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VANCOUVER, British Columbia, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Independence Gold Corp. (TSX.V: IGO) ("Independence" or "the Company") is pleased to provide an update on its exploration program on its 100% owned 3Ts Project (the “Property”) including additional assays from the winter/spring drill programs, the geophysical ground survey, and the recently completed soil sampling program and LiDAR survey. The Property is located approximately 185 kilometres (“km”) southwest of Prince George, British Columbia and situated 20 km southwest of Artemis Gold’s Blackwater Gold Deposit. A National Instrument 43-101 compliant inferred resource estimate has been calculated on the 3Ts Project for the Tommy and Ted-Mint Veins, using a 1 gram per tonne ("g/t") gold (“Au”) cutoff grade, with the total inferred resource for these three veins of 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/spring drill program was designed to test significant gaps within the historical drilling of the Tommy, Ted-Mint and Larry vein systems and to expand the current inferred resource. Please refer to the website for maps showing the vein and drill hole locations and for previously reported drill results (see news releases dated June 3, 2021 and June 29, 2021). Drill hole 3T-21-04 was designed to intersect the Ted-Mint Offset Vein above the microdiorite sill and was drilled to a depth of 152 metres (“m”) at -50°. Significant intersections include:
Both drill holes 3T-21-05 and 3T-21-06 were designed to intersect the Ted-Mint Offset Vein below the microdiorite sill, with both holes being drilled from the same collar location, at different azimuths, and drilled to a depth of 365m (-62°) and 432m (-62°) respectively. Significant intersections include:
Drill hole 3T-21-07 was planned to intersect the Larry Vein near the surface and to intersect the Tommy East and Tommy Vein below the microdiorite sill. This drill hole reached a depth of 386m (-69°) and significant intersections include:
Several drill holes from previous drill programs have been relogged and 304 additional core samples have been submitted for assays. These samples were selected following a reinterpretation of the geological and structural model of the 3Ts vein systems.
All core samples were sent to SGS lab in Vancouver for sample prep and processing. Robotic sample preparation was used to ensure reproducibility; samples were pulverized to greater than 85% passing 75 microns. All samples were submitted for four acid digest with an ICP finish. Gold grades were obtained by fire assay with AAS finish. Samples which return greater than 50 parts per million silver were resubmitted for fire assay with a gravimetric finish.
Soil Sampling Program
A total of 782 soil samples were collected over the Property, with the focus being on the Tommy Vein Extension on the north side of Tommy Lake as well as the Johnny Vein trend. Historic samples located on a widely spaced grid returned values up to 180 ppb gold but were never followed up on. These areas indicate potential extension of the Tommy and Johnny veins. Please see the corporate presentation dated September 2021 for more details on the soil sampling program. All soil samples have been submitted for processing and analysis to SGS.
Dias Geophysical Limited completed a major geophysical survey covering approximately eight square kilometres on the Property, comprised of a 3D Induced Polarization (IP) and resistivity survey, along with a Magnetotelluric (“MT”) survey utilizing the DIAS32 system. Interpretation of the geophysical survey has recently been carried out by Condor North Consulting ULC with a final report received for all three surveys. The results show a strong correlation between high resistivity anomalies of the known vein system both on surface and at depth. The geophysical survey has highlighted several new targets near surface, as well as a large resistive and conductive anomaly at depth. Please see the corporate presentation for the geophysical information and interpretation.
The Company has recently completed a LiDAR survey of approximately 52 km2 covering the entire property. The survey was conducted by McElhaney Ltd., and processing is expected to take 6 weeks. Results from the survey are anticipated to outline major structural controls which appear to be closely associated with several periods of mineralization.
A drone survey has commenced over the Tommy and Ted-Mint vein system with the main objective to outline outcrops and to correlate the geological model with precise high resolution imagery.
Future Drill Program
Following receipt of all geochemical information and the analysis of the data collected in the winter/spring drill program and the summer exploration program, a drill program of approximately 3,000 metres is currently being planned for the fall/winter. This program is being designed with the aim to expand the current resource model on the Property.
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, 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.