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Investors 'demand' more Integra drilling

Integra Resources (TSXV: ITR) says positive news about its previously-mined DeLamar gold-silver project in Idaho has prompted key investors to demand more drilling.
Investors 'demand' more Integra drilling Investors 'demand' more Integra drilling Investors 'demand' more Integra drilling Investors 'demand' more Integra drilling Investors 'demand' more Integra drilling

Integra plans placement to get more rigs drilling at DeLamar in Idaho

Staff reporter

The company said it planned to raise about C$8 million (US$6 million) at 86c per special warrant this month, to fund a further 15,000-20,000m of drilling, plus engineering expenditures and for general corporate purposes.

Integra is aiming to release a preliminary economic assessment for DeLamar next month and recently released an updated resource which "exceeded expectations" and reported positive metallurgical testwork.

"Based on this positive disclosure, several of Integra's larger shareholders have indicated a specific desire to have the company immediately increase our exploration drilling on the project through the addition of two to three drill rigs," president and CEO George Salamis said.

He said the company had outlined a series of high-priority step-out targets, some of which had indications of underground mining in the late 1800s, and had never been explored by modern drilling.

"Integra's exploration team is keen to drill several targets immediately, and most drill pads for this step-out drill programme are permitted and ready to be tested through summer and autumn 2019," he said.

The project includes the former Kinross Gold DeLamar mine, which closed in 1998 due to low precious metals prices.

The combined DeLamar and nearby Florida Mountain deposits currently comprise a measured and indicated 3.9 million ounces gold-equivalent and an inferred 500,000oz.

The Kinross-backed company had about $8 million cash on hand at the end of June.

It is led by members of the former Integra Gold team, who progressed the Lamaque gold project in Quebec before the company was acquired by Eldorado Gold in 2017.

Integra closed up 4.55% yesterday to 92c, 6c shy of a 52-week high reached last month, capitalising it at $71 million (US$53 million).