High-Grade Gold And Silver Discoveries In The BlackSheep District

VANCOUVER - Integra Resources Corp. reported multiple gold-silver discoveries at the DeLamar Project, situated in southwestern Idaho. These discoveries have been made in the BlackSheep District, a 30 square kilometer land package acquired by Integra in 2019, and located immediately north-northwest of the DeLamar Deposit.

“We are very pleased to announce multiple new gold-silver discoveries in the BlackSheep District. BlackSheep is a recently acquired 30 square kilometer land package that extends on a district-scale trend of mineralization to the north-northwest of the DeLamar Deposit. Numerous shallow historic workings are indicative of the gold-silver potential of the area; however, only very limited modern exploration has taken place. Today’s results strongly highlight the exciting potential for a new zone of gold-silver mineralization at the DeLamar Project, and this potential cannot be understated,” said, George Salamis, President and CEO. “The BlackSheep District is host to large surface soil geochemical and geophysical anomalies that have similar signatures to the DeLamar and Florida Mountain Deposits, including the same host lithologies and structural characteristics. Encountering both narrow high-grade gold-silver intercepts and large low-grade gold-silver intercepts in the first 4 drill holes of the exploration campaign suggests the presence of several large, prospective mineralized systems within the District. In all 4 drill holes, the Company intersected intense sulphide mineralization and significant veining, brecciation and alteration, as evidenced by the drill core photos. The grades and widths reported in today’s results are particularly exciting as they show gold and silver grades that are substantially above the cut-off grades used in the 2019 resource estimate at the Project. More drilling is planned at multiple targets within the BlackSheep District aimed at further discovery and definition of the extent of gold-silver mineralization.”

The BlackSheep District is cut by the large, north-northwest trending Milestone Fault. The Milestone Fault is host to a series of deep-seated mineralized structures that has been mapped northwesterly from the DeLamar Deposit, through the Milestone Deposit and BlackSheep gold-silver occurrences further north. Geological evidence suggests that this structural zone controlled the formation of a volcanic graben, with normal faulting, that extends to the west of the fault. As the basin formed, it filled with permissive deposit host rocks, mainly rhyolites, latites, and volcanic sediments. The Milestone Fault localized the flow of metal- rich hot spring waters, which altered and leached the host rock, and deposited metals in these areas.

Further underscoring the potential of the region, the BlackSheep District is host to extensive gold-silver-arsenic soil geochemical anomalies analogous to the size and scope of gold-silver-arsenic anomalies present at the multi-million-ounce DeLamar and Florida Mountain Deposits. At the more deeply eroded DeLamar and Florida Mountain Deposits, the high-grade vein mineralization which was discovered and mined historically was partially in outcropping and surrounded by a halo of lower-grade stockwork mineralization, which was subsequently mined by open pit. At the BlackSheep District, which is less deeply eroded, only the upper part of the stockwork vein halo is exposed, and the higher-grade veins are interpreted as being 100 m to 200 m below the current level of exposure. The drill results announced today targeted a very small fraction of these geochemically anomalous areas, with large tracts of land at both Georgianna and Lucky Days still to be drilled. In addition, multiple targets with large geochemical anomalies within the BlackSheep District remain untested, including Twin Peaks, Statute Hills/Spain, Argentum and other highly gold-silver anomalous areas.

The geochemical anomalies within the BlackSheep District also coincide strongly with geophysics, including strong Induced Polarization (“IP”) chargeability at both Georgianna and Lucky Days. The chargeability anomalies bare striking resemblance to the IP signature at the DeLamar Deposit, host to 2,810,000 ounces of gold-equivalent (“AuEq”) (1,572,000 oz Au and 96,183,000 oz Ag) (119,621,000 tonnes grading 0.41 g/t Au and 25.1 g/t Ag) in the Measured and Indicated (“M&I”) and 401,000 oz AuEq (266,000 oz Au and 10,418,000 oz Ag) (21,291,000 tonnes grading 0.39 g/t Au and 15.2 g/t Ag) in the Inferred category. As is the case with the soil geochemical anomalies, only a small fraction of the IP chargeability anomaly has been tested to date by the exploration team. Several square kilometers of IP chargeability anomalies remain to be tested in future exploration work.

Core logging from the reported drill holes thus far in the Georgianna and Lucky Days confirms the presence of a 30 m to 60 m wide mineralized structure, delineated by surface mapping, soil geochemistry and IP. This mineralization within the structures at both Georgianna and Lucky Days consists of hydrothermal brecciation and stockwork veining as well as colloform banded quartz veins associated with illite-pyrite alteration. The core images show examples of the mineralization encountered.

The gold-silver grades intersected in the Milestone drill hole are significantly higher grades than previous Milestone drill intercepts and are interpreted to represent the upper portion of a high-grade ‘feeder zone’ within the broader and lower-grade hydrothermal breccia pipe comprising the bulk of the existing resource. Several deeper holes are planned to follow this ‘feeder zone’ down an additional 150 m to the root of the breccia pipe where it is anticipated it will transition into a high-grade vein system. This intercept is located in the deeper central portion of the existing resource, outside of the 2019 Preliminary Economic Assessment (“PEA”) pit-shell, demonstrating that the existing resource is open to depth.

Given the location of this single drill hole and the high-grade gold-silver intercept, within a larger zone of low-grade gold-silver and relative to the Milestone 2019 pit-shell, it is possible that the reported intercept sits on the recently interpreted Milestone Fault and could be the location of a high-grade feeder system to Milestone and other targets in the region. Additional drilling at Milestone is expected with an emphasis on the potential feeder structure.