Precious Metals

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company") is pleased to announce the Phase II reverse circulation (RC) drill program has commenced at the Independence project, south of Battle Mountain, Nevada. This program will focus on expanding the near surface high-grade oxide mineralization discovered in hole AGEI-32 and in delineating additional resources in the relatively sparsely drilled northern portion of the Independence project, following up on the significant results from the Phase I program, including:

  • Hole AGEI-32 - 9.11 g/t gold and 25.2 g/t silver over 80 feet (24.4 metres)
    • including 12.06 g/t gold and 30.7 g/t silver over 60 feet (18.3 metres)
    • including 23.16 g/t gold and 49.8 g/t silver over 30 feet (9.1 metres)
  • Hole AGEI-47 - 0.50 g/t gold and 3.5 g/t silver over 530 feet (161.5 metres)
    • including 1.05 g/t gold and 3.5 g/t silver over 160 feet (48.8 metres)

All assay results are drill widths not true widths, which is undetermined at this time.

"The Phase I drill program met with considerable success, confirming the potential of the intrusive as a significant gold host," commented Golden Independence President Tim Henneberry. "The high-grade intercept in hole AGEI-32 also confirms the potential of the main oxide zone to host higher grade vein zones within the chert host," he continued. "These two targets will be the primary focus of this program along with expansion of the main oxide zone to depth to the west," he concluded.

"While Golden Independence anticipates the receipt of a maiden NI 43-101 compliant resource for the Independence project in the near future, we believe the potential to continue expanding the resource at Independence is strong," stated Golden Independence CEO Christos Doulis. "Delineation of additional near surface high-grade material, such as that encountered in hole AGEI-32, as well as large amounts of lower grade mineralized material in the northern intrusive could significantly increase a future resource update anticipated in late 2021 or early 2022," he continued.

The Phase II program will consist of approximately 8,000 feet of RC drilling in 10 to 15 holes. All samples will again be sent to the ALS Minerals prep lab in Elko, for final analysis at the ALS minerals lab in Reno. Both facilities are ISO 9001:2015 and ISO/IEC 17025:2017 certified. All samples will be analyzed utilizing ALS ME-ICP41 procedure, an aqua regia digestion with ICP-AES finish, with gold determined by the Au-AA23 procedure, a 30-gram fire assay with AAS finish. Golden Independence will continue with its rigorous QA/QC program of duplicate samples, blanks and standards.

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Figure 1

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7273/81929_cbe91dadf4e1c9a9_001full.jpg

or

https://goldenindependence.co/docs/GI-2020-Drill-Map_Phase2.pdf.

Quality assurance

R. Tim Henneberry, PGeo (British Columbia), President and Director of Golden Independence Mining Corp., is the qualified person who has reviewed and approved the technical content of this news release on behalf of the company.

About Golden Independence Mining Corp.

Golden Independence Mining Corp. is an exploration company currently focused on exploring the advanced-stage Independence property located in the Battle Mountain-Cortez Trend, Nevada and the Champ precious metal property near Castlegar, British Columbia. The Independence property benefits from over US$25 million in past exploration, including over 200 holes drilled, and is located adjacent to Nevada Gold Mines' Phoenix-Fortitude mining operations in the Battle Mountain-Cortez trend of Nevada.

FOR FURTHER INFORMATION PLEASE CONTACT:

Christos Doulis, Chief Executive Officer
Telephone: 1.647.924.1083 Email: christos@goldenindependence.co

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/81929

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