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Integra Gold Corp. (TSX VENTURE: ICG) (OTCQX: ICGQF) (“Integra” or the “Company”) is giving the term “data mining” a whole new meaning with the launch of its Integra Gold Rush Challenge, a form of crowdsourcing it hopes will lead it to the next big gold discovery at its Sigma-Lamaque gold property in Val-d’Or, Québec.
The Data
In October 2014, Integra completed the acquisition of the Sigma/Lamaque Mine and Mill complex immediately adjacent to its Lamaque South project and in doing so became the owner of 6 terabytes of historical mining and exploration data in a digital format. The Company has spent the last 6 months compiling this information which, once completed, will be released to the public in one consolidated database. The data dates back to 1933 and includes over 30,000 historic drill holes, more than 50,000 gold assays, hundreds of kilometres of mined underground workings, other mining statistics and photos. Integra is in the process of verifying and digitizing additional information, which it expects to release to contestants in September via a special website. Integra says that to its knowledge, no mining company has released such a large amount of proprietary information to the public before.
As highlighted in a recent press release the Company believes there is a wealth of potential gold exploration targets that are expected to be generated as a result of this unprecedented digital database that spans more than 75 years of history (see Company press release June 18, 2015).
The Gold Rush Challenge
Online prospectors will analyze and interpret the data to come up with a plan on where they think Integra has the best chance of making a major gold discovery. Further details on what specific types of submissions the Company is looking for will be announced in the coming months, prior to the database being made public in September.
The prize of CAD $1,000,000, which will be broken out into a number of categories, will be awarded to whomever comes up with what the Company and the competitions board of advisors believe is the highest probability location for a major gold discovery. Integra has already made significant headway in raising the award money through sponsorships and plans to announce the winners next March in Toronto at the PDAC mining conference.
“By giving the public access to this data, Integra hopes to tap into the collective brainpower of thousands of participants and save itself years of time and resources to identify high-potential exploration targets we likely wouldn’t even know exist,” says CEO Stephen de Jong. “By utilizing external sources this competition allows us to stay focused and disciplined on the work we are doing at our Triangle Zone and Lamaque South property, and at the same time move forward with an exciting exploration target.”
Integra chairman George Salamis adds, “With this digital gold rush, we hope to tap into the most leading edge and innovative ideas from all sectors of research, not just the mining business. Our expectation is that these new ideas will lead to continued value creation from last year’s acquisition of the Sigma-Lamaque Mill and Mining Complex. This competition, which we expect to reveal numerous exploration plans on areas where participants think we should look to make our next gold discovery, will prove to be beneficial for investors, employees, suppliers and other stakeholders. The Integra Gold Rush is also expected to draw unprecedented attention to Québec and the Abitibi Region as one of the world’s premier gold mining jurisdictions.”
Media and Analyst Conference Call:
The Company will be hosting a conference call for media and analysts only on June 23, 2015 at 8:30 am PDT / 11:30 am EDT.
