Golden Independence Expands Drill Program
Vancouver, November 23, 2020 - Golden Independence (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the "Company") is pleased to announce it has expanded and extended the 2020 drill program at the Company's flagship Independence project located adjacent to Nevada Gold Mines’ Phoenix-Fortitude mining operations in the Battle Mountain-Cortez trend of Nevada.
The current program is being expanded to approximately 18,000 feet, to be comprised of 20 - 22 reverse circulation drill holes and 3 - 5 diamond core holes. This represents a significant increase from the initial 12,000-foot drill program, announced on October 6th, 2020, of 14 reverse circulation and 3 diamond core holes. The program expansion resulted from the alteration and mineralization noted by the technical team in the drill chips combined with costs coming in 40% under budget due to tight control. Drill chips from the 16 reverse-circulation holes completed to date are awaiting processing and analysis at the ALS Minerals lab in Elko.
"The experienced drilling crew and favorable drilling conditions at Independence have kept costs around 40% under budget to date, allowing the significant program expansion," commented CEO Tim Henneberry. "The additional 4 to 8 RC and core holes will both target extension of the known mineralization to the north and provide further material for the metallurgical work required to initiate the Independence permitting process. These new holes will also increase the drill database for the Q1/2021 resource update and further assist with our environmental permit application submittal in H2/2021."
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. 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. Nevada Gold Mines is a joint venture owned 61.5% by Barrick Gold Corp. and 38.5% by Newmont Corp..
FOR FURTHER INFORMATION PLEASE CONTACT:
R. Tim Henneberry, Chief Executive Officer
Telephone:
1-833-700-IGLD (4453)
Email: t.henneberry@goldenindependence.co
www.goldenindependence.co
Forward Looking Information
This press release contains forward-looking information (within the meaning of applicable Canadian securities legislation) that involves various risks and uncertainties regarding future events. Such forward-looking information includes statements based on current expectations involving a number of risks and uncertainties and such forward-looking statements are not guarantees of future performance of the Company, and include, without limitation, statements relating to plans and results of exploration and the magnitude and quality of the Independence Property, the Company's near term exploration plans and the preparation of an updated mineral resource statement for the Independence Property. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information in this news release, including without limitation, the following risks and uncertainties; (i) risks inherent in the mining industry; (ii) regulatory and environmental risks; (iii) results of exploration activities and development of mineral properties and the risk that such results cause the Company to elect to terminate the Option Agreement; (iv) risks relating to the estimation of mineral resources; (v) stock market volatility and capital market fluctuations; and (vi) general market and industry conditions. Actual results and future events could differ materially from those anticipated in such information. This forward-looking information is based on estimates and opinions of management on the date hereof and is expressly qualified by this notice. Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes no obligation to update any forward-looking information or to update the reasons why actual results could differ from such information unless required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68723