Independence Gold Intersects 8.32 Metres of 1.19 g/t Gold and 25.60 g/t Silver in the Mint Vein System at the 3Ts Project, BC

Rhea-AI Summary

Independence Gold Corp. (IEGCF) announces final assay results from Mint Vein System at 3Ts Project, revealing a total inferred resource estimate of 4,469,297 tonnes grading 3.64 g/t gold and 96.26 g/t silver. The Mint Vein System remains open for further exploration, with plans for a 5,000m drill program in Q1 2024.

Vancouver, British Columbia--(Newsfile Corp. - February 22, 2024) - Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the "Company" or "Independence") is pleased to announce the complete final assay results from the Mint Vein System which was drilled as part of the fall drilling program at its 100% owned 3Ts Project. The 3Ts Project is located approximately 185 kilometres ("km") southwest of Prince George, British Columbia and situated 16 km southwest of Artemis Gold Inc.'s Blackwater Project.

The Mint Vein System is situated in the center of the 3Ts Project striking north-south for approximately one kilometre. This vein system, along with the Ted and Tommy vein systems, has been tested under previous drill programs with results having contributed to the 2022 inferred resource as outlined in "Technical Report on the Mineral Resource Estimate Update for the 3Ts Gold Project, Omineca Mining Division, British Columbia, Canada"; please see the news release dated August 18^th, 2022 for further details. 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 cut-off grade, containing 522,330 ounces of gold and 13,831,415 ounces of silver.

Drilling at the Mint Vein System was designed to test key areas for additional assay data to be integrated to a future update of the inferred resource. Each of the drill holes targeted the central or southern extent of the Mint Vein System and confirmed the results expected from a typical geochemical zonation that occurs in epithermal quartz veins, where gold grade gradually decreases and silver grade increases. This trend can continue for tens to hundreds of metres below this zone. The Mint Vein System remains open along strike to the north and south, and at depth.

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-23-36	Quartz Veins, Rhyolite Breccia	57.00	72.50	15.50	0.75	63.68
including		58.50	59.50	1.00	4.65	657.00
and including		65.06	67.00	0.94	2.28	109.57
and		81.50	83.87	2.37	0.96	10.97
and		100.00	101.00	1.00	0.71	85.00
3TS-23-37	Rhyolite Breccia	Did not intersect target vein due to faulting
3TS-23-38***	Quartz Veins, Rhyolite Breccia	109.00	136.43	27.43	3.48	325.96
including		117.37	118.00	0.63	8.29	-
and including		123.00	130.50	7.50	9.53	1,050.53
3TS-23-39	Quartz Veins, Rhyolite Breccia	49.00	56.32	8.32	1.19	25.60
including		51.66	53.00	1.34	4.78	8.00
and including		54.00	55.00	1.00	0.51	96.00
3TS-23-40	Quartz Veins, Rhyolite Breccia	44.00	55.00	11.00	0.35	51.73
including		50.00	51.00	1.00	1.29	216.00
and including		54.00	55.00	1.00	0.94	232.00
and		66.50	78.08	11.58	0.61	87.31
including		71.00	74.00	3.00	0.77	201.33
3TS-23-41***	Quartz Veins, Rhyolite Breccia	73.00	88.00	15.00	4.29	60.40
including		79.00	82.00	3.00	18.81	195.00
and		112.00	113.00	1.00	0.64	59.00
3TS-23-42	Quartz Veins, Rhyolite Breccia	95.05	112.00	17.95	0.47	30.31
including		95.05	96.00	0.95	0.49	31.58
and including		108.00	110.00	2.00	1.01	159.50
and including		111.00	112.00	1.00	2.41	17.00

 

*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. Estimated metallurgical recovery of 97.9% for gold and 95.5% silver as determined from limited testing on composite materials from the Mint Vein (see March 4^th, 2021 news release) and the NI 43-101 Technical Report ("Technical Report on the Mineral Resource Estimate Update for the 3Ts Gold Project, Omineca Mining Division, British Columbia, Canada" by Armitage & Millar, effective 18^th August 2022)
*** Results in news release dated January 16^th, 2024

Update on the Exploration Program
The fall drill program was completed on November 15^th, 2023, with a total of 1,805m of drilling carried out. Drilling primarily targeted the Mint Vein System with additional drill testing of the new Johnny and Ian Veins and "first-pass" exploration of the new Ootsa copper-silver target. Results are being released as they are received from the lab and may be out of sequential order due to varying submission dates after logging and sample preparation times. Planning is currently underway for an approximately 5,000m drill program to commence during the first quarter of 2024. This program will be designed to test the Ted-Mint and Tommy Vein Systems at depth and other targets outlined by previous geophysics and geological exploration.

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. Quality control procedures are followed for all samples submitted to the laboratory for assay. Quality control comprises of OREAS standards, blank materials and the field or preparation duplicate material for testing. Insertion rate is at a minimum of one quality control sample per sample but in sections of mineralized drill core a standard is inserted at the beginning of the section to establish calibration, a duplicate in the middle of the sequence to test repeatability (for field duplicates) or homogeneity (for preparation duplicates). Mineralized sections are then completed with the insertion of blank material to ensure equipment has been cleaned rigorously and no "smearing" or contamination of grade occurs. Quality control is monitored on each assay certificate as it arrives from the laboratory and then all data is compiled annually. Any discrepancies are immediately addressed accordingly.

The 3Ts Project is comprised of seventeen mineral claims covering approximately 8,840 hectares in the Nechako Plateau region of central British Columbia. The 3Ts Project covers a low-sulphidation epithermal quartz- carbonate vein district within which more than a dozen individual mineralized veins, ranging from 50 m to more than 1,100 m and true widths up to 25m, have been identified.

About Independence
Independence Gold Corp. is a well-financed 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 and approved the technical information in this news release.

ON BEHALF OF THE BOARD OF INDEPENDENCE GOLD CORP.

"Randy Turner"

Randy Turner, President and CEO

Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959
Facsimile: 604-687-1448
E-Mail: info@ingold.ca

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.

Drill Hole Information from this release

Collar	Easting	Northing	Elevation	Azimuth*	Dip	Total Length
3TS-23-36	364788	5876700	1168m	90	-45	125m
3TS-23-37	364997	5876380	1077m	270	-50	152m
3TS-23-38	364793	5876500	1201m	90	-50	158m
3TS-23-39	364917	5876504	1131m	270	-50	86m
3TS-23-40	364805	5876600	1073m	90	-45	101m
3TS-23-41	364796	5876640	1169m	90	-45	137m
3TS-23-42	364855	5876823	1101m	90	-50	137m

 

* Based on true north. For magnetic declination add 17.5 degrees.

NOTES ON MINERAL RESOURCE ASSUMPTIONS MADE IN THIS NEWS RELEASE FROM "Technical Report on the Mineral Resource Estimate Update for the 3Ts Gold Project, Omineca Mining Division, British Columbia, Canada" with an effective date of 18^th August 2022

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

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.sedarplus.ca. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198829

FAQ

What are the final assay results announced by Independence Gold Corp. (IEGCF) from the Mint Vein System at the 3Ts Project?

Independence Gold Corp. (IEGCF) announced final assay results from the Mint Vein System at the 3Ts Project, revealing a total inferred resource estimate of 4,469,297 tonnes grading 3.64 g/t gold and 96.26 g/t silver.

What is the location of the Mint Vein System within the 3Ts Project?

The Mint Vein System is situated in the center of the 3Ts Project striking north-south for approximately one kilometre.

What is the total inferred resource estimate for the combined Tommy and Ted-Mint vein systems at the 3Ts Project?

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 g/t gold and 96.26 g/t silver.

What are the future exploration plans for Independence Gold Corp. (IEGCF) at the 3Ts Project?

Independence Gold Corp. (IEGCF) plans to conduct a 5,000m drill program in the first quarter of 2024 to test the Ted-Mint and Tommy Vein Systems at depth and other outlined targets.

What quality control procedures are followed for samples submitted to the laboratory for assay?

Quality control procedures for samples submitted to the laboratory for assay include OREAS standards, blank materials, and field or preparation duplicate material for testing. Insertion rate is at a minimum of one quality control sample per sample.