Integra Resources (ITR.V) has released the assay results from two additional holes that were drilled as part of its systematic exploration program on its Idaho-based DeLamar gold-silver project. These two holes were both drilled on the Henrietta zone, which is a little bit south from the Glenn Silver zone at DeLamar.
One of the holes is so-so: 30.50 meters containing 0.45 g/t gold and 11.26 g/t silver is definitely decent -with a recoverable rock value of $21/t based on the recovery rates in a milling scenario- but not exceptional (especially at a depth of 91.4 meters downhole), but the other hole was much more interesting. Throughout the hole, the silver grades appeared to be consistently substantially higher than average (and expected). Encountering 1.5 meters of 0.2 g/t gold and 344.5 g/t silver (for a gold-equivalent grade of 4.25 g/t) was a nice warming up exercise, but just 15 meters further into the hole, Integra Resources pulled a long interval of 30.5 meters containing 0.35 g/t gold and 252.69 g/t silver out of the ground for a gold-equivalent grade of 3.33 g/t.
Within the wider 30.5 meter zone, the drill bit intersected an ultra high grade zone of 4.57 meters containing less gold (0.28 g/t) but bonanza-grade silver (1080.9 g/t), for a gold-equivalent grade of 13 g/t. Not bad for what could be a heap leach project. After isolating the high-grade zone from the 30.48 meter interval, the average grade of the residual 25.91 meter was 0.36 g/t gold and 107 g/t silver (for a gold-equivalent grade of 1.62 g/t). One additional hole has been drilled at Henrietta, and Integra expects to release the assay results ‘in the coming months’.
After applying the historic recovery rates for the gold and silver in a milling scenario (95% and 80% for gold and silver, reliable recovery results for a heap leach scenario still have to be established) results in a recoverable rock value of US$110/t based on $1200 gold and $15 silver. Keep in mind Integra’s ongoing met work will be a very important component to prove up the value of the DeLamar project as the company will have to make a decision to either mill or heap leach the mineralized rock.