Golden Independence Announces Results from Ongoing Exploration at the Independence Project, Nevada

Golden Independence Announces Results from Ongoing Exploration at the Independence Project, Nevada

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company") is pleased to provide an update from ongoing exploration activities at the Company's Independence Oxide Heap Leach project (the "Project") which adjoins Nevada Gold Mines' Phoenix-Fortitude mining operations in the Battle Mountain-Cortez trend of Nevada.

Since tabling a PEA for near-surface heap-leach operation at the Project, the Company has been focused on improving the metrics of the project which yielded an after-tax NPV5% of US$45M and IRR of 22%. Specifically, exploration has been focused on delineating additional near-surface oxide resources to expand the open pit and reclassify waste with mineralized material. Both of the aforementioned would have the possibility to increase the production profile, extend the mine life, and improve project economics from a cost and valuation perspective (i.e., NPV and IRR).

Jeremy Poirier, CEO and Director of Golden Independence, commented "We continue to explore for opportunities to improve upon the December 2021 Preliminary Economic Assessment. The objective of the ongoing exploration program is to identify locations for potential follow-up drilling to expand the near-surface oxide resource. We are encouraged by the initial results from sampling within the proposed open-pit as it not only has the potential to increase the number of oxide ounces but these ounces would already be largely costed into the economics as they are currently classified as waste material, notwithstanding the potential for additional 'high-grade' feed."

The exploration program consists of surface sampling both within the current open-pit and to the east and west of the pit boundary, in addition to sampling of previously-unsampled drilling done by previous operators.

Surface Sampling

A total of 152 grab samples were taken, with 76, or half of the samples taken, returning values of 0.4 g/t gold or better, the assumed average grade from the PEA. Forty-five returned values in excess of 1 g/t gold, sixteen returned values in excess of 5 g/t gold, and eight returned values in excess of 10 g/t gold to a maximum of 43.9 g/t gold.

The sampling has loosely defined three target areas:

  • Central Hill - largely undrilled 200 metre in diameter area between the north and south pits
  • Structural zone - a probable linear structure along the eastern boundary of the south pit, some 500 metres in length
  • Rebel Zone - a loosely defined 300 metre long trend near the eastern boundary of the property

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/7273/116891_img_500.jpg

Figure 1. Independence Surface Sampling

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7273/116891_img.jpg

As clearly demonstrated in Figure 1, a number of the 0.4 g/t gold or better samples lie within the boundaries of the PEA pits, largely in the Central and South. The Company is very encouraged with the assay results as the sampling suggests the Company may find additional mineralization, and potentially additional ounces, within the PEA pit, thereby potentially enhancing the project economics.

Table1. Surface Sampling Highlights

Structural Zone Rebel Zone Central Zone
Sample g/t gold Sample g/t gold Sample g/t gold
I32 23.2 IDD16 43.9 RDI-26 7.72
I31 21.5 RDI-29 16.55 I35 6.97
RDI-15 13.75 RDI-30 14.45 I34 3.74
I3 11.4 IDD32 7.03 I33 2.66
I4 3.41 RDI-28 6.01 RDI-18 2.6
I10 3.13 IDD33 5.91 I50 2.54
I13 2.69 IDD18 1.4 I41 1.89
I5 2.35 IDD19 1.05 I40 1.575
I16 1.11 I48 1.305
I21 1.06 I38 1.085

 
The Company has a further 47 samples currently at ALS Elko awaiting analysis.

The Company cautions investors grab samples can be "selected" samples and may not necessarily be representative of mineralization on the property.

Core Resampling and Logging

The Company is also revisiting the seven deep core holes, drilled by previous operators in the southern portion of the claim block to evaluate the deep skarn, which forms the basis of the Company's Inferred Resource of 3.8 million tonnes grading 6.53 g/t gold (796,200 ounces of gold) which ranges in depth from 2800 to 2900 feet (850 to 880 metres). Only one of the seven holes was sampled through the top section (0 to 500 feet) of these holes, while the near surface potential of the remaining holes in unknown.

The core has been stored on site and the Company plans to relog and sample the upper +500 feet of the holes.

The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC), a Director and President of Golden Independence Mining Corp. and a Qualified Person under National Instrument 43-101.

About Golden Independence Mining Corp.

Golden Independence Mining Corp. is a development company currently focused on the advanced-stage Independence project located adjacent to Nevada Gold Mine's Phoenix-Fortitude mine in the Battle Mountain-Cortez Trend of Nevada. The Independence project hosts an M&I resource of 334,300 ounces of gold and an Inferred resource of 847,000 ounces of gold with a substantial silver credit. A 2021 Preliminary Economic Assessment (PEA) outlined a low-cost heap leach operation focusing on the near-surface resource with total production of 195,443 ounces of gold at an all-in sustaining cost of US$1,078 per ounce of gold.

FOR FURTHER INFORMATION PLEASE CONTACT:

Jeremy Poirier, Chief Executive Officer
Telephone: 1.604.722.9842 Email: info@goldenindependence.co

Cautionary Statements Regarding Forward Looking Information

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.

Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things, the timing of the permitting of the Project, the completion and timeline for the submission of an engineering study to the BLM, the potential for development of the Project and the potential attractiveness of the Project to a strategic partner. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the Independence project is developed. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the occurrence of unexpected financial obligations, fluctuations in the price of gold or certain other commodities; fluctuations in the currency markets; changes in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); the presence of laws and regulations that may impose restrictions on mining and employee relations. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116891

News Provided by Newsfile via QuoteMedia

IGLD:CNX
The Conversation (0)
Golden Independence Provides Independence Project Update

Golden Independence Provides Independence Project Update

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company" or "Golden Independence") is pleased to provide an update on ongoing permitting and project-related activities at it's Independence heap-leach development project in Nevada.NDEP approval for geochemical... Keep Reading...
Golden Independence Announces Appointment to Board of Directors

Golden Independence Announces Appointment to Board of Directors

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company" or "Golden Independence") is pleased to announce that Jordan Carroll has been appointed to the Board of Directors of the Company.Mr. Carroll is a certified electrician and has extensive experience in mining... Keep Reading...
Golden Independence Announces Change to Board of Directors

Golden Independence Announces Change to Board of Directors

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company" or "Golden Independence") is pleased to announce that Ben Hinkle has been appointed to the Board of Directors of the Company."We are excited to welcome Ben to the Board," commented Jeremy Poirier, Interim Chief... Keep Reading...
Golden Independence Acquires Fraser Lake Copper Porphyry Project

Golden Independence Acquires Fraser Lake Copper Porphyry Project

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company" or "Golden Independence") announces the acquisition by staking of the Fraser Lake copper project located in the Quesnel Trough of Central British Columbia. The project is comprised of three claim blocks... Keep Reading...
Golden Independence Announces Update on Permitting for the Independence Oxide Heap Leach Project, Nevada

Golden Independence Announces Update on Permitting for the Independence Oxide Heap Leach Project, Nevada

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FRA:6NN) (the "Company") is pleased to announce an update on the ongoing permitting activities for the Company's Independence Oxide Heap Leach project (the "Project") which adjoins Nevada Gold Mines' Phoenix-Fortitude mining operations... Keep Reading...
Gold and silver bars on a scale with green upward arrow and "Weekly Editor's Picks" text.

Editor's Picks: Historic Week — Gold Breaks US$4,000, Silver Takes Out All-time High

It's been yet another historic week for gold, as well as silver.Gold broke through US$4,000 per ounce midway through the period, entering never-before-seen territory as the US government shutdown continued into a second week.Silver's milestone was perhaps even more impressive. The white metal... Keep Reading...
Gold bars stacked with financial chart background.

OPINION — Past is Prologue: Why the Next Decade Could Belong to Gold and the Miners

This opinion piece was submitted to the Investing News Network (INN) by John Newell who is an external contributor. INN believes it may be of interest to readers and has copy edited the material to ensure adherence to the company’s style guide; however, INN does not guarantee the accuracy or... Keep Reading...
Scales of justice, gavel, and law books on a desk.

Tudor Gold Sues BC, Seabridge Over Tunnel Rights in Golden Triangle

An ongoing land-use dispute in British Columbia’s mineral-rich Golden Triangle has escalated into a full-blown legal battle as Tudor Gold (TSXV:TUD,OTC Pink:TDRRF)takes the province and rival Seabridge Gold (TSX:SEA,NYSE:SA) to court over tunneling rights linked to one of Canada’s largest... Keep Reading...
Two 3D arrows, one black and one gold, merge and point upward on a white background.

Predictive Discovery and Robex to Merge, Combining West African Gold Projects

Australia-based Predictive Discovery (ASX:PDI) and Canadian company Robex Resources (ASX:RXR,TSXV:RBX,OTC Pink:RSRBF) have agreed on a merger of equals, creating West Africa’s new mid-tier gold producer.In a joint announcement, the companies said that Predictive Discovery will indirectly acquire... Keep Reading...
Gold bars and silver coins scattered on a surface.

Gold Price Breaches US$4,000, Silver Tests US$50

Gold marked a new price milestone on Wednesday (October 8), breaking US$4,000 per ounce. The spot price hit a fresh record, rising as high as US$4,056.14 in midday trading. Future prices for gold breached US$4,000 for the first time on Tuesday (October 7) and have continued to climb higher.The... Keep Reading...
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has... Keep Reading...

Latest Press Releases

Related News