VANCOUVER, British Columbia, June 03, 2019 (GLOBE NEWSWIRE) -- Independence Gold Corp. (TSX.V: IGO) ("Independence" or "the Company") is pleased to announce the commencement of the Company’s summer field programs in British Columbia. The Company plans to spend $200,000 on their 100% owned 3Ts Project, located 20 kilometres (“km”) southwest of New Gold Inc’s Blackwater Project and an additional $300,000 on their Spences Bridge Area Projects, Merit and Nicoamen located 20 and 40 km respectively, northwest of Westhaven Ventures Inc.’s Shovelnose property (see www.ingold.ca for further information).
3Ts Project
The 3Ts Project is an epithermal quartz-carbonate vein system with a calculated inferred resource estimate containing 441,000 ounces of gold and 12,540,000 ounces of silver. The Company has completed a comprehensive review and analysis of the historical information and identified 16 high priority areas that require further exploration. This is in addition to previously known targets that lie along strike and at depth to more than 12 mineralized veins previously identified on the property and areas containing well mineralized vein float boulders, such as the Ringer Target which yielded eight samples that averaged 19.0 grams per tonne (“g/t”) gold and 140 g/t silver.
The Company plans to conduct detailed bedrock and alteration mapping across the entire property, while ground truthing potential drill sites for a future program. The Company is also planning a detailed magnetic survey over the central portion of the project area, which contains the known veins.
A National Instrument 43-101 compliant Inferred Resource Estimate has been calculated for the Tommy, Ted and Mint veins. Using a 1 g/t gold grade cut-off, the total Inferred Resource for these three veins is 5,452,000 tonnes grading 2.52 g/t gold and 71.5 g/t silver for 441,000 contained ounces of gold and 12,540,000 contained ounces of silver. This inferred resource estimate is based on a database of 205 drill holes (41,450 m) with 4,449 assay values (see news release dated May 6, 2014).
Merit Property
The Merit Property contains three anomalous zones of alteration and mineralization – Discovery Hill, Sullivan Ridge and the West Zone. Characterized by strong silica and carbonate alteration of andesitic breccias, the mineralized zones host 1-2 m wide, north trending, gold-bearing quartz veins that can be traced for 10’s of metres. A trenching program in 2005 across the Sullivan Ridge Zone returned anomalous gold values of 7.24 g/t over 1.8 m, including 14.94 g/t over 0.6 m. The Company plans to complete detailed bedrock and alteration mapping, prospecting and confirmatory sampling of known zones, early stage thin section and metallurgy analysis and preliminary environmental baseline studies. Independence is working towards earning a 60% interest in the Merit Property as per the Company’s April 3, 2019 News Release.
Nicoamen Property
The Nicoamen Property contains four anomalous zones identified by soil geochemical sampling and an Induced Polarization (“IP”) geophysical survey. The Discovery Zone, previously traced for over 75 m, is a series of narrow, rhythmically 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 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. The Company plans to complete detailed bedrock and alteration mapping, prospecting and confirmatory sampling of known zones, a magnetometry survey, early stage thin section analysis and preliminary environmental baseline studies. Independence is working towards earning a 60% interest in the Nicoamen Property as per the Company’s April 3, 2019 News Release.
Corporate Update
The Company also announces the resignation of Ms. Kendra Johnston, the Company’s President, effective May 31, 2019, to pursue new opportunities. The Company thanks Ms. Johnston for her dedicated service over the past 11 years and wishes her all the best in her future endeavours. Ms. Johnston will remain on the Board of Directors.
Mr. Randy Turner, previous President of the Company, has been appointed President and CEO effective June 1, 2019.
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.
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.
“John McDonald”
John McDonald, Director
For further information please contact Kendra Johnston at 604-687-3959 or info@ingold.ca
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.