Independence Gold Intersects 15.78 Metres Grading 2.26 g/t Gold and 150.76 g/t Silver from the Ted-Mint Vein System at the 3Ts Project, BC
Vancouver, British Columbia--(Newsfile Corp. - July 7, 2022) - Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the "Company") is pleased to announce the final assay results from its 4,200 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 Project.
The winter drill program was designed to infill significant gaps within historical drilling of the Tommy and Ted-Mint vein systems, but also test new targets identified during the 2021 exploration and geophysical programs. Core samples were also collected over a broader range of host rocks to test for the potential of lower grade mineralization occurring around the veins.
A National Instrument 43-101 compliant inferred resource estimate has been calculated for the Tommy and Ted-Mint vein systems, using a 1 gram per tonne ("g/t") gold ("Au") cut-off grade, with the total inferred resource for these vein systems of 5,452,000 tonnes grading 2.52 g/t Au and 71.5 g/t silver ("Ag") for 441,000 contained ounces of Au and 12,540,000 contained ounces of Ag (authored by Allan Armitage Ph.D., P.Geo, 2014 - see news release dated May 6, 2014). All data from this drill program and those since 2014 (10,997 m) will be included in an updated resource estimate expected during the summer of 2022.
Drill holes 3TS-22-06, 3TS-22-07, 3TS-22-08, 3TS-22-09, and 3TS-22-10 all targeted the Ted-Mint vein system, an area with several large north striking epithermal quartz veins that have been identified on surface over 900 m in strike length by 175 m wide, and which remains open in all directions and at depth. These holes were also designed to test potential geochemical zonation of the epithermal deposit as per standardized models, as it is hypothesized that the Ted-Mint vein system is hosted in an upthrown block of country rock in relation to the Tommy vein system to the west. The upthrown block of country rock brings the base metal horizon consisting of elevated copper ("Cu"), lead ("Pb") and zinc ("Zn") closer to the surface and therefore within the drill hole intercepts.
Drill holes 3TS-22-06, 3TS-22-07, 3TS-22-08 and 3TS-22-09 all returned precious metal values as well as some anomalous base metal values. It is also worth noting that the gold and silver intervals lie within or overlap the base metal horizons, therefore, the presentation of results is divided into two tables below. Drill hole 3TS-22-10 returned no significant assays and appears to have intersected a previously unknown, unmineralized phase of brecciated rhyolite.
TABLE 1 PRECIOUS METAL RESULTS (Au, Ag)
|Drill Hole||Host Rock||From|
|3TS-22-06||Quartz Veins and Stockwork Rhyolite||81.22||97.00||15.78||2.26||150.76|
|3TS-22-07||Quartz Veins and Stockwork Rhyolite||201.24||203.65||2.41||2.11||574.27|
|3TS-22-08||Stockwork Zone in Rhyolite||275.30||276.80||1.50||0.07||170.67|
|3TS-22-09||Quartz Veins in Rhyolite||97.95||111.17||13.22||0.80||26.10|
|3TS-22-10||Stockwork in Rhyolite||NO SIGNIFICANT RESULTS|
TABLE 2 BASE METAL RESULTS (Cu, Pb, Zn)
|Lead (%) |
|3TS-22-07||NO SIGNIFICANT RESULTS|
|3TS-22-09||NO SIGNIFICANT RESULTS|
|3TS-22-10||NO SIGNIFICANT RESULTS|
* The true widths of the veins are approximately 85% of the reported interval width
** intervals showing no results were either below detection limits or not considered to be economically anomalous.
The Balrog Target
Two additional drill holes (3TS-22-14 and 3TS-22-15) tested the Balrog Target, a high chargeability anomaly detected from the IP geophysical survey conducted in 2021. The Balrog Target is approximately 260 m southwest of the Tommy Vein System. A total of 549 m of drilling was completed in both drill holes, intersecting highly altered country rock containing a series of highly pyritic clay minerals that are typically associated with propylitic to argillic hydrothermal alteration. Target depths were not reached in either drill hole due to drilling difficulties as a result of the high clay content. Although it is too early to conclude, it appears that the Balrog target could feed into the Tommy Vein system in the east, and host chargeable metallic deposits at depth, as well as provide the potential for an as yet undiscovered "Tommy-style" vein system to the west.
The Company is currently planning a summer exploration program, which will consist of field mapping and additional drilling, based on the updated 43-101 resource recommendations.
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.
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