VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2012) - Independence Gold Corp. (TSX VENTURE:IGO) (the "Company") is pleased to announce the commencement of diamond drilling at its 100% owned 3Ts Project, located approximately 120 kilometres southwest of Vanderhoof, BC. For additional information please visit the Company's website www.ingold.ca.
The program, budgeted at $1,200,000, will consist of a minimum 3,500 metres (m) of diamond drilling on the Ted Vein and the Mint Vein targets.
Ted Vein
The best hole from historic drilling on the Ted Vein assayed 8.88 g/t gold and 393.6 g/t silver across 15.4 m (true width). A National Instrument (NI) 43-101 compliant Inferred Resource estimate of 1,813,573 tonnes grading 2.37 grams per tonne ("g/t") gold and 124.4 g/t silver has been calculated for the Ted Vein (see the Company's news release dated January 20, 2012 and the Company's profile on SEDAR). The Ted Vein is open below a cross-cutting microdiorite sill, where the best drill hole to date intersected 5.33 g/t gold and 50.6 g/t silver across 14.0 m (true width). Planned 2012 diamond drilling is designed to test the Ted Vein structure both along strike and at depth, below the cross-cutting sill.
Mint Vein
A NI 43-101 compliant Inferred Resource estimate has been calculated for the Mint Vein (see the Company's news release dated January 20, 2012 and the Company's profile on SEDAR). The first Mint Vein intercept below a cross-cutting microdiorite sill assayed 7.69 g/t gold and 84.2 g/t silver across 3.7 m (true width). The Mint Vein will be tested both down-dip and along strike from this intercept during the current drilling campaign, with additional drill holes designed to test for the presumed northern extension of the structure.
The total combined NI 43-101 compliant Inferred Resource for the Tommy, Ted and Mint veins at the 3Ts Project is 3,614,072 tonnes grading 3.39 g/t gold and 85.15 g/t silver for 394,383 contained ounces of gold and 9,894,835 contained ounces of silver, at a 1 g/t gold cutoff grade (see the Company's news release dated January 20, 2012 and the Company's profile on SEDAR).
Well-mineralized vein float boulders on the property indicate that there is excellent potential to discover new mineralized veins within the 3Ts Project area. These mineralized vein boulders are described in the Company's NI 43-101 technical report filed on SEDAR December 23, 2011.
The 3Ts Project is comprised of thirteen mineral claims covering approximately 4,433 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 up to 650 m in strike length and up to 20 m in true width, have been identified.
David Pawliuk, P.Geo., the Company's Qualified Person as defined by NI 43-101 for the 3Ts Project, has reviewed the technical information in this news release.
INDEPENDENCE GOLD CORP.
Randy Turner, President
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.
Contact Information:
Investor Relations
604-687-3959
604-687-1448 (FAX)
info@ingold.ca
www.ingold.ca