VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) -- Independence Gold Corp. (TSX.V: IGO) ("Independence" or "the Company") is pleased to provide an update on the 3Ts Project (the “Property”), including assay results from the second drill hole (3T-21-08) of the 4,500 metre (“m”) winter diamond drill program, as well as preliminary results of a geophysical survey, both of which were recently completed on the Property. The 3Ts Project is located approximately 185 kilometres (“km”) southwest of Prince George, British Columbia and situated 20 km southwest of Artemis Gold’s Blackwater Gold Deposit. Please refer to the website for maps showing the vein locations.
A National Instrument 43-101 compliant inferred resource estimate has been calculated for the Tommy and Ted-Mint Veins. Using a 1 gram per tonne ("g/t") gold (“Au”) cutoff grade, the total Inferred Resource for these three veins is 5,452,000 tonnes grading 2.52 g/t Au and 71.5 g/t silver (“Ag”) for 441,000 contained ounces of Au and 12,540,000 contained ounces of Ag (see news release dated May 6, 2014).
The 2021 winter drill program was designed to test significant gaps within the historical drilling of the Tommy and Ted-Mint vein systems, both along strike and at depth, as well as previously untested targets. Drill hole 3T-21-08 targeted the Tommy Vein at depth below the microdiorite sill, intersecting a zone of brecciated quartz carbonate at 238.20 m. Mineralization within the stockwork comprised of various disseminated sulphides (chalcopyrite, sphalerite and pyrite) and sulfosalts. The vein continued to a depth of 251.80 m. Highlights from the Tommy Vein intersection in 3T-21-08 include:
| Drill Hole | From (m) | To (m) | Drill Intercept (m) | Gold (g/t) | Silver (g/t) |
| 3T-21-08 | 239.00 | 276.00 | 37.00 | 2.45 | 29.36 |
| including | 243.00 | 251.30 | 8.30 | 9.39 | 114.82 |
| and | 245.60 | 249.30 | 3.70 | 20.00 | 34.83 |
| and | 245.60 | 247.30 | 1.70 | 34.83 | 383.06 |
The remaining drill holes have been submitted for analysis and results are pending.
Geophysical Update
Dias Geophysical has completed a major geophysical survey covering eight square kilometres on the Property, which was comprised of deep 3D IP and resistivity surveying, and a magnetotelluric (“MT”) survey utilizing the DIAS32 system. The aim of the survey was to obtain imagery of the geology beneath the microdiorite sill. Preliminary results of the survey are encouraging and show a strong correlation between low resistivity anomalies and the known veins both on surface and at depth, as well as new previously undiscovered vein systems. The final report for this survey should be completed and received in the coming weeks.
Corporate Update
The Company is pleased to announce that it entered into an agreement to sell the Anita Property to Bullet Resources for cash consideration of $30,000 and 300,000 shares, subject to approval by the TSXV.
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.
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 & 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.
Contact:
Telephone: 604-687-3959
Facsimile: 604-687-1448
E-Mail: info@ingold.ca