IGLD PR - Exploration Program Commenced
GOLDEN INDEPENDENCE COMMENCES DRILLING AT ITS INDEPENDENCE
PROPERTY IN NEVADA
Vancouver, British Columbia –October 15, 2020 – Golden Independence (CSE:
IGLD, FRA:6NN) (the “Company”) is pleased to announce the drill program has
commenced on its Independence Gold project in Battle Mountain, Nevada (the
“Independence Property”).
New Frontier Drilling LLC of Reno, Nevada, contracted to complete the drill program,
collared the first drill hole on October 11th, 2020. The 12,000-foot Phase 1 diamond and
reverse-circulation drilling program, is fully-funded through the Company’s recently-
completed oversubscribed $4 million private placement. The Company is currently
permitted to drill in excess of 160 holes from over 80 drill sites. The objective of the drill
program remains to confirm the historic resource to current and expand the areas of
known mineralization, culminating in a resource estimate anticipated in early 2021.
Figure 1: Drill Rig (foreground) with Nevada Gold Mines’ SXEW Copper Leach
Pad, Mine Dump and Tailings Pond in Background
Source: Golden Independence
Tim Henneberry, CEO & Director, stated “We are excited to have drills turning at
Independence, which will allow us to attain our corporate objective of delivering a
resource estimate in Q1/2021. Given the strategic location of our Independence
Property, within ~3,000 feet from Nevada Gold Mines’ Phoenix-Fortitude operation, we
remain highly encouraged about the prospectivity of the project and the potential for
further discoveries.”
Corporate Update
The Company is pleased to announce it has retained Digital257 Technologies Inc.
(“Digital257”) to provide investor relations services to the Company, pursuant to a
consulting agreement dated October 6 th, 2020. Digital257 is a digital marketing firm
specializing in investor audience growth and awareness. Digital257 provides digital
media and capital markets communications services and will assist the Company with
online communications with the goal of increasing market awareness of the Company
(the “Services”). In consideration for these Services the Company has agreed to pay
Digital257 a fee of C$9,000 per month for a six-month period plus an initial set-up fee
of C$10,000. To the knowledge of the Company Digital257 does not have any interest,
directly or indirectly, in the Company or its securities or any right or intent to acquire
such an interest. The appointment of Digital257 is subject to TSX Venture Exchange
approval.
On October 14, 2020, the Company granted stock options (“Options”) to purchase an
aggregate of up to 1,125,000 common shares in the capital of the Company (“Common
Shares’) for a period of five years with an exercise price set at the October 14, 2020
closing price of the Company’s shares. The options were granted to several of the
Company’s directors, employees, and consultants.
About Golden Independence Mining Corp.
Golden Independence Mining Corp. is an exploration company currently focused on
exploring the advanced-stage Independence Gold Property located in the Battle
Mountain-Cortez Trend, Nevada and the Champ precious metal property near
Castlegar, British Columbia. The Independence Gold Property benefits from over
US$25 million in past exploration, including over 200 holes drilled, and is located
adjacent to Nevada Gold Mines’ Phoenix-Fortitude mining operations in the Battle
Mountain-Cortez trend of Nevada.
FOR FURTHER INFORMATION PLEASE CONTACT:
R. Tim Henneberry, Chief Executive Officer
Telephone: 1.250.715.5329 Email: [email protected]
Forward Looking Information
This press release contains forward-looking information (within the meaning of
applicable Canadian securities legislation) that involves various risks and uncertainties
regarding future events. Such forward-looking information includes statements based
on current expectations involving a number of risks and uncertainties and such forward-
looking statements are not guarantees of future performance of the Company, and
include, without limitation, statements relating to plans and results of exploration and
the magnitude and quality of the Independence Property, the Company’s near term
exploration plans and the preparation of an updated mineral resource statement for the
Independence Property. There are numerous risks and uncertainties that could cause
actual results and the Company's plans and objectives to differ materially from those
expressed in the forward-looking information in this news release, including without
limitation, the following risks and uncertainties; (i) risks inherent in the mining industry;
(ii) regulatory and environmental risks; (iii) results of exploration activities and
development of mineral properties and the risk that such results cause the Company to
elect to terminate the Option Agreement; (iv) risks relating to the estimation of mineral
resources; (v) stock market volatility and capital market fluctuations; and (vi) general
market and industry conditions. Actual results and future events could differ materially
from those anticipated in such information. This forward-looking information is based
on estimates and opinions of management on the date hereof and is expressly qualified
by this notice. Risks and uncertainties about the Company's business are more fully
discussed in the Company's disclosure materials filed with the securities regulatory
authorities in Canada at www.sedar.com. The Company assumes no obligation to
update any forward-looking information or to update the reasons why actual results
could differ from such information unless required by applicable law.