Integra Gold (ICG.V) has updated the market with the second batch of drill results from its 2013 drill program at the Parallel Zone on its Lamaque project in Val D’Or, Québec. Today’s drill results are extremely important for the company as they confirm the high-grade mineralization throughout the Parallel zone and confirm the validity of the geological model.
Of interest are the intercepts encountering 4 meters of almost half an ounce of gold per tonne and the several high-grade short intervals such as 1 meter at 91g/t gold and one meter of almost 74g/t gold. The 2013 drill program at the Parallel Zone was meant to reduce the spacing between drill holes to 25-35 meters from 50-75 meters. This will increase the confidence of Integra Gold in the geological model and will very likely lead to a conversion of inferred resources to the measured and indicated resource categories.
On another note, according to specialized website canadianinsider.com, Sheldon Inwentash who is the CEO of Pinetree Capital acquired an additional 1.7 million shares of Integra Gold in the past three weeks.
We are expecting to see the results of the Preliminary Economic Assessment any week now, and are now quite confident this project will be a mine in the not so distant future as the results of the infill drill program seem to be confirming the expectations.
> Click here to read the press release
Disclosure: The author holds a long position in Integra Gold. Integra Gold is not a sponsor of the website, but we were compensated by a third party to initiate coverage. Please see our disclaimer for current positions.
