VANCOUVER - Integra Resources Corp. (TSXV: ITR) (NYSE American: ITRG) announced today that it has exercised an option to acquire seventeen unpatented claims in the Rich Gulch area, adjacent to its Florida Mountain Deposit at the DeLamar Project in southwestern Idaho. This strategic move is expected to provide the company with operational flexibility for future mining and processing scenarios.
The Rich Gulch claims, situated approximately 1.2 miles west-southwest of the Florida Mountain Deposit, will house a Development Rock Storage Facility (DRSF) to support mining activities at the Florida Mountain Deposit and Jacobs Gulch stockpile. The acquisition is set to close around March 8, 2024, with Integra's subsidiary, DeLamar Mining Company (DMC), purchasing all member interests of Rich Gulch, LLC, the current owner of the claims.
Jason Kosec, Integra's President, CEO & Director, highlighted the importance of the acquisition, stating that it is a small yet strategic transaction that will aid in the development of an updated mine plan. This plan will be incorporated into a forthcoming Feasibility Study at DeLamar. Kosec also mentioned the company's progress in the National Environmental Policy Act permitting process, following a Draft Mine Plan of Operations submission to the Bureau of Land Management in December 2023.
The terms of the acquisition involve DMC entering into a membership interest purchase agreement (MIPA) with an arm's length vendor. The purchase price of US$2,100,000 will be paid through the issuance of common shares, with a minimum of 840,000 shares guaranteed regardless of the volume-weighted average price (VWAP) calculation. Shares issued will be subjected to a statutory hold period and a voluntary lock-up with staggered release dates.
Integra Resources, known for its precious metals exploration and development in the Great Basin of the Western USA, focuses primarily on its flagship oxide heap leach projects, including the DeLamar Project in Idaho and the Nevada North Project. This acquisition is based on a press release statement and is part of Integra's long-term vision to become a leading mid-tier gold and silver producer in the United States.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.