Independence Gold Corp.

TSX VENTURE : IGO


Independence Gold Corp.

January 29, 2013 08:00 ET

Independence Gold Intersects 10.0 Metres Averaging 6.08 g/t Gold and 62.0 g/t Silver at 3Ts Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2013) - Independence Gold Corp. (TSX VENTURE:IGO) ("Independence Gold" or "the Company") is pleased to report assay results from a seventeen hole, 3,949 metre ("m") diamond drilling program completed during November 2012 on its 100% owned 3Ts Project. The 3Ts Project is located approximately 185 kilometres ("km") southwest of Prince George, British Columbia and situated 20 km southwest of the Blackwater Project of New Gold Inc. For additional information, please visit the Company's website at www.ingold.ca. Highlights from the program include:

  • A mineralized quartz-carbonate vein was discovered between the Ted Vein and the Mint Vein. These veins are all a part of the same mineralized vein structure, which has a total strike length of more than 900 m.
  • The best drill intercept from this newly-discovered vein structure averaged 6.08 grams per tonne ("g/t") gold and 62.0 g/t silver across 10.0 m including a 2.0 m intersection grading 28.50 g/t gold and 162.0 g/t silver.

Ted - Mint Vein

A mineralized quartz-carbonate vein was discovered in the gap between the Ted Vein and the Mint Vein, where discovery drill hole TT12-64 intersected a vein grading 0.47 g/t gold and 60.3 g/t silver across 12.7 m. A further seven holes were drilled in this area to test for the mineralized vein. The results of this drilling are listed below. The best intercept averaged 6.08 g/t gold and 62.0 g/t silver across 10.0 m in hole TT12-71; this intercept includes 2.0 m grading 28.50 g/t gold and 162.0 g/t silver. This discovery indicates that the Ted Vein and the Mint Vein are segments of the same mineralized vein structure, which has a total strike length of more than 900 m. This mineralized vein structure is open both at depth and along strike.

Drill Hole From
(m)
To
(m)
Drill
Intercept
*(m)
Gold
(g/t)
Silver
(g/t)
TT12-64 124.0 136.7 12.7 0.47 60.3
Includes 128.0 132.0 4.0 0.99 152.0
TT12-66 83.0 103.9 20.9 2.00 111.8
Includes 102.3 102.9 0.6 29.00 321.0
TT12-66 111.4 111.7 0.3 2.00 53.0
TT12-66 118.8 123.8 5.0 1.50 15.6
TT12-67 54.0 56.0 2.0 0.72 0.0
TT12-68 No Significant Assays
TT12-69 No Significant Assays
TT12-70 408.9 409.6 0.7 0.25 26.3
TT12-71 287.6 297.6 10.0 6.08 62.0
Includes 287.6 289.6 2.0 28.50 162.0
TT12-71 343.4 346.4 3.0 7.30 231.0
Includes 343.4 344.4 1.0 21.00 683.0
TT12-71 356.4 357.4 1.0 5.00 9.0
TT12-71 383.8 391.0 7.2 1.11 31.6
Includes 388.8 391.0 2.2 2.00 45.8
TT12-72 297.7 298.1 0.4 1.40 4.0
* All holes were drilled between -50°and -60°inclination and the veins have sub-vertical dips.

Mint Vein

Holes TT12-56 to TT12-63 inclusive were drilled in the Mint Vein area. Two of these holes intercepted the lower Mint Vein, below a gently dipping microdiorite sill that crosscuts the vertical vein structure. The best intercept from the Mint Vein area grades 1.79 g/t gold and 3.0 g/t silver across 2 m in hole TT12-60. The Mint Vein is open at depth and along strike.

Drill Hole From
(m)
To
(m)
Drill
Intercept
*(m)
Gold
(g/t)
Silver
(g/t)
TT12-56 64.5 64.8 0.3 0.98 4.0
TT12-56 69.7 72.25 2.55 1.01 5.6
TT12-57 No Significant Assays
TT12-58 6.8 8.8 2.0 0.31 36.6
TT12-59 5.0 11.0 6.0 0.28 16.4
TT12-60 244.0 246.0 2.0 1.79 3.0
TT12-61 298.8 299.8 1.0 0.62 21.8
Includes 298.8 299.2 0.4 1.00 44.0
TT12-62 No Significant Assays
TT-12-63 26.6 27.9 1.3 1.96 17.1
Includes 27.6 27.9 0.3 7.39 74.0
TT12-63 48.4 48.8 0.4 3.46 5.0
* All holes were drilled between -50° and -60° inclination and the veins have sub-vertical dips.

Ted Vein

Hole TT12-65 successfully intercepted the Ted Vein below the crosscutting microdiorite sill. The Ted Vein remains open at depth.

Drill Hole From
(m)
To
(m)
Drill
Intercept
*(m)
Gold
(g/t)
Silver
(g/t)
TT12-65 323.0 333.5 10.5 0.69 13.1
Includes 328.0 329.5 1.5 4.00 17.6
* All holes were drilled between -50° and -60° inclination and the veins have sub-vertical dips.

The 3Ts Project covers an epithermal quartz-carbonate vein system within which more than 12 individual mineralized veins, ranging up to 20 m in true width, have been identified. Most of these veins have not been delineated by diamond drilling, and are open both along strike and at depth.

A National Instrument 43-101 compliant inferred resource estimate has been calculated for the Tommy, Ted and Mint veins. Using a 1 g/t gold grade cutoff, the total Inferred Resource for these three veins 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 (see news release dated January 20, 2012). This inferred resource estimate does not incorporate results reported in this news release.

Well-mineralized vein float boulders at the Ringer Target area (as described in the Company's NI 43-101 technical report filed on SEDAR December 23, 2011) and in other parts of the property indicate potential to discover new mineralized veins within the 3Ts Project area.

An exploration program including diamond drilling is currently being planned for the 3Ts Project, and will commence mid February 2013.

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.

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