www.integramining.com.au
Integra Mining (ASX: IGR) transitioned from gold explorer to producer in September 2010 after pouring first gold from its flagship Randalls Gold Project.
The company has steadily built up its mineral portfolio through a series of acquisitions, joint ventures and strategic alliances, and now controls a consolidated tenement package of approximately 1,500km2 in the heart of the Eastern Goldfields of Western Australia.
Integra Mining hits 18.9m at 9.84 g/t gold at Lucky Bay prospect
Integra Mining (ASX: IGR) has continued its high grade drilling ways intersecting shallow high-grade gold from drilling at the Lucky Bay prospect, only 4 kilometres south of Integra’s Randalls Gold Processing Facility near Kalgoorlie in Western Australia.
In February, Integra announced a maiden Inferred JORC Resource for the Lucky Bay deposit of 25,000 ounces at 5.9 g/t gold. Current drilling indicates the Lucky Bay resource will get bigger.
Highlights of RC and diamond drilling included:
- 17.8 metres at 6.53 grams per tonne (g/t) gold from 42 metres depth including;
- 4.1 metres at 14.56 g/t gold from 44.4 metres.
- 18.9 metres at 9.84 g/t gold from 12.8 metres depth; including
- 2 metres at 37.02 g/t gold from 20.4 metres depth; and
- 3 metres at 16.50 g/t gold from 23 metres depth.
These significant drill results do not fall within the current Resource boundary and the deposit will not be included in Integra’s Reserve upgrade which is expected to be released within the next month.
The recent drilling was conducted for metallurgical testing and resource to reserve conversion purposes is located in the vicinity of the +1.5 g/t supergene zone.
The company would be encouraged by the results as they further confirm the presence of primary mineralisation beneath the anomalous supergene blanket.
A number of the recent high-grade intercepts are outside of the existing mineralised envelopes used for the inferred resource estimation.
The company said gold mineralisation at Lucky Bay is hosted within carbonaceous shales and siltstones and appears to be structurally controlled.
The mineralisation strikes north-northwest and dips approximately 60 degrees to the south-southwest and the width varies up to nearly 20 metres over a strike length of about 200 metres.
Integra anticipates that a Reserve for Lucky Bay will be announced later in the year when all the pending results have been received and remodelling of the deposit has been completed.
The 100%-owned Aldiss-Randalls Gold Project also comprises resources at Salt Creek, Maxwells and Cock-eyed Bob, and exploration prospects at Mohegan and Red Dale.
In addition to today's outstanding results, the company said on June 22 that it expects the Majestic resource, located 22 kilometres north of the new gold processing facility at Randalls, will be extended along with the preliminary open pit design.
Integra continues to build on its impressive track record of achieving all of its publicly stated targets.
Integra has expansion plans to move to 140,000 ounces of production. With a forecast pre-tax operating profit of A$192 million, against a valuation of $374 million valuation, the recent fall in valuation affords an opportunity for the value investor.
