Independence Gold Intersects 11.50 Metres Grading 8.82 g/t Gold and 78.26 g/t Silver from the Tommy Vein System at the 3Ts Project, BC

Vancouver, British Columbia--(Newsfile Corp. - May 24, 2023) - Independence Gold Corp. (TSXV: IGO) (OTCQB: IEGCF) (the "Company" or "Independence") is pleased to announce additional assay results from its recently completed 4,000 metre ("m") winter drill program at its 100% owned 3Ts Project, located approximately 185 kilometres ("km") southwest of Prince George, British Columbia and situated 16 km southwest of Artemis Gold Inc.'s Blackwater Project.

The winter drill program was designed to focus on testing the northern and southern extensions of the Tommy vein system, as well as infill drilling of significant gaps within the 2022 resource model of the Tommy and Ted-Mint vein systems which were highlighted in the 2022 resource model. The combined in-pit and underground components of the Tommy and Ted-Mint vein systems contain a total inferred resource estimate of 4,469,297 tonnes grading 3.64 grams per tonne ("g/t") gold and 96.26 g/t silver, at a cut-off grade of 0.4 g/t gold equivalent ("AuEq") in-pit and 2.0 g/t AuEq underground, containing 522,330 ounces of gold and 13,831,415 ounces of silver (see news release August 18^th, 2022).

Drill hole 3TS-23-12 targeted the central section of the Tommy vein system within the known 1,075m strike length, and within the pit shell modelled by SGS Geological Services ("SGS"). Hole 3TS-23-15 was designed to target the southern extension of the Tommy vein system and is the most southernly mineralized hole drilled to date. The Tommy vein system remains open along strike and at depth.

Please refer to the website for a map showing the veins and drill hole locations.

 
     *the true widths of the veins are approximately 85% of the reported interval width
     ** AuEq assumes Au $1,975 USD/Oz, Ag $23.50 $USD/Oz and utilizes formula AuEq = (Ag(g/t)*($Ag/$Au))+Au(g/t)

Hole 3TS-23-12 also exhibited a series of narrow breccia pipes that contained base metal mineralization including disseminated chalcopyrite, sphalerite and galena. Between 76.5m and 77.0m, values of 1,585 parts per million ("ppm") copper, 216 ppm lead and 762 ppm zinc were reported. It's postulated that these breccia pipes are sourced several hundred metres from below the surface. This geology, in conjunction with the chargeability anomaly at depth, could indicate a porphyry source for these fluids.

Update on the Current Drill Program
The drill program commenced at the 3Ts Project on March 7^th, 2023, and was completed during mid-May, with a total of 4,000m of drill core recovered from 33 drill holes. Results are being released as they arrive from the lab and may be out of sequential order due to varying submission dates after logging and sample preparation times.

All drill holes completed to date have been sent to SGS in Vancouver for sample preparation and analysis. Robotic sample preparation is used to ensure reproducibility; samples are pulverized to greater than 85% passing 75 microns. All samples are submitted for four acid digest with an ICP finish. Gold grades are obtained by fire assay with AAS finish. Samples which return greater than 10 ppm gold and 100 ppm silver are resubmitted for fire assay with a gravimetric finish.

The 3Ts Project is comprised of fifteen mineral claims covering approximately 5,200 hectares in the Nechako Plateau region of central British Columbia. The 3Ts Project covers a low-sulphidation epithermal quartz- carbonate vein district within which more than a dozen individual mineralized veins, ranging from 50 m to more than 1,075 m strike length and true widths up to 25m, have been identified.

About Independence
Independence Gold Corp. is a mineral exploration company with holdings ranging from early-stage grassroots exploration to advanced-stage resource expansion in British Columbia and Yukon. The Company is positioned to add shareholder value through systematic project advancement, while management continues to evaluate additional gold and silver projects for possible acquisition. For additional information, visit the Company's website www.ingold.ca.

Andy Randell, P.Geo., the Company's Qualified Person as defined by National Instrument 43-101, has reviewed the technical information in this news release.

ON BEHALF OF THE BOARD OF INDEPENDENCE GOLD CORP.

"Randy Turner"

Randy Turner, President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Independence within the meaning of applicable securities laws, including statements with respect to the Company's planned drilling and exploration activities. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in Independence's public filings under Independence Gold Corp.'s SEDAR profile at www.sedar.com. Although Independence has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Independence disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/167248