Integra Gold Adds Second Drill to Lamaque Gold Project, Commences Deep Drilling at #4 Plug
14.02.2012 | Marketwired
- HOSTS 315,975 GOLD OUNCE RESOURCE (1,042,258 m tonnes) AVERAGE GRADE 9.43 g/t- PREVIOUS DRILLING REPORTED NUMEROUS HIGH GRADE GOLD INTERSECTS
- OPEN IN ALL DIRECTIONS
- ALL WEATHER ROAD ACCESS BUILT TO DRILL SITE
VANCOUVER, Feb. 14, 2012 - Integra Gold Corp. (TSX VENTURE:ICG) (The "Company") is pleased to announce that it has begun its 2012 deep drilling program on the No. 4 Plug located on its Lamaque Gold Project in Val d'Or, Quebec. The No. 4 Plug is one of four priority targets in the 2012 drill program designed to increase gold ounces and resource category.
The No. 4 Plug (1,042,258 m tonnes average grade of 9.43 g/t gold for 315,975 gold ounces) contains 46% of the known gold resources on the Lamaque Gold Project with a cut-off grade of 6.14 g/t (Scammell, May 1989) set to reflect the much lower gold prices of that time. The 2012 drill program will include drilling previously un-tested areas at and below the 210 meter level to a depth of up to 1500 meters. The results will be incorporated into an update of the resource estimate once geological milestones designed to validate and enhance the 1998 resource estimate data used by Teck have been met, and will reflect present-day market gold prices and associated cut-off grades.
"Drilling the No. 4 Plug fits into the Company's 2012 objective of focusing its exploration efforts on areas with proven high-grade resources and that demonstrate the most potential to expand. The No.4 Plug's gold high grades not only increase the overall value of the project, but also have the potential to positively influence the various production scenarios we are currently considering," comments Company President and CEO, John de Jong. "The No. 4 Plug and adjacent high grade gold Triangle Zone continues to be one of several 'sweet' spots in the entire Lamaque Gold Project."
The Company commissioned a drill rig from Orbit Garant, headquartered in Val d'Or, Quebec, that is capable of deep drilling and in November, 2011, built a year around road access to the No. 4 Plug. Drilling is planned to continue unabated during 2012 and possibly into 2013.
The No. 4 Plug is located in the mid-eastern portion of the Lamaque Gold Project approximately 400 meters north of the high-grade Triangle Zone that has an inferred resource of 220,788 metric tonnes grading 18.73 g/t for 132,987 ounces of gold and an indicated resource of 140,840 metric tonnes grading 13.51 g/t for 61,168 ounces of gold.
To view a map highlighting the No. 4 Plug, please click on the following link:
http://www.brmstatpack.com/lt/1005/1235/2012-ddh-program-on-no.-4-plug-zone
No. 4 Plug - The Geology
The # 4 Plug reports an inferred historic resource of 1,042,258 metric tonnes grading 9.43 g/t for 315,975 ounces of gold based on a cut-off grade of 6.14 g/t. The cut-off was based on a gold value of $400 to $500 per ounce whilst the current value used by the majority of mining companies for the purpose of resource estimate calculations is approximately $1,365 gold.
The No. 4 Plug is a "pipe-like" intrusion and measures 106.68 to 121.92 meters in diameter and extends to a depth in excess of 914.4 meters. The No. 4 Plug was mined from July 1961 to 1967 and yielded 145,136 metric tonnes grading 5.21 g Au/t from workings above the 213 meter level.
The No. 4 Plug is composed of an easterly portion of fine to medium grained diorite, 106.68 to 121.92 meters in diameter. It is enveloped on the west side by a granodioritic intrusion, which extends to the west for an additional 83.82 m. The two intrusive units have similar competency and therefore should be equally good hosts for gold-bearing quartz veins, however, the mining was restricted to the dioritic portion of the intrusive.
The intrusions are cut by a series of near vertical shears striking 070 to 090° and dipping 70° to 85° to the south. The best developed of these shears is the No. 6 fault / shear. It has a dextral displacement of approximately 61 meters and vertical displacement of 18 to 24 meters. The vertical shears have probably produced the brittle (Riedel) shears and tension fractures, which are believed to be the conduits along which the gold-bearing solutions migrated.
The quartz veins are hosted by three dominant structural features:
a. ductile "P" Shears;
b. brittle "Riedel" or "R" Shears; and
c. Tension Veins.
The best mineralization is interpreted as occurring in a series of stacked, tabular sub-horizontal bodies of minimum mining width interpreted to be tension veins.
The last Mineral Resource estimate for the No. 4 Plug was completed by Teck in 1989 (Scammell, May 1989) reporting 1,149,000 tons grading 0.179 oz Au/ton (cut) and 0.275 oz Au/ton (uncut) (1,042,258 metric tonnes grading 9.43 g/t for 315,975 gold ounces inferred) for a series of zones between the 213-914 meter levels. It incorporated all drilling comprising of 73 DDH totalling 82,462 feet (25,134.42 m) during 1932 to 1989.
Drilling post 1989 was completed by Kalahari in 2003 consisting of two surveyed holes using a Reflex AB Maxibor instrument operated by a Reflex technician out of Timmins, Ontario. Drill hole T-03-01 (drilled to a depth of 1,329.23 meters) was in the intrusive from 547.73 meters to its end intersecting several zones of bleaching, pyritization and veining. T-03-02 entered the diorite at 454.15 meters and continued in intermediate to mafic intrusive with rare feldspar porphyry sections through the remainder of the hole. Several zones of alteration similar to that in DDH T-03-01 were intersected. Both holes confirmed that mineralization in the No. 4 Plug continues at depth and tested the intrusive at a greater depth outside of the areas used in the Teck resource estimate. At this time true widths of mineralization are difficult to estimate without further information and interpretation.
Other Updates
- Sixteen Zone mineral resource estimate report and modeling required additional time to complete and validate the historical database but is now underway.
- Remaining 7 drill hole core assays for the Parallel zone are being received and compiled
- Integra Gold will be at PDAC (booth # 3147)and can be located in the Core Shack (booth #5026)
Resource Estimate for Lamaque Gold Project:
Metric Grade (Grams
Gold Deposit Name Tonnes per Tonne - uncut) Ounces
No. 4 Plug* 1,042,258 9.43 g/t 315,975 inferred
Forestel Zone** 861,000 2.10 g/t 58,000 inferred
Parallel Zone** 211,484 1.72 g/t 11,681 inferred
Parallel Zone** 659,959 4.80 g/t 101,794 indicated
Triangle Zone*** 220,788 18.73 g/t 132,987 inferred
Triangle Zone*** 140,840 13.51 g/t 61,168 indicated
Total Inferred Resources 2,335,530 6.91 g/t (average) 518,643 inferred
Total Indicated Resources 800,799 6.33 g/t (average) 162,962 indicated
* The tabulated results above show the newly calculated resource estimates and includes the 2004 Audit Report estimate for the #4 Plug prepared by Watts, Griffis and McOuat.
** For the Parallel Zone, an Ordinary Kriging (OK) estimator was utilized and the Forestel zone was interpolated utilizing an IPD2 estimator.
*** For the Triangle Zone, an Ordinary Kriging (OK) estimator was utilized.
Company and Gold Project Location
Integra's Lamaque Gold Project is located in the Val-d'Or gold camp in the Province of Quebec, Canada, which is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily accessible.
The Company's shares are tightly held by a number of private investors, institutions and a major gold producer, Shandong Gold International Mining Ltd. The Company's focus is to advance gold zones demonstrating potential for open pit mining and where gold resources can be added quickly to the reported gold resource of 2,335,530 metric tons, average grade 6.91 g/t gold for 518,643 ounces Troy gold inferred and 800,799 metric tons, average grade 6.33 g/t for 162,962 ounces Troy gold indicated.
The gold project shares its northeastern border with the producing Sigma Mine which has produced 4.7 million ounces of gold to date and has 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 (mine closed recently due to engineering difficulties), and directly west of Goldex is the producing Osisko Mine reporting reserves of 10.71 million ounces of gold.
The Lamaque Property is located about 550 km northwest of Montréal, Quebec. The property consists of four (4) contiguous mining concessions and twenty (20) mining claims for a total of 1,459 hectares, owned 100% by Integra.
QUALITY ASSURANCE - QUALITY CONTROL
Thorough quality assurance and quality control program (QA/QC) protocol was utilized on the project including duplicate, blank and standard samples for all the holes. The core samples were respectively submitted directly to ALS Laboratory Group and Bourlamaque Labs in Val-d'Or for preparation and analysis. Analysis was conducted on 1 assay ton samples. Analysis of gold was by fire assay, with a gravimetric finish on samples exceeding 5 g/t gold. The gravimetric assay results were used for the reported composite intervals. The Lamaque project exploration is under the direct supervision of Alain Beauregard, P.Geol.,of Geologica Inc., an independent qualified person as designated by National Instrument 43-101, and Daniel Gaudreault, ing., Geol., an independent qualified person as designated by National Instrument 43-101, who has reviewed the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
John de Jong
CEO & President
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This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, any person in the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
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 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.
Contact
Integra Gold Corp.
John de Jong, CEO
604.629.0891
john.dejong@integragold.com
Integra Gold Corp.
Ariel Cobangbang
604.629.0891
604.229.1055 (FAX)
ariel.c@integragold.com
www.integragold.com
