Integra Resources (TSXV:ITR) has announced the second set of drill results from the 2023 highwall geotechnical and metallurgical drill program at the DeLamar Projec in southwestern Idaho. The drill program, which totaled 4,597 meters, was completed in November 2023.

Integra’s President, CEO & Director, Jason Kosec commented in a press release: “The drill results announced today further demonstrate the size, grade, and continuity of the mineral resource at DeLamar. Although the drill program was primarily designed to collect material for heap leach metallurgical testwork and geotechnical studies, we continue to intercept significant mineralized widths at excellent grades throughout the Project, exemplifying the robust nature of DeLamar. The results from this drill program will be used to complete a Feasibility Study at DeLamar in the future and to support on-going permitting work at the Project, following the submission of the MPO to the BLM in December 2023.”

The latest results comprise 20 drill holes representing 2,290 meters. The core samples collected will be used for mineralogical analysis, Crusher Work Index testing, and additional heap leach recovery testwork including bottle roll, permeability and column leach studies. Integra states the metallurgical drilling data will support the development of an advanced geo-metallurgical model to inform future economic assessments for the Project.

Additionally, geotechnical drilling within the proposed DeLamar Project open pits gathered further data to enhance the 3D geotechnical model. This supplementary geotechnical data will also bolster Integra’s recently submitted Draft Mine Plan of Operations to the U.S. Bureau of Land Management in December 2023.

The DeLamar Project comprises the neighboring DeLamar and Florida Mountain gold and silver deposits in Owyhee County, southwest Idaho. Since acquiring the Project in 2017, Integra has significantly expanded the resource size and completed positive economic studies including a Preliminary Economic Assessment and Preliminary Feasibility Study.

Integra Resources (TSXV:ITR) has released the results from 21 additional drill holes at the DeLamar Project in southwestern Idaho. These drill holes, encompassing 860 meters, form part of the stockpile drilling program recently concluded at the site. The company also provided updates on the anticipated share consolidation, set to come into effect on May 26, 2023, following receipt of final regulatory approvals.

Integra’s President, CEO & Director, Jason Kosec commented in a press release: “the successful completion of the stockpile drilling program this winter required a monumental effort and we are extremely thankful for our industry leading team at site. Overall, the drill program was a resounding success with the results exceeding our original estimates and modeling in terms of grade and continuity. The updated resource estimate, including results from the stockpile drill program is expected to demonstrate the potential for the material to significantly increase the heap leach mine life in future phases as well as enhance the overall project economics at DeLamar.”

The stockpile drilling initiative at DeLamar was conceived to investigate a significant part of the estimated 60 million tonnes of mineralized material stockpiled and used as backfill at the project site. The management is optimistic that the further oxide-and-mixed material from the stockpiles and backfill could extend the heap leach mine life of the project in future phases and strengthen the sturdy economic outlook proposed in the company’s 2022 Pre-feasibility Study.

Integra is resolutely concentrating on reaching several pivotal milestones in 2023. This includes an updated mineral resource estimate and the submission of the Mine Plan of Operations at DeLamar, along with a renewed mineral resource estimate and Preliminary Economic Study at the Wildcat & Mountain View Projects in western Nevada.

On the matter of share consolidation, following the court-approved arrangement facilitating the at-market merger of Integra and Millennial Precious Metals Corp. (“Millennial”) on May 4, 2023, the company plans to consolidate all of its common shares on the basis of one new post-consolidation common share for every 2.5 pre-consolidation common shares. The Board of Directors have given their approval to the consolidation, which will reduce the number of outstanding common shares from 171,943,828 to approximately 68,777,531. The consolidation will also bring about proportionate adjustments to the company’s outstanding stock options, restricted share units, and deferred share units, with no fractional common shares being issued.

A letter of transmittal regarding the consolidation will be sent to the company’s registered shareholders. They will be expected to send their pre-consolidation common shares, alongside a correctly executed letter of transmittal, to the company’s registrar and transfer agent, TSX Trust Company. Shareholders who hold their shares through a broker, investment dealer, bank, or trust company should get in touch with their respective nominee or intermediary for their post-consolidation positions. The post-consolidation common shares are expected to commence trading on the TSX Venture Exchange (the “TSXV”) and the NYSE American under its new CUSIP number 45826T509 (ISIN CA45826T5098) on May 26, 2023. The company’s TSXV ticker symbol “ITR” and NYSE American ticker symbol “ITRG” will remain unchanged.

Concerning Millennial Warrants, each Millennial warrant will entitle the holder to receive the same aggregate consideration upon exercise, in lieu of the number of Millennial common shares that such holder was previously entitled to upon exercise of such Millennial Warrants. The terms governing the warrants will remain the same as those in effect prior to the effective time of the Arrangement and will be governed by the terms of the applicable warrant instruments. Proportionate adjustments will be made to the aggregate number of common shares that such holder is entitled to upon exercise of such Millennial Warrants and to the exercise price of the Millennial Warrants.

Before the completion of the Arrangement, Millennial had an outstanding class of Millennial Warrants listed on the TSXV under the trading symbol MPM.WT. These will continue trading on the TSXV as Millennial Warrants, under their existing trading symbol, until their exercise, expiry, or delisting. The exercise price of the Listed Millennial Warrants will see an adjustment from CDN$0.55 to CDN$1.375, with each Listed Millennial Warrant being exercisable to acquire 0.092 of a Common Share.

As mandated by the warrant indenture for the Listed Millennial Warrants, Integra has entered into a supplemental warrant indenture to govern the Listed Millennial Warrants.

Highlights from the drill results are as follows:

• The stockpile drilling program at DeLamar was completed in April 2023 and consisted of 321 holes, totalling 12,588 m.
• The latest drill results from DeLamar (North DeLamar, Sommercamp, Stockpile 1 and 2) include:
  • NDM-23-118: 0.38 grams per tonne (“g/t”) gold (“Au”) and 22.52 g/t silver (“Ag”) (0.67 g/t gold equivalent (“AuEq”)) over 80.77 m
  • WD1-23-299: 0.31 g/t Au and 20.63 g/t Ag (0.58 g/t AuEq) over 48.77 m
  • NDM-23-199: 0.29 g/t Au and 14.34 g/t Ag (0.48 g/t AuEq) over 85.34 m
  • NDM-23-021: 0.21 g/t Au and 22.61 g/t Ag (0.50 g/t AuEq) over 54.87 m
  • NDM-23-053: 0.26 g/t Au and 20.91 g/t Ag (0.53 g/t AuEq) over 50.29 m
• The latest drill results from Florida Mountain (Jacobs Gulch and Tip Top) include:
  • JG-23-027: 0.38 g/t Au and 11.85 g/t Ag (0.53 g/t AuEq) over 27.43 m
  • JG-23-075: 0.34 g/t Au and 15.25 g/t Ag (0.54 g/t AuEq) over 21.34 m
  • JG-23-100: 0.33 g/t Au and 6.04 g/t Ag (0.40 g/t AuEq) over 70.10 m
• Observations are consistent with previously reported results from the stockpile drilling program, with results demonstrating excellent gold equivalent grade and drill intercept widths with strong continuity throughout the material.
• Final drill samples have been shipped to the assay lab and estimation work has commenced for the updated mineral resource estimate at DeLamar, including results from the stockpile drilling program.
• Results from 8,229 m, representing 226 drill holes, have yet to be released. The Company will continue to release results as they are received from the lab.

Detailed Drill Results

The following table highlights selected intercepts from the DeLamar backfill and stockpile drill program announced today^1,2,3,4:

(1) Downhole thickness is true thickness.
(2) Intervals reported are uncapped.
(3) AuEq = g/t Au + (g/t Ag ÷ 77.70). Rounding may cause minor discrepancies in the AuEq column.
(4) Au recovery based on cyanide shakes (“AuCN”) run on all intervals with Au assay values >0.1 g/t.

The following table highlights selected intercepts from the Florida Mountain stockpile and backfill drill program announced today^1,2,3:

(1) Downhole thickness is true thickness.
(2) Intervals reported are uncapped.
(3) AuEq = g/t Au + (g/t Ag ÷ 77.70). Rounding may cause minor discrepancies in the AuEq column.

Cyanide shake analysis is not performed on Florida Mountain samples as gold occurrences in Florida Mountain material can often be coarse in nature, making comparisons between cyanide shake analyses and fire assays unreliable. Once pulverized, as per any cyanide shake procedure, all Florida Mountain material show high recoveries by cyanidation, rendering cyanide shake analysis unreliable for differentiating between ores that can be heap leached and those requiring grinding to achieve high recoveries.