ICG Files NI 43-101 Technical Report for the Lamaque Resource Estimate
posted on
Dec 21, 2015 06:56PM
Integra Gold is a Canadian company focused on production planning for its high-grade Lamaque South project in one of Canada's premier gold producing districts, the "Valley of Gold," Val-d'Or, Québec
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TSX-V: ICG News Release |
Dec 21, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES Press Release Highlights:
The Report is available on SEDAR under the Company's profile and on the Company's website at: http://www.integragold.com/i/pdf/reports/43-101-Fall-2015-Mineral-Resource-Estimate-Update.pdf The updated Resource Estimate at Lamaque focused exclusively on the Company's high-grade Triangle Zone deposit ("Triangle"), incorporating 27,815 metres ("m") of drilling completed during the Company's extensive winter 2015 drill program. The drill program substantially increased the Company's understanding of the geology of the deposit and has led to a refinement of a number of key resource modelling and estimation parameters relative to the previously used parameters. These refinements are based on, but not limited to, the following:
Triangle Deposit Resource Estimate
(3.0 g/t and 5.0 g/t Au cut-off grades) (1)(2)
Triangle Deposit Resource by Zone
(5.0 g/t cut-off grade) (1)
Total Lamaque South Resource Estimate
(including Triangle, No. 4 Plug, Parallel, Sixteen, No. 6 Vein and Fortune Deposits) (1)(2)(3)(4)(5)(6)
The Report, dated December 15, 2015, was prepared according to NI 43-101 guidelines and in accordance with CIM Standards on Mineral Resources and Reserves, under the supervision of independent qualified persons. The resource update section of the technical report was completed by Christian D'Amours, P. Geol., OGQ of Geopointcom in Val-d'Or, Québec and an Independent Qualified Person; geological modeling and interpretation was completed under the supervision of Jacques Simoneau, P.Geo. and Luc Théberge, P.Geo., Exploration Manager and Senior Geologist respectively for the Company. 2015 and 2016 Drill Program The Company presently has seven diamond drills active at the Triangle Deposit and the adjacent No. 4 Plug target, completing between 10,000 m and 12,000 m of drilling on a monthly basis. Total drilling at Lamaque for 2015 will be approximately 90,000 m. Since the Resource Estimate was completed, approximately 35,500 m of drilling has been completed in and around Triangle, eclipsing the number of metres (27,815 m), incorporated in this new resource estimation. The Company estimates the next Triangle resource estimate, anticipated to be completed in Q3 2016, will incorporate results from 60,000 to 70,000 m of new drilling. The drilling rate will increase during the winter months as a program of 100,000 m is planned for 2016. The objective of the remaining 2015 drill program and upcoming 2016 drill program at Triangle is to continue drill testing potential extensions of the deposit as well as conduct wide spaced infill drilling. The following vertical longitudinal section of the C4 structures illustrates proposed drill hole pierce points which are part of the fall 2015 and winter 2016 drill program at Triangle: http://www.integragold.com/i/maps/LS_C4-DDH_targetsv2.pdf Additional drilling is ongoing or planned at multiple targets on Lamaque, including the No. 4 Plug, located 400 m north of Triangle. Drilling at No. 4 Plug is also aimed at the area between the two gold deposits (the "Gap Zone") in search of the extension of the "C" structures in the hanging wall of the Triangle and/or footwall of the No. 4 Plug intrusive hosts. Closing of $2.5 Million Private Placement The Company is pleased to announce that it has closed a non-brokered private placement of flow through shares (the "FT Shares") at a price of $0.40 per FT share for aggregate proceeds of $2,500,000 (the "Offering"). The shares are subject to a four month hold period expiring April 22, 2016. Finder's fees in the amount of $144,000 are payable on the Offering. The Offering is subject to final TSXV approval. The proceeds of the Offering will be used for exploration at the Company's Lamaque project in Val-d'Or, Québec and qualify as an eligible exploration expense for an additional 28% tax rebate under the Québec Refundable Tax Credit for Resources. Issuance of Stock Options and Restricted Share Units In accordance with its stock option plan, the Company has granted 3,175,000 stock options (the "Options") to directors, officers and employees of the Company at an exercise price of $0.32 for a period of 7 years. In accordance with its Restricted Share Unit Plan, the Company has granted 1,325,000 Restricted Share Units ("RSUs"). Project and Company Profile Integra's Lamaque South Gold Project and Sigma-Lamaque Mill and Mine Complex are located directly east from the city of Val-d'Or along the prolific Abitibi Greenstone belt 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 focus is on exploring and if positive subsequently developing, subject to further underground exploration, its high-grade Lamaque South project. The Lamaque South property is divided into three clusters, the North, South and West cluster. The primary targets are the high-grade Triangle zone in the South Cluster and the Parallel zone in the North Cluster. The Sigma Mill, a fully permitted 2,200 ton per day mill and tailings facility which was acquired by Integra in 2014, is located 1 kilometre from the Parallel zone and 3 kilometres from the Triangle zone. The Sigma-Lamaque Mill and Mine Complex include the historic Sigma and Lamaque Mines which operated for 75 and 52 years respectively and produced more than 9 million ounces of gold in total. Qualified Person The Lamaque South exploration project and Sigma-Lamaque Mill and Mine Complex, jointly known as the Lamaque project, are under the direct supervision of Hervé Thiboutot, Eng., Senior Vice-President of the Company, and Jacques Simoneau, Geo., Exploration Manager of the Company. Mr. Thiboutot and Mr. Simoneau are Qualified Persons ("QPs") as defined by the National Instrument 43-101. Mr. Christian D'Amours, P. Geol., OGQ #226, from GeoPointCom, is responsible for the completion of the 2015 resource update and is independent QPs as defined by the National Instrument 43-101. The Company's QPs have reviewed the technical content of this release. ON BEHALF OF THE BOARD OF DIRECTORS Stephen de Jong CEO & President CONTACT INFORMATION Corporate Inquiries: Chris Gordon: chris@integragold.com Or visit the company website: www.integragold.com Follow Integra Gold On:
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