Golden Independence tables Nevada resource estimate
Golden Independence Corp [IGLD-CSE, GIDMF-OTCQB, 6NN-FSE] on Monday released a new resource estimate for the company’s flagship Independence project, south of Battle Mountain Nevada.
Golden Independence is an exploration company focused on the advanced-stage Independence property, which is located on the Battle Mountain-Cortez Trend in Nevada and the Champ precious metal property near Castlegar, British Columbia.
The Independence project is adjacent to Nevada Gold Mines’ Pheonix Fortitude mining operations. Nevada Gold Mines is a joint venture between two of the world’s largest gold producers Barrick Gold Corp. [ABX-TSX, GOLD-NYSE] and Newmont Corp., [NGT-TSX, NEM-NYSE].
Monday’s estimate includes a near surface resource of 506,052 ounces of gold and 7.8 million ounces of silver in the measured and indicated category and 108,946 ounces of gold and 1.0 million ounces of silver in the inferred category.
The estimate also features and underground resource of 796,200 ounces of gold.
The company said it is actively advancing the near surface portion of the resource estimate towards a preliminary economic assessment which is anticipated by year-end, 2021.
“This updated resource incorporates ongoing work associated with the PEA and an additional 12 RC holes drilled after the May, 2021 initial resource was released,” said Independence Gold CEO Christos Doulis.
Prior to the updated estimate, the Independence property benefited from over US$25 million in past exploration, including 200 holes drilled. The latest estimate compares to an earlier measured and indicated resource of 537,300 ounces of gold and an inferred resource of 943,500 ounces of gold with a substantial silver credit. The resource is comprised of shallow oxide epithermal mineralization and deeper sulphide Carlin gold skarn mineralization.
Under an agreement with arms length vendor Americas Gold Exploration Inc. (AGEI), Golden Independence can earn up to a 75% interest in the project by fulfilling AGEI’s obligations under an underlying option deal. Part of the agreement requires Golden Independence to spend US$13 million on exploration.
“With the recent formation of a formal joint venture with our partner AGEI, we look forward to continuing to advance the Independence project towards a production decision,” Doulis said.
Golden Independence shares were unchanged at 12 cents in a 52-week range of 61 cents and $0.09.
The company recently completed a transaction involving the spin-out of shares of Hilo Mining Ltd., an exploration company focused on the Champ Property, which is located in the Greenwood Mining District of British Columbia, near Castlegar.
Hilo intends to seek a listing on the TSX Venture Exchange as a Tier 2.0 Mining Issuer.
Under the spin-out arrangement, 1.0 million shares of Hilo were distributed and holders of Golden received 01594764 of a Hilo share for each common share of Golden. As a result of the spin-out, Hilo is now a reporting issuer in B.C., Alberta and Ontario, but is not currently listed on a stock exchange.