significant widths were reported by Teck, and the following table provides some of the most significant intercepts. In the late 1980s Teck partitioned the Lamaque Project into numerous segments, selling the Lamaque Mine, including the Main Plug, to a third party. The No. 3 Mine became part of a joint venture with Tundra Gold Mines Ltd. which property interest was later purchased by Integra Gold. No drilling on the No. 3 Mine targets has occurred since 1988.
|Most Significant Intercepts - Teck 1980s Drilling
While mining the zones in the late 1960s, Teck also completed a series of underground drill holes with information from only a few of the drill holes recovered to date for a total of 2,574 m in 11 holes.
Appended Table 1 and 2 (links below) respectively present the historic underground and surface drill hole information that was recently compiled.
Link to Table 1: http://www.integragold.com/i/pdf/2013-07-31_Table1.pdf
Link to Table 2: http://www.integragold.com/i/pdf/2013-07-31_Table2.pdf
The reported gold mineralization appears to be contained within a minimum of three vein zones that extend laterally and at depth from the previously mined areas. In a 1985 report, Teck estimated the resource potential for the zones from their new drilling to be 250,000 tonnes grading 8.58 g/t Au representing approximately 62,500 Au ounces (non 43-101 compliant polygonal estimate). Resource numbers from Teck's historic reports have not been audited or validated and are not included in the Company official resource disclosure.
2013 Lamaque Drill Program
Integra's drill program at No. 3 Mine will consist of 5,000 m in 12 holes and will focus on extending known veins both laterally and at depth, identifying new vein occurrences, and twinning a number of the historic holes drilled by Teck in the 1980s. Once results of this program have been received and compiled the Company may increase the total number of meters to be drilled. If results are positive and sufficient gold mineralization is identified further drilling and a resource estimate on this zone may be justified.
Planned drilling for 2013 at the Lamaque project consists of a minimum of 20,000 m. Aside from drilling the South Triangle (see press release July 17, 2013) and No. 3 Mine targets, drilling is also planned at the Plug No. 5 target.
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. 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 and South Clusters, which are located approximate 1 kilometer ("km") from each other. The Lamaque Project's primary target, the South Cluster which presently consists of the Plug No. 4 and Triangle zones, is approximately 3 km from the City of Val d'Or. The North Cluster, presently consisting of the Parallel and Fortune (formerly 'Forestel') zones, is located 1 km from the city.
The Lamaque exploration project is under the direct supervision of Hervé Thiboutot, P.Eng. and Senior Vice-President of the company, Francois Chabot, Eng. and Manager Operations of the Company, both Qualified Person ("QP") as defined by National Instrument 43-101; Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, Eng., Geo. of Geologica Inc., both independent QP as defined by 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 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 constitutes 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.