Independence Gold Intersects 17.00 Metres of 7.03 g/t Gold and 46.18 g/t Silver in the Tommy Vein System 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 Intersects 17.00 Metres of 7.03 g/t Gold and 46.18 g/t Silver in the
Tommy Vein System at the 3Ts Project, BC
Vancouver, B.C. (June 27th, 2024) – Independence Gold Corp. (TSX.V: IGO)(OTCQB: IEGCF) (the “Company”
or “Independence”) is pleased to announce additional assay results from the spring drill program carried
out at its 100% owned 3Ts Project. The 3Ts Project is located approximately 185 kilometres (“km”)
southwest of Prince George, British Columbia and is comprised of seventeen mineral claims covering
approximately 8,840 hectares in the Nechako Plateau region of central British Columbia. It is situated 16
km southwest of Artemis Gold Inc.’s Blackwater Project and covers a low-sulphidation epithermal quartz-
carbonate vein district within which more than a dozen individual mineralized veins, ranging from 50
metres (“m”) to more than 1,100 m in strike length, with true widths up to 25m, have been identified.
The spring drill program, consisting of 22 holes and totaling 5,130m, was designed to test several targets
along the Ted-Mint and Tommy Vein Systems, both near surface and at depth below the sill. The program
also tested early -stage exploration targets, in cluding the Johnny and Ian veins, in order to generate
additional drill data for incorporation into the current resource model (see report titled “Technical Report
on the Mineral Resource Estimate Update for the 3Ts Gold Project, Omineca Mining Division, B ritish
Columbia, Canada” authored by Armitage and Miller, effective August 18th, 2022; please see news release
dated August 18th, 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, containing 522,330 ounces of gold and 13,831,415 ounces of silver,
or 687,156 AuEq ounces.
The results in this release are from drill holes designed to test both the Ted-Mint and Tommy Vein systems
at depth . These holes intersected mineralization below the microdiorite sill and show consistency in
grades and widths as seen in shallower sections above the sill. These drill holes are some of the deepest
intersections Independence has drilled to date and demonstrates that mineralization remains open at
depth. It should also be noted, as in the previous release (see news release dated June 20, 2024) gold and
silver mineralization was intersected in both quartz-carbonate veins as well as rhyolite hosted stockworks.
Also of note is that drilling intersected the Larry Vein ( 3TS-24-09) for the first time at a shallow depth
returning 2.00m grading 2.99 g/t gold and 13.50 g/t silver. Due to its proximity to the main Tommy Vein,
the Larry has potential to be included in future resource models.
Highlights from the drill holes in this release include:
• Ted-Mint Vein System Drill Hole
o 3TS-24-08: 24.00m grading 3.19 g/t gold and 41.54 g/t silver
• Tommy Vein System Drill Holes
o 3TS-24-09: 5.00m grading 11.81 g/t gold and 251.80 g/t silver
o 3TS-24-10: 6.00m grading 3.47 g/t gold and 44.17 g/t silver
o 3TS-24-11: 17.00m grading 7.03 g/t gold and 46.18 g/t silver
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
o 3TS-24-12: 6.08m grading 15.20 g/t gold and 117.60 g/t silver
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)
Gold
Equivalent***
3TS-24-08
Rhyolite-hosted
stockwork
81.00 105.00 24.00 3.19 41.54 3.61
including 87.50 90.50 3.00 8.90 107.33 9.97
and including 91.50 94.50 3.00 10.74 156.33 12.30
3TS-24-09
Quartz Veins
6.00 8.00 2.00 2.99 13.50 3.13
and 274.00 279.00 5.00 11.81 251.80 14.33
including 277.00 278.00 0.50 32.42 454.00 36.96
3TS-24-10
Rhyolite-hosted
stockwork
288.00 289.00 1.00 0.96 4.00 1.00
and 291.00 297.00 6.00 3.47 44.17 3.91
including 294.00 295.00 1.00 11.03 66.00 11.69
and 305.00 310.00 5.00 1.74 - 1.74
3TS-24-11
Quartz Veins
313.63 323.50 9.97 6.50 42.86 6.93
including 319.50 321.00 1.50 23.01 178.00 24.79
and 326.00 343.00 17.00 7.03 46.18 7.49
including 330.00 332.00 2.00 20.83 144.50 22.28
and including 333.50 334.50 1.00 12.42 25.00 12.67
and including 338.00 340.00 2.00 12.22 104.50 13.27
and 349.00 350.00 1.00 1.20 - 1.20
3TS-24-12 Quartz Veins 142.00 148.08 6.08 15.20 117.60 16.38
including 144.50 146.00 1.50 47.88 284.67 50.73
*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
*** AuEq assumes Au $2,000 USD/Oz, Ag $20 $USD/Oz and utilizes formula AuEq = (Ag(g/t)*($Ag/$Au))+Au(g/t)
and uses a metallurgical recovery of 97.9% for gold and 95.5% silver as determined from testing on composite
materials from the Mint Vein (see March 4th, 2021 news release)
Randy Turner, President & CEO of the Company commented, “ We are very pleased with the results
received to date from the spring drilling program as they continue to confirm that the mineralization is
open at depth at both the Tommy and Ted -Mint Vein Systems with intersections and grades consistent
with drill results from above the sill. We look forward to seeing the results from the remaining drill holes
from the spring program as we continue to plan the summer exploration program at 3Ts.”
Drill Hole Information from this release
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.
Collar Easting Northing Elevation Azimuth* Dip Total Length
3TS-24-08 364940 5876480 1,126m 270 -45 150m
3TS-24-09 363810 5877034 1,160m 270 -60 319m
3TS-24-10 363827 5876747 1,175m 270 -50 315m
3TS-24-11 363841 5876818 1,180m 270 -60 385m
3TS-24-12 363626 5876660 1,230m 90 -65 200m
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
* Based on true north. For magnetic declination add 17.5 degrees.
NOTES ON MINERAL RESOURCE ASSUMPTIONS MADE IN THIS NEWS RELEASE 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. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
3. 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.
4. 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.
5. 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.
6. 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 Propert y. 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.
7. 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.
8. High grade capping was done on 1.0 m composite data.
9. Bulk density values (specific 2.7 grams per cubic centimetre) were determined based on physical test work from each
deposit.
10. “Recoverable AuEq” is based on metal recoveries of 97% for Au and 94% for Ag.
11. 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.
12. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues
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 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
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
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 cu rrent 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 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 th ose
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.