Independence Gold Intersects 27.43 Metres of 3.48 g/t Gold and 325 g/t Silver in the 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 27.43 Metres of 3.48 g/t Gold and 325 g/t Silver in the Mint
Vein System at the 3Ts Project, BC
Vancouver, B.C. (January 16 th, 2024 ) – Independence Gold Corp. (TSX.V: IGO)(OTCQB: IEGCF) (the
“Company” or “Independence”) is pleased to announce the first assay results from drilling carried out on
the Mint Vein System at its 100% owned 3Ts Project . Th e 3Ts Project is located approximately 185
kilometres (“km”) southwest of Prince George, British Columbia and situated 16 km southwest of Artemis
Gold Inc.’s Blackwater Project.
The Mint Vein System is situated in the center of the 3Ts Project striking north-south for approximately
one kilometre. The vein system has been tested under previous drill programs with results having
contributed to the 2022 inferred resource (see news release dated August 18th, 2022) along with the Ted
and Tommy vein systems. 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 equivale nt (“AuEq”) in-pit and 2.0 g/t
AuEq underground, containing 522,330 ounces of gold and 13,831,415 ounces of silver.
Drilling at the Mint Vein System was designed to test key areas for additional assay data for a future update
of the inferred resource. Drill hole 3TS -23-38 intersected 27.43 metres (“m”) of mineralized quartz vein
between 109.00m to 136.43m grading 3.48 g/t gold and 325.96 g/t silver.
Additionally, 3TS-23-41, which was drilled 150m north of 3TS-23-38, intersected 15.00m of mineralization
between 73.00m and 88.00m grading 4.29 g/t gold and 60.40 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)
Post Recovery
Gold
Equivalent***
3TS-23-38
Quartz Veins,
Rhyolite Breccia
109.00 136.43 27.43 3.48 325.96 6.52
including 117.37 118.00 0.63 8.29 - 8.12
and including 123.50 130.50 7.50 9.53 1,050.53 15.40
3TS-23-41 Quartz Veins,
Rhyolite Breccia
73.00 88.00 15.00 4.29 60.40 4.78
including 79.00 82.00 3.00 18.81 195.00 20.28
and 112.00 113.00 1.00 0.64 59.00 1.19
*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)
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
Update on the Exploration Program
The fall drill program was completed on November 15th, 2023, with a total of 1,805m of drilling carried
out. Drilling primarily targeted the Mint Vein System with additional drill testing of the new Johnny and
Ian Veins and “first-pass” exploration of the new Ootsa copper-silver target. Results are being released as
they are received from the lab and may be out of sequential order due to varying submission dates after
logging and sample preparation times. Planning is currently underway for an approximately 5,000m drill
program to commence during the first quarter of 2024. This program will be designed to test the Ted-Mint
and Tommy Vein Systems at depth and other targets outlined by previous geophysics and geological
exploration.
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.
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 district within which more than a dozen individual mineralized veins, ranging from
50 m to more than 1,100 m and true widths up to 25m, have been identified.
Drill Hole Information from this release
Collar Easting Northing Elevation Azimuth* Dip Total Length
3TS-23-38 364793 5876500 1201m 90 -50 158m
3TS-23-41 364796 5876640 1169m 90 -45 137m
* 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
Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
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 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 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.