Vancouver, BC – Independence Gold Corp. (TSX.V: IGO) ("Independence" or "the Company") is pleased to the announce results and findings from the summer exploration program at the Nicoamen Property (“the Property”), located in the prospective Spences Bridge Gold Belt. Results include the discovery of four distinct gold targets that host gold mineralization in chalcedonic quartz veins.
Highlights from each zone include:
|Zone / Target
||Gold (g/t) *
||235 x 100
||Several parallel chalcedonic quartz veins
||Single vein discovered at target site
||100 x 50
||Cluster of chalcedonic veins
||Single quartz vein specimen
Overview of Field Activities
Comprehensive mapping of the Property took place over several phases between May to October 2019 using a team from SGDS Hive Consultants. A total of 41 samples were collected from vein and country rocks exposed at surface. Samples with gold (“Au”) values greater than 0.5 grams per tonne (“g/t”) were all derived from chalcedonic quartz veins with dark sulphide bands, which have been defined as belonging to a ‘low sulphidation epithermal’ style deposit. The veins are found cross-cutting volcanic rocks of the Lower Cretaceous Spences Bridge Group and the later Eocene Kamloops Group. Samples collected from the Property returned grades of up to 4.46 g/t Au and were found at several locations across the property.
A ground-based magnetic survey was also completed by DRM Exploration Services which covered the central area of the property. Results indicate an arcuate feature striking northwest to southeast and likely represents the faulted, unconformable contact between the Permo-Triassic Mount Lytton intrusive complex to the south and the Lower Cretaceous volcanics to the north. The quartz veins located in the four zones strike parallel to this contact zone, and either occur as singular veins (i.e. Zak East) or multiple parallel veins (i.e. Zak). It is believed that additional veins are present in these areas but are obscured by overburden, therefore each target remains open.
The Zak Zone consists of several parallel-striking veins within volcanic rocks and granodioritic dykes. Each vein exhibits dark sulphide bands within chalcedonic quartz, a classic low-sulphidation texture. The site is also a “Mineral Showing” (MinFile Number 092ISW131), where in 2005 samples from trench DZT05-3 assayed returned up to 2.27 g/t Au and averaged 1.77 g/t Au over 3.5 meters (“m”). Sampling in 2009 returned values up to 0.52 g/t Au across 4.9m, including 3.19 g/t Au across 0.2m. In 2004, a float sample of iron- stained angular chalcedonic quartz, taken 600 meters northwest of the main zone, assayed 64.87 g/t Au.
Observations in the field suggest that the Zak, Zak East and Nicoamen River Zones are all a part of the same system of parallel shears that follow the contact defined in the magnetic work. Further infill sampling will be undertaken to determine if the veins and associated grades are continuous.
Exploration results from the Nicoamen Property have provided information of a much deeper level of understanding of the geology and the mineralizing potential. Through the winter period, Independence Gold will pursue relevant permits and community approvals to drill test several target zones in 2020.
Independence Gold Corp. (TSX.V:IGO) is a mineral exploration company listed on the TSX Venture Exchange. The Company’s holdings range from early-stage grassroots exploration to advanced-stage resource expansion in British Columbia and Yukon. 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, President & CEO
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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.