EXPLORATION & DEVELOPMENT

Investors 'demand' more Integra drilling

Company plans C$8 million raising

Staff reporter
 Integra plans placement to get more rigs drilling at DeLamar in Idaho

Integra plans placement to get more rigs drilling at DeLamar in Idaho

The company said it planned to raise about C$8 million (US$6 million) at 86c per special warrant this month, to fund a further 15,000-20,000m of drilling, plus engineering expenditures and for general corporate purposes.

Integra is aiming to release a preliminary economic assessment for DeLamar next month and recently released an updated resource which "exceeded expectations" and reported positive metallurgical testwork.

"Based on this positive disclosure, several of Integra's larger shareholders have indicated a specific desire to have the company immediately increase our exploration drilling on the project through the addition of two to three drill rigs," president and CEO George Salamis said.

He said the company had outlined a series of high-priority step-out targets, some of which had indications of underground mining in the late 1800s, and had never been explored by modern drilling.

"Integra's exploration team is keen to drill several targets immediately, and most drill pads for this step-out drill programme are permitted and ready to be tested through summer and autumn 2019," he said.

The project includes the former Kinross Gold DeLamar mine, which closed in 1998 due to low precious metals prices.

The combined DeLamar and nearby Florida Mountain deposits currently comprise a measured and indicated 3.9 million ounces gold-equivalent and an inferred 500,000oz.

The Kinross-backed company had about $8 million cash on hand at the end of June.

It is led by members of the former Integra Gold team, who progressed the Lamaque gold project in Quebec before the company was acquired by Eldorado Gold in 2017.

Integra closed up 4.55% yesterday to 92c, 6c shy of a 52-week high reached last month, capitalising it at $71 million (US$53 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.