Independence Gold increases resource estimates for 3Ts project

Independence Gold (CVE:IGO) has announced on Friday that an increased NI 43-101-compliant resource estimate for three mineralized veins on its 100 percent-owned 3Ts project in British Columbia.

Using a 1 gram per tonne gold (g/t) gold grade cut off, the total inferred resource for the Tommy, Ted and Mint veins is 3,614,072 tonnes grading 3.39 g/t gold and 85.15 g/t silver for 394,383 contained ounces of gold and 9,894,835 contained ounces of silver.

The updated inferred resource estimates represent a “significant increase” from the historic NI 43-101 compliant inferred resource estimates at the 3Ts project, the company said.

The increase is due to utilizing a lower cutoff grade, and incorporating the results of additional diamond drilling on the property.

The 3Ts project itself is located approximately 120 kilometres southwest of Vanderhoof and consists of twelve mineral claims covering approximately 4,583 hectares in the Nechako Plateau region of central British Columbia.

Independence Gold’s project covers an epithermal quartz-carbonate vein system within which more than a dozen individual mineralized veins, ranging up to 650 metres in strike length and up to 20 metres in true width, have been identified.

Well-mineralized vein float boulders at the Ringer Target area and in other parts of the property indicate potential to discover new mineralized veins within the 3Ts project area, the company added.

The 3Ts mineral resource estimates are based on a database of 176 drill holes – 32,773 metres – with 3,278 assay values collected through 2011.

Shares of the company gained more than 11 percent Friday, to trade at 34.5 cents as of 12:28pm ET. – BullionStreet

Tags: Gold, Gold mining, Gold mining companies, Gold mining industry, Independence Gold

Posted by admin on Jan 23 2012. Filed under Gold mining. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry