Integra adds 500koz from old DeLamar stockpile
Integra Resources has announced an updated resource estimate for the DeLamar and Florida Mountain gold deposits in southwestern Idaho, US that incorporates the results from the stockpile drill program completed in April.
DeLamar now hosts 4.8Moz grading 0.6gpt gold equivalent, including 2.9Moz of gold and 142.7Moz of silver. The oxide and mixed heap leach portion contains 2.6Moz of gold equivalent grading 0.5gpt.
The US$4.6 million stockpile drilling programme added a measured and indicated resource of 504,000oz of gold equivalent grading 0.37gpt, containing 296,000oz of gold and 16.1Moz of silver. The company said this material could significantly increase the heap leach mine life.
"This mineralised material, a portion of which was included as a pre-stripping cost in the company's 2022 prefeasibility study, is expected to provide important operational flexibility for the potential heap leach operation," said Integra Resources' chief executive Jason Kosec.
Integra said the updated DeLamar measured and indicated resource has increased the total heap leachable oxide-and-mixed ounces by about 25%, with about 90% of the resource within the measured and indicated category.
"We anticipate the updated resource to be incorporated into a feasibility study expected in late 2024 and expect the project to deliver enhanced economics as a result of today's confirmation of expanded oxide ounces to the property-wide metal inventory," said PI Financial analyst Phil Kerr in a research note.
Integra anticipates filing the Mine Plan of Operations for DeLamar as a next step towards production in the December quarter. It has also begun optimisation work on the stockpile material to evaluate its potential inclusion in future phases of heap leaching at DeLamar for inclusion in a feasibility study expected to be released in late 2024 or early 2025.
Shares in Integra Resources are trading at C$1.13, valuing the company at C$78 million.
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