Integra strengthens its presence in the Florida Mountains.
Within and outside the existing resource boundaries, drilling at Integra Resources‘ Florida Mountain deposit, located within the DeLamar project in Idaho, has encountered higher-grade gold and silver mineralization.
The business has revealed the first four holes of a 7,000-meter drill campaign. Highlights include 114.9 meters of 1.27 g/t gold equivalent beginning at the surface, 117 meters of 2.3 g/t gold equivalent beginning at 4.3 meters, and 113.7 meters of 1.85 g/t gold equivalent beginning at 4.9 meters.
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“We are pleased to report that the exploration team has successfully discovered high-grade gold and silver in each of the first four drill holes conducted at Florida Mountain,” the company’s president and CEO, George Salamis, said in a statement.
“While today’s results focus on only the first four drill holes in the Florida Mountain exploration program, they highlight the potential for high-grade gold-silver resources to existing outside of the resource, which may potentially be modeled as high-grade mill feed in future economic studies.”
DeLamar’s preliminary economic assessment (PEA) for the unoxidized Florida Mountain material specified a 27,000 t/d heap leach operation with a 2,000 t/d mill, producing an average of 124,000 gold-equivalent per year during a 10-year mine life at all-in sustaining costs of $619 per oz. The most recent exploration data, according to Integra, point to a higher possible mill feed grade than the 1 g/t gold equivalent suggested in the early-stage study.
In the coming weeks, drilling at Florida Mountain will focus on depth extensions of known mineralized shoots. A third drill is scheduled to target the high-grade War Eagle target by early August, with two rigs presently working on the deposit.
Total measured and indicated resources at Integra’s DeLamar project are 172.4 million tonnes grading 0.7 g/t gold-equivalent, totaling 3.9 million gold-equivalent ounces; further inferred resources are 28.3 million tonnes grading 0.55 g/t gold-equivalent, totaling 500,000 oz. These are calculated using gold-equivalent cut-off grades of 0.2 g/t and 0.3 g/t. The DeLamar and Florida Mountain deposits contain the current resources.
DeLamar is 160 kilometers from Boise and home to the famous DeLamar mine, which produced 1.6 million ounces of gold and 100 million ounces of silver in its heyday.
Integra’s stock was up 4% on the TSXV at midday Wednesday. The company’s market capitalization is C$262 million.