Golden Independence Mining Corp. is pleased to announce the next series of drill results from its recently completed 2020 resource expansion drill program at the Independence project, south of Battle Mountain, Nevada. Results from these four reverse circulation holes include: 9.11 gt gold and 25.2 gt silver over 80 feet including 12.06 gt gold and 30.7 gt silver over 60 feet including 23.16 gt gold and 49.8 gt ...

Golden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company") is pleased to announce the next series of drill results from its recently completed 2020 resource expansion drill program at the Independence project, south of Battle Mountain, Nevada. Results from these four reverse circulation (RC) holes include:

  • 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)
  • 0.92 g/t gold and 18.5 g/t silver over 115 feet (35.1 metres)
    • including 1.78 g/t gold and 30.7 g/t silver over 50 feet (15.2 metres)
  • 0.52 g/t gold and 9.8 g/t silver over 185 feet (56.4 metres)
    • including 1.24 g/t gold and 24.2 g/t silver over 15 feet (4.6 metres)
  • 0.65 g/t gold and 17.5 g/t silver over 40 feet (12.2 metres)

"These four holes are the first in a series testing the main oxide historic resource zone to depth," commented Golden Independence President Tim Henneberry. "This main area was historically mined for gold veins so higher grade intervals within the oxide zone, while not unexpected, are a nice bonus as we expand the Independence Project's mineralized foot print in advance of the upcoming H1 resource estimate," he concluded.

"Hole AGEI-32 returned 85 feet grading 0.52 g/t Au and 4.6 g/t Ag within the known mineralized zone of the Independence Project and also returned 80 feet grading 9.11 g/t Au and 25.2 g/t Ag outside of the known mineralized zone," noted Golden Independence CEO Christos Doulis. "These results support our model that higher grade areas within the oxide zone are the result of vertical fracture structures linked to the deeper sulfide mineralization and reinforce our belief that results from our recent drill program will significantly expand and increase the historic oxide resource at the Independence Project," he continued.

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Figure 1

To view an enhanced version of this graphic, please visit:
https://goldenindependence.co/docs/GI-2020_DrillMap_AGEI_27-29-32-34.pdf

Table 1. 2020 Reverse Circulation Drill Results

Hole ft from ft to ft length m length g/t gold g/t silver
AGEI-27 315 430 115 35.1 0.92 18.5
  including 320 370 50 15.2 1.78 30.7
AGEI-29 330 515 185 56.4 0.52 9.8
  including 330 345 15 4.6 1.24 24.2
  and 410 495 85 25.9 0.69 11.0
AGEI-32 195 280 85 25.9 0.52 4.6
  and 430 510 80 24.4 9.11 25.2
  including 430 490 60 18.3 12.06 30.7
  including 440 470 30 9.1 23.16 49.8
AGEI-34 0 40 40 12.2 0.65 17.5
   and 150 200 50 15.2 0.30 8.9

 

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

The drill chip logs for the 440 foot to 470 foot interval in AGEI-32 was described as a well developed zone of gossan within the chert. Iron oxide was found as staining and fracture filling. Remnant sulfides and orange limonite cavities were also noted along with one mm size chunk of massive pyrite. Arsenopyrite and bornite were also noted in the chips and were reflected in over limit arsenic and elevated copper in the multi-element analyses. Only some secondary quartz was noted. The gold and silver values for the continuous 5 foot intervals from 430 feet to 510 feet can be found at the following link:

https://goldenindependence.co/docs/2021-Mar-17%20AGEI-32_Interval.pdf

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Figure 2

To view an enhanced version of this graphic, please visit:
https://goldenindependence.co/docs/CrossSection_AGEI-32.pdf

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Figure 3

To view an enhanced version of this graphic, please visit:
https://goldenindependence.co/docs/CrossSection_AGEI-27-29.pdf

Quality assurance

All samples were shipped to the ALS Minerals prep lab in Elko, Nevada with analyses completed at the ALS Minerals Lab in Reno, Nevada. Both facilities are ISO 9001:2015 and ISO/IEC 17025:2017 certified. All samples are 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. ALS Minerals is independent from Golden Independence. Golden Independence institutes a rigorous QA/QC program of duplicate samples, blanks and standards. Based on a review of the QA/QC data is not aware of any other factors that could materially affect the accuracy or reliability of the data referred to herein.

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 Gold Property located in the Battle Mountain-Cortez Trend, Nevada and the Champ precious metal property near Castlegar, British Columbia. The Independence Gold 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/77358

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