Independence Gold eyes updated resource model at 3Ts project, B.C.
Independence Gold Corp. [IGO-TSXV] said the second phase of a 10,000-metre winter drill program has resumed at its 100%-owned 3Ts project, which is located in central British Columbia, approximately 185 kilometres southwest of Prince George.
The 3Ts project is situated 20 kilometres southwest of Artemis Gold Inc.’s [ARTG-TSXV] Blackwater Gold project which is estimated to host a measured and indicated resource of 12.4 million AuEq ounces (597 million tonnes at 0.65 g/t AuEq, 0.61 g/t gold, and 6.4 g/t silver).
The 3Ts covers a low-sulphidation epithermal quartz-carbonate vein district, within which more than a dozen individual mineralized veins have been identified. These veins range in size from 50 metres to more than 1,100 metres and true widths of up to 25 metres.
Prior to the Christmas break, a total of 12 holes were completed for 3,222 metres. Ten of the drill holes focused on the Ted-Mint and Tommy vein systems to obtain additional information for an updated resource model. The remaining two holes tested the Ian vein system at depth as well as first exploration drilling at the Alf vein. The second phase of the winter drill program will consist of approximately 6,700 metres and will focus on multiple targets, including the Ian, Johnny, Ootsa and Balrog. All mineralized drill core from phase one has been delivered to SGS Canada for analysis with results pending.
Meanwhile, the company said 19.4 million warrants that were related to a December, 2022 private placement financing have been exercised for total proceeds of $2.3 million. In addition, the company closed two private placement financings in the fourth quarter of 2024 for total gross proceeds of $8.65 million.
Back in March, 2023 Independence released an updated NI 43-101-compliant resource calculation for its 100%-owned 3Ts project, which is located in central British Columbia, approximately 185 kilometres southwest of Prince George.
The combined in-pit and underground components of the Tommy and Ted-Mint vein systems contain a total inferred resource of 4.47 million tonnes of grade 3.64 g/t gold and 96.26 g/t silver, at a cut-off grade of 0.4 g/t gold equivalent (AuEq) in pit and 2.0 g/t AuEq underground, containing 522,330 ounces of gold and 13.8 million ounces of silver.
That includes an underground resource of 267,936 ounces gold, and 6.07 million ounces of silver, and an in-pit resource of 254,395 ounces of gold and 7.7 million ounces of silver.
Independence Gold shares were unchanged at 20 cents on Monday. The shares are currently trading in a 52-week range of 33 cents and 15.5 cents.
The 3Ts project consists of 15 mineral claims covering 5,200 hectares in the Nechako Plateau region of central British Columbia. It is comprised of the Tsacha, Taken, Tam, Tommy Bot and Blackwater South properties.
The first gold-bearing quartz vein was discovered in 1993 at Tommy Lake by a B.C. government mapping crew.