3TS Project

Project Highlights

The 3Ts Project is in the prospective Nechako Plateau region of central British Columbia, 16 km south of Artemis Gold’s Blackwater Gold Deposit. It is 100% owned by Independence Gold Corp. and is completely road accessible with a long field season (March to November) which allows for cost-effective exploration. The project has been explored for over 30 years, yet the discovery of new precious-metal hosting veins in the past two years shows that the project has lots of potential.

Inferred Resource Estimate

In 2022, a new National Instrument (“NI”) 43-101 Inferred Resource estimate for the mineralized veins on the 3Ts Project incorporates results from the 2019-2022 diamond drill programs. The geology at 3Ts includes a microdiorite sill that cuts horizontally through the veins, dividing them into upper and lower portions. The upper sections of the veins fall into an “open-pit” scenario while the lower extents have an “underground mining” component. This separation is reflected in the inferred resource calculations.

The Tommy and Ted-Mint veins combined contain a NI 43-101 inferred resource estimated to be 4,469,297 tonnes grading 3.64 grams per tonne (g/t) gold and 96.26 g/t silver, at a cutoff grade of 0.4 g/t gold equivalent (AuEq) in-pit and 2.01 g/t AuEq underground, containing 522,330 ounces of gold and 13,831,415 ounces of silver. (see the full report found in the gallery section below titled Mineral Resource Estimate Update for the 3Ts Gold Project, Omineca Mining Division, British Columbia, Canada, dated August 18, 2022 and authored by Rohan Miller of SGS Canada Inc.)

Geology

The 3Ts Project area is located along the southern margin of the Nechako Uplift, a northeast-trending, structurally raised block. The structural uplift provides a window through younger cover rocks to the underlying, regionally extensive, volcanic, and sedimentary rocks of the Lower to Middle Jurassic Hazelton Group, and the Late Jurassic Bowser Lake Group.

Quartz- and feldspar-phyric rhyolite tuffs and flows of the Entiako Formation are the most abundant rock unit on the 3Ts Project and host the gold- and silver-bearing veins. These mineralized quartz-carbonate veins are part of a robust low sulphidation-type epithermal vein system. The veins are subvertical, strike north-northwesterly and are crosscut by a gently-dipping Late Cretaceous microdiorite sill.

The series of veins at 3Ts formed through epithermal processes. An epithermal vein system is a type of mineral deposit formed by the deposition of minerals from hydrothermal fluids in the Earth’s crust. These veins are typically found at shallow depths, relatively close to the surface, and are associated with volcanic activity.

Here are some key characteristics of epithermal vein systems:

• Formation: Epithermal vein systems are formed when hot hydrothermal fluids containing dissolved minerals rise from depth and are deposited in fractures or voids in the rock near the Earth’s surface. These fluids are typically associated with volcanic activity and can be rich in various metals such as gold, silver, copper, and zinc.
• Mineralization: The deposition of minerals from these hydrothermal fluids results in the formation of vein-like structures within the host rock. The minerals precipitate out of the fluid as it cools, forming veins that often contain economically significant concentrations of valuable metals.
• Temperature and Pressure: Epithermal veins form under conditions of relatively low temperature and pressure compared to deeper hydrothermal systems like porphyry deposits. The temperatures of the hydrothermal fluids in epithermal systems typically range from around 50°C to 300°C.
• Mineralogy: The minerals found in epithermal vein systems can vary depending on factors such as the composition of the hydrothermal fluids and the host rock. Common minerals associated with epithermal deposits include quartz, calcite, sulfides, and precious metals like gold and silver.

Overall, epithermal vein systems represent an important class of mineral deposits that contribute significantly to global metal production and play a key role in the mineral exploration and mining industry.

Ted-Mint Vein System

The Ted-Mint Vein is a mineralized quartz-carbonate vein structure which has a total strike length of more than 1,000 m and an average width of about 6 m. The Ted-Mint Vein averages 1.86 g/t gold and 82.7 g/t silver with a more gold rich zone to the north and a more silver rich zone to the south. This mineralized vein structure is open both at depth and along strike.

Tommy Vein System

The Tommy Vein is located 1,200 m west of the Ted-Mint Vein. This mineralized quartz-carbonate vein structure is parallel to the Ted-Mint Vein and has a strike length of 1,100 m and an average width of about 4.5 m. The Tommy Vein averages 4.25 g/t gold and 41.9 g/t silver with mineralization being more continuous near surface. Further work is needed to outline the geometry of the mineralization at depth.

Johnny Vein

The Johnny Vein was first discovered in the late 1990’s from an isolated quartz outcrop 575m west of the Tommy Vein. Drilling failed to define the vein until 2023 when hole 3TS-23-31 intersected 16.08m grading 2.54 g/t gold and 17.54 g/t silver. The vein currently has a length of 50m and remains open along strike and at depth.

Ian Vein System

Veins within the Ian target area were first discovered through drilling in the early 2000’s but where largely ignored for follow up due to their narrow (<1m) widths. Drilling in 2023 stepped westwards and discovered a new vein that was 6.98m wide and grading 6.10 g/t gold and 66.05 g/t silver, similar in size and grade to the Tommy Vein. The vein is currently 100m in length and remains open along strike and at depth.

Metallurgy

Metallurgical test work was completed in early 2021 on two composite samples taken from 2020 drilling and tested at SGS Canada Inc. The test was initiated in order to confirm the results from a previous metallurgical study taken from the Ted-Mint vein system in 2013 (see news release dated July 9th, 2013). The 2013 study yielded 97.3% gold and 94.9% silver recovery. The following table summarizes the results of the metallurgical test work:

	Composite 1 (Tommy Vein)		Composite 2 (Ted-Mint Offset Vein)
	Total Gold Recovery	Total Silver Recovery	Total Gold Recovery	Total Silver Recovery
Gravity Concentrate	1.46 %	0.57 %	27.6 %	3.62 %
Floatation Concentrate	76.0 %	74.8 %	64.1 %	84.8 %
Leach Concentrate	16.4 %	17.1 %	6.18 %	7.07 %
TOTAL RECOVERY	93.9 %	92.4 %	97.9 %	95.5 %

It is believed that recoverability could be further improved by modifying the processes and with additional mineralogical studies to understand deportment of the gold and silver within the Tommy Vein compared to the Ted-Mint Offset Vein.

Ootsa Cooper-Silver Target

The Ootsa Target lies 1km northeast of the Mint Vein System and is defined by anomalous copper (up to 0.4%) and silver (up to 78 g/t). The mineralization is hosted in brecciated volcanic rocks that are very different from the ones seen elsewhere at 3Ts. It is intended to follow up on this discovery in 2024.

Ownership

The 3Ts Project is comprised of the Tsacha, Taken, Tam, Tommy, Bot, Blackwater South and 3Ts South properties. The Company has a 100% interest in these claims, subject to NSRs up to 4% on a sliding scale.

Mineral Resource Estimates Assumptions

1. The classification of the current Mineral Resource Estimate into Inferred Resource is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves.
2. The Independence Gold 3Ts project 2022 Mineral Resource Estimate was prepared by Rohan Millar, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), with an effective date of August 12, 2022.
3. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
4. All Resources are presented undiluted and in situ, constrained by continuous 3D wireframe models, and are considered to have reasonable prospects for eventual economic extraction.
5. Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
6. It is envisioned that parts of the 3Ts deposit may be mined using open pit mining methods. In-pit mineral resources are reported at a cut-off grade of 0.4 g/t AuEq within a conceptual pit shell.
7. The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves. There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource reporting cut-off grade.
8. Underground (below-pit) Mineral Resources are estimated from the bottom of the pit and are reported at a base case cut-off grade of 2.0 g/t AuEq. The underground Mineral Resource grade blocks were quantified above the base case cut-off grade, below the constraining pit shell and within the constraining mineralized wireframes. At this base case cut-off grade the deposit shows good deposit continuity with no orphaned blocks.
9. High grade capping was done on 1.0 m composite data.
10. Bulk density values (specific 2.7 grams per cubic centimetre) were determined based on physical test work from each deposit.
11. “Recoverable AuEq” is based on metal recoveries of 97% for Au and 94% for Ag.
12. The in-pit base case cut-off grade of 0.4 g/t AuEq considers a mining cost of US$2.80/t rock and processing, treatment and refining, transportation and G&A cost of US$22.00/t mineralized material, and an overall pit slope of 55 degrees. The below-pit base case cut-off grade of 2.0 g/t AuEq considers a mining cost of US$80.00/t rock and processing treatment and refining, transportation, and G&A cost of US$25.00/t mineralized material.
13. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues: