Integra Gold (ICG.V) released the results from another 13,300 meters of drilling at the Triangle zone where the bulk of this year’s drill program will take place.
The drill bit has, as expected, intercepted the mineralization of the C1 and C2 structures (these are the structures the closest to the surface and will very likely be mined first), and as the assay results show several high-grade results with for instance 3.7 meters at almost 24 g/t gold and 4.2 meters of in excess of 10 g/t gold the confidence in these structures is increasing.
Okay, great, no shocking revelations at C1 and C2, but what really caught our attention were the drill results encountered in the C4 and C5 structures during a step-out drill program. 3.7 meters at in excess of 1 ounce of gold per tonne of rock is just amazing, considering this hole was drilled outside the limits of the previous resource estimates. This means Integra Gold should be able to add ounces to the resource at a fast pace, considering this is ‘virgin territory’.
But the drill results from the C4 and C5 structures reveal even more information, as it now looks like the C4 flat structures could play a more important role in the Lamaque mine plan as these zones (located in between the ‘actual’ C-structures) are now showing the mineralization is pretty consistent. 39 more holes from the C4 drill program are still pending and the assay results from these holes will give us a lot more useful information.
This batch of 13,300 meters is just the start of a summer filled with news flow considering there is a back log of approximately 65,000 meters of drilling where assay results have not been released just yet. Of this 65,000 meters, the bulk (50,000+ meters) has been drilled at Triangle, almost 9,500 meters from the No 4 Plug whilst an additional 5,400 meters has been drilled on several other exploration targets.
Integra is also (once again) topping up its treasury as it is raising C$25M in two bought deals. A first bought deal will raise C$20M at C$0.87 per share on a flow-through basis, and this will fully fund Integra’s underground exploration program which is expected to start before the summer. An additional C$5M was raised in a hard dollar bought deal conducted at C$0.59 per share.
Go to Integra’s website
The author has a long position in Integra Gold. Integra Gold is a sponsor of the website. Please read the disclaimer
