Independence Gold Corp.
TSX VENTURE : IGO

Independence Gold Corp.

May 06, 2014 08:00 ET

Independence Gold Increases Resource Estimate for 3Ts Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 6, 2014) - Independence Gold Corp. (TSX VENTURE:IGO) (the "Company") is pleased to announce that the National Instrument ("NI") 43-101 compliant Inferred Resource estimate on its 100% owned 3Ts Project has been increased by 12% for the contained ounces of gold* and by 27% for the contained ounces of silver*. This updated Inferred Resource estimate for the Ted and Mint veins incorporates results from the 2012 and 2013 diamond drilling programs (see the Company's news releases dated January 29, 2013 and June 10, 2013).

The 3Ts Project is located approximately 120 kilometres southwest of Vanderhoof and consists of fourteen mineral claims covering approximately 4,934 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 900 metres ("m") in strike length and up to 20 m in true width, have been identified.

The current combined NI 43-101 compliant Inferred Resource estimate including the Ted, Mint, and Tommy** veins is 5,452,000 tonnes grading 2.52 g/t gold and 71.5 g/t silver at a cut-off grade of 1.0 g/t gold. This inferred resource is now estimated to contain a total of 441,000 ounces of gold and 12,540,000 ounces of silver. The updated inferred resource estimates for the Ted and Mint veins and the current inferred resource estimate for the Tommy Vein are set out in the following table and are reported at a series of cut-off grades. These veins are open at depth and along strike.

3Ts Inferred Resource Estimates

Gold
Cut-off
Tonnes Gold Silver
Grade
(g/t)
Ounces Grade
(g/t)
Ounces
Tommy Vein**
0.5 g/t 1,615,000 3.99 207,000 39.7 2,059,000
1.0 g/t 1,490,000 4.25 204,000 41.9 2,009,000
1.5 g/t 1,371,000 4.52 199,000 44.3 1,953,000
2.0 g/t 1,182,000 4.96 189,000 48.0 1,824,000
Ted Vein
0.5 g/t 2,984,000 1.62 156,000 93.5 8,974,000
1.0 g/t 2,942,000 1.64 155,000 94.7 8,955,000
1.5 g/t 2,763,000 1.72 153,000 99.5 8,837,000
2.0 g/t 2,484,000 1.83 146,000 107.4 8,575,000
Mint Vein
0.5 g/t 1,036,000 2.47 82,000 47.5 1,581,000
1.0 g/t 1,020,000 2.51 82,000 48.0 1,576,000
1.5 g/t 957,000 2.63 81,000 50.4 1,552,000
2.0 g/t 829,000 2.94 78,000 53.0 1,411,000
TOTAL
0.5 g/t 5,635,000 2.46 445,000 69.6 12,614,000
1.0 g/t 5,452,000 2.52 441,000 71.5 12,540,000
1.5 g/t 5,091,000 2.61 433,000 75.4 12,342,000
2.0 g/t 4,495,000 2.86 413,000 81.7 11,810,000
* At a cut-off grade of 1.0 g/t gold
** Tommy Vein Resource Estimate previously released on January 20, 2012
Resource Estimate Notes and Parameters:
1. Values in the resource estimate table may differ due to rounding.
2. Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues, although the Company is not aware of any such issues.
3. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
4. The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

The current 3Ts mineral resource estimates are based on a database of 205 drill holes (41,450 m) with 4,449 assay values.

Drill hole collar locations, down hole surveys and assay values were verified against drill logs and assay certificates. The mineral resources were estimated using 1.0 m composites of the assay values, with zero grade inserted into intervals that were not sampled.

Revised geological models were constructed of the mineralized Ted and Mint veins. These models were used to constrain the composite values chosen for interpolation, as well as to constrain the resource blocks reported within each mineral resource. Block models were constructed using 2 m x 10 m x 10 m blocks in the x, y and z directions respectively. Grades for gold and silver were interpolated into the blocks by the inverse distance squared method using a minimum of 4 and a maximum of 20 composites to generate block grades. A bulk density of 2.69 t/m3 was used for all tonnage calculations.

Allan Armitage, Ph.D., P.Geo. of GeoVector Management Inc. ("Geovector"), a Qualified Person as defined by NI 43-101, prepared the Inferred mineral resource estimates. GeoVector is an Ontario-based consulting firm specializing in resource estimation, project assessment and project management. Dr. Armitage is independent of the Company and has reviewed and approved the technical information pertaining to the resource estimate in this news release.

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

Well-mineralized vein float boulders (as described in the Company's NI 43-101 technical report filed on SEDAR December 23, 2011) indicate potential to discover new mineralized veins within the 3Ts Project area. Targets generated from 2013 field work at the Ringer Target area, and at other locales, will be tested by diamond drilling during summer 2014.

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

  • Independence Gold Corp.
    Sophie Taylor
    604-687-3959
    604-687-1448 (FAX)
    info@ingold.ca