Independence Gold Intersects 11.50 Metres Grading 7.72 g/t Gold and 172.85 g/t Silver from the Tommy Vein at the 3Ts Project, BC
Vancouver, May 18, 2023 - Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the "Company" or "Independence") is pleased to announce additional assay results from its recently completed 4,000 metre ("m") winter 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 winter drill program was designed to test exploration targets outside of the known Tommy vein system, as well as to infill significant gaps within historical drilling of the Tommy vein system which were highlighted in the 2022 resource model. 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 (see news release dated August 18th 2022).
Drill holes 3TS-23-07, 3TS-23-08 and 3TS-23-10 targeted the central section Tommy vein within its currently known 1,075m strike length, and within the pit shell modelled by SGS Geological Services ("SGS"). A total of 13 drill holes were selected to target the pit in this current program in order to increase the resource model. These three holes were collared at 50m spacing along a north-south line. 3TS-23-13 was collared 130m south-southeast from 3TS-23-10 and tested for the continuity of the southern extension of the vein. The Tommy vein system remains open along strike and at depth.
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) |
| 3TS-23-07 | Quartz Veins, Rhyolite Breccia | 62.50 | 72.50 | 10.00 | 4.69 | 73.70 |
| including | 70.00 | 72.00 | 2.00 | 11.34 | 94.00 | |
| 3TS-23-08 | Quartz Veins, Rhyolite Breccia | 59.90 | 62.90 | 3.00 | 6.35 | 39.33 |
| and | 70.00 | 71.00 | 1.00 | 1.53 | - | |
| 3TS-23-10 | Quartz Veins, Rhyolite Breccia | 56.00 | 71.00 | 15.00 | 6.32 | 94.07 |
| Including | 67.50 | 69.00 | 1.50 | 26.36 | 274.67 | |
| 3TS-23-13 | Quartz Veins, Rhyolite Breccia | 128.50 | 140.00 | 11.50 | 7.72 | 172.85 |
| including | 134.50 | 137.50 | 3.00 | 16.63 | 232.00 |
*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
Ian and Johnny Veins
Drilling also targeted the Ian Vein and the Johnny veins, both of which are located 185m and 585m to the west of the Tommy vein system respectively. These veins were first discovered from historical trenching in the late 1990's. A total of three holes targeted the Ian Vein and a further two holes in the Johnny Vein, several of which have intersected significant quartz veining, up to 27m intercepts. Results are pending for all five holes and are expected to be completed in the coming weeks. Both the Ian and Johnny veins are open along strike and at depth. Please refer to the website for a map showing the veins and drill hole locations.
Update on the Current Drill Program
The drill program commenced at the 3Ts Project on March 7th, 2023, and will be completed during the last week of May, with a total of 4,000m of drill core recovered from 33 drill holes. Results are being released as they arrive from the lab and may be out of sequential order due to varying submission dates after logging and sample preparation times.
All drill holes completed to date have been sent to SGS 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 an epithermal quartz- carbonate vein system within which more than a dozen individual mineralized veins, ranging from 50 m to more than 900 m and true widths up to 25m, have been identified.
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 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 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.
Suite 580 - 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959
Facsimile: 604-687-1448
E-Mail: info@ingold.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166516