Mr. George Salamis reports
INTEGRA INITIATES 10,000 METER DRILL PROGRAM AT FLORIDA CANYON, FOCUSED ON NEAR MINE OXIDE GOLD RESOURCE GROWTH OPPORTUNITIES
Integra Resources Corp. has initiated a gold-resource-growth-focused drill program at the company's primary operating asset, the Florida Canyon mine, located in Nevada. The 2025 drill program marks the first phase of a multiyear growth strategy designed to expand mineral reserves and resources, extend mine life and ultimately maximize the value of Florida Canyon.
Highlights:
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The 2025 drill program will consist of approximately 10,000 metres of reverse circulation (RC) drilling focused on near-mine targets identified at Florida Canyon, designed to support oxide mineral reserve and resource growth and mine life extension.
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Drilling commenced in early May and is expected to conclude in the third quarter of 2025, with initial results expected to be released during the summer months of 2025.
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The program is focused on testing near-mine targets at Florida Canyon in three key areas:
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Opportunity 1 -- near-surface oxide potential from historical dump material (approximately 2,000 metres): Drilling will target large volumes of historical gold-mineralized backfill and low-grade waste material previously estimated to be below the mining cut-off grade in a significantly lower gold price environment. These areas demonstrate the greatest near-term opportunity to increase mineral resources and potentially extend mine life.
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Opportunity 2 -- expand in situ resources between existing mine open pits (approximately 5,000 metres): Drilling will target saddle and ridge areas located between active and historical pits. Many of these areas have been sparsely drilled historically and offer meaningful oxide growth potential directly adjacent to current and future mining phases.
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Opportunity 3 -- test lateral extensions and in-pit infill drilling (approximately 3,000 metres): Drilling will target lateral extensions of existing pits as well as infill drilling within areas planned for further pit pushbacks. Potential has been identified to improve resource classification, optimize mine planning and potentially increase short-term ore feed.
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The 2025 drill program at Florida Canyon is expected to support a mineral resource and reserve update and a revised life-of-mine plan in early 2026.
George Salamis, president, chief executive officer and a director of Integra, commented: "Following a strong start to 2025 with solid operational results from Florida Canyon gold production and a demonstrated ability to generate cash flow, we are pleased to launch a growth-focused drill program. We see this program as a critical step in unlocking the next phase of value at Florida Canyon. We have identified significant potential to not only optimize the mining operation but also to increase the production scale and mine life of the asset, leading to material value creation for Integra's shareholders. We look forward to sharing our progress over the coming months."
Florida Canyon -- long operating history with significant growth potential
Since the start of operations in 1986 through to the end of 2024, Florida Canyon has produced approximately 2.7 million ounces of gold from over 200 million tonnes of ore mined. As of Dec. 31, 2024, proven and probable mineral reserves at Florida Canyon total 70.4 million tonnes at a grade of 0.35 gram per tonne gold for a total of 785,000 ounces of gold (refer to Integra's latest mineral reserves and resources statement effective Dec. 31, 2024, available on the company's website). Building on this long operating history, Integra believes there remains significant near-mine resource growth potential within the current permitted mine plan. With the recent increase in spot gold prices, areas historically considered uneconomic now present a compelling opportunity for re-evaluation.
Integra has identified multiple opportunities with the potential to increase the mine's production scale, extend mine life and enhance future operational flexibility. Numerous mining optimization initiatives are being evaluated and are expected to positively impact current operations. Near-term growth opportunities require targeted exploration drilling and mine optimization work while longer-term initiatives will focus on broader greenfield exploration across the extensive Florida Canyon land package.
This news release outlines the near-term, brownfield exploration activities that form the basis of the 2025 growth-focused drilling program at Florida Canyon. The program is expected to support a mineral resource and reserve update and a revised life-of-mine plan in early 2026.
2025 Florida Canyon drill program overview
Integra's 2025 drill program at Florida Canyon represents the first phase of a focused, multiyear strategy designed to increase mine life and mineral resources and reserves, both within and outside the permitted pit limits. The program is also focused on improving operational flexibility and enhancing overall asset value. Importantly, these initiatives will leverage Florida Canyon's existing infrastructure and operational footprint, minimizing capital requirements while maximizing potential for a positive impact to future economics.
The first phase of the program is budgeted at approximately $1.5-million (U.S.) and will consist of drilling that is focused on three key areas: (1) near-surface oxide potential from historical waste; (2) expanding in situ resources between existing mine open pits; and (3) testing lateral extensions and in-pit infill drilling.
Opportunity 1 -- near-surface oxide potential from
historical dump material (RC drilling: approximately 2,000 metres)
Within the permitted Florida Canyon mine boundary, there exists several large volumes of historically mined low-grade gold-mineralized dump material, averaging below the historical mine cut-off grades. This material is a product of decades of past mining and has been identified as a high-potential, low-strip, near-surface oxide gold target for growth. Potential has been demonstrated by the historical in-pit mine dumps (historical backfill material), which are already being partially utilized by current operations and offer an immediate opportunity to expand reserves with minimal mining cost. Objectives for drilling:
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Confirm gold grade continuity and distribution within the historical North Dumps;
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Provide material for metallurgical testing, including bottle rolls, column tests and permeability assessments;
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Support potential conversion of this material into mineral reserves through inclusion in the updated resource and reserve block model and mine plan;
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Increase operational flexibility by providing readily available, gold-mineralized material suitable for heap leaching that will not require blasting.
This strategy directly supports Integra's objective of improving near-to-medium-term ore feed without significant capital investment while also reducing reliance on higher-strip in situ fresh rock material.
A similar strategy was utilized at the company's DeLamar project, located in Idaho. In 2022, Integra drilled numerous stockpile and backfill areas at DeLamar, which were mined by previous operators of the project but were discarded as waste as the material did not meet the cut-off grade of the operation at the time. In 2023, Integra successfully added a significant quantity of potentially heap-leachable material to the total mineral resource at the project (refer to the company's news release dated Sept. 23, 2023, and report titled "Technical Report for the DeLamar and Florida Mountain Gold-Silver Project, Owyhee County, Idaho, USA," available on the company's website and on SEDAR+ and EDGAR).
Opportunity 2 -- expand in situ resources between existing mine open pits (RC drilling: approximately 5,000 metres)
Integra will target in situ gold resource expansion opportunities within saddle and ridge zones located between existing open pits. Several of these areas remain sparsely drilled and offer significant upside gold potential, with historical drilling demonstrating encouraging intercepts of oxide mineralization at or near surface. Objectives for drilling include:
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Testing the Central/Radio Tower pit saddle -- material directly connecting two large areas of known gold mineralization;
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Testing Florida Canyon saddle -- area requires an improved structural geologic understanding and offers potential to host additional oxide mineralized gold material;
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Testing North pit saddle -- location of a potential satellite pit adjacent to an existing pit; drilling is required to follow up on a high-grade gold vein system that was historically underexplored.
Success within these identified zones has the potential to meaningfully increase mineral resources and reserves by extending existing pit limits within the current Florida Canyon mine plan of operations.
Opportunity 3 -- testing lateral extensions and in-pit infill (RC drilling: approximately 3,000 metres)
Additional drilling is planned to test lateral extensions of existing pits and to complete infill drilling within current areas planned for pit pushbacks. These areas offer potential to improve resource classification, optimize mine planning and potentially increase short-term gold ore feed to the heap leach pads. Objectives for drilling include:
- Testing the North and Central pit areas -- the upper portions of the planned pit pushbacks are currently classified as inferred: Although this material is generally low grade, infill drilling has potential to improve classification, enhance short-term mine planning and increase oxide gold heap leach pad feed.
- Testing Jasperoid Hill pit area: Most of the near-surface oxide mineralization has been mined or is expected to be largely depleted within the next few years. However, at current gold prices, opportunities exist to potentially define additional near-surface gold mineralization.
Limited infill drilling has been historically completed within these areas and the 2025 drilling program aims to derisk future production and unlock potential for readily accessible gold oxide material in a historically productive zone. By reducing geological risk and increasing oxide gold mineral inventory in accessible mineralized zones at Florida Canyon, the 2025 drilling program is expected to enhance both short-term operational flexibility and long-term mine planning.
Drill program timing
The 2025 growth-focused exploration drilling program at Florida Canyon is expected to be completed in the third quarter of 2025. Results from the drill program will support an updated mineral resource and reserve estimate and life-of-mine plan targeting early 2026. The drill program forms an important part of Integra's broader strategy of maximizing value from its portfolio of high-quality assets through disciplined capital allocation, operational excellence, and targeted near-mine and regional exploration.
About Integra Resources Corp.
Integra is a growing precious metals producer in the Great basin of the western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past-producing DeLamar project, located in southwestern Idaho, and the Nevada North project, located in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined capital allocation, and strategic M&A (mergers and acquisitions) while upholding the highest industry standards for environmental, social and governance practices.
Qualified person
The scientific and technical information contained in this news release has been reviewed and approved by Dr. Raphael Dutaut, PhD, PGeo, OGQ membership No. 1301, Integra's vice-president, geology and mining. Mr. Dutaut is a qualified person as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Sampling and quality assurance/quality control procedure
RC samples were collected at five-foot intervals directly at the drill rig using prelabelled bags. Diamond drill core samples were cut in half, sampled at five-foot intervals, with one-half sent for analysis and the other half retained for reference. Diamond drill holes were sampled on five-foot intervals. Samples were submitted to American Assay Laboratories (AAL) in Reno, Nev., an ISO/IEC 17025 accredited laboratory. Sample preparation involved drying, jaw crushing to greater than 70 per cent passing two millimetres (10 mesh) and pulverizing a 300-gram split to greater than 85 per cent passing 75 microns.
Gold analysis was performed on a 30-gram pulp using fire assay with ICP-AES finish. Samples returning greater than 10 parts per million gold were reassayed using a gravimetric finish. Additionally, samples with gold greater than 0.150 part per million underwent cyanide-soluble analysis and preg-robbing tests to assess metallurgical characteristics. Quality control protocols included the routine insertion of blank samples, certified reference materials (standards), and field and pulp duplicates. Blank material and standards were purchased from Moment Exploration Geochemistry. AAL also inserted internal control samples and duplicates within each batch.
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