Integra Resources to Acquire Kinross Gold’s DeLamar Project for C$7.5 Million, Idaho
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Integra Resources Corp. will acquire 100 percent of the DeLamar Gold and Silver Project from a wholly-owned subsidiary of Kinross Gold Corporation for C$7.5 million in cash and the issuance of Integra shares that is equal to 9.9 percent of all of the issued and outstanding Integra shares upon closing of the transaction.
The DeLamar project is subject to a retained variable net smelter return (NSR) royalty payable to Kinross. Concurrent to the DeLamar transaction, Integra has signed binding letters of intent LOI’s with two private entities to acquire patented claims in the past-producing Florida Mountain Gold and Silver Project, which borders DeLamar to the east.
“We are pleased to be part of this formative transaction with Kinross because, in our view, the pedigree and genesis of this asset opportunity bears some striking similarities to Integra Gold’s asset acquisition of Sigma-Lamaque, back at its nascent stages,” said George Salamis, president and CEO of Integra.
“Integra is once again emerging as a precious metals company with a past producing property in a developed world, pro-mining jurisdiction, with excellent access and infrastructure and host to a large geological database to work from. This property hasn’t seen any modern exploration work for almost 30 years. The Integra team is keen to get working on financing and executing an aggressive path of exploration and future studies. We believe the exploration upside potential for both heap-leachable gold-silver mineralization at surface and high grade, vein-type “feeder” mineralization is very promising,” added George Salamis.
“Our goal was to find a project in North America that has the possibility to offer significant upside potential and shareholder value, similar to what we did with Integra Gold,” said Steve de Jong, chairman of Integra.
“We could not have asked for a better project than DeLamar to build this value and we are pleased to have Kinross as a large shareholder. The Integra Gold team delivered on the Lamaque project during some of the most depressed market conditions in recent memory. We are confident that we can once again deliver from yet another world-class gold jurisdiction, especially in this more promising precious metals market,” added Steve de Jong.
The DeLamar project, located in southern Idaho, includes Kinross’ DeLamar Mine that closed in 1998 due to low precious metal prices (below US$300) after producing 1.6Mozs of gold and 100Mozs of silver. Located 80 km south of Boise, Idaho, the DeLamar Project constitutes roughly 5,300 acres of patented and unpatented claims, and a further 4,100 acres of leased lands with approximately 1,575 drill holes and 145,940m of drilling outlined in historic databases. Average drill hole depth was less than 100m, with only four holes deeper than 350m. A material portion of drilled out precious metal mineralization remains un-mined, with significant exploration potential to outline further near surface bulk tonnage resources as well as high grade underground potential using modern exploration techniques. Utilizing all available drill data, Integra is in the process of completing an updated resource estimate for the DeLamar Project and expects to announce in the coming weeks.
To read more details in the company’s press release, CLICK HERE
About Integra Resources
Integra Resources Corp., formerly, Mag Copper, is a development-stage company engaged in the acquisition, exploration and development of mineral properties in the Americas. The management team comprises the former executive team from Integra Gold Corp.
To stop by Integra Resources’ website, CLICK HERE
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