The Gold Report - Fri, Jun 21, 2019

Coverage Initiated on Company with 'Strong Gold Project,' Experienced Team

The rationale for investing in this Canadian firm is presented in a ROTH Capital Partners report.

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In a June 19 research note, analyst Joe Reagor reported that ROTH Capital Partners initiated coverage on Integra Resources Corp. (ITR:TSX.V; IRRZF:OTCQB) with a Buy rating and a CA$1.40 per share price target. The company's stock is currently trading at around CA$0.88 per share. The updated resource estimate released June 17, 2019, prompted ROTH's move.

"We view Integra as an early-stage exploration company with a strong management team looking to repeat its success by advancing its Idaho project and attracting an acquirer," Reagor summarized. "We also believe the project has significant resource expansion potential."

He then individually reviewed the compelling aspects of the company.

One is the updated resource estimate for Integra's flagship project DeLamar, a past-producing mine in southwestern Idaho that consists of the DeLamar and Florida Mountain gold and silver deposits.

Per the new update, DeLamar now contains Measured and Indicated resources of 172.4 million ton (172.4 Mt) with an average of 0.7 grams per ton (0.7 g/t) gold equivalent (Au eq). Current Inferred resources are 28.3 Mt grading 0.55 g/t Au eq. These numbers result in 4.4 million ounces of contained Au eq, a 23.5% increase since the prior report.

"With this increased resource estimate, we believe Integra is poised to release an initial preliminary economic assessment for the project in H2/19," which will be the next major catalyst for the stock," Reagor commented.

He added that the DeLamar property likely offers further resource growth potential. Integra plans to tap into that by drilling another 13,000 meters there this year.

Another benefit to Integra is the jurisdiction its project is in, Idaho, which has been mining friendly for a long time. Reagor noted permitting risk is lower for DeLamar because mining took place there historically.

A third positive is Integra's management team that "has done it before," Reagor noted, referring to the company's CEO George Salamis and Chairman Stephen de Jong having advanced and sold Integra Gold to Eldorado Gold in 2017. Management's previous success, the analyst added, "will enable the company to raise the necessary capital to advance its DeLamar asset towards a construction decision." Integra is well positioned to move the project forward quickly.

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