Winter Drill Program Resumes at the 3Ts Project, BC

Rhea-AI Summary

Independence Gold Corp (TSXV: IGO) (OTCQB: IEGCF) has resumed the second phase of its 10,000-metre winter drill program at the 3Ts Project in British Columbia. The project, located 185 km southwest of Prince George and 16 km southwest of Artemis Gold's Blackwater Mine, covers 8,840 hectares containing nineteen mineralized veins.

In the first phase, twelve drill holes totaling 3,222m were completed, with ten holes focusing on the Ted-Mint and Tommy vein systems for resource model updates, and two holes testing the Ian vein system and Alf vein. The second phase will comprise approximately 6,700m, targeting Ian, Johnny, Ootsa, and Balrog areas.

The company recently received $2,335,040 from the exercise of 19,458,668 warrants from December 2022 financing. Additionally, they closed two private placements in Q4 2024, raising $8,650,000. The company has also granted 3,000,000 stock options to directors, officers, employees, and consultants, exercisable at $0.25 per share for three years.

Positive

• Raised $2,335,040 through warrant exercise
• Secured additional $8,650,000 through Q4 2024 private placements
• Completed 3,222m of drilling in first phase
• Project located near Blackwater Mine, a significant mining operation

Negative

• Drill results from phase one still pending
• Stock option grant may lead to potential dilution

Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the "Company") is pleased to announce that the second phase of a 10,000 metre ("m") winter drill program has resumed at its 100% owned 3Ts Project. The 3Ts Project is located approximately 185 kilometres ("km") southwest of Prince George, British Columbia and is comprised of seventeen mineral claims covering approximately 8,840 hectares in the Nechako Plateau region of central British Columbia. The project is situated 16 km southwest of Artemis Gold Inc.'s Blackwater Mine and covers a low-sulphidation epithermal quartz- carbonate vein district within which nineteen individual mineralized veins, ranging from 50 m to more than 1,100 m in strike length and with true widths up to 25 m have been identified.

Drilling Update

Prior to the Christmas break, a total of twelve drill holes were completed for a total of 3,222m. Ten of the drill holes focused on the Ted-Mint and Tommy vein systems to obtain additional information for an updated resource model (please see the news release dated August 18^th, 2022 for further details; "Technical Report on the Mineral Resource Estimate Update for the 3Ts Gold Project, Omineca Mining Division, British Columbia, Canada"). The remaining two drill holes tested the Ian vein system at depth as well as the first exploration drilling of the Alf vein. The second phase of the winter drill program has commenced and will consist of approximately 6,700 m and will focus on multiple targets including Ian, Johnny, Ootsa and Balrog. All mineralized drill core from phase one has been delivered to SGS Canada for analysis with results pending.

Corporate Update

The Company wishes to announce that 19,458,668 warrants that were related to the December 2022 private placement financing were exercised for total proceeds of $2,335,040. In addition, the Company closed two private placement financings in the fourth quarter of 2024 for total gross proceeds of $8,650,000. The Company has also granted incentive stock options to certain directors, officers, employees and consultants to purchase 3,000,000 shares under the Company's Incentive Stock Option Plan. The options will be granted for a period of three (3) years and are exercisable at a price of $0.25 per share.

About Independence

Independence Gold Corp. is a well-financed mineral exploration company with holdings ranging from early-stage grassroots exploration to advanced-stage resource expansion in British Columbia and Yukon. The Company is positioned to add shareholder value through systematic project advancement, while management continues to evaluate additional gold and silver projects for possible acquisition. For additional information, visit the Company's website www.ingold.ca.

Andy Randell, P.Geo., the Company's Qualified Person as defined by National Instrument 43-101, has reviewed the technical information in this news release.

ON BEHALF OF THE BOARD OF INDEPENDENCE GOLD CORP.

"Randy Turner"

Randy Turner, President and 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.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Independence within the meaning of applicable securities laws, including statements with respect to the Company's planned drilling and exploration activities. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Independence's public filings under Independence Gold Corp.'s SEDAR profile at www.sedarplus.ca. Although Independence has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Independence disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Suite 580 – 625 Howe, Vancouver, British Columbia V6C 2T6
Telephone: 604-687-3959
Facsimile: 604-687-1448
E-Mail: info@ingold.ca

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236916

FAQ

What is the total size of Independence Gold's (IEGCF) winter drill program at 3Ts Project?

The total winter drill program at 3Ts Project is 10,000 metres, with 3,222m completed in phase one and approximately 6,700m planned for phase two.

How much funding did IEGCF raise in Q4 2024?

Independence Gold raised $8,650,000 through two private placement financings in Q4 2024.

What was the proceeds from IEGCF's warrant exercise in December 2022?

The company received $2,335,040 from the exercise of 19,458,668 warrants related to the December 2022 private placement financing.

What are the terms of IEGCF's new stock option grant?

The company granted 3,000,000 stock options exercisable at $0.25 per share for a three-year period to directors, officers, employees, and consultants.

How many mineralized veins are identified at IEGCF's 3Ts Project?

The 3Ts Project contains nineteen individual mineralized veins, ranging from 50m to over 1,100m in strike length with true widths up to 25m.