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Independence Gold Intersects 26.70 Metres Grading 8.00 g/t Gold and 49.48 g/t Silver from the Ted-Mint Vein System at the 3Ts Project, BC

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Vancouver, British Columbia--(Newsfile Corp. - June 15, 2022) - Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the "Company") is pleased to announce additional assay results from its 4,200 metre ("m") winter drill program at its 100% owned 3Ts Project, located approximately 185 kilometres ("km") southwest of Prince George, British Columbia and situated 20 km southwest of Artemis Gold Inc.'s Blackwater Project.

The winter drill program was designed to infill significant gaps within historical drilling of the Tommy and Ted-Mint vein systems, but also test new targets identified during the 2021 exploration and geophysical programs. Core samples were also collected over a broader range of host rocks to test for the potential of lower grade mineralization occurring around the veins. Please refer to the website for a map showing the veins and drill hole locations.

A National Instrument 43-101 compliant inferred resource estimate has been calculated for the Tommy and Ted-Mint vein systems, using a 1 gram per tonne ("g/t") gold ("Au") cut-off grade, with the total inferred resource for these vein systems 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 (authored by Allan Armitage Ph.D., P.Geo, 2014 - see news release dated May 6, 2014). All data from this drill program and those since 2014 (10,997 m) will be included in this update expected during the summer of 2022.

Drill holes 3TS-22-01, 3TS-22-02, 3TS-22-03, 3TS-22-04, and 3TS-22-05 all targeted the Ted-Mint vein system, an area with several large north striking epithermal quartz veins that have been identified on surface over a 900 m strike length by 175 m width and that remains open in all directions and at depth. These holes were also designed to test potential geochemical zonation of the epithermal deposit as per standardized models, as it is hypothesized that the Ted-Mint vein system is hosted in an upthrown block of country rock in relation to the Tommy vein system to the west. This brings the base metal horizon consisting of elevated copper ("Cu"), lead ("Pb") and zinc ("Zn") closer to the surface and therefore within the drill hole intercepts.

Drill holes 3TS-22-01, 3TS-22-02, 3TS-22-03 and 3TS-22-05 all returned precious metal values as well as some anomalous base metal values. It is worth noting that the Au and Ag intervals sit within or overlap the base metal horizons., therefore, presentation of results is split into two tables below. Drill hole 3TS-22-04 returned no significant assays as the predicted vein intercept was replaced by a series of later non-mineralized dykes which have been observed before, but their distribution has not been modelled.

TABLE 1 PRECIOUS METAL RESULTS (Au, Ag)

Drill Hole

Host Rock

From
(m)

To
(m)

Drill
Intercept
(m)*

Gold
(g/t)

Silver
(g/t)

3TS-22-01

Quartz Veins and Stockwork Rhyolite

48.71

51.82

3.11

0.64

2.89

and

149.30

176.00

26.70

8.00

49.48

including

155.00

158.00

3.00

47.70

383.30

and including

159.50

162.20

2.70

21.80

22.59

and

215.10

235.56

19.70

2.89

89.03

including

215.10

217.00

1.90

14.90

316.32

and including

227.75

229.75

2.00

5.50

68.00

3TS-22-02

Stockwork Zone in Rhyolite

25.20

25.50

0.30

6.17

1,766.67

and

56.30

58.15

1.85

2.25

43.78

and

67.95

68.78

0.83

9.06

39.76

3TS-22-03

Stockwork Zone in Rhyolite, Veins

14.48

14.83

0.35

1.52

400.00

and

56.60

58.73

1.77

1.23

35.02

and

80.60

86.40

5.80

5.97

49.66

including

82.87

85.40

2.53

13.31

88.10

3TS-22-04

Stockwork in Rhyolite

NO SIGNIFICANT RESULTS

3TS-22-05

Quartz Vein

261.84

266.00

4.16

3.82

52.88

including

262.34

263.34

1.00

13.22

202.00

 

TABLE 2 BASE METAL RESULTS (Cu, Pb, Zn)

Drill Hole

From
(m)

To
(m)

Drill
Intercept
(m)*

Copper
(%)**

Lead
(%) **

Zinc
(%) **

3TS-22-01

148.60

149.60

1.00

0.48

-

0.82

and

207.50

221.00

13.95

-

-

2.2

and

214.68

221.00

6.32

-

3.11

-

and

215.60

221.00

5.40

0.33

-

-

3TS-22-02

47.80

49.90

2.10

-

0.47

0.60

3TS-22-03

14.48

14.83

0.35

0.10

1.20

2.30

and

73.40

74.45

1.05

-

1.90

2.92

3TS-22-04


NO SIGNIFICANT RESULTS

3TS-22-05

246.15

273.2

27.05

-

-

0.16

 

* The true widths of the veins are approximately 85% of the reported interval width
** intervals showing no results were either below detection limits or not considered to be economically anomalous.

The remaining seven drill holes are currently being analyzed and results are pending. These include five further holes testing the Ted-Mint vein system, and two drill holes into the "Balrog" geophysical anomaly identified in 2021. All core samples have been sent to SGS lab in Vancouver for sample prep and processing. Robotic sample preparation is used to ensure reproducibility; samples are pulverized to greater than 85% passing 75 microns. All samples are submitted for four acid digestion with an ICP finish. Gold grades are obtained by fire assay with AAS finish. Samples which return greater than 50 parts per million silver are resubmitted for fire assay with a gravimetric finish.

The 3Ts Project is comprised of fifteen mineral claims covering approximately 5,200 hectares in the Nechako Plateau region of central British Columbia. The 3Ts Project covers an epithermal quartz-carbonate vein system within which more than a dozen individual mineralized veins, ranging from 50 m to more than 900 m and true widths up to 25 m.

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.

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 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.

Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959
Facsimile: 604-687-1448
E-Mail: info@ingold.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127783

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