Independence Gold Increases Resource Estimate for 3Ts Project, BC
06 May 2014 - 10:00PM
Marketwired
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.
Independence Gold Corp.Sophie
Taylor604-687-3959604-687-1448info@ingold.ca
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