Independence Gold (IGO-V) May 21, '14 has commenced a 3,500-metre diamond drilling program at its 100-per-cent-owned 3Ts project. The 3Ts Project is located approximately 185 kilometres ("km") southwest of Prince George, British Columbia and 20 km southwest of New Gold Inc.'s Blackwater gold deposit. The 3Ts Project is comprised of fourteen mineral claims covering approximately 4,934 hectares in the Nechako Plateau region of central British Columbia. For additional information, please visit the Company's website at www.ingold.ca.
There is excellent potential to discover new, well-mineralized quartz-carbonate veins within the 3Ts Project area. With that objective, the Company designed a $900,000 drill campaign to test previously identified targets in three highly prospective target areas within the 3Ts property.
Ringer Target Area
Eight samples from well-mineralized vein float boulders at the Ringer Target averaged 19.0 g/t gold with 140 g/t silver. Additional mineralized boulders from east and north of the Ringer Target contain 18.0 g/t gold with 176 g/t silver, 8.2 g/t gold with 81 g/t silver and 7.0 g/t gold with 202 g/t silver. A 2003 vein float sample from Adrian Creek, east-southeast of the Ringer Target, assayed 89.8 g/t gold with 592 g/t silver. The area north and east of the Ringer Target contains geochemical gold-in-till anomalies (maximum 64 ppb) that are up to approximately 450 m across, in addition to the well-mineralized vein float boulders. Several linear, northerly trending ground magnetic features, that are probably associated with fault structures, cross the Ringer Target area. The coincidence of geochemical and geophysical anomalies with well-mineralized vein float indicates that the Ringer Target area has excellent potential for the discovery of new mineralized veins. Several holes will be drilled within this target area during the summer 2014 drilling program.
Butch Vein Target Area
The Butch Vein Target area is located approximately 400 m west of the central part of the Ted-Mint Vein, an area with little or no previous drilling. Drilling will test for the bedrock source of well-mineralized vein float boulders which assayed up to 37.0 g/t gold with 202 g/t silver. Surface samples of vein material from both the Butch Vein structure and the Swamp Zone (200 m east of the Butch Vein) contain anomalous gold concentrations. Glacial tills from the Swamp Zone contain from 7 to 34 parts per billion ("ppb") gold, and tills from the Butch Vein area contain up to 77 ppb gold. Drilling in this target area will also test for the presence of a mineralized vein along a northerly trending fault structure which was identified during 2013 geological mapping program; all of the known mineralized veins at the 3Ts Project occur along northerly trending faults.
South Ted Target Area
More than 60 vein float boulders have been found between 50 to 200 m south of the Ted-Mint Vein. Drilling will test for the bedrock source of these vein float boulders, which assay up to 7.2 g/t gold with 130 g/t silver. In addition, soils from this boulder-rich area locally contain anomalous concentrations of gold, up to 73 ppb.
An increased NI 43-101 compliant inferred resource estimate has been calculated for the Tommy, Ted and Mint veins within the 3Ts Project property. Using a 1 g/t gold cutoff grade, the total Inferred Resource for these three veins is 5,452,000 tonnes grading 2.52 g/t gold and 71.5 g/t silver for 441,000 contained ounces of gold and 12,540,000 contained ounces of silver (see news release dated May 6, 2014). A NI 43-101 technical report detailing both the updated resource estimate and the Company's recent exploration at the 3Ts Project has been filed on SEDAR May 13, 2014; a copy of this report has been posted on our website www.ingold.ca.
Independence Gold Corp. is a well-financed exploration company focused mainly on gold projects in British Columbia. 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.
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May 6, 2014 - News Release
Independence Gold Increases Resource Estimate for 3Ts Project, BC
Independence Gold 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:
Values in the resource estimate table may differ due to rounding. 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. 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. 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"
Randy Turner, President |
