Integra Resources (ITR.V, ITRG) has released an updated resource calculation on its flagship DeLamar gold project in Idaho. The updated calculation now includes all data from the recently completed stockpile drill program and this added in excess of half a million ounces gold-equivalent to the total resources.
According to Integra, the drill program added 504,000 ounces of gold in the measured and indicated resource categories and an additional 46,000 ounces of gold-equivalent to the inferred resource. As you can see in the image above, the average grade in the measured and indicated resource is 0.37 g/t gold-equivalent broken down in 0.22 g/t gold and 11.8 g/t silver. The inferred resources have a lower grade of 0.30 g/t gold-equivalent with 0.17 g/t gold and the remainder contributed by the 9.8 g/t silver-equivalent.
This increases the leachable resource (oxide and mixed) by 25% in the measured and indicated category and by an additional 31% in the inferred resource category. The resource calculation was based on recovery rates of 90% and 40% for the DeLamar gold and silver and 90% and 55% for the Florida Mountain gold and silver.
The next step for the company is to work towards a definitive feasibility study on the project which should be completed by the end of 2024 or early 2025. In an initial step, the company will also file the Mine Plan of Operations in the current quarter. The MPO is an important step in the National Environmental Policy Act permitting process. The updated mine plan will likely include a substantial portion of the stockpiles and this will extend the mine life and likely boost the after-tax NPV.
Disclosure: The author has a long position in Integra Resources. Integra is a sponsor of the website. Please read the disclaimer.
