Independence Gold Corp.
TSX VENTURE : IGO

Independence Gold Corp.

October 12, 2016 08:00 ET

Independence Gold Intersects 7.73 g/t Gold Across 6.1 m, Boulevard Project, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 12, 2016) - Independence Gold Corp. (TSX VENTURE:IGO) ("Independence" or "the Company") is pleased to announce new gold discoveries on its 100% owned Boulevard Project, contiguous to Goldcorp Inc.'s Coffee Gold Deposit in the White Gold District, Yukon. The best intercepts include 7.73 grams per tonne (g/t) gold ("Au") across 6.1 metres ("m") and 1.19 g/t Au over 22.9 m at the Sunset Zone, 4.36 g/t Au across 6.1 m within the Sunrise Zone, and 4.28 g/t Au over 4.6 m at the Denali Zone.

Sunrise - Sunset Area

A total of 1,401 m of reverse circulation ("RC") drilling was completed in 15 drill holes within the Sunrise-Sunset area, located 8.5 kilometres ("km") southwest of the Coffee deposit. Drilling evaluated multi-element soil anomalies within the 2.3 km long Sunset trend and focused on testing new, potentially sub-parallel mineralized zones at Sunrise. Significant intercepts are presented in the table below. A table of all 2016 drill results and a map showing the drill hole locations is posted on the Company's website.

Drill hole Zone From (m) To (m) Length (m)* Au (g/t)
BV16-47 Sunset 4.6 27.4 22.9 1.19
Incl. Sunset 4.6 7.6 3.1 4.33
BV16-51 Sunrise 65.5 67.1 1.5 1.39
BV16-53 Sunrise 16.8 22.9 6.1 4.36
Incl. Sunrise 18.3 21.3 3.1 8.27
BV16-53 Sunrise 50.3 59.4 9.2 0.36
BV16-54 Sunset 24.4 64.0 39.6 1.58
Incl. Sunset 24.4 30.5 6.1 7.73
BV16-56 Sunset 18.3 22.9 4.6 3.05
Incl. Sunset 19.8 21.3 1.5 7.98
*True thickness estimated to be 60-70% of drill intercepts

Drill hole BV16-54 tested a robust multi-element soil anomaly at the southeast end of the Sunset trend and returned 7.73 g/t Au over 6.1 m which occurs within a broad zone that returned 1.58 g/t Au over 39.6 m. This mineralization is hosted within quartzite and is cross cut by massive quartz veins. The drill hole was oxidized to a down hole depth of 45 m and ended in mineralization. Six drill holes were completed at the western extent of the Sunset Zone; BV16-47 intersected 1.19 g/t Au over 22.9 m including 4.33 g/t Au over 3.1 m. Drill hole BV16-56 returned 3.05 g/t Au over 4.6 m including a higher grade core which grades 7.98 g/t Au over 1.5 m. Further to the southeast at the Sunrise Zone, BV16-53 intersected 4.36 g/t Au over 6.1 m including 8.27 g/t Au over 3.1 m. This defines a new parallel, north-trending structure, situated 75 m southeast of drill hole BV15-31 which returned 7.23 g/t Au over 12.2 m (news release August 24, 2015). Mineralization in BV16-53 occurs in a strongly oxidized zone within quartzite and is associated with an increase in quartz veining.

One of the primary objectives of this years' Sunrise-Sunset drill program was to evaluate the relationship between cross cutting quartz veins and gold mineralization. Based on the available core and RC drill data, the two primary controls on mineralization are the presence of massive quartz veins, comprising up to 80% of the rock and a resistive quartzite host rock. Pyrite +/- arsenopyrite and stibnite are irregularly developed within mineralized zones and oxidation levels are variable but proved more extensive in the 2016 mineralized intercepts. All drill holes were oriented to the east to effectively cross-cut the southwest striking, steeply northwest dipping quartz veins.

Denali Zone

A total of 1,545 m of RC drilling was completed in 15 drill holes at the Denali Zone, situated 14.5 km to the west of the Coffee deposit, along an interpreted extension of the Coffee Creek fault system. The primary focus for this drilling program was to test along strike and down dip of YCS15-03 which returned 4.25 g/t Au over 6.1 m (news release August 24, 2015). Significant drill hole results are provided in the table below:

Drill hole From (m) To (m) Length (m)* Au (g/t)
YCS16-06 19.8 25.9 6.1 0.98
YCS16-06 115.8 120.4 4.6 2.33
Incl. 115.8 117.4 1.5 6.35
YCS16-07 68.6 70.1 1.5 1.78
YCS16-08 99.1 103.6 4.6 4.28
YCS16-10 18.3 19.8 1.5 1.20
YCS16-11 24.4 29.0 4.6 0.95
YCS16-12 7.6 10.7 3.1 1.94
YCS16-16 39.6 59.4 19.8 0.47
Incl. 57.9 59.4 1.5 2.27
*True thickness estimated to be 60-70% of drill intercepts

YCS16-08 was drilled approximately 50 m down dip to the northeast from the 2015 discovery hole and returned 4.28 g/t Au over 4.6 m. YCS16-07 was also drilled down dip and intersected 1.78 g/t Au over 1.5 m. The mineralized zone appears to plunge moderately to the north-northeast, is variably hosted in quartzite and quartz biotite schist, and is typically associated with an increase in fine grained pyrite. YCS16-16 intercepted a broad zone of mineralization at the northwestern end of the Denali Zone, returning 0.47 g/t Au over 19.8 m with oxidation to a down hole depth of 53 m. YCS16-12, at the eastern end of the trend returned 1.94 g/t Au over 3.1 m.

The Company plans to complete a desktop study to determine the nature of gold mineralization at Boulevard as well as prepare for a follow-up drill program on the Sunrise-Sunset and Denali Zones in 2017.

The Company is pleased to report that a Rotary Air Blast drilling program was completed on the Rosebute property, located 29 km north of Kinross' Golden Saddle Deposit. Drilling included 12 holes for a total of 923.5 m. All drilling was focused on the Hudbay Zone and the Company will provide a summary of results in the coming weeks.

All samples were submitted to SGS Minerals Services in Burnaby, BC for sample preparation by crushing to 75% less than 2 millimetres, creation of a 250 g split, and then pulverizing to 85% passing 75 microns. Sample pulps are submitted for gold analysis with a 30 g fire assay and AAS finish (code GE-FAA313). Samples are also submitted for a 52 element analysis using an aqua regia digest and ICP-AES and ICP-MS analysis (GE-ICM14B). Control samples (accredited gold standards and blanks) were inserted into the sample sequence on a regular basis monitor precision of results.

David Gale, P.Geo., the Company's Qualified Person as defined by National Instrument 43-101 for the White Gold District, has reviewed the technical information in this news release and has approved the disclosure herein.

Independence Gold Corp. (TSX VENTURE:IGO) is a well-financed mineral exploration company listed on the TSX Venture Exchange, with a portfolio of projects in the Yukon and the 3Ts Project in British Columbia. The Company's holdings range from early stage grassroots exploration to advanced-stage resource expansion. For additional information, please visit the Company's website www.ingold.ca.

INDEPENDENCE GOLD CORP.

Randy Turner, President & 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.

This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. All of the Company's public disclosure filings may be accessed via www.sedar.com. Readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

Contact Information

  • Independence Gold Corp.
    Corporate Development
    604-687-3959
    info@ingold.ca