INTEGRA ANNOUNCES ACHIEVEMENT OF KEY PERMITTING MILESTONE FOR DELAMAR PROJECT
Integra Resources Corp. (TSXV: ITR, NYSE American: ITRG) announced a major milestone for its DeLamar Project, which includes the Florida Mountain Project. The U.S. Bureau of Land Management (BLM) accepted the Mine Plan of Operations (MPO), allowing the project to proceed with the National Environmental Policy Act (NEPA) process. This acceptance follows nearly three years of environmental studies and engineering design. The next steps involve publishing a Notice of Intent (NOI) to prepare a Draft Environmental Impact Statement (DEIS), incorporating public and governmental stakeholder engagement. The project is notable for its scarcity and is one of the few gold-silver projects advancing through the NEPA process in the Western U.S. Integra will continue to work on various required permits and engage with Tribal Nations on potential cultural impacts.
- Acceptance of the MPO by the BLM, a key permitting milestone for DeLamar.
- Nearly three years of comprehensive environmental and engineering studies completed.
- Significant resource growth and conversion since acquiring DeLamar in 2017.
- Project characterized by scarcity value, advancing through the NEPA process.
- Ongoing and additional permitting processes required, including Point of Compliance, Cyanidation, and Air Permitting with Idaho DEQ.
- Project needs to address potential impacts on culturally sensitive areas through the Programmatic Agreement process with Tribal Nations.
- Public review and comment period for the DEIS may introduce delays or require revisions.
Insights
The progression of the DeLamar project to the National Environmental Policy Act (NEPA) process is a noteworthy step in its development. This suggests substantial progress in aligning the project with stringent environmental regulations. The NEPA process is thorough and involves an Environmental Impact Statement (EIS) that evaluates factors like air and water quality, wildlife habitats and potential socio-economic impacts. Since few projects advance to this stage, it underscores DeLamar's potential compliance with environmental norms, which mitigates risks associated with regulatory approvals. For retail investors, this could imply a lower risk of costly delays or project cancellations due to environmental concerns. The acceptance also means stakeholder engagement, including public and governmental agency feedback, which may influence future project modifications.
Achieving this permitting milestone significantly de-risks the DeLamar project from a financial perspective. The acceptance of the Mine Plan of Operations (MPO) indicates that the project has surpassed a critical hurdle and is moving forward in the complex regulatory landscape, which often poses significant obstacles to mining projects. This progress could enhance investor confidence, possibly leading to a positive impact on stock prices. It also suggests that substantial investments in environmental baseline studies and initial engineering designs are not in vain, adding value to the project. Retail investors should consider the progress as a sign of potential long-term value and stability but remain cautious of the lengthy and intricate NEPA process ahead, which could still pose delays and modifications.
TSXV: ITR; NYSE American: ITRG
www.integraresources.com
Highlights:
- The acceptance of the MPO by the BLM is a critical step in permitting for DeLamar and incorporates nearly three years of environmental baseline studies, initial engineering design, and detailed descriptions of mining and reclamation activities proposed for the Project.
- The preliminary MPO was submitted to the BLM in December 2023 and underwent the initial completeness review as prescribed by the Code of Federal Regulations.
- During the MPO process, the Company worked closely with the BLM to address comments provided on the preliminary MPO, including the need for additional advanced engineering and reclamation studies, project revisions, and general edits.
- Following the acceptance of the MPO, the BLM will publish the Notice of Intent ("NOI") which will allow for the commencement of work on the Draft Environmental Impact Statement ("DEIS"). The NOI step of the NEPA permitting process is integral as it begins formal engagement with all cooperating governmental agencies and stakeholders.
- DeLamar is one of the few gold-silver development projects in the
Western U.S. that will be actively advancing through the NEPA mine permitting process, demonstrating the significant scarcity value of the Project.
Jason Kosec, President, CEO and Director of Integra commented: "The acceptance of the MPO for DeLamar is a testament to both the quality of the team at Integra and the DeLamar Project itself. Incorporating over three years of environmental baseline studies, initial engineering design, and descriptions of mining and reclamation activities, the acceptance of the MPO represents a major milestone on the path to permitting mining activities at DeLamar. The Company looks forward to continuing to work with the BLM through the NEPA process and remains committed to responsible mining practices, environmental protection, and serving community interests."
Next Steps
The BLM will publish the NOI in the Federal Register to notify government agencies and the general public about the proposed actions at DeLamar. The NOI is a formal announcement of intent to prepare an Environmental Impact Statement ("EIS") as defined by the Council on Environmental Quality. The NOI is followed by a scoping process which includes engagement with federal, state, and local agencies as well as the general public. Once the EIS is formally scoped, the DEIS will be prepared.
The DEIS process includes an analysis of various environmental factors such as air and water quality, wildlife habitat, land use, socio-economic impacts, and potential risks to human health. It also evaluates alternative courses of action for mining and infrastructure to minimize adverse effects. During the DEIS stage, a public review and comment period will be held, during which stakeholders can provide feedback on the analysis and suggest changes or additional considerations. The comments collected, along with public consultation efforts, will be considered and addressed in the final EIS which informs the permitting decision.
Throughout the EIS process, the Company will continue work on various other permits, several of which are required to be in place prior to construction, including Point of Compliance Permitting, Cyanidation Permits, Air Permitting with the Idaho Department of Environmental Quality, as well as Section 404 of the Clean Water Act with the
The Company continues to engage with Tribal Nations as it advances towards the initiation of the Programmatic Agreement ("PA") process. The PA is a formal document established between the Company, governmental agencies, and Tribal Nations. The PA includes framework for identifying, managing, and mitigating any potential impacts on culturally sensitive areas or historical sites.
The past producing DeLamar project, which includes the adjacent DeLamar and Florida Mountain gold and silver deposits, is located in
Integra is one of the largest precious metals exploration and development companies in the Great Basin of the
ON BEHALF OF THE BOARD OF DIRECTORS
Jason Kosec
President, CEO and Director
Certain information set forth in this news release contains "forward‐looking statements" and "forward‐looking information" within the meaning of applicable Canadian securities legislation and applicable
Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such information is provided. Assumptions and factors include: the Company's ability to complete its planned exploration programs; the absence of adverse conditions at mineral properties; no unforeseen operational delays; no material delays in obtaining necessary permits; the price of gold remaining at levels that render mineral properties economic; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward‐looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward‐looking statements. These risks and uncertainties include, but are not limited to: integration risks; general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and management's ability to anticipate and manage the foregoing factors and risks. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in Integra's annual report on Form 20-F dated March 28, 2024 for the fiscal year ended December 31, 2023.
There can be no assurance that forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward‐looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The forward-looking statements contained herein are presented for the purposes of assisting investors in understanding the Company's plans, objectives and goals, and may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and the reader is cautioned not to place undue reliance on forward‐looking statements.
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the
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SOURCE Integra Resources Corp.
FAQ
What is the significance of the BLM accepting Integra's MPO for the DeLamar Project?
What is the next step after the MPO acceptance for Integra's DeLamar Project?
What are the environmental considerations in the DEIS process for Integra's DeLamar Project?
How long did it take for Integra to get the MPO accepted for the DeLamar Project?
What additional permits are required for Integra's DeLamar Project?
