Integra Gold (ICG.V) has again released a fresh batch of drill results from its winter drill program at the Lamaque gold project in Val d’Or, Québec. Today’s results were from the holes which were aimed to drill-test the mineralization at depth and we can clearly say this mission has succeeded as Integra pulled some of its best intercepts ever out of the Triangle Zone.
Of interest are 7 meters of in excess of 38g/t gold (that’s more than 1.2 ounces of gold per tonne) including 1 meter of 241 g/t. This means that the other six meters of the intercept still had an average grade of 4.4 meters and Integra isn’t smearing some short but high-grade intervals. The company has now drilled in excess of 22,000 meters at the Triangle Zone in 58 holes, and the results of 35 holes are still pending.
As these new drill results confirm the continuity of the mineralized zone at depth, Integra shareholders should expect both a resource increase and upgrade as it’s very likely some of the inferred zones can now be upgraded to indicated resources.
Unfortunately Integra’s share price isn’t really moving on this news, and we think this is mainly caused because the shares of the December 2013 private placement have become free trading as of yesterday.
Disclosure: The author holds a long position in Integra Gold. Integra is not a sponsor of the website, but we were compensated by a third party to initiate coverage. Please see our disclaimer for current positions.