Integra Resources acquires strategic claims at Rich Gulch to enhance DeLamar Project
Integra Resources Corp., a recognized name in the mining industry, has officially announced its decision through its wholly owned subsidiary, DeLamar Mining Company (DMC), to acquire seventeen unpatented claims in the Rich Gulch area, marking a significant addition to the DeLamar Project in southwestern Idaho. The deal, valued at US$2,100,000, underscores Integra’s commitment to expanding and optimizing its mining operations.
The Rich Gulch claims, situated approximately two kilometers west-southwest of the Florida Mountain Deposit at the base of the Jacobs Gulch stockpile, are poised to offer operational flexibility for Integra. This acquisition is not just a testament to the company’s strategic planning but also to its foresight in enhancing efficiency for future mining and processing scenarios. The Development Rock Storage Facility (DRSF), planned to be located at Rich Gulch, is expected to support mining activities at the adjacent Florida Mountain Deposit and Jacobs Gulch stockpile, showcasing the area’s importance in Integra’s long-term vision.
Jason Kosec, President, CEO & Director of Integra, expressed his views on the acquisition, stating, “The acquisition of the Rich Gulch claims represents a small, but strategic transaction for Integra. Located immediately adjacent to the Florida Mountain Deposit, Rich Gulch is an efficient location for a DRSF during future mining operations at the Project.” This move is part of a broader strategy to update the mine plan, which will be integral to the future Feasibility Study at DeLamar.
The transaction is structured under an option agreement, allowing DMC to purchase all member interests of Rich Gulch LLC, the sole owner of the claims, for a purchase price of US$2,100,000. This amount will be settled through the issuance of common shares in Integra, calculated based on the volume-weighted average price (VWAP) preceding the closing date. The agreement ensures a minimum issuance of 840,000 shares, adhering to TSX Venture Exchange (TSXV) regulations.
The acquisition is anticipated to close around March 8, 2024, subject to meeting specific conditions, including TSXV approval. The issued shares will undergo a statutory hold period, followed by a structured release, aligning with the company’s compliance and governance standards.
Integra continues to advance the DeLamar Project through the National Environmental Policy Act (NEPA) permitting process, following the Draft Mine Plan of Operations submission in December 2023. This project is among the few in the Western United States progressing towards a construction decision, highlighting Integra’s role in the region’s mining development.
The acquisition of the Rich Gulch claims is a pivotal step for Integra Resources Corp., as it not only expands their operational footprint but also solidifies their position in the mining industry. With strategic planning and a focus on sustainability, Integra is setting a precedent for future mining operations.