Vancouver, B.C. (April 24, 2023) – Independence Gold Corp. (TSX.V: IGO)(OTCQB: IEGCF) (the “Company” or “Independence”) is pleased to announce the first assay results from its ongoing 4,000 metre (“m”) winter drill 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 Mine project.
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 50m to more than 900 m and true widths up to 25m, have been identified.
The winter drill program was designed to infill significant gaps within the historical drilling of the Tommy vein system which were highlighted in the 2022 resource model undertaken by SGS Geological Services (“SGS”) (see news release August 18th 2022). The combined in-pit and underground components of the Tommy and Ted-Mint vein systems contain a total inferred resource estimate of 4,469,297 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 522,330 ounces of gold and 13,831,415 ounces of silver, or 678,156 AuEq.
Drill holes 3TS-23-05 and 3TS-23-06 targeted the central section Tommy vein within its known 900m strike length, and within the pit shell modelled by SGS . Under this current drill program, a total of 13 drill holes have targeted the pit to increase the resource model. Both holes, 3TS-23-05 and 3TS-23-06, were drilled from the same collar location, at a -45° and -60° dip, respectively, to intersect the Tommy vein system at two different depths.
Please refer to the website for a map showing the veins and drill hole locations.
*the true widths of the veins are approximately 85% of the reported interval width
**Using a cut-off grade of 0.4 g/t gold as per the resource estimate for “in-pit” grades
Base Metal Results
The Tommy vein system is evolving as more drill data is collected. The Independence technical team have noted a second, later phase of base metal formation in some areas that intrude the primary gold-silver vein systems and are interpreted to be deeper-sourced fluids which carry elevated base metals. The host rocks are interpreted to be highly altered sericite-silica breccia pipes of rhyolitic country rock and reworked quartz.
Update on the Current Drill Program
Drilling commenced at 3Ts on March 7th 2023 and is ongoing at the time of this release. Drilling has focused on the Tommy vein system and within a 300m area around it. Drilling is designed to provide infill data for the resource model, to test northerly and southerly extensions of the vein system and possible peripheral veins and mineralization. Drilling has extended the Tommy vein system 75m to the north and 100m to the south of the current resource model with the vein system open along strike and at depth.
To date, the Company has completed 3,138m of drilling in 27 drill holes.
All drill holes completed to date have been sent to SGS lab in Vancouver for sample preparation and analysis. 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 10 parts per million gold and 100 parts per million silver are resubmitted for fire assay with a gravimetric finish.
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
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.