Let $R$ be a commutative ring with unity and let $I$ be a proper ideal. (I'm not assuming $R$ is Noetherian.) For every $M \in R$-Mod, let $\Gamma_I(M):=\{m \in M : I^n m=0$ for some $n\ge 1\}$.
If $f \in \mathrm{Hom}_R (M,N)$, it can be seen that $f(\Gamma_I(M)) \subseteq \Gamma_I(N)$, giving us a map $\Gamma_I (f):=f|_{\Gamma_I(M)} \in \mathrm{Hom}_R (\Gamma_I(M) , \Gamma_I(N))$. Thus we have a co-variant functor $\Gamma_I : R$-Mod $\to R$-Mod. It can be shown that $\Gamma_I$ is additive, and left exact. So we can consider its right derived functors $R^i\Gamma_I$.
How to show that $R^i\Gamma_I$ is naturally isomorphic to $\varinjlim \mathrm{Ext}^i_R(R/I^n,-)$ ?
[Note that $R^i \mathrm{Hom}_R(R/I^n,-)$ is $\mathrm{Ext}^i_R(R/I^n,-)$]
Relevant related questions:
On the natural isomorphism between $I$-torsion functor and direct limit of $\mathrm{Hom}$ functor
Let $G:A\to B, F:B\to C$ be additive functors between abelian categories and assume $G$ is left exact, $F$ is exact, and $A$ has anough injectives so we may define $R^iG$ and $R^i(F\circ G)$.
Then $R^i(F\circ G)$ is naturally isomorphic to $F\circ R^iG$ for all $i$, and as you pointed out in the comments, from this and one of the links you posted + the fact that directed colimits are exact in categories of $R$-modules, the claim immediately follows.
But this natural isomorphism is really easy : it simply comes from the fact that $F$ being exact implies that it commutes with cohomology.
Indeed let $x\in A$ and let $x\to I^\bullet$ be an injective resolution. Then $R^iG(x) = H^i(G(I^\bullet))$ by definition, and $R^i(F\circ G)(x) = H^i(F\circ G(I^\bullet))$.
$F$ being exact, if $C^\bullet$ is any cochain complex, $H^i(F(C^\bullet)) = F(H^i(C^\bullet))$. With $C^\bullet = G(I^\bullet)$ you get $R^i(F\circ G)(x) = FH^i( G(I^\bullet))=FR^iG(x)$ (those equals should really be canonical isomorphisms), hence $R^i(F\circ G) = F\circ R^iG$
Note : this may already have appeared somewhere on the site so I don't know if it's a duplicate, I don't have time to look it up right now