TSXV: ITR; NYSE American: ITRG
www.integraresources.com
VANCOUVER, BC, May 8, 2025
/PRNewswire/ - Integra Resources Corp. ("Integra" or the
"Company") (TSXV: ITR) (NYSE American: ITRG) is pleased to
announce the initiation of a gold resource growth-focused drill
program at the Company's primary operating asset, the Florida
Canyon Mine ("Florida Canyon") located in Nevada. The 2025 drill program marks the first
phase of a multi-year growth strategy designed to expand mineral
reserves and resources, extend mine life, and ultimately maximize
the value of Florida Canyon.
Highlights:
- The 2025 drill program will consist of ~10,000 meters ("m") of
reverse circulation ("RC") drilling focused on near-mine targets
identified at Florida Canyon, designed to support oxide mineral
reserve and resource growth and mine life extension.
- Drilling commenced in early May and is expected to conclude in
the third quarter of 2025, with initial results expected to be
released during the summer months of 2025.
- The program is focused on testing near-mine targets at Florida
Canyon in three key areas:
- Opportunity 1: Near-surface oxide potential from historical
dump material (~2,000m): Drilling will target large volumes of
historical gold-mineralized backfill and low-grade waste material
previously estimated to be below the mining cut-off grade in a
significantly lower gold price environment. These areas demonstrate
the greatest near-term opportunity to increase mineral resources
and potentially extend mine life.
- Opportunity 2: Expand in-situ resources between existing
mine open pits (~5,000m): Drilling will target "saddle" and
"ridge" areas located between active and historical pits. Many of
these areas have been sparsely drilled historically and offer
meaningful oxide growth potential directly adjacent to current and
future mining phases.
- Opportunity 3: Test lateral extensions and
in-pit infill drilling (~3,000m): Drilling will target
lateral extensions of existing pits as well as infill drilling
within areas planned for further pit pushbacks. Potential has been
identified to improve resource classification, optimize mine
planning, and potentially increase short-term ore feed.
- The 2025 drill program at Florida Canyon is expected to support
a mineral resource and reserve update and a revised life-of-mine
plan in early 2026.
George Salamis, President, CEO and Director of Integra
commented: "Following a strong start to 2025 with solid
operational results from Florida Canyon gold production and a
demonstrated ability to generate cash flow, we are pleased to
launch a growth-focused drill program. We see this program as a
critical step in unlocking the next phase of value at Florida
Canyon. We have identified significant potential to not only
optimize the mining operation, but also to increase the production
scale and mine life of the asset, leading to material value
creation for Integra's shareholders. We look forward to sharing our
progress over the coming months."
Florida Canyon: Long Operating History with Significant
Growth Potential
Figure 1 – Florida Canyon Mine Property:
https://wp-integraresources-2024.s3.ca-central-1.amazonaws.com/media/2025/05/FCM-NR-Fig-1-Plan-Figure-2025-05-07_v3.pdf
Since the start of operations in 1986 through to the end of
2024, Florida Canyon has produced approximately 2.7 million ounces
of gold from over 200 million tonnes ("Mt") of ore mined. As of
December 31, 2024, proven and
probable mineral reserves at Florida Canyon total 70.4 Mt at a
grade of 0.35 grams per tonne ("g/t") gold for a total of 785,000
ounces of gold (refer to Integra's latest Mineral Reserves and
Resources statement effective December 31,
2024 available on the Company's website at
www.integraresources.com). Building on this long operating history,
Integra believes there remains significant near-mine resource
growth potential within the current permitted mine plan. With the
recent increase in spot gold prices, areas historically considered
uneconomic now present a compelling opportunity for
re-evaluation.
Integra has identified multiple opportunities with the potential
to increase the mine's production scale, extend mine life, and
enhance future operational flexibility. Numerous mining
optimization initiatives are being evaluated and are expected to
positively impact current operations. Near-term growth
opportunities require targeted exploration drilling and mine
optimization work, while longer-term initiatives will focus on
broader greenfield exploration across the extensive Florida Canyon
land package.
This news release outlines the near-term, brownfield exploration
activities that form the basis of the 2025 growth-focused drilling
program at Florida Canyon. The program is expected to support a
mineral resource and reserve update and a revised life-of-mine plan
in early 2026.
2025 Florida Canyon Drill Program Overview
Figure 2 – Florida Canyon Mine 2025 Drilling Collar
Locations:
https://wp-integraresources-2024.s3.ca-central-1.amazonaws.com/media/2025/05/FCM-NR-Fig-2-Proposed-Drilling-2025-05-07_v3.pdf
Integra's 2025 drill program at Florida Canyon represents the
first phase of a focused, multi-year strategy designed to increase
mine life and mineral resources and reserves, both within and
outside the permitted pit limits. The program is also focused on
improving operational flexibility and enhancing overall asset
value. Importantly, these initiatives will leverage Florida
Canyon's existing infrastructure and operational footprint,
minimizing capital requirements while maximizing potential for a
positive impact to future economics.
The first phase of the program is budgeted at approximately
US$1.5 million and will consist of
drilling that is focused on three key areas: (1) Near-surface oxide
potential from historical waste; (2) Expanding in-situ resources
between existing mine open pits; and (3) Testing lateral extensions
and in-pit infill drilling.
Opportunity 1: Near-Surface Oxide Potential from
Historical Dump Material (RC drilling: ~2,000m)
Figure 3 – Historical North Mine Dump Material Conceptual
Section:
https://wp-integraresources-2024.s3.ca-central-1.amazonaws.com/media/2025/05/FCM-NR-Fig-3-N-Mine-Dump-Material-Section-2025-05-07_v3.pdf
Within the permitted Florida Canyon mine boundary there exists
several large volumes of historically mined low-grade
gold-mineralized dump material, averaging below the historical mine
cut-off grades. This material is a product of decades of past
mining and has been identified as a high-potential, low-strip,
near-surface oxide gold target for growth. Potential has been
demonstrated by the historical in-pit mine dumps (historical
backfill material), which are already being partially utilized by
current operations and offer an immediate opportunity to expand
reserves with minimal mining cost. Objectives for drilling:
- Confirm gold grade continuity and distribution within the
historical North Dumps;
- Provide material for metallurgical testing, including bottle
rolls, column tests, and permeability assessments;
- Support potential conversion of this material into mineral
reserves through inclusion in the updated resource and reserve
block model and mine plan; and
- Increase operational flexibility by providing readily
available, gold-mineralized material suitable for heap leaching,
that will not require blasting.
This strategy directly supports Integra's objective of improving
near to medium term ore feed without significant capital
investment, while also reducing reliance on higher-strip in-situ
fresh rock material.
A similar strategy was utilized at the Company's DeLamar Project
("DeLamar" or the "Project") located in Idaho. In 2022, Integra drilled numerous
stockpile and backfill areas at DeLamar, which were mined by
previous operators of the Project, but were discarded as waste as
the material did not meet the cut-off grade of the operation at the
time. In 2023 Integra successfully added a significant quantity of
potentially heap-leachable material to the total mineral resource
at the Project (refer to the Company's news release dated
September 23, 2023 and report titled
"Technical Report for the DeLamar and Florida Mountain Gold-Silver
Project, Owyhee County, Idaho,
USA", available on the Company's website and on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov).
Opportunity 2: Expand In-Situ Resources Between Existing Mine
Open Pits (RC drilling: ~5,000m)
Figure 4 – Conceptual Section of Central/Radio Tower Saddle
Drilling Section:
https://wp-integraresources-2024.s3.ca-central-1.amazonaws.com/media/2025/05/FCM-NR-Fig-4-Saddle-Section-2025-05-07_v3.pdf
Integra will target in-situ gold resource expansion
opportunities within "saddle" and "ridge" zones located between
existing open pits. Several of these areas remain sparsely drilled
and offer significant upside gold potential, with historical
drilling demonstrating encouraging intercepts of oxide
mineralization at or near surface. Objectives for drilling
include:
- Testing the Central/Radio Tower Pit Saddle: material directly
connecting two large areas of known gold mineralization;
- Testing Florida Canyon Saddle: area requires an improved
structural geologic understanding and offers potential to host
additional oxide mineralized gold material; and
- Testing North Pit Saddle: location of a potential satellite pit
adjacent to an existing pit; drilling is required to follow up on a
high-grade gold vein system that was historically
underexplored.
Success within these identified zones has the potential to
meaningfully increase mineral resources and reserves by extending
existing pit limits within the current Florida Canyon Mine Plan of
Operations.
Opportunity 3: Testing Lateral Extensions and In-Pit Infill
(RC drilling: ~3,000m)
Additional drilling is planned to test lateral extensions of
existing pits and to complete infill drilling within current areas
planned for pit pushbacks. These areas offer potential to improve
resource classification, optimize mine planning, and potentially
increase short-term gold ore feed to the heap leach pads.
Objectives for drilling include:
- Testing the North and Central Pit areas: the upper portions of
the planned pit pushbacks are currently classified as inferred.
Although this material is generally low-grade, infill drilling has
potential to improve classification, enhance short-term mine
planning, and increase oxide gold heap leach pad feed.
- Testing Jasperoid Hill Pit area: most of the near-surface oxide
mineralization has been mined or is expected to be largely depleted
within the next few years. However, at current gold prices,
opportunities exist to potentially define additional near-surface
gold mineralization.
Limited infill drilling has been historically completed within
these areas and the 2025 drilling program aims to de-risk future
production and unlock potential for readily accessible gold oxide
material in a historically productive zone. By reducing geological
risk and increasing oxide gold mineral inventory in accessible
mineralized zones at Florida Canyon, the 2025 drilling program is
expected to enhance both short-term operational flexibility and
long-term mine planning.
Drill Program Timing
The 2025 growth-focused exploration drilling program at Florida
Canyon is expected to be completed in the third quarter of 2025.
Results from the drill program will support an updated mineral
resource and reserve estimate and life-of-mine plan targeting early
2026. The drill program forms an important part of Integra's
broader strategy of maximizing value from its portfolio of
high-quality assets through disciplined capital allocation,
operational excellence, and targeted near mine and regional
exploration.
About Integra
Integra is a growing precious metals producer in the Great Basin
of the Western United States.
Integra is focused on demonstrating profitability and operational
excellence at its principal operating asset, the Florida Canyon
Mine, located in Nevada. In
addition, Integra is committed to advancing its flagship
development-stage heap leach projects: the past producing DeLamar
Project located in southwestern Idaho and the Nevada North Project located in
western Nevada. Integra creates
sustainable value for shareholders, stakeholders, and local
communities through successful mining operations, efficient project
development, disciplined capital allocation, and strategic M&A,
while upholding the highest industry standards for environmental,
social, and governance practices.
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO and Director
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Raphael Dutaut (Ph.D.,
P.Geo, OGQ Membership 1301), Integra's Vice President, Geology and
Mining. Mr. Dutaut is a "qualified person" as defined in National
Instrument 43- 101 – Standards of Disclosure for Mineral
Projects ("NI 43-101").
Sampling and QA/QC Procedure
RC samples were collected at 5-foot intervals directly at the
drill rig using pre-labeled bags. Diamond drill ("DDH") core
samples were cut in half, sampled at 5-foot intervals, with one
half sent for analysis and the other half retained for reference.
Diamond drill holes were sampled on 5-foot intervals. Samples were
submitted to American Assay Laboratories ("AAL") in Reno, Nevada, an ISO/IEC 17025 accredited
laboratory. Sample preparation involved drying, jaw crushing to
>70% passing 2 mm (10 mesh), and pulverizing a 300 g split to
>85% passing 75 microns.
Gold analysis was performed on a 30-gram pulp using fire assay
with ICP-AES finish. Samples returning >10 ppm Au were
re-assayed using a gravimetric finish. Additionally, samples with
Au >0.150 ppm underwent cyanide-soluble analysis and
preg-robbing tests to assess metallurgical characteristics. Quality
control protocols included the routine insertion of blank samples,
certified reference materials (standards), and field and pulp
duplicates. Blank material and standards were purchased from Moment
Exploration Geochemistry. AAL also inserted internal control
samples and duplicates within each batch.
Forward Looking Statements
Certain information set forth in this news release contains
"forward‐looking statements" and "forward‐looking information"
within the meaning of applicable Canadian securities legislation
and in applicable United States
securities law (referred to herein as forward‐looking statements).
Except for statements of historical fact, certain information
contained herein constitutes forward‐looking statements which
includes, but is not limited to, statements with respect to:
statements regarding the timing, scope, and objectives of the 2025
drill program at the Florida Canyon, the potential to expand
mineral resources and reserves, extend mine life, optimize mine
planning, and maximize project value, as well as the anticipated
timing of results and a future mineral resource and reserve update
and revised life-of-mine plan for Florida Canyon; the future
financial or operating performance of the Company and the Wildcat
and Mountain View deposits (the "Nevada North Project"), the
Florida Mountain and DeLamar deposits (the "DeLamar Project") and
the Florida Canyon mine (the "Florida Canyon Mine" and together
with the Nevada North Project and the DeLamar Project, the
"Projects"). Forward-looking statements are often identified by the
use of words such as "may", "will", "could", "would", "anticipate",
'believe", "expect", "intend", "potential", "estimate", "budget",
"scheduled", "plans", "planned", "forecasts", "goals" and similar
expressions.
Forward-looking statements are based on a number of factors and
assumptions made by management and considered reasonable at the
time such statement was made. Assumptions and factors include:
expected synergies from acquisition of Florida Canyon; the
Company's ability to complete its planned exploration and
development programs; the absence of adverse conditions at the
Projects; satisfying ongoing covenants under the Company's loan
facilities; no unforeseen operational delays; no material delays in
obtaining necessary permits; results of independent engineer
technical reviews; the possibility of cost overruns and
unanticipated costs and expenses; the price of gold remaining at
levels that continue to render the Projects economic, as
applicable; the Company's ability to continue raising necessary
capital to finance operations; and the ability to realize on the
mineral resource and reserve estimates. Forward‐looking statements
necessarily involve known and unknown risks and uncertainties,
which may cause actual performance and financial results in future
periods to differ materially from any projections of future
performance or result expressed or implied by such forward‐looking
statements. These risks and uncertainties include, but are not
limited to: general business, economic and competitive
uncertainties; the actual results of current and future exploration
activities; conclusions of economic evaluations; meeting various
expected cost estimates; benefits of certain technology usage;
changes in project parameters and/or economic assessments as plans
continue to be refined; future prices of metals; possible
variations of mineral grade or recovery rates; the risk that actual
costs may exceed estimated costs; geological, mining and
exploration technical problems; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; delays in obtaining
governmental approvals or financing; risks related to local
communities; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); title to
properties; and other factors beyond the Company's control and as
well as those factors included herein and elsewhere in the
Company's public disclosure. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in the
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Readers are advised to study and consider risk factors
disclosed in Integra's Annual Information Form dated March 26, 2025 for the fiscal year ended
December 31, 2024, which is available
on the SEDAR+ issuer profile for the Company at www.sedarplus.ca
and available as Exhibit 99.1 to Integra's Form 40-F, which is
available on the EDGAR profile for the Company at www.sec.gov.
Investors are cautioned not to put undue reliance on
forward-looking statements. The forward-looking statements
contained herein are made as of the date of this news release and,
accordingly, are subject to change after such date. The
Company disclaims any intent or obligation to update publicly or
otherwise revise any forward-looking statements or the foregoing
list of assumptions or factors, whether as a result of new
information, future events or otherwise, except in accordance with
applicable securities laws. Investors are urged to read the
Company's filings with Canadian securities regulatory agencies,
which can be viewed online under the Company's profile on SEDAR+ at
www.sedarplus.ca.
Cautionary Note for U.S. Investors Concerning Mineral
Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators
which establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral
projects. Technical disclosure contained in this news release has
been prepared in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Classification
System. These standards differ from the requirements of the U.S.
Securities and Exchange Commission ("SEC") and resource information
contained in this news release may not be comparable to similar
information disclosed by domestic United
States companies subject to the SEC's reporting and
disclosure requirements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/integra-initiates-10-000-meter-drill-program-at-florida-canyon-focused-on-near-mine-oxide-gold-resource-growth-opportunities-302449385.html
SOURCE Integra Resources Corp.
