Independence Gold’s flagship project is a low-sulfidation epithermal vein system about 16 km from Artemis Gold’s Blackwater mine in central British Columbia. The company also holds the Boulevard project in the Yukon, adjacent to Newmont’s Coffee deposit, and the Ootsa block within the same Nechako plateau land package. The conversation focused on the current 10,000 metre drill program at 3Ts, the path to a 1 million ounce resource, financing position, and the company’s exit-oriented business strategy.
TL;DR
CEO Randy Turner was explicit that the model is to drill, grow ounces, and sell, not build a mine. The 3Ts currently hosts roughly 765,000 gold-equivalent ounces (about three-quarters gold, split roughly evenly between indicated and inferred at around 4 to 4.3 g/t). The current 10,000 metre program is about 25 percent complete (2,500 metres across 16 holes), targeting the 1 million ounce threshold Turner believes puts the project on mid-tier acquirer radars. All-in drill cost is roughly C$400 per metre, total program cost about C$3.6 million, with a couple of million in hard dollars expected to remain after completion. First assays from step-out holes are expected within roughly a month. Newmont fully liquidated its position last year, which Turner identifies as the source of prior selling pressure. Insiders hold about 3.5 percent, with Turner the largest individual holder at around 10 million shares, all bought in the market.
What have they done for shareholders lately?
Independence updated the 3Ts MRE in late 2025, converting roughly half the prior inferred ounces into the indicated category. They also secured five-year exploration permits for both the 3Ts and Ootsa in January, allowing up to 275 drill stations at 3Ts and around 100 at Ootsa, which removes prior restrictions on road building and drill pad count. They discovered three new veins last season, with only two or three holes in each so far, and these are now incorporated into the resource model. The current 10,000 metre program is underway with 2,500 metres drilled across 16 holes in both known and new veins.
How much money do they have and what are they spending it on?
The last financing was C$750,000 at 10 to 12 cents in March, following a C$3.5 million raise in December 2024. The current drill program will cost approximately C$3.6 million at about C$400 per metre all-in (camp, gulches, fuel included). Turner expects to finish the program with a couple of million hard dollars plus some flow-through dollars remaining. Spending is concentrated on drilling, with a planned summer exploration program (trenching, mapping, geochem) on the southern land package added during the field season. Marketing budget is set at a minimum of C$100,000. Fuel cost inflation was flagged as a contingency already built into the per-metre number.
Upcoming catalysts
Technical: first assay results from the 16 holes drilled so far are expected within roughly a month. Ongoing assay flow through summer as the 10,000 metre program continues into late June or July. Drilling at Ootsa later in the program (untested at depth, potential copper-silver-gold system). First-ever drilling at the Dobby vein and up to ten other untested veins now accessible under the new permit. Summer trenching, mapping, and geochem program on the southern claims targeting airborne geophysics anomalies flown late last year. Operational: targeting a 1 million ounce gold-equivalent resource under the current program. Corporate: a PEA is being considered for late 2025 or early 2027, contingent on reaching the 1 million ounce threshold first. Turner acknowledged inbound interest in Boulevard but would not confirm specific discussions.
Risks
Assay lab queues are a real bottleneck given what Turner described as one of the busiest drilling seasons in BC history, which could delay news flow. Diesel cost inflation is rising. Forest fire risk in the Nechako plateau is recurring and shut operations down for six weeks last year. The 1 million ounce target is not guaranteed under this program and may require an additional season. The company will likely need to return to market before a PEA is commissioned. Artemis is unlikely to be a near-term acquirer while focused on bringing Blackwater into production, which removes the most logical strategic buyer from the table in the short term.
Independence Gold Interview
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