Vancouver, B.C. (October 25, 2022) – Independence Gold Corp. (TSX.V: IGO)(OTCQB: IEGCF) (the “Company”) is pleased to announce the commencement of a fall exploration program at its 100% owned 3Ts Project, located approximately 185 kilometres (“km”) southwest of Prince George, British Columbia and situated 16 km southwest of Artemis Gold Inc.’s Blackwater Project.
A National Instrument 43-101 compliant inferred resource estimate was recently updated on the 3Ts Project by SGS Geological Services to incorporate recent drill results from 2020-2022. The combined in-pit and underground components of the Tommy and Ted-Mint vein systems contain a total inferred resource estimate of 4,470,000 tonnes grading 3.64 grams per tonne (“g/t”) gold and 96.26 g/t silver, at a cut off grade of 0.4 g/t gold equivalent (“AuEq”) in-pit and 2.0 g/t AuEq underground, containing 522,000 ounces of gold and 13,800,000 ounces of silver (report effective date of August 18, 2022 and authored by Armitage and Millar of SGS Geological Services; please see news release dated August 18, 2022 for further details).
Exploration will focus on surface mapping and sampling between the Ted-Mint and Tommy Vein Systems to better understand the structural and mineral potential of the target area, and to provide essential data to aid with future drill programs. Historic sampling carried out between 1994 and 2019 on 160 quartz vein samples within this target area returned up to 89.9 g/t gold and 1,350 g/t silver. This target area is 1,000 metres (“m”) by 850 m and is split into two structural blocks by a northeast trending fault. The western block is referred to as the “Barney” target, and the eastern block as the “Butch” target. Historic drilling within these blocks has been extremely limited, with only 12 holes drilled totalling 1,539 m that targeted these veins.
Mapping and sampling at the eastern end of the property of additional target areas identified by the 2021 geophysical survey is also planned in order to establish a similar structural and mineralization understanding. These target areas have produced results from vein samples up to 39.8 g/t gold and 554 g/t silver representing significant targets for future drilling. Samples will be submitted for assaying to SGS Labs in Burnaby, B.C. for analysis and results are anticipated in December 2022.
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 20 m, have been identified.
Figure 1: Map showing the Barney and Butch Target Zones in relation to the Tommy and Ted-Mint Vein Systems.
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, President and 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.