Independence Gold Discovers Second Major New Vein System Grading 2.54 g/t Gold and 17.54 g/t Silver over 16.08 Metres at the 3Ts Project, BC
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
NEWS RELEASE
Independence Gold Discovers Second Major New Vein System Grading 2.54 g/t Gold and
17.54 g/t Silver over 16.08 Metres at the 3Ts Project, BC
Vancouver, B.C. (July 25, 2023) – Independence Gold Corp. (TSX.V: IGO)(OTCQB: IEGCF) (the “Company”
or “Independence”) is pleased to announce assay results from the Johnny Vein System discovered during
the recent 4,000 metre (“m”) 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 Johnny Vein System is located approximately 575m west of the Tommy Vein System and 335m west
of the newly discovered Ian Vein System (see news release dated July 10, 2023). This is the second new
vein system to be discovered during the 2023 drilling campaign and represents a significant step out to
the west from the Tommy Vein System. Anomalous quartz vein samples collected in 1996 yielded grades
up to 10.2 grams per tonne (“g/t”) gold and 28.2 g/t silver but no further exploration has been undertaken
in this area since then. During the 2023 drill campaign, two drill holes were designed to explore the extent
of the Johnny V ein based on these historical results . Hole 3TS-23-31 was drilled 45m west of the vein
sample and intersected the new Johnny Vein cutting 16.08m grading 2.54 g/t gold and 17.54 g/t silver.
The second hole, 3TS-23-30, was drilled 25m to the southeast and intersected highly altered country rock
at 89.0m depth before terminating at 98.0m . The Johnny Vein is the widest vein discovered to date in
comparison to other known veins within the 3Ts Project and remains open at depth and along strike.
Multiple gold and silver quartz -bearing veins within an area greater than 1.1 km eas t-west and 1.1 km
north-south have been discovered.
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)
Vein Type
3TS-23-31 Quartz Veins,
Rhyolite Breccia
60.92 77.00 16.08 2.54 17.54 JOHNNY VEIN including 65.00 66.00 1.00 15.01 106.00
*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
Independence President & CEO Randy Turner states “The discovery of two major new vein systems at the
3Ts during the recent drill program demonstrates the exploration potential of the project area, with only
25% of the property explored to date. Both the Ian and the Johnny Veins, along with other targets, will be
further tested during the upcoming exploration and drill programs.”
Winter Drill Program
All drill holes completed in the 4,000 m winter drill program have been sent to SGS lab in Vancouver for sample
preparation and analysis. Robotic sample preparation is used to ensure reproducibility; samples are
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
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.
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 a low-sulphidation epithermal
quartz- carbonate vein system within which more than a dozen individual mineralized veins, ranging from
50 m to more than 1,075 m and true widths up to 25 m, have been identified.
Corporate Update
The Company wishes to clarify that the 251,416 non-transferable finders compensation warrants issued in
connection with the closing of its private placement financing previously announced on July 18, 2023 will
be exercisable at a price of $0.18 per common share until July 18, 2025.
About Independence
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 po sitioned 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”
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 i nformation
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 ge neral
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 acti ons, 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 informati on 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.