Vancouver, B.C. (June 6, 2022) – Independence Gold Corp. (TSX.V: IGO)(OTCQB: IEGCF) (the “Company”) is pleased to announce the first assay results from its 4,200 metre (“m”) winter drill program, (completed in April 2022) at its 100% owned 3Ts Project, located approximately 185 kilometres (“km”) southwest of Prince George, British Columbia and situated 20 km southwest of Artemis Gold Inc.’s Blackwater Project.
The winter drill program was designed to infill significant gaps within historical drilling of the Tommy and Ted-Mint vein systems, but also test new targets identified during the 2021 exploration and geophysical programs. Core samples were collected over a broader range of host rocks to test for the potential of lower grade mineralization occurring around the veins. A National Instrument 43-101 compliant inferred resource estimate has been calculated for the Tommy and Ted-Mint Veins, using a 1 gram per tonne (“g/t”) gold (“Au”) cutoff grade, with the total inferred resource for these three veins of 5,452,000 tonnes grading 2.52 g/t Au and 71.5 g/t silver (“Ag”) for 441,000 contained ounces of Au and 12,540,000 contained ounces of Ag (see news release dated May 6, 2014). All data from this drill program and those since 2014 will be included in a resource update expected during the summer of 2022.
Drill holes 3TS-22-11, 3TS-22-12, 3TS-22-13, 3TS-22-16, and 3TS-22-17 all targeted the Tommy veins, an area with several large north-south striking epithermal quartz veins that have been identified on surface over a 900 m strike length by 300 m width and remains open in all directions, including at depth. The first three holes (3TS-22-11 to 3TS-22-13) were designed to test the core of the system, mineralization occurring in the veins and stockwork zones, as well as testing for mineralization continuing below the microdiorite sill that bisects the veins. Holes 3TS-22-16 and 3TS-22-17 were significant step out holes 275 m south from the first three, designed to test the potential southerly extent of the Tommy veins. Hole 3TS-22-17 did not intercept any mineralization, which could indicate a southern structural boundary of the Tommy veins. Please refer to the website for a map showing the veins and drill hole locations.
| Drill Hole | Host Rock | From (m) | To (m) | Drill Intercept (m) | Gold (g/t) | Silver (g/t) |
|---|---|---|---|---|---|---|
| 3TS-22-11 | Quartz Veins and Stockwork Rhyolite | 31.00 | 32.00 | 1.0 | 2.28 | 35.0 |
| and | 46.00 | 59.75 | 13.75 | 0.65 | 7.41 | |
| and | 68.15 | 98.25 | 30.10 | 4.99 | 53.50 | |
| including | 81.80 | 90.20 | 8.40 | 13.72 | 141.90 | |
| and including | 92.25 | 96.25 | 4.00 | 6.28 | 70.30 | |
| and | 239.10 | 270.80 | 31.70 | 4.65 | 28.60 | |
| including | 240.90 | 246.90 | 6.00 | 18.37 | 116.67 | |
| and including | 265.30 | 267.13 | 1.83 | 5.88 | 28.96 | |
| 3TS-22-12* | Quartz Veins and Mafic Dyke | 132.71 | 139.60 | 6.89 | 12.64 | 95.21 |
| including | 136.19 | 137.80 | 1.61 | 26.66 | 214.91 | |
| and | 146.58 | 151.58 | 5.10 | 15.58 | 54.70 | |
| including | 146.88 | 148.88 | 2.00 | 31.73 | 122.50 | |
| 3TS-22-13 | Stockwork Zone in Rhyolite | 33.50 | 34.50 | 1.00 | 1.67 | 8.00 |
| and | 64.55 | 65.25 | 0.70 | 1.39 | 14.29 | |
| and | 109.80 | 112.00 | 2.20 | 0.61 | 9.09 | |
| 3TS-22-16 | Stockwork in Rhyolite, Veins | 159.00 | 165.12 | 6.12 | 2.25 | 29.90 |
| including | 163.00 | 164.20 | 1.20 | 5.58 | 40.83 | |
| 3TS-22-17 | Stockwork Rhyolite | NO SIGNIFICANT RESULTS | ||||
*3TS-22-12 also intercepted 4.88 m with 4.47% lead and 2.38% zinc (between 145 and 149.88 m).
** The true widths of the veins are approximately 85% of the reported interval width.
The remaining drill holes are currently being analyzed and results are pending. All core samples have been sent to SGS lab in Vancouver for sample prep and processing. Robotic sample preparation is used to ensure reproducibility; samples are pulverized to greater than 85% passing 75 microns. All samples are submitted for four acid digest with an ICP finish. Gold grades are obtained by fire assay with AAS finish. Samples which return greater than 50 parts per million silver are resubmitted for fire assay with a gravimetric finish.
The 3Ts Project is comprised of fifteen mineral claims covering approximately 5,200 hectares in the Nechako Plateau region of central British Columbia. The 3Ts Project covers an epithermal quartz-carbonate vein system within which more than a dozen individual mineralized veins, ranging from 50 m to more than 900 m and true widths up to 25 m, have been identified.
Property Update
The Company has terminated the option agreement with Almadex Minerals Ltd. for the Merit and Nicoamen properties.
About Independence
Independence Gold Corp. is a mineral exploration company with holdings ranging from early-stage grassroots exploration to advanced-stage resource expansion in British Columbia and Yukon. The Company is positioned to add shareholder value through systematic project advancement, while management continues to evaluate additional gold and silver projects for possible acquisition. For additional information, visit the Company’s website www.ingold.ca.
Andy Randell, P.Geo., the Company’s Qualified Person as defined by National Instrument 43-101, has reviewed the technical information in this news release.
ON BEHALF OF THE BOARD OF INDEPENDENCE GOLD CORP.
“Randy Turner”
Randy Turner, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to Independence within the meaning of applicable securities laws, including statements with respect to the Company’s planned drilling and exploration activities. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Independence’s public filings under Independence Gold Corp.’s SEDAR profile at www.sedar.com. Although Independence has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Independence disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
