Independence Gold Options the Nicoamen and Merit Properties, Spences Bridge Gold Belt, BC
Suite 1020 - 625 Howe Street, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
NEWS RELEASE
February 28, 2019 TSX Venture: IGO
Independence Gold Options the Nicoamen and Merit Properties, Spences Bridge Gold Belt, BC
Vancouver, BC – Independence Gold Corp. (TSX.V: IGO) ("Independence" or "the Company") is pleased to
announce that it has executed two Letters of Intent (“LOI s”), subject to regulatory acceptance, with Almadex
Minerals Ltd. (“Almadex”) to acquire up to a 60% interest in the Nicoamen and Merit Properties located 40 km and
20 km respectively, northwest of Westhaven Ventures Inc.’s Shovelnose property in the Spences Bridge Gold Belt
of southern British Columbia.
Nicoamen
The Nicoamen Property comprises nine mineral claims (3,332 hectares) and contains four anomalous zones
identified by soil geochemical sampling and an Induced Polarization (“IP”) geophysical survey. The Discovery Zone,
traced for over 75 m, is a series of narrow, rhy thmically banded, chalcedonic quartz veinlets ranging from 1 to 20
cm in width, with one vein in excess of 10 m in length. Trench samples returned assays of 0.5 grams/tonne (“g/t”)
gold over 4.9 m and 3.19 g/t gold over 0.2 m. A composite sample of quartz vein float collected 600 m northwest
of the Discovery Zone returned 64.87 g/t gold. Mineralization at the West Zone is associated with a broad area of
disseminated pyrite hosted in silicified and brecciated feldspathic rocks. The Canyon and Central Zones are both
untested resistivity anomalies with coincident anomalous gold-arsenic soil geochemistry.
Merit
The Merit Property comprises four mineral claims (1,907 hectares) and contains three anomalous zones of
alteration and mineralization – Discovery Hill, Sullivan Ridge and the West Zone. Sullivan Ridge, the main zone of
mineralization, is characterized by strong silica and carbonate alteration of andesitic breccias that host a 1-2 m wide,
north trending, gold-bearing quartz vein zone that can be traced for over 80 m. A trenching program in 2005 across
this zone returned anomalous gold values of 7.24 g/t over 1.8 m, including 14.94 g/t over 0.6 m. Sullivan Ridge was
drill tested by two diamond drill holes in 2015. One drill hole retu rned two 0.5 m long sections , one grading 0.44
g/t gold and the other grading 0.25 g/t gold.
Pursuant to the LOIs, which contain the same terms for each property, the Company can acquire a 60% interest in
either Property by making a cash payment of $10,000 (upon signing of the LOI ), the issuance of an aggregate of
650,000 common shares (100,000 upon closing) and work commitments of $725,000 ($75,000 in the first year) and
a commitment to drill 1,000 m over a three year period. Upon completion of the 60% earn -in, Almadex and
Independence will immediately form a joint venture for the purpose of carrying out further exploration work on the
Property. If either party’s participation interest falls below 15%, their interest will be converted into a 2% net
smelter royalty. The transactions are subject to completion of due diligence, final documentation and approval of
the TSX.V.
The Company looks forward to completing exploration programs on the Nicoamen and Merit properties as well as
its 100% owned 3Ts Project this summer.
About Independence
Independence Gold Corp. (TSX.V:IGO) is a mineral exploration company listed on the TSX Venture Exchange. The
Company’s holdings range from early-stage grassroots exploration to advanced-stage resource expansion in British
Columbia and Yukon. For additional information, visit the Company's website www.ingold.ca.
Suite 1020 - 625 Howe Street, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959 Facsimile: 604-687-1448 E-Mail: [email protected]
Kendra Johnston, 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.
“Kendra Johnston”
President and Director
For further information please contact Kendra Johnston at 604-687-3959 or [email protected]
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 ap plicable 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 tha t 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 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.