Integra Resources – Transformation Into A Gold Producer With The Acquisition Of Florida Canyon Mine Fueling Development Work At The DeLamar and Nevada North Projects
Jason Kosec, President and CEO of Integra Resources (TSX-V: ITR; NYSE: ITRG), joins us to outline their acquisition of the Florida Canyon Mine in Nevada, transforming the Company into a gold producer, that will see the incoming revenues fund the development work at the DeLamar and Nevada North Projects.
In the news announced July 29th, Integra Resources has entered a definitive arrangement agreement with Florida Canyon Gold Inc. (TSXV: FCGV), which is the spinout from Argonaut Gold, whereby Integra has agreed to acquire all of the issued and outstanding shares of FCGI pursuant to a court-approved plan of arrangement. The Transaction will create a diversified, Great Basin-focused gold and silver producer with immediate gold production of approximately 70 thousand ounces of gold equivalent per annum from the Florida Canyon Gold Mine, coupled with a built-in growth pipeline of high-quality development stage assets including the DeLamar Project and the Nevada North Project. Jason walks us through the key metrics and future expectations from the technical report at the mine, and how it will fund their future development initiatives at their other projects, as well as get position them for a re-rating as a producer with a better cost of capital moving forward.
Next we can an update on all the ongoing developmental work at the 4.8 million ounce of gold equivalent DeLamar Project, in Idaho, as the Company prepares for an upcoming Feasibility Study, and continues advancing key permitting milestones.
We also got an exploration update at the Nevada North Project, where the exploration team is about halfway through a 2,000 meter drill program, expanding resources, getting material for metallurgical testing, and to confirm a thesis on how the mineralization controls work and may offer more upside beyond the known 1.4 million ounces of gold equivalent resources.
The company now controls a total M&I resource of over 10 million ounces gold equivalent across all categories on all projects, representing one of the largest resource endowments in the Great Basin of Idaho and Nevada, not controlled by a major mining company.*
If you have any follow up questions for Jason regarding Integra Resources, then please email us at either Fleck@kereport.com or Shad@kereport.com.
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Up to this point I love Integra—-it’s one of my biggest holdings.
This guy is talking turkey. Many significant details mentioned, including:
More than 70 projects looked at before choosing Florida Canyon. So they did their DD and likely got a great deal.
Nevada North with 4.5M ounces and IRR of 54% is substantial.
Just two of many positives.