Independence Gold Corp.
TSX VENTURE : IGO

Independence Gold Corp.

June 10, 2013 08:00 ET

Independence Gold Intersects 2.10 Metres Averaging 15.77 g/t Gold and 93.8 g/t Silver at 3Ts Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 10, 2013) - Independence Gold Corp. (TSX VENTURE:IGO) (the "Company") is pleased to report assay results from a twelve hole, 3,863 metre ("m") diamond drilling program recently completed on its 100% owned 3Ts Project. Each of the holes were drilled at -50° to -60° inclination with all veins vertically dipping. 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:

  • The best drill intercept from the Ted - Mint mineralized vein structure averaged 15.77 grams per tonne ("g/t") gold and 93.8 g/t silver across 2.10 m, within a wider intersection grading 3.19 g/t gold and 33.5 g/t silver across 11.3 m.
  • Another intercept from the Ted - Mint Vein averaged 8.70 g/t gold and 151.8 g/t silver across 2.0 m.

Ted - Mint Vein

The latest drilling campaign confirmed that the Mint Vein is the on-strike extension of the Ted Vein. Six holes were drilled to better define this portion of the mineralized quartz-carbonate vein structure, which has a total strike length of more than 900 m. The best intercept averaged 15.77 g/t gold and 93.8 g/t silver across 2.10 m in hole TT13-80, within a wider intersection of 11.3 m grading 3.19 g/t gold and 33.5 g/t silver. This intercept is approximately 50 m along strike from the intercept in hole TT12-71 that assayed 6.08 g/t gold and 62.0 g/t silver across 10.0 m (see news release dated January 29, 2013). 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)
TT13-76 91.0 93.0 2.0 0.67 58.2
And 96.9 111.0 14.1 0.62 68.6
Includes 106.0 107.0 1.0 2.64 533.0
118.0 119.0 1.0 1.81 10.0
TT13-77 Hole Abandoned
TT13-78 283.9 288.2 4.3 1.10 16.9
Includes 286.0 287.0 1.0 2.73 34.2
TT13-79 400.0 401.0 1.0 2.02 11.6
TT13-80 253.0 264.3 11.3 3.19 33.5
Includes 253.0 255.1 2.1 15.77 93.8
303.0 304.0 1.0 2.98 17.8
311.0 317.0 6.0 1.80 50.0
Includes 315.0 316.0 1.0 5.60 48.6
TT13-81 363.0 365.0 2.0 8.70 151.8
Includes 363.0 364.0 1.0 11.00 214.0

Ted Vein

Holes TT13-73 to TT13-75 were drilled to test the Ted Vein area. Hole TT13-73 intercepted 1.11 g/t gold and 11.6 g/t silver across 6.4 m in the Ted Vein, which remains open at depth. Holes TT13-74 and TT13-75 tested for the southern extension of the Ted Vein, which may be offset by a fault structure. No significant assays were obtained from these two holes.

Larry Vein

The Larry Vein is situated 200 m east of the Tommy Vein, and was tested by holes TT13-82, TT13-83 and TT13-84. Hole TT13-82 intersected 2.09 g/t gold and 5.0 g/t silver across 1.0 m, and TT13-83 intersected 0.53 g/t gold and 5.9 g/t silver across 3.9 m, including 1.15 g/t gold and 10.9 g/t silver across 1.0 m. TT13-84 intersected 1.26 g/t gold and 9.0 g/t silver across 2.4 m in the Larry Vein, above the sill. The Larry Vein is open at depth and along strike.

Tommy Vein

Drill hole TT13-84 was designed to test the Tommy Vein approximately 80 m along strike to the north of 2005 drill hole TS05-108 which assayed 10.89 g/t gold and 60.2 g/t silver across 8.86 m (see the Company's NI 43-101 technical report filed on SEDAR December 23, 2011). However, due to bad ground conditions, hole TT13-84 was abandoned while drilling through the Tommy Vein. As a result, only a partial intercept of the vein was cored. This partial intercept assayed 2.74 g/t gold and 45.7 g/t silver across 6.7 m, including 7.30 g/t gold and 80.7 g/t silver across 1.0 m. The Tommy Vein is open at depth and along strike.

3Ts Project

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 with strike lengths up to 900 m, 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.

Mineralized vein float boulders at the Ringer Target area are up to 2 m in maximum dimension. Eight samples from these boulders assayed an average of 19.01 g/t gold and 140.1 g/t silver (as described in the Company's NI 43-101 technical report filed on SEDAR December 23, 2011). The mineralized Ringer Target boulders, and other well-mineralized vein float boulders in other parts of the property indicate the potential to discover new mineralized veins within the 3Ts Project area.

An exploration program of geological mapping, prospecting and geochemical sampling is planned for the summer to develop additional diamond drill targets.

Independence Gold Corp. is a well-financed exploration company focused mainly on gold and silver projects in British Columbia and the Yukon.

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.
    Investor Relations
    604-687-3959
    604-687-1448 (FAX)
    info@ingold.ca