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Independence Gold Corp
Symbol IGO
Shares Issued 104,381,821
Close 2022-08-16 C$ 0.085
Market Cap C$ 8,872,455
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Independence release 3Ts NI 43-101 inferred resource

2022-08-18 10:09 ET - News Release

Mr. Randy Turner reports

INDEPENDENCE GOLD INCREASES ITS TOTAL INFERRED RESOURCES TO 522,330 OUNCES GOLD AND 13,831,415 OUNCES SILVER AT THE 3TS PROJECT, BC

Independence Gold Corp. has released an updated National Instrument 43-101 compliant inferred resource calculation for its 100-per-cent-owned 3Ts project, located approximately 185 kilometres southwest of Prince George, B.C., and situated 16 kilometres southwest of Artemis Gold Inc.'s Blackwater project.

The Company recently engaged SGS Geological Services to review the drill data from the 3Ts Project and update the resource model. The new numbers contain an in-pit component and an underground component, each at the calculated cut-off grades from the optimization parameters.

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. The previous resource estimate (see news release May 6th, 2014) contained a total inferred resource estimate of 5,452,000 tonnes grading 2.52 g/t gold and 71.5 g/t silver, at a cut-off grade of 1 g/t gold, containing 441,000 ounces of gold and 12,540,000 ounces of silver in the Tommy and Ted-Mint veins systems combined.

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 vein 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, while the vein extensions below the sill are considered as an underground resource.

Metallurgical Review

The Company completed a metallurgical review of the Ted-Mint and Tommy Veins systems in 2021 (see news release March 4th, 2021). Composite samples comprised of sample rejects from mineralized vein material collected during the 2020 drill program. The material from each vein system was subjected to a three-stage recovery (gravity, flotation, and cyanide leaching).

A NI 43-101 technical report will be finalized and filed on SEDAR within 45 days of the date of this news release.

Randy Turner, CEO of Independence Gold states "We are pleased with the updated inferred resource which has demonstrated an increase in gold and silver grades and ounces since the last review. This coupled with the 2021 metallurgical results are extremely positive indicators for the 3Ts Project. We look forward to continuing exploration on the project and advancing it further."

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 12, 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 Gold Corp.

Independence Gold 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.

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