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Gold Stock News - Independence Gold (TSXV: IGO) Receives Exploration Permit for Drilling at the 3Ts Project, BC and Files Updated National Instrument 43-101 Resource Report

 

Vancouver, British Columbia - October 4, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the "Company") is pleased to announce the granting of a 3-year exploration permit for 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.

Exploration Permit

The permit allows for a continuation of year-round exploration activities at the 3Ts Project. The permit conditions granted best supports expansion of the resource model and to explore newly identified target zones. This exploration permit includes the following activities:

  • Surface drilling from a maximum of 75 sites
  • Trenching and test pits across a maximum of 60 sites
  • Up to 10 km of new trail construction
  • Geophysical surveys with exposed electrodes up to 160 line km

The permit also outlines considerations for archeological sensitivity and wildlife management which can be mitigated to have a minimal impact to ongoing exploration activities.

President and CEO, Randy Turner, commented, "We are pleased to have received new permits to continue advancing exploration work at 3Ts. The recent drilling and resource update has increased our knowledge of these gold and silver-bearing veins, and the proposed drilling will allow for further expansion of the resource. We are excited to have the ability within this permit to explore new targets that have been discovered in the past year and will expand the resources of this project further."

The Company is anticipating completing a short exploration program during the fourth quarter to collect data that will be vital to designing expanded drilling programs in early 2023.

Updated Mineral Resources

The Company recently engaged SGS Geological Services to review the drill data from the 3Ts Project and update the resource model. The final National Instrument 43-101 report has now been filed on SEDAR. The report has updated numbers that contains an in-pit component and an underground component, each at the calculated cut-off grades from the optimization parameters. The final resource numbers have been rounded, but there is no material difference between the original news release filed on August 18, 2022 and the 43-101 Technical Report.

The combined in-pit and underground components of Tommy and Ted-Mint vein systems contain a total inferred resource estimate of 4,470,000 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 522,000 ounces of gold and 13,830,000 ounces of silver.

Drill data that had been collected during campaigns between 2020 and 2022 were used to update the model, with an additional five drill intercepts being added at the Tommy Vein, eight at the Ted veins and eight at the Mint vein. The project is underlain by a near-horizontal microdiorite sill which bisects the vein systems into an upper and lower portion. The upper portion of the veins above the sill have been modelled as in-pit resources, whilst the vein extensions below the sill are considered as an underground resource.

The effective date of the new resource is the 18th August 2022.

Qualified Person

The Independence Gold 3Ts project 2022 Mineral Resource Estimate was prepared by Rohan Millar, P.Geo., of SGS Geological Services, an independent Qualified Person, in accordance with the guidelines of the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), with an effective date of August 18, 2022.

Certain technical information in this press release has been reviewed and approved by Andy Randell, P.Geo. Mr. Randell is a qualified person under Canadian National Instrument 43-101.

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.

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.


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