VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/20/13 -- Integra Gold Corp. (TSX VENTURE: ICG) ("Integra" or the "Company") is pleased to announce it has contracted ALS Metallurgy ("ALS") to conduct preliminary (Phase 1) metallurgical studies on mineralized material from its Lamaque Gold Project in Val d'Or, Quebec. Over 255 kg of core from the No. 4 Plug, Triangle Zone, Parallel Zone, and Forestel Zone has been sent to ALS laboratories in Kamloops, BC.
Please see map below for details.
Link to updated project map: http://www.brmstatpack.com/lt/1005/1307/integra-gold-property-zone-map
"Metallurgical testing is another step forward as we continue to aggressively advance and de-risk the Lamaque Gold Project. The Company's next major milestone is an updated resource estimate, expected to be completed in Q2, which will be followed by a PEA. The majority of other studies to be incorporated into the PEA are either underway or set to commence shortly, including an environmental baseline study, a gap analysis, study of operating milling facilities in the area, and preliminary geotechnical studies," commented Company President and CEO, Stephen de Jong. "With over $5 million in hand, the Company is fully financed to move ahead on these objectives and we look forward to an exciting 2013 as we continue to deliver and create value for our shareholders."
A total of 6 composites, each consisting of up to 25 individual core samples, were prepared. Three of the composites are from the Southern Cluster (No. 4 Plug and Triangle Zone) and 3 from the North Cluster (Forestel and Parallel Zones). The weighted average grade of the three composites from each clusters are approximately 3 grams per tonne gold ("g/t Au"), 6 g/t Au, and 15 g/t Au. The sample grades represent, respectively, the estimated cutoff grade, the regional average deposit grade, and the higher grade mineralization. The metallurgical work will include at minimum; grind optimization, mineralogical evaluation, gravity separation, cyanide leach, and possibly flotation testing.
These studies are intended to provide an initial look at the characteristics of mineralization to help guide future optimization test work and processing flow sheet specifications. Optimization work will continue as results are received, the Company does not anticipate disclosing results until completion in Q2-2013.
Results from the metallurgical test work will be an integral part of the information to be used in the upcoming PEA. The Company is in discussions with a number of reputable engineering firms and will provide further details on plans and timing of a PEA in the near future.
Historically, the adjacent Sigma and Lamaque Mines had excellent recoveries, in the mid 90%, and simple flow sheets with conventional milling and CIL techniques used to treat the ore. The company uses this information to guide its ongoing studies due to the geological similarities with mineralization at the Lamaque Project. Little, if any, metallurgical work has been performed on the Company's project in the past, aside from some test mining that Teck undertook in the late 1960s. Teck mined approximately 25,000 ounces of gold, recovered from 145,500 tonnes grading 5.21 g/t Au from Plug No. 4.
Upon completion of the current metallurgical work, the Company will initiate Phase 2 test work, which may involve further drilling with larger diameter drill core (HQ to PQ). Additional information pertaining to Phase 2 will be disclosed closer to its start date.
So far in 2013, the Company has completed 8 holes in 2,600 metres at the Triangle Zone. Assay results from these holes as well as the remaining 5 holes from recent drilling at the No. 5 Plug are pending.
Project and Company Profile
Integra's Lamaque Gold Project is located in the heart of the Val d'Or gold camp in the Province of Quebec, Canada, approximately 550 km northwest of Montreal. The Lamaque Project's primary zone, the South Cluster, is 4 km from the City of Val d'Or. Quebec is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily accessible.
The Company's primary objective is to continue to prove up additional resources while advancing the existing resource towards production. The project is split into two clusters, the North Cluster and the South Cluster, located approximate 2km from each other.
South Cluster (No. 4 Plug and Triangle Zone):
The South Cluster is the Company's top priority, and currently has a high grade gold resource of 444,962 ounces inferred, grading 11.06 g/t gold (1,263,046 tonnes), and 61,168 ounces indicated, grading 13.51 g/t gold (140,840 tonnes). Over 27,000 meters of drilling has been completed on the South Cluster since the last resource estimate. An updated resource estimate is expected to be completed in Q2, 2013.
North Cluster (Parallel Zone, Forestel Zone and No. 5 Plug):
The North Cluster hosts an NI 43-101 resource estimate of 69,981 ounces inferred, grading 2.03 g/t gold (1,072,484 tonnes), and 101,794 ounces indicated, grading 4.8 g/t gold (659,959 tonnes). An additional 8,000 meters of drilling has been completed on the North Cluster which will also be compiled into the updated resource estimate.
The Lamaque exploration project is under the direct supervision of Herve Thiboutot, P.Eng. and Vice-President of the company, a Qualified Person ("QP") as defined by National Instrument 43-101, Alain-Jean Beauregard, P.Geo., and Daniel Gaudreault, P.Eng., Geo. of Geologica Inc., both independent QP as defined by National Instrument 43-101. The Company's QP has reviewed the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong, CEO, President and Director
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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 that the Company is able to obtain any government or other regulatory approvals required to complete the private placement and Company's planned exploration activities, that the Company is able to complete the private placement, 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 the private placement will not be completed, 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.
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 news release.
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