VANCOUVER, BC--(Marketwired - June 18, 2015) - Integra Gold Corp. (ICG:CA) ($ICGQF)
- 6 terabytes of digital mining and exploration data, comprising more than 75 years of mining history at the Sigma and Lamaque Mines, was acquired last year by way of the Sigma/Lamaque Mine and Mill acquisition
- An estimated 5 years and $5,000,000 dollars was spent by previous owners cataloguing, digitizing, and compiling the data without the work ever being completed due to budget constraints and the production focus of previous operators; data has never been fully analysed or used for exploration targeting until now
- Data includes over 30,000 historical drill holes, more than 500,000 gold assays, hundreds of kilometers ("km") of mapped underground workings, mining statistics, geological sections, level plans and photos
- Phase One compilation of this sizable database over the last 9 months has uncovered an abundance of "proof-of-concept" data-points and intercepts, highlighting several new areas and extensions of previously mined areas at both the Sigma and Lamaque Mines that remain untested and are wide-open for future discoveries
- This includes the most obvious target, "Lamaque Deep," comprised of the down-dip extension below 1,100 metres ("m") vertical, of the previously mined Lamaque Mine Main Plug. The Lamaque Mine was Québec's largest gold mining operation from 1955 to 1985 and was host to one of the highest "ounce-per-vertical-meter" gold mines (~4,000 ounces/m) in the Abitibi Greenstone Belt
- Integra has identified a preliminary exploration target, estimated at a range of 8 to 20 million tonnes grading between 5.5 to 6.5 grams/tonne gold ("g/t Au"). Integra cautions that this potential quantity and grade is conceptual in nature, that there has been insufficient exploration at Lamaque Deep to define a mineral resource and that it is uncertain if further exploration will result in this exploration target being delineated as a mineral resource.
- Phase Two detailed compilation work is now underway and is estimated to be completed in Q3 2015 with target generation work to follow
- As of June 18, 2015, $892,128 has been raised through the exercise of 3,541,892 warrants priced at $0.23 and $0.26
Integra Gold Corp. (ICG:CA) ($ICGQF) ("Integra" or the "Company") is pleased to announce the preliminary results from its Phase One compilation of mining and exploration data, spanning 75 years of historical past production at the historic Sigma and Lamaque mines.
In October 2014, Integra completed the acquisition of the Sigma/Lamaque Mine and Mill complex immediately adjacent to its Lamaque South project and in doing so became the owner of 6 terabytes of historical mining and exploration data in a digital format. Subsequent to the acquisition, Integra commissioned the services of several industry experts, including InnovExplo Inc. ("InnovExplo") to reformat and examine the digital data. InnovExplo was tasked with the work of completing a preliminary database compilation and was responsible for completing a preliminary 3D model derived from this massive digital mining and exploration database. The Company has contracted InnovExplo to continue with the Phase Two compilation work which it estimates will be completed in three to four months.
On-line Lamaque Deep Presentation
An on-line presentation of the Lamaque Deep concept has been prepared along with this press release. The presentation highlights the initial findings of the first phase of compilation work, presented by Hervé Thiboutot, Senior VP of the Company. Also included is a summary of the "proof-of-concept" material which led to the delineation of the exploration target area associated with Lamaque Deep. The presentation can be found by clicking on the following link:
To view the presentation in PDF form click here:
To view an image of the 3D model of the Lamaque Deep click here:
The Lamaque and Sigma Mines are located 500 m from one another and are hence being treated by the Company's exploration and geological team as one deposit. These mines each produced more than 4.5 million ounces of gold respectively; however, the Sigma Mine was more than 700 m deeper than Lamaque. The Lamaque Mine ceased operations in 1985 due to falling commodity prices, labor unrest, and development limitations due to insufficient infrastructure, not as a result of the mineralized system being exhausted at its lowest levels. The Lamaque Mine was the largest gold producer in Québec for 30 years, from 1955 until it shut down in 1985. This historic data compiled by the Company provides compelling evidence for a down-dip extension of the gold-bearing system of the Lamaque Mine Main Plug continues at depth.
"Lamaque Deep is a world-class, royalty-free gold exploration target, in a prime jurisdiction, with a permitted mill on site. Integra is well capitalized with $15 million in working capital and aside from ongoing compilation and target generation work on this deep zone we remain disciplined in executing on our exploration strategy for Lamaque South including the resource expansion program underway at Triangle Zone. We anticipate the second and third phase of compilation and target generation work on Lamaque Deep to take until the end of 2015," commented Company President and CEO, Stephen de Jong. "We will continue to assess opportunities to create value for our shareholders, and the unveiling of the Lamaque Deep target is another example of the potential resource upside at Integra as well as further evidence of the value created by the Company's acquisition of the Sigma/Lamaque Mine and Mill."
Database Summary: +30,000 Drill Holes, +500,000 Gold Assays, Hundreds of Kilometers of Underground Workings
By the Company's estimate, the previous operators of the Sigma and Lamaque Mines spent more than $5,000,000 and 5 years scanning original documents such as mine plans and sections and digitally compiling more than 75 years of mining and exploration history. It is apparent from this data that the past operators never had an opportunity to complete this compilation and fully utilize this data as a means of targeting areas with high resource potential. This most recent data mining initiative involved the compilation of more than 30,000 historical drill holes, in excess of 500,000 gold assays, hundreds of kilometers of mined underground workings, individual mined stope data and mining statistics, geological sections, level plans, and photos, making this database one of the largest in the industry.
Lamaque Deep Exploration Target: Initial 3D Geological Modelling Completed
Data mining and modeling focusing on the lateral and depth extensions of the Lamaque Main Plug is well underway. Out of this preliminary compilation, a preliminary 3-dimensional model of the main mineralized structures and geology at Sigma-Lamaque has been produced and is clearly demonstrating the potential for significant resource extensions.
Integra's technical team, supported by InnovExplo, has identified several instances in the database showing documented proof that gold mineralization, both low and high grade and wide zones in excess of 90 m in thickness, exist on the depth extension of the Lamaque Mine. In some cases, these intercepts occur on extensions and up to 500 m away from zones that were previously mined. The Company's technical team has concluded these extensions clearly demonstrate proof of gold mineralization continuity at depth and warrant further work. This has provided the Company with some of the highest profile exploration targets in Canada, as an extension of one of Canada's most densely gold mineralized system in which prior operators mined approximately 4,000 ounces/vertical m.
|Table 1: Past production at Lamaque Mine:|
Ounces per Vertical Meter
(Total Ounces/Mine Depth)
A summary of some of the historical drill intercepts that have identified extensions of mineralization, in the down-dip direction, up to 500 m away from known past mining activity, below the Lamaque Main Plug are listed below.
|Table 2: Summary of Historic Drill results, on-strike and down dip from known mining activities*:|
|DDH||From (m)||To (m)||Au (g/t)||Length (m)|
*Drill hole data and assay results from historic Sigma Mine database (McWatters period); drill hole from-to's and gold grades are subject to ongoing review and analysis by the Company; no minimum thickness; intervals selection strictly by gold grade with no cut-off applied.
Identical Host Rock, Structures and Large Target Size
Phase I compilation work is demonstrating that the Lamaque Deep target area contains most of the gold bearing structures and favorable host rocks from both mines: intrusive dioritic "plugs," a favorable host rock which dips northeast towards the Sigma mine, and similar quartz-tourmaline-pyrite gold bearing style vertical and "flat" veining related to shear zones. In addition, the projection of most mineralized shear zones from Sigma are dipping southward towards the extension of the Lamaque intrusive plugs themselves, providing an exploration target area below 1,100 m depth at the Lamaque Mine, which was subjected to extremely limited historic drilling within a large volume of rock. These target areas show significant gold grades reported in historic drill-hole intercepts that were not drilled at optimal orientations as a large amount of the drilling was done sub-parallel to the gold bearing shear structures and thus likely did not hit the various targets at properly optimized angles. However, gold intercepts recovered so far are providing strong evidence of continuity at depth, with the potential area measuring at least 1,000 m at depth by 700 m along strike.
Lamaque Deep Exploration Target Parameters
As a result of the Phase I compilation work, Integra's technical team has identified the exploration target at Lamaque Deep to be in a range of 8 to 20 million tonnes at a range of 5.5 to 6.5 g/t gold. Integra cautions that this potential quantity and grade is conceptual in nature, that there has been insufficient exploration at Lamaque Deep to define a mineral resource and that it is uncertain if further exploration will result in this exploration target being delineated as a mineral resource. This potential quantity and grade has been determined by compiling historic drilling, geological and production data from the Sigma and Lamaque Mines, and interpreting this data in the context of locating down-dip and lateral extensions of the Sigma and Lamaque Mines mineralization (in particular the Main Plug at Lamaque). Ongoing compilation, validation, target testing, and integration of that data into 3-D modelling is likely to improve the geological models of both Lamaque and Sigma Mine area mineralization and will provide more certainty for the target potential.
Next Steps: Phase 2 Compilation, Target Identification and Drill Testing
In the coming weeks and months, the Company will provide further guidance regarding the on-going Lamaque Deep compilation being conducted by InnovExplo. At over 6 terabytes, the Sigma-Lamaque database falls into the realm of "Big Data" Analytics and thus Integra contemplates providing further guidance in the future regarding drill targeting methodologies. This effort is expected to eventually culminate in a proposal for a phase of drill testing in the Lamaque Deep area once the compilation and target recognition initiatives have been completed.
The Company is pleased to announce that a total of 3,541,892 warrants have been exercised amounting to $892,128.64. A total of 8,190,379 warrants priced at $0.23 and $0.26 will expire in 2015 and if exercised amount to $1,956,406.49.
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 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. and Senior Vice-President of the Company, Langis St-Pierre, Chief Operating Officer, Jacques Simoneau, Exploration Manager and P. Geo., and Francois Chabot, Eng., Operations and Engineering Manager of the Company. Each of Mssrs. Thiboutot, Simoneau and Chabot are Qualified Persons (QP's) as defined by the National Instrument 43-and have approved the scientific and technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong
CEO & President
Follow Integra Gold On:
- Twitter: http://twitter.com/integragoldcorp
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.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosures 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, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results 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, those matters identified in its continuous disclosure filings, including its most recently filed MD&A. 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.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer