Integra Gold (ICG.V) is back in the field for another drill program which will consist of approximately 20,000 meters. This comes on top of the earlier total of 28,500 meters for a total of almost 50,000 meters being drilled on the Lamaque project this year.
As Integra has just raised C$10M, the company is fully funded for this drill campaign which will use three rigs. Additionally, the recently raised money will also be sufficient to cover an updated resource estimate (which will incorporate several ten thousands of meters of fresh drilling), as well as an updated economic study which might include a new mine plan using just one ramp to lower the up-front capital requirements.
Integra should now be in a position to continue to fast-track the Lamaque project towards a production decision which we expect sometime next year. A first PEA was already very promising, despite the fact it didn’t take all currently known resources into consideration. An updated economic study will very likely have a longer mine life and a higher net present value than this first PEA.
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Disclosure: The author holds a long position in Integra Gold. Integra Gold is a sponsor of the website. Please see our disclaimer for current positions.
