Oct 22 2015
Integra Gold Corp. ("Integra" or the "Company") is pleased to provide an update on the progress it has made in preparing the Triangle Zone ("Triangle") for an underground exploration program. All preparatory surface work at the Triangle site will be completed in Q4 2015. Prior to commencing underground exploration work beyond the portal, the Company will be updating its resource estimate in Q4 2015. This resource update will include the geological model required to finalize its plan for the underground exploration program at Triangle.
The resource estimate will also be integrated in to a Preliminary Economic Assessment ("PEA") that is expected in the first-half of 2016 and will incorporate for the first time Triangle's steeply dipping "C" structures as these structures were not part of earlier resource estimates. The Company will ensure underground exploration infrastructure will be developed in the optimal location and is consistent with the recommendations to be provided in the PEA.
As there is limited outcrop at Triangle, and to ensure installations are outside of mineralized zones, the Triangle surface site was easily determined ahead of time. The portal is located on a mining concession, thereby simplifying the permitting process, and is close to an existing access road. The topography of the site is favorable for portal excavation as well as installation of the required infrastructure.
To view a collection of photographs showing recent surface work completed at Triangle, please click on the URL below:
http://www.integragold.com/i/pdf/Surface-PPT-Brand-2015-10-20.pdf
"We've been fortunate to have had such a successful exploration program this year and we are happy to announce today that we have concurrently made significant progress in preparing the Triangle Zone for future underground exploration. It was our plan to complete this surface work prior to the onset of winter. This work is now 80% complete, on-time and within budget. Local companies and contractors have provided competitive bids and we are impressed with the expertise shown and the quality of work conducted by the consortium of contractors," commented Stephen de Jong, President and CEO. "This preparation work has not slowed our commitment to the Company's exploration program as we continue to explore across the property with five drills currently turning and up to 100,000 meters of surface drilling planned for 2016."
Triangle Zone Surface Work: $4.9 Million Budget, Six Months Removed from Underground Exploration Timeline
Surface preparation work is well underway with numerous tasks either finished or nearing completion, including:
- Forestry logging and clearing: Completed in July 2015
- Site infrastructure foundation construction: Completed in August 2015
- Road construction for access to Triangle Zone: Completed in September 2015
- Powerline installation (2.5 km): 80% complete
- Portal blasting: Completed in September 2015
- Portal entry rock support: Expected to be completed by end of October 2015
- Ramp collar development: Expected to be completed by November 2015
- Installation of Modular buildings: Installation of office and dry expected to be completed in October 2015
- Garage construction: Garage to be used for equipment maintenance and storage is expected to be completed by the end of 2015
Permitting Update: All Triangle Zone Underground Exploration Permits now in Place
The Company has now received all necessary certificates of authorization ("CA") from the Québec Ministry of Sustainable Development, Environment and the Fight against Climate Change ("MSDEFCC") for its underground exploration program at Triangle.
The Company has also received the Provincial permit to obtain a bulk sample at Triangle. This permit, issued by the Québec Minister of Energy and Natural Resources ("MERN"), allows the Company to conduct an underground exploration program which can include a bulk sample of up to 5,000 tonnes of mineralized material. This permit was instrumental for subsequent approval of the reclamation plan which was submitted for the underground program at Triangle.
A financial bond guarantee of $665,000 has been put in place with the MERN covering 100% of the reclamation work required. The Company now has all of the required permits and approvals to conduct an underground exploration program at Triangle.
"We have completed the permitting process for underground exploration at Triangle and we are happy to have secured 100% of the financial bonding guarantees for this reclamation work," commented Company President and CEO, Stephen de Jong. "Our team's extensive experience was critical in preparing the detailed documentation required for the application for these permits and we are encouraged by the positive interactions that we've had with the various provincial authorities throughout this process."
Conversion of Triangle Zone Exploration Claims to Mining Leases on Track for Q4 2016
The conversion of the existing exploration claims to mining leases at Triangle will be required prior to commencing production. Upon revision of the mining law in 2013, a detailed economic study will be produced to support this conversion. As part of this conversion to a mining lease, a CA (MERN) and an approved reclamation plan (MSDEFCC) covering the production phase of the project will be required. Integra and its team continue to work closely with both the MERN and the MSDEFCC to provide the required documentation. At this time, the Company anticipates that it will obtain the mining lease for Triangle in Q4 2016. To clarify, this process has no impact on the Company's ability to commence underground exploration at Triangle.
Modification of CAs for Parallel Zone Approved
The Company has received approval for the modification of existing mining CAs for production on Sigma-Lamaque property to allow for mining at the Parallel Zone. Although the Company has the production permits for these zones it still considers the next step to be an underground exploration program and bulk sample at Triangle. All 100% of the resources at the Parallel Zone are located within mining concessions.
Community Consultation Update: Monitoring Committee Holds Inaugural Meeting and Conducts Site Visit
In May 2015, the Company formed a monitoring committee that is comprised of an 11 member panel representing various stakeholders in the community. The monitoring committee held its first official meeting on September 30, 2015. A project update was presented by Integra management to the members of the committee and a site visit to Triangle took place. The committee will play a key role in keeping stakeholders informed and assisting the Company in maintaining a high level of social acceptability for the project.
Gold Rush Challenge Update: 1,000 Competitors and Counting
The Company is pleased to announce there are now over 1,080 individual competitors signed up for Integra's Gold Rush Challenge from approximately 70 countries worldwide. Within this number are 69 teams, many comprised of individuals with varying fields of expertise including geology, mining engineering, geological modelling, computer sciences, mathematics, and statistics. Competitors are now halfway through the provided time for working on submissions, which are to be delivered to the company on or before December 1, 2015.
Project and Company Profile
Integra's Lamaque South Gold Project and Sigma-Lamaque Mill and Mine Complex are located directly east of the City of Val-d'Or along the prolific Abitibi Greenstone belt in the Province of Québec, Canada, approximately 550 km northwest of Montréal. Québec is rated one of the best mining jurisdictions in the world. Infrastructure, human resources and mining expertise are readily available in the region.
The Company's primary focus is on exploring and subsequently developing, subject to further underground exploration, its high-grade Lamaque South gold project. The Lamaque South property is divided into three clusters, the North, South and West cluster. The primary targets are the high-grade Parallel Zone in the North Cluster and the Triangle Zone in the South Cluster. The recently acquired Sigma Mill, located 1 kilometer from the Parallel Zone and 3 kilometres from the Triangle Zone, is a fully-permitted, 2,200 ton per day mill and tailings facility. The Sigma-Lamaque Mill and Mine Complex include the historic Sigma and Lamaque Mines which operated for 75 and 52 years respectively and produced more than 9 million ounces of gold in total.
Qualified Person
The Lamaque South exploration project and Sigma-Lamaque Mill and Mine Complex, jointly known as the Lamaque project, are under the direct supervision of Hervé Thiboutot, Eng. and Senior Vice-President of the Company, Langis St-Pierre, Chief Operating Officer, Jacques Simoneau, Exploration Manager and P. Geo., and Francois Chabot, Eng., Operations and Engineering Manager of the Company. Mr. Thiboutot and Chabot are Qualified Persons (QP's) as defined by the National Instrument 43-and have approved the scientific and technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Stephen de Jong
CEO & President
Source: http://www.integragold.com/