Integra Resources Corp. (OTCQX:IRRZF)

Integra Resources Corp. (OTCQX:IRRZF)

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-The DeLamar project is located in southwestern Idaho approximately 100 miles (160 km) from Boise. The project includes the historic Kinross’ DeLamar Mine that closed in 1998 due to low precious metal prices. The historic DeLamar Mine produced 1.6 million ounces of gold and 100 million ounces of silver1.
The DeLamar Project constitutes roughly 5,300 acres of patented and unpatented claims, and a further 4,100 acres of leased lands with approximately 1,575 historic drill holes and 145,940 meters of drilling outlined in historic databases. The DeLamar site includes all necessary infrastructure and existing on-site facilities, including all-season road access, grid power, a lined water treatment pond, workshop, and an office building.
In 2018, Integra drilled 23,400 m in 80 drill holes, identifying a new zone of mineralization not mined or fully explored by previous operators. This new zone, Sullivan Gulch, in addition to successful drilling below and around the existing resource, has proven the Company’s theory that the DeLamar Deposit has the potential for significant resource growth.

-The Florida Mountain Project is located 8.5 kilometers away from the Company’s DeLamar Project in southern Idaho. The two projects are connected by an all-weather haul road that was used historically by Kinross to transport mineralized material from Florida Mountain to DeLamar. Historical underground mining at Florida Mountain from the 1830s to 1910s produced a total of 133,000 ounces gold and 15.4 million ounces of silver. Modern open pit mining was conducted by Kinross Gold in the 1990s and produced an additional 124,500 ounces of gold and 2.6 million ounces of silver. The Florida Mountain project hosts a significant drill database consisting of over 1,050 drill holes. The majority of this historic drilling was completed by Kinross Gold and NERCO Minerals to define an deposit amenable to open pit mining.

-War Eagle Mountain is located 3 km southeast of Florida Mountain and 9 km east of DeLamar in the Owyhee Mountain range in southwestern Idaho. The Company has optioned War Eagle from Nevada Select, a wholly owned subsidiary of Ely Gold Royalties, Inc. Nevada Select will transfer its right, title and interest in the State Lease, subject to a 1.0% net smelter royalty on future production from the deposit payable to Ely Gold, to DeLamar Mining. Under the option agreement, Integra will pay Nevada Select US$200,000 over a period of four years in annual payments.

Results are pending from four additional drill holes completed at War Eagle. Given the high grades results reported today, Integra plans on completing additional exploration work at War Eagle in the Spring of 2020. A soil sampling program completed in early November delineated a large north-south trending 200 m x 1000 m soil arsenic and gold anomaly several hundred meters east of the structures drilled in 2019. An induced polarization survey is also planned for late Q2 2020 to help define drill targets in this large As-Au anomaly prior to recommencing drilling.

War Eagle Mountain is located in Owyhee Mountain range which are situated near the east margin of the mid-Miocene Columbia River–Steens flood basalt province and the western margin of the Snake River Plain. The Owyhee Mountains are host to a major mid-Miocene eruptive center, generally composed of mid-Miocene age basalt flows and younger, rhyolitic flows, domes and tuffs, developed on an eroded surface of Late Cretaceous age granitic rocks.

The local geology and ore mineralogy found within the low sulphidation epithermal veins on War Eagle Mountain are similar to the regimes found at DeLamar and Florida Mountain to the west. The key difference is the host rock. Historic mining War Eagle focused on veins hosted within late Cretaceous age granitic rock. Past production on these high-grade vein systems has outlined strike lengths in excess of 1 km and depth extents of up to 750 meters or more.

Drilling by Integra encountered high-grade gold and silver mineralization above the granodiorite, intersecting mineralization quartz-pyrite cemented rhyolite breccias and brecciated volcano-sediments.

Prominent pioneers of Idaho’s gold rush,called War Eagle Mountain the “richest and most wonderful deposit of quartz yet discovered in the United States—even eclipsing the famed Comstock Lode of Nevada.”

The War Eagle district has a long and illustrious history of high-grade underground mining, dating back to the late 1800’s. The mines of War Eagle were known to be high grade, with records showing far greater amounts of gold and silver were mined from far less material, resulting in a significantly higher unit value per ton than any other mining operation in the district.

War Eagle Mountain provided the first, significant production within the Silver City district after the discovery of the Oro Fino Vein system on top of War Eagle Mountain. By 1875, 10 shafts ranging in depth from 90 m to 400 m had been dug to access the Oro Fino system and an estimated 500,000 ounces of gold had been extracted. Following the collapse of the Bank of California in 1876, the shafts on War Eagle Mountain were abandoned. In 1899, the American Smelting and Refining Company drove a 3 m by 3 m tunnel 2,133 m into the side of War Eagle Mountain to drain the existing shaft system around Oro Fino and re-start mining. After completing the tunnel, issues arose, and the American Smelting and Refining Company stopped work and the mines sat idle. The mines at War Eagle were so prolific that Silver City’s population grew to approximately 4,000 people and supported 12 stamp mills.

Integra Resources Inc. is a publicly traded company listed on the OTCQX under the ticker symbol IRRZF. This is not investment advice. Please view the disclaimer found on this website.
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