INTEGRA GOLD CORP. (TSX-V: ICG)
- 2012 LAMAQUE GOLD PROJECT DRILL PROGRAM INCREASED TO 30,000 METERS
- PROGRAM FOCUS ON FOUR OF THIRTEEN GOLD ZONES
- SIXTEEN ZONE RESOURCE ESTIMATE IN PROGRESS
(the "Company") is pleased to announce that it has added a third drill to the Lamaque Gold Project in Val d'Or, Quebec. This drill will be the second drill on the No. 4 Plug as the Company continues to work towards its 2012 objective of increasing its gold resource and improving resource categories on four of the thirteen gold zones known to exist on the property. Drilling is also ongoing on the Triangle Zone.
Exploration drilling on the No. 4 Plug has been expanded to a minimum of 12,500 meters with planned depths to reach 1,000 to 1,300 meters. To date 2,685 meters have been drilled in the first two holes. The first hole investigated the depth extension of the quartz diorite and the second one aimed at confirming the high gold ("Au") values intercepted in hole T 03-02. Core samples were recently sent to the laboratories with assay results pending.
"The No. 4 Plug, with 46% of the inferred Lamaque Gold Project's resources, (1,042,258 tonnes averaging 9.43 grams/tonne ("g/t") Au for 315,975 inferred Au ounces at a 6.14 g/t cut-off) (cut-off based on 1989 gold prices), remains a high priority target for the Company in 2012. Being open in all directions, including at depth, it gives cause to conduct a more aggressive drill program than originally planned for. The Company intends to update the current resource estimate after additional drilling has been completed and data evaluated," comments Company President and CEO, John de Jong. "The No. 4 Plug's proximity to the high grade Au Triangle Zone makes the area one of the more significant gold bearing zone clusters on the Lamaque Gold Project."
The addition of a second drill will help expedite the collection of data required to update the existing resource estimate. Drill platforms have recently been built to facilitate the additional drilling, along with an all season access road. The 2012 drill program will include drilling of previously untested areas at and below the 210 meter level, to a depth of up to 1,300 meters.
The No. 4 Plug resource calculation by Teck Resources in 1989 and audited by WGM and Geologica in 2004 (see NI43-101 Technical Report filed on SEDAR on June 23, 2011), was completed using a historic gold price which was much lower than current prices. New drill data to be gathered in 2012 will be incorporated into the geological database to permit a resource estimate update of this zone's resources. The updated resource estimate will reflect present-day market gold prices and associated cut-off grades.
To view a map highlighting the # 4 Plug please click on the following link: http://www.integragold.com/i/maps/ZONE-LOCATIONS_insertPlug4_topo.pdf
The data for the Sixteen Zone is presently being compiled by Christian d'Amours of GeoPointcom, Val d'Or, Quebec, with resource estimate results expected to be available shortly. Dependent on recommendations from GeoPointcom, additional drilling may take place on this zone during 2012.
The Company also announces that under the terms of its Stock Option Plan it has granted 250,000 incentive stock options to its new Senior Vice-President -- Exploration effective March 7, 2012. The options are exercisable into common shares of the Company at $0.39 per share and carry a seven year term.
Company and Gold Project Location
Integra's Lamaque Gold Project is located in the Val d'Or gold camp in the Province of Quebec, Canada, which is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily accessible.
The Company's shares are tightly held by a number of private investors, institutions and a major gold producer, Shandong Gold International Mining Ltd. The Company's focus is to evaluate and enhance gold bearing zones demonstrating the potential to increase the resource from the reported inferred and indicated gold resource of 2,335,530 metric tonnes averaging 6.91 g/t gold for 518,643 ounces
gold and 800,799 metric tonnes averaging 6.33 g/t for 162,962 ounces
Troy gold respectively.
The project shares its northeastern border with the producing Sigma Mine which has produced 4.7 million ounces of gold to date, with reported significant gold resources and reserves. On its northwest border the Main Plug produced the majority of its 4.7 million ounces of gold for the historic Lamaque Mine. The Agnico-Eagle Goldex Mine, located approximately 6 kilometers west, reported reserves of 3.4 million gold ounces (mine closed recently due to engineering difficulties), and directly west of Goldex is the producing Osisko Mine reporting reserves of 10.71 million ounces of gold.
The Lamaque Property is located about 550 km northwest of Montréal, Quebec. The property consists of four (4) contiguous mining concessions and twenty (20) mining claims for a total of 1,459 hectares, owned 100% by Integra.
QUALITY ASSURANCE - QUALITY CONTROL
Thorough quality assurance and quality control program (QA/QC) protocol is utilized on the project including insertion of duplicate, blank and standard samples in all drill holes. The core samples are submitted directly to ALS Laboratory Group and Bourlamaque Labs in Val-d'Or for preparation and analysis. Analysis is conducted on 1 assay ton aliquots. Analysis of Au is performed using fire assay method with a gravimetric finish completed for samples exceeding 5 g/t Au. When available the gravimetric assay results were used for the reported composite intervals. The Lamaque exploration project is under the direct supervision of Alain Beauregard, P.Geo., of Geologica Inc., an independent qualified person as designated by National Instrument 43-101, and Daniel Gaudreault, P.Eng., Geo., an independent qualified person as designated by National Instrument 43-101, who has reviewed the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
John de Jong
CEO & President
John de Jong CEO email@example.com or
Ariel Cobangbang firstname.lastname@example.org
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Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release may 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 the Company's planned exploration activities, 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 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.