Independence Gold Intersects 23.00 Metres of 5.85 g/t Gold and 152.70 g/t Silver in the Ted- Mint 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 23.00 Metres of 5.85 g/t Gold and 152.70 g/t Silver in the Ted-
Mint Vein System at the 3Ts Project, BC
Vancouver, B.C. (June 20th, 2024 ) – Independence Gold Corp. (TSX.V: IGO) ( OTCQB: IEGCF) (the
“Company” or “Independence”) is pleased to announce the first 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 target s, including 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, Om ineca Mining Division, British
Columbia, Canada” authored by Armitage and Miller, effective August 18th, 2022; please see 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, containing 522,330 ounces of gold and 13,831,415 ounces of silver,
or 687,156 AuEq ounces.
The Ted-Mint Vein System is situated in the center of the 3Ts Project striking north -south for
approximately one kilometre.
Highlights from the spring drill program at the Ted-Mint vein system include:
• 3TS-24-03: 11.50m grading 9.62 g/t gold and 134.43 g/t silver
• 3TS-24-04: 10.50m grading 2.06 g/t gold and 279.62 g/t silver
• 3TS-24-05: 23.00m grading 5.85 g/t gold and 152.70 g/t silver
• 3TS-24-06: 10.50m grading 4.88 g/t gold and 608.10 g/t silver
• 3TS-24-07: 7.00m grading 12.84 g/t gold and 124.29 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) Base Metals
Gold
Equivalent
(g/t)***
3TS-24-03 Quartz Veins,
Rhyolite Breccia
321.50 333.00 11.50 9.62 134.43 - 10.96
including 323.50 324.50 1.00 18.08 131.00 - 19.39
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
Drill Hole Host Rock From
(m)
To
(m)
Drill
Intercept
(m)*
Gold
(g/t)**
Silver
(g/t) Base Metals
Gold
Equivalent
(g/t)***
and including 326.00 327.00 1.00 24.62 275.00 - 27.37
And Rhyolite
Stockwork 342.40 345.00 2.60 0.32 258.10 - 15.23
3TS-24-04 Rhyolite-hosted
Stockwork 52.28 52.77 0.49 1.31 55.10 - 1.86
and
Quartz Veins
67.88 78.50 10.50 2.06 279.62 - 4.86
including 68.00 68.50 0.50 3.54 426.00 - 7.80
and including 70.50 73.00 2.50 3.32 728.80 0.58% Lead,
1.58% Zinc 10.61
and including 75.50 76.50 1.00 1.93 52.00 1.52% Zinc 2.45
3TS-24-05
Quartz Veins
74.36 75.47 1.11 0.95 440.50 0.20% Lead,
0.55% Zinc 5.36
including 74.92 75.47 0.55 1.60 809.00 0.23% Lead,
0.78% Zinc 9.69
and Quartz Veins,
Rhyolite Breccia
266.00 289.00 23.00 5.85 152.70
0.13 % Copper,
0.53% Lead,
0.85% Zinc
7.38
including 267.00 268.00 1.00 62.76 108.00 - 63.84
and including 280.00 282.50 2.50 12.86 427.20 - 17.13
3TS-24-06 Rhyolite-hosted
stockwork 68.00 68.50 1.00 1.10 310.00 0.67% Lead,
1.39% Zinc 4.20
and Rhyolite-hosted
stockwork 72.21 72.62 0.41 2.32 197.56 0.30% Lead,
0.66% Zinc 4.30
and Rhyolite-hosted
stockwork 75.50 76.12 0.62 1.11 217.74 0.20% Lead,
0.78% Zinc 3.29
and Quartz Veins 82.50 93.00 10.50 4.88 608.10 - 10.96
including 82.50 86.50 4.00 10.12 1,246.25 - 22.58
and Quartz Veins 94.50 95.00 0.50 1.18 72.00 - 1.90
3TS-24-07 Quartz Veins 93.00 94.00 1.00 2.20 13.00 - 2.33
and
Quartz Veins
295.50 302.50 7.00 12.84 124.29 0.55% lead,
0.22% Zinc 14.08
including 295.50 297.00 1.50 24.07 194.67 - 26.02
and including 298.00 299.00 1.00 39.85 164.00 - 41.49
*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
assumes a metallurgical recovery of 100%. Previous testing has recovered up to 97.9% for gold and 95.5% for silver (see
March 4th, 2021 news release) but as this testing was limited in scope it may not be representative. New metallurgical
studies are planned for summer 2024 to allow more accurate recovery forecasting numbers.
Randy Turner, President & CEO of the Company commented, “We are very pleased with the drill results
to date which indicate the Ted-Mint vein system continues to exhibit wide high-grade intercepts at depth
with some of the highest gold and silver grades ever intercepted on the property. The increase at depth
in base metal values, specifically copper, lead and zinc, along with higher silver grades indicates the 3Ts to
be a classic low sulphidation epithermal deposit. We look forward to receiving the rest of the results and
are actively planning for an extensive summer program at the 3Ts property.”
Summer Exploration Program
A summer exploration program at 3Ts is expected to commence on July 2 nd, 2024, with the primary
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
objective to define new targets for a fall drill program.
The program will consist of three main goals:
• Extension of the 2019 drone-based magnetic survey to the northern border of the 3Ts project area
and down to the recently staked southern project boundary. This will be supported by ground and
helicopter based mapping and prospecting work to follow up on previously identified isolated gold
and silver anomalies.
• Thorough mapping and sampling over the Ootsa Copper-Silver target area located to the north of
the camp.
• Review of recent drill core with assays to better understand the relationships between precious
metal and base metal veins and their chronology. This will then be applied to historic core to
potentially identify discrete zones of mineralization found outside of the main vein s for further
potential drill targets.
Drill Hole Information from this release
Collar Easting Northing Elevation Azimuth* Dip Total Length
3TS-24-03 364907 5876523 1,155m 90 -70 345m
3TS-24-04 364817 5876582 1,133m 90 -50 108m
3TS-24-05 364817 5876582 1,133m 90 -80 312m
3TS-24-06 364831 5876530 1,146m 90 -45 150m
3TS-24-07 364831 5876530 1,146m 90 -80 326m
* Based on true north. For magnetic declination add 17.5 degrees.
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.
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 gravity 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.
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
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
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 cauti oned 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.