Welcome!

News Feed Item

Independence Gold Increases Resource Estimate for 3Ts Project, BC

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/06/14 -- 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(i) and by 27% for the contained ounces of silver(i). 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(ii) 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                  Silver
                            ----------------------------------------------
Gold                             Grade                  Grade
Cut-off             Tonnes       (g/t)       Ounces     (g/t)       Ounces
--------------------------------------------------------------------------
                              Tommy Vein(ii)
--------------------------------------------------------------------------
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
--------------------------------------------------------------------------
(i) At a cut-off grade of 1.0 g/t gold
(ii) 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...