[Marinir] {Disarmed} Integra Gold Corp. Corporate Update
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Mon Aug 15 14:43:54 CEST 2011
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Integra Gold Provides Corporate Update
Integra Gold Corp. (TSX-V: ICG
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=ICG®ion=C&lookup=symbol&snapshot=default
) is pleased to provide the following update and insight into what has
taken place in 2011 and what is being planned for the early part of
2012.
Introduction
Management is moving Integra from its previous sole focus on exploration
to preparing the groundwork necessary to move the Company into
pre-feasibility and potential production. Integra has already begun this
process and continues to implement geologically sound and fiscally
responsible programs intended to achieve its goal quickly. Some of what
has been achieved in 2011 and what is planned for the future is as
follows:
Updated Mineral Resource Report
On June 27, 2011, Integra released the first of two NI 43-101 Technical
Mineral Evaluation Reports planned for the Lamaque Property for 2011,
prepared by Geologica Groupe-Conseil Inc. The Company was pleased to
report:
2,114,742 metric tons average uncut grade of 5.67 g/t 385,656 ounces
gold inferred
659,959 metric tons average uncut grade 4.80 g/t 101,794 ounces gold
indicated
(See press release dated July 12, 2011 for more details)
The report included a four part recommendation summarized as follows:
Add three additional mineralized zones to the resource calculation by
year end, the Triangle, Mylamaque, and Sixteen zones.
Expand other zone boundaries and work towards building the gold
resources in both number and category in zones such as the Parallel,
Forestel, and #4 Plug.
Convert an estimated 104,000 historical ounces that are non-compliant to
compliancy by way of additional confirmation drilling and assaying of
the #6 Vein, and the Shaft #3 area comprising Veins 1, 5 & 7.
Drill test other zones.
(More detailed information can be found on the Company website.)
2011 Drilling Updates and Highlights
To view a map of the location of the following zones within the
property, click on the following link:
http://www.brmstatpack.com/lt/1005/1198/lamaque-geological-zone-map---infostock
http://www.brmstatpack.com/lt/1005/1198/lamaque-geological-zone-map---infostock
Parallel Zone: The Company is pleased to report that drilling on the
Parallel Zone intersected 54.31 grams/tonne gold over 6 meters (reported
January 13, 2011) will resume this Fall with the objective of adding to
the resource calculation and enhancing the classification of resources.
Forestel Zone: Drilling on the Forestel Zone where drilling intersected
31.2 g/t gold over 1.4 meters and 19.4 g/t over 2.9 meters (reported
February 8, 2011) will also resume this fall with the same objective of
adding to the resource calculation and enhancing the classification of
resources.
Sigma Zone: The Sigma Zone was the Company's new discovery in 2011
(reported March 3, 2011), intersecting 23 g/t gold over 1.43 meters.
Additional work will take place on this zone later in 2012 as it does
not share the same priority as other zones at this time.
Sixteen Zone: The Sixteen Zone which reported 12.6 g/t gold over 6.5
meters and 8.7 g/t over 4.4 meters within 25 meters (reported March 23,
2011) requires 2 additional holes to be completed after which all of the
data will be compiled for the purposes of adding to the second resource
calculation expected by year end. Drilling is expected to take place
early this Fall.
Number 5 Plug: The results of drilling on the Number 5 Plug, where the
Company intersected 14.7 g/t gold over 3.5 meters, (reported April 5,
2011) warrants that further drilling take place. Historic diamond drill
results on the No. 5 plug include 222.86 g/t gold over 2.13 m, 80.54 g/t
gold over .61 m, 35.08 g/t over 3.2 m and 36.21 g/t gold over 1.37 m.
(not NI 43-101 compliant). The Number 5 plug is located 250 meters
northeast of the Parallel Vein System and will be drilled in Phase 2 of
our drill program.
Triangle Zone: The Triangle Zone drill program has been completed for
2011, and reported 36.55 g/t gold over 4.5 meters (reported April 26,
2011) and 23.3 g/t gold over 5.4 meters (reported July 12, 2011). The
assay results are now being compiled and will form part of the second
2011 mineral resource update expected by year end. These results
compliment past drilling on the zone reported July 29, 2010.
Mylamaque Zone: Drilling on the Mylamaque Zone has been completed for
2011 and assays are still forthcoming. A resource calculation is planned
for the zone and will be included in the second update should no further
drilling be required.
Vein #6: Drilling has begun on Vein #6 and has been designed to validate
previous drilling with the objective of being able to compile results
for preparation of a resource calculation in 2012.
Upcoming Exploration
No. 4 Plug: A large drill ordered in April 2011, is expected to arrive
at the site by mid-December. This delay, caused by the scarcity of
qualified drill crews, works to the Company's advantage as mobilization
of the drill rig during the winter months is much less expensive in this
region of the property. Planned drilling will consist of up to six deep
holes testing the area below where mining by Teck took place. The #4
Plug reported 315,975 gold ounces (inferred), is open at depth and
shares similar geological traits to the Main Plug which produced the
majority of the 4.5 million ounces produced by the Lamaque Mine.
Other Zones: Drilling is ongoing with the priority being on those zones
which will add to the Company's gold resource quickly. The expansion of
the Forestel and Parallel zones and enhancement of resource categories
will be accomplished by the comprehensive drill program planned for
later this year. Again, for further details please refer to the June
2011 Mineral Resources Report posted on the Company's website.
VP Appointment
Mr. Peter Kendrick has joined the Integra team as Senior Vice President.
Peter has over 25 years of experience in the mining industry in precious
metals exploration and holds a BSc in Geophysical Engineering with a
minor in Geology, and a MBA degree. He has worked at the senior
management level for several junior mining exploration companies as well
as Placer Dome; and has also served on the board of directors for
several junior exploration companies.
CEO/President's Message
"I appreciate the comments from many of our investors who share our
enthusiasm and positive expectation for the Lamaque Gold Project. The
summary of work as outlined is a clear demonstration of the direction we
are taking to increase gold resources and prepare for potential
production. We are committed to directing the majority of our financial
resources into the ground and believe that the Company is now able to
implement a program that moves it towards pre-feasibility, quickly and
efficiently. Our objective remains to be fiscally prudent and
geologically sound as we build on the Company and shareholder value."
Adding resources this year from additional zones and also next year from
the zones which are not yet compliant will continue to create value in
the Company. We remain focused and dedicated to building an enthusiastic
professional team and continuing to create a Company which all
shareholders can be proud to be a part of." John de Jong, CEO &
President.
LAMAQUE GOLD PROJECT
The Lamaque property is in the Val d'Or Gold Camp immediately adjacent
to both the Sigma and Lamaque mines, which together have produced
approximately 9 million ounces of gold. The current inferred gold
resource at Lamaque property is 385,656 gold ounces (2,114,742 tons at
average grade of 5.67 g/t gold - uncut) and 101,794 gold ounces (659,959
tons at an average grade of 4.80 g/t gold – uncut) according to
Geologica Groupe-Conseil Inc. NI 43-101 Technical Report (June 23,
2011).
The Lamaque Gold Project's north-eastern boundary lies next to the
producing Sigma Mine and pit which has produced 4.7 million ounces of
gold from 1935 to the present and has reported significant gold
resources and reserves with potential to add more as new modeling
processes are implemented and new geological targets defined.
The Lamaque Property is located in the Val-d'Or gold camp in Quebec
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. None of the claims
are within park, forest reserves or other areas that are restricted from
exploration and mining.
ON BEHALF OF THE BOARD OF DIRECTORS
John de Jong
CEO & President
Suite 202, 200 Granville Square, Vancouver, BC, V6C 1S2
Phone: 604-629-0891 Fax: 604-229-1055
www.integragold.com
http://www.integragold.com
ariel.c at integragold.com
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(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release. .
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