Independence Gold Announces Discovery of Seven Distinct Gold-Silver Targets at the Merit Property, BC

VANCOUVER, British Columbia, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Independence Gold Corp. (TSX.V: IGO) ("Independence" or "the Company") is pleased to the announce results and findings from the summer exploration program at the Merit Property (“the Property”), located in the prospective Spences Bridge Gold Belt. Results include the discovery of seven distinct gold or gold-silver targets that appear to be connected by structures highlighted by the new, property-wide ground magnetics survey.

Highlights from surface samples collected in each zone include:

*highest values

Overview of Field Activities
Comprehensive mapping of the property took place over several phases between May to October 2019 using a team from SGDS Hive Consultants. A total of 110 samples were collected from vein and country rocks exposed at surface. The best results were found in chalcedonic quartz veins with dark sulphide bands, which have been defined as belonging to a ‘low sulphidation epithermal’ style deposit. Samples from the property returned grades of up to 9.5 grams per tonne (“g/t”) gold (“Au”) and 341 g/t silver (“Ag”) and were found at several locations across the property (click here to view maps displaying results from the 2019 exploration program).

A ground-based magnetic survey was also completed by DRM Exploration Services which covered the entirety of the Merit Property. This survey has been highly instructive and shows distinct corridors of low-magnetic responses that connect most of the target zones, suggesting a common fluid-delivery system and the potential for increased target sizes through future work.

Sullivan Ridge Zone
This area was the initial focus due to past discoveries that highlighted anomalous gold values across a dome-shaped hill. In 2019, 31 rock samples were collected at Sullivan Ridge and returned values from trace to 9.5 g/t Au and 341 g/t Ag (with 12 of the 31 samples being in excess of 0.5 g/t Au). The highest grading samples were collected from a series of 30-50 cm wide banded chalcedonic quartz veins on the crest of the hill, which were traced over an area of 700 metres (“m”) by 300 m. The system remains open to the southwest and to the northeast.

West Discovery Hill Zone
This area was first identified from historic work on the property, where anomalous soils and silts were encountered to the east, with the samples in this release being the first examples of quartz vein material recovered from the zone. A total of eight samples were collected comprised of chalcedonic banded quartz or altered country rock and ranged from trace to 2.39 g/t Au and 44.63 g/t Ag.

The West Discovery Hill Zone is located 1.4 kilometres west of the Sullivan Ridge Zone and occurs over a broad magnetic low, approximately 600 m by 400 m in size. Structurally this appears to be a discrete, parallel system to Sullivan Ridge. The zone has potential to continue along strike to the south and the north which will be tested in future exploration.

Central Zone
A total of 6 samples were collected from this area and returned values from trace to 6.71 g/t Au and 326 g/t Ag. Geologically the Central Zone is characterised by breccias and minor veins possibly associated with a fault or lithological change (the “Plateau Break”). They lay along a northwest to southeast striking geophysical feature and appear to crosscut and predate the other significant structures. It is believed that mineralizing fluids invaded ‘blow out’ zones where these features intersected thus forming a second style of mineralization on site. Further work in the future will determine the genesis and potential of this target.

South Zone
This South Zone was initially described in historic reports from a series of anomalous soils and silts. A total of 11 surface samples were collected from this site and returned grades from trace to 4.97 g/t Au. The samples consisted of chalcedonic quartz within an altered basalt, with the characteristic dark bands which appear to host the sulphides.

Southwest Target
The Southwest Target is a newly discovered area indicating early signs of exploration potential. Three samples were collected here, and results ranged from trace to 5.36 g/t Au and 26.59 g/t Ag. The samples are sourced from chalcedonic banded quartz and basalt country rock and are associated with a distinct magnetic low in the geophysical profile.

East Target
The East Target area was discovered when a quartz vein was found that returned a grade of 1.64 g/t Au from one sample. Further work is required to expand this target and determine its relevance in the overall structure of the Property.

Southeast Central Target
Four samples were collected from a group of quartz-calcite veins at the Southeast Central Target, with assays ranging from trace to 0.87 g/t Au. The occurrence appears to be placed within a confluence of the Richardson Creek structure and the Plateau Break between lithologies.

Future Exploration
Exploration results from the Merit Property have provided information of a much deeper level of understanding of the geology and the mineralizing potential. In the coming months, Independence will pursue relevant permits and community approvals to drill test several target zones in 2020.

About Independence
Independence Gold Corp. (TSX.V:IGO) is a mineral exploration company listed on the TSX Venture Exchange. The Company’s holdings range from early-stage grassroots exploration to advanced-stage resource expansion in British Columbia and Yukon. 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 & 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.sedar.com.  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.

For further information please contact Randy Turner at 604-687-3959 or [email protected]