Integra Gold jumps after expanding high grade Quebec resource
Shares in Integra Gold Corp (CVE:ICG) raced ahead 6% in heavier than usual volumes on Tuesday after announcing an increase to the resource at its Lamaque gold project in the Val-d'Or gold camp in the Québec, Canada.
In early afternoon trade the Vancouver-based micro-cap traded at its highs for the day at $0.18, up 5.8% with more than 190,000 shares changing hands, already surpassing average daily volumes. The company is worth $23.4 million on the Toronto venture board.
Integra Gold announced that resource estimation on two additional targets at Lamaque has resulted in an increase of the global indicated resource of 14% to 756,280 ounces at 7.1 grams/tonne gold (g/t Au) and the inferred resource by 9% to 293,710 ounces at 10.8 g/t Au.
Using a 5 g/t Au cut-off grade, the average indicated grade of the global Lamaque project resource is now pegged at at 9.8 g/t Au for a total of 569,410 ounces.
Integra says three drill rigs are currently operating on the project and an additional 29,900 meters of recent drilling in four zones has not been modelled yet or included in current resource estimates. Two adjacent mines, Sigma and Lamaque, have historically produced over 9 million ounces of gold combined.
Integra is nearing completion of a Preliminary Economic Assessment for wholly-owned Lamaque and amid a tough financing environment for junior miners managed to raise $5 million in the fall. The company is also due another $500,000 in exploration rebates from the Quebec government.
Company President and CEO, Stephen de Jong commented on today's release: "Integra is well financed, with $7 million in working capital, actively drilling, and nearing completion of a PEA which will outline the economics of the project. We want to be Québec's next high-grade gold producer, and we believe we have the right project and team to make this happen."
POWER RANKING INTEGRA GOLD
MINING.com has teamed up with independent researcher Tickerscores to provide comprehensive analysis of more than 400 small and medium-sized precious metals mining companies with projects around the world.
According to the 20+ criteria used by Tickerscores, Integra ranks at number two on its list of 16 precious metals developers in Eastern Canada and Quebec.
Integra scores highly for the fact that management has retained 28% of the outstanding common shares which shows strong belief in the project and a healthy balance sheet that translates into more than 17 months with cash on hand as of January 15.