Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce the first tranche of reverse
circulation (“RC”) drill results from the 2022 winter program in
the Rangefront Focus Area (“RFA”) at the Black Pine oxide gold
deposit in southern Idaho (“Black Pine”). The winter program in the
RFA focused on both step-out and resource definition drilling. An
additional 23 RFA drill holes are pending.
Today’s drill results further define and expand
the higher-grade core zone within the RFA to an area of
approximately 500 meters (“m”) by 1 kilometer (“km”) with
high-grade drill intercepts ranging from 20 to 115 m in length. The
mineralization trends shallower as drilling expands the footprint
east toward the current Rangefront resource pits and to the north
towards the historic heap leach pad. The lower-grade mineralized
envelope surrounding the high-grade core is also closer to surface.
This should have a positive impact on strip ratio in a future
mining scenario.
Resource definition drilling exceeded
expectations in delivering additional high-grade oxide gold
intercepts at shallow depths and confirmed multiple zones of
greater than 100 m intercepts of continuous mineralization. Today’s
results from step-out drilling suggest that gold mineralization is
open to the north and west. Results are pending from step-out
drilling to the northeast. Additionally, shallow historic drilling
indicates that mineralization is open to the east, where an
expansion to the Plan of Operations is underway to facilitate
access for drilling later in the year.
Cal Everett, President and CEO for
Liberty Gold stated, “Favourable weather conditions and a
mild winter season at Black Pine led to an efficient drill campaign
through the early part of the year, with 12,400 m drilled in 42
holes in the RFA in January and February. Drill results continue to
encounter multiple thick intercepts of oxide gold in virtually
every hole as we increase our confidence and extend the size of
this new discovery. RFA mineralization also continues to migrate
closer to surface as the high-grade core zone extends to the east
and to the north. On completion of the recent C$30M financing,
Liberty has a strong treasury to support our exploration and
development efforts on both Black Pine and Goldstrike. Four drills
are currently operating split between the two deposits.”
For a map and a cross sections of the RFA, please click here:
https://libertygold.ca/images/news/2022/April/BlackPine_NR04122022MapSection.pdf
For a full table of results for this release, please click here:
https://libertygold.ca/images/news/2022/April/BlackPine_NR04122022CurrentAssays.pdf
RANGEFRONT FOCUS AREA HIGHLIGHTS:
-
Winter drilling in the RFA focused on resource definition in the
central part of the zone and step-out drilling, particularly to the
northwest and northeast.
- Drill results exceeded expectations in delivering additional
high-grade oxide gold intercepts at relatively shallow depths and
multiple +100 m intercepts of continuous mineralization.
- The core zone within the RFA now encompasses an area of
approximately 500 m x 1 km.
- The core zone has been extended to the east, as evidenced by
LBP554 which delivered a long interval of high-grade gold
mineralization starting from a projected depth of 80 m.
- LBP565 continued to expand the core zone to the north towards
the historic heap leach pad, with mineralization starting at a
projected depth of 40 m.
- LBP539 (18.3 m grading 1.53 grams per tonne gold (“g/t Au”))
and LBP557 (16.8 m grading 1.34 g/t Au) extend high-grade
mineralization in a north-westerly direction, with mineralization
open to the west and northwest
- Results are pending in a north-easterly direction. An amendment
to the Plan of Operations is pending to allow further access in
this direction, as well as along the eastern edge of the RFA where
historic shallow drill holes bottom in mineralization.
- Assay results for a further 23 holes within the RFA drilled in
Q1-2022 are pending.
- Drilling continues at Black Pine with 2 drills currently
focused on a new area between the historic Tallman and CD
pits.
RANGEFRONT FOCUS AREA
HIGHLIGHT TABLE1
Hole ID (Az, Dip)(degrees) |
From(m) |
To(m) |
Intercept(m) |
Au(g/t) |
Cut-offAu (g/t) |
HoleLength(m) |
Target |
Comments |
|
|
|
|
|
|
|
|
|
LBP531A (0, -55) |
161.5 |
179.8 |
18.3 |
0.24 |
0.15 |
335.3 |
Rangefront |
Resource Definition |
including |
164.6 |
176.8 |
12.2 |
0.28 |
0.20 |
and |
187.5 |
211.8 |
24.4 |
0.28 |
0.15 |
including |
193.5 |
208.8 |
15.2 |
0.34 |
0.20 |
and |
224.0 |
248.4 |
24.4 |
0.55 |
0.15 |
including |
224.0 |
242.3 |
18.3 |
0.68 |
0.20 |
and including |
224.0 |
228.6 |
4.6 |
1.39 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP532 (270, -50) |
167.6 |
185.9 |
18.3 |
0.20 |
0.15 |
306.3 |
Rangefront |
Resource Definition |
and |
227.1 |
257.6 |
30.5 |
0.66 |
0.15 |
including |
228.6 |
249.9 |
21.3 |
0.86 |
0.20 |
and including |
240.8 |
246.9 |
6.1 |
2.06 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP536 (180, -70) |
83.8 |
94.5 |
10.7 |
0.35 |
0.15 |
300.2 |
Rangefront Central |
Resource Definition |
and |
102.1 |
111.3 |
9.1 |
0.38 |
and |
190.5 |
217.9 |
27.4 |
0.65 |
including |
190.5 |
202.7 |
12.2 |
0.94 |
0.20 |
and including |
190.5 |
199.6 |
9.1 |
1.15 |
1.00 |
including |
208.8 |
216.4 |
7.6 |
0.69 |
0.20 |
and including |
211.8 |
213.4 |
1.5 |
1.12 |
1.00 |
and |
251.5 |
266.7 |
15.2 |
0.39 |
0.15 |
|
|
|
|
|
|
|
|
|
LBP539 (310, -50) |
217.9 |
257.6 |
39.6 |
0.28 |
0.15 |
385.6 |
Rangefront Central |
Step-Out |
including |
228.6 |
257.6 |
29.0 |
0.33 |
0.20 |
and |
326.1 |
344.4 |
18.3 |
1.53 |
0.20 |
including |
327.7 |
339.9 |
12.2 |
2.06 |
1.00 |
Hole ID (Az, Dip)(degrees) |
From(m) |
To(m) |
Intercept(m) |
Au(g/t) |
Cut-offAu (g/t) |
HoleLength(m) |
Target |
Comments |
|
|
|
|
|
|
|
|
|
LBP540 (315, -55) |
83.8 |
109.7 |
25.9 |
0.21 |
0.15 |
336.8 |
Rangefront North |
Resource Definition |
and |
150.9 |
169.2 |
18.3 |
0.23 |
0.15 |
and |
187.5 |
292.6 |
105.2 |
0.38 |
0.15 |
including |
205.7 |
266.7 |
61.0 |
0.51 |
0.20 |
and including |
239.3 |
246.9 |
7.6 |
1.18 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP543 (340, -90) |
68.6 |
80.8 |
12.2 |
0.29 |
0.15 |
396.2 |
Rangefront Central |
Resource Definition |
including |
74.7 |
80.8 |
6.1 |
0.39 |
0.20 |
and |
150.9 |
192.0 |
41.1 |
0.30 |
0.15 |
including |
161.5 |
189.0 |
27.4 |
0.36 |
0.20 |
and |
263.7 |
288.0 |
24.4 |
0.56 |
0.15 |
including |
263.7 |
283.5 |
19.8 |
0.65 |
0.20 |
and including |
265.2 |
269.7 |
4.6 |
1.71 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP551 (50, -80) |
149.4 |
201.2 |
51.8 |
0.25 |
0.15 |
361.2 |
Rangefront Central |
Resource Definition |
and |
228.6 |
243.8 |
15.2 |
0.39 |
0.15 |
and |
278.9 |
292.6 |
13.7 |
0.25 |
0.15 |
|
|
|
|
|
|
|
|
|
LBP552 (0, -80) |
39.6 |
57.9 |
18.3 |
0.25 |
0.15 |
300.2 |
Rangefront Central |
Resource Definition |
and |
91.4 |
96.0 |
4.6 |
0.46 |
0.20 |
and |
111.3 |
115.8 |
4.6 |
0.52 |
0.15 |
including |
111.3 |
114.3 |
3.0 |
0.70 |
0.20 |
and |
129.5 |
137.2 |
7.6 |
0.34 |
0.15 |
including |
129.5 |
132.6 |
3.0 |
0.57 |
0.20 |
and |
161.5 |
198.1 |
36.6 |
0.30 |
and |
237.7 |
248.4 |
10.7 |
0.49 |
0.15 |
including |
239.3 |
246.9 |
7.6 |
0.61 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP554 (170, -45) |
128.0 |
137.2 |
9.1 |
0.84 |
0.20 |
294.1 |
Rangefront Central |
Resource Definition |
including |
134.1 |
135.6 |
1.5 |
1.39 |
1.00 |
and |
144.8 |
199.6 |
54.9 |
1.49 |
0.15 |
including |
144.8 |
192.0 |
47.2 |
1.71 |
0.20 |
and including |
147.8 |
160.0 |
12.2 |
3.99 |
1.00 |
and including |
150.9 |
152.4 |
1.5 |
5.41 |
5.00 |
and including |
155.4 |
157.0 |
1.5 |
5.17 |
and including |
166.1 |
175.3 |
9.1 |
1.83 |
1.00 |
and |
219.5 |
248.4 |
29.0 |
0.35 |
0.15 |
|
|
|
|
|
|
|
|
|
LBP557 (225, -68) |
160.0 |
170.7 |
10.7 |
0.32 |
0.20 |
281.9 |
Rangefront Northwest |
Step-Out |
and |
214.9 |
231.6 |
16.8 |
1.34 |
including |
214.9 |
227.1 |
12.2 |
1.59 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP565 (45, -45) |
51.8 |
62.5 |
10.7 |
0.39 |
0.20 |
294.1 |
Rangefront North |
Step-Out |
and |
80.8 |
196.6 |
115.8 |
0.34 |
0.15 |
including |
131.1 |
196.6 |
65.5 |
0.41 |
0.20 |
and including |
138.7 |
140.2 |
1.5 |
1.72 |
1.00 |
and including |
193.5 |
195.1 |
1.5 |
1.07 |
and |
228.6 |
246.9 |
18.3 |
0.35 |
0.15 |
Hole ID (Az, Dip)(degrees) |
From(m) |
To(m) |
Intercept(m) |
Au(g/t) |
Cut-offAu (g/t) |
HoleLength(m) |
Target |
Comments |
|
|
|
|
|
|
|
|
|
LBP567 (340, -60) |
41.1 |
48.8 |
7.6 |
0.54 |
0.20 |
221.0 |
Rangefront |
Resource Definition |
and |
54.9 |
140.2 |
85.3 |
0.30 |
0.15 |
including |
56.4 |
64.0 |
7.6 |
0.47 |
0.20 |
and |
158.5 |
178.3 |
19.8 |
0.31 |
0.15 |
including |
161.5 |
172.2 |
10.7 |
0.43 |
0.20 |
and including |
166.1 |
167.6 |
1.5 |
1.21 |
1.00 |
1Liberty Gold has changed the reporting cut-offs
to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs
used by most operating oxide heap-leach mines in the Great Basin.
The 0.15 g/t Au cut off is not shown in the table if it is
identical to the corresponding interval using a 0.2 g/t Au
cut-off. Downhole thickness are reported herein; true
width varies depending on drill hole dip, but generally ranges from
60% to 80% of true thickness. Gold grades are reported uncapped
Some oxide intervals report reduced cyanide solubility; a full
investigation is underway. For a full table of results for the 19
new holes in this release, please see the link above.
2022 WORK PROGRAMThe 2022
exploration program at Black Pine commenced in January, with three
RC and one core rig active. Drilling through to the end of February
focused on the lower-elevation RFA and M Zone with the goal to
continue resource expansion and confirmation, with the core drill
focused on metallurgical testing. On March 1, two drills were moved
to Goldstrike to commence engineering, resource upgrade and
metallurgical drilling, while two drills remain at Black Pine to
focus on step-out drilling and new target testing.
Liberty Gold plans to aggressively advance Black
Pine in 2022 with drilling, initial engineering and permitting
programs and further de-risking activities, with the goal to
provide an updated resource estimate and Preliminary Economic
Assessment in the second half of 2022, subject to further positive
drill results.
ABOUT BLACK PINEBlack Pine is
located in the northern Great Basin, immediately adjacent to the
Utah/Idaho border. It is a Carlin-style gold system, similar in
many ways to the prolific deposits located along Nevada’s Carlin
trend. Like Nevada Gold Mines’ Long Canyon deposit, Black
Pine represents a growing number of Carlin-style gold systems
located off the main Carlin and Cortez trends in underexplored
parts of the Great Basin. The historic Black Pine Mine operated
from 1992 to 1997, during a period of historically low gold prices,
with 435,000 ounces of gold produced from five composite, shallow
pits, with an average head grade of 0.63 g/t Au.
A mineral resource estimate containing an
indicated mineral resource of 1,715,000 ounces of gold at an
average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and
an inferred mineral resource of 370,000 ounces of gold at an
average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was
released on July 13, 2021, with the resource technical report filed
on SEDAR on August 19, 2021, and available on the Liberty Gold
website.
A virtual site tour and 3D model of Black Pine property,
including details about the geology and mineralization, is
available on the homepage of the Company’s website:
libertygold.ca
QUALITY ASSURANCE – QUALITY
CONTROLDrill composites were calculated using cut-offs of
0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill
intersections are reported as drilled thicknesses. True widths of
the mineralized intervals vary between 30% and 100% of the reported
lengths due to varying drill hole orientations but are typically in
the range of 60% to 80% of true width. Drill samples were assayed
by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram
(1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were
re-assayed and completed with a gravimetric finish. For these
samples, the gravimetric data were utilized in calculating gold
intersections. For any samples assaying over 0.10 ppm an additional
cyanide leach analysis is done where the sample is treated with a
0.25% NaCN solution and rolled for an hour. An aliquot of the final
leach solution is then centrifuged and analyzed by Atomic
Absorption Spectroscopy. QA/QC for all drill samples consists of
the insertion and continual monitoring of numerous standards and
blanks into the sample stream, and the collection of duplicate
samples at random intervals within each batch. Selected holes are
also analyzed for a 51 multi-element geochemical suite by ICP-MS.
ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko
prep lab listed on the scope of accreditation.
QUALIFIED PERSONMoira Smith,
Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty
Gold, is the Company's designated Qualified Person for this news
release within the meaning of National Instrument 43-101 Standards
of Disclosure for Mineral Projects ("NI 43-101") and has reviewed
and validated that the information contained in the release is
accurate.
ABOUT LIBERTY GOLDLiberty Gold
is focused on exploring the Great Basin of the United States, home
to large-scale gold projects that are ideal for open-pit
mining. This region is one of the most prolific
gold-producing regions in the world and stretches across Nevada and
into Idaho and Utah. We know the Great Basin and are driven
to discover and advance big gold deposits that can be mined
profitably in open-pit scenarios. Our flagship projects are
Black Pine in Idaho and Goldstrike in Utah, both past- producing
open-pit mines, where previous operators only scratched the
surface.
For more information, visit libertygold.ca or contact:
Susie Bell, Manager, Investor Relations Phone:
604-632-4677 or Toll Free 1-877-632-4677 info@libertygold.ca
All statements in this press release, other than
statements of historical fact, are "forward-looking information"
with respect to Liberty Gold within the meaning of applicable
securities laws, including statements that address potential
quantity and/or grade of minerals. Forward-looking information is
often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "planned", "expect",
"project", "predict", "potential", "targeting", "intends",
"believe", "potential", and similar expressions, or describes a
"goal", or variation of such words and phrases or state that
certain actions, events or results "may", "should", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold, and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licenses and permits and obtaining required licenses and permits,
labour stability, stability in market conditions, the impact from
the pandemic of the novel coronavirus (COVID-19), availability of
equipment, , the availability of drill rigs, the timing of the
publication of any updated resources, preliminary economic
assessments or pre-feasibility studies, successful resolution of
disputes and anticipated costs and expenditures. Many assumptions
are based on factors and events that are not within the control of
Liberty Gold and there is no assurance they will prove to be
correct.
Such forward-looking information, involves known
and unknown risks, which may cause the actual results to be
materially different from any future results expressed or implied
by such forward-looking information, including, risks related to
the interpretation of results and/or the reliance on technical
information provided by third parties as related to the Company’s
mineral property interests; changes in project parameters as plans
continue to be refined; current economic conditions; future prices
of commodities; possible variations in grade or recovery rates; the
costs and timing of the development of new deposits; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; the timing and success of
exploration activities generally; delays in permitting; possible
claims against the Company; labour disputes and other risks of the
mining industry, including impacts from the pandemic of the novel
coronavirus (COVID-19); the timing of the publication of any
updated resources, any preliminary economic assessments or
pre-feasibility studies, successful, delays in obtaining
governmental approvals, financing or in the completion of
exploration as well as those factors discussed in the Annual
Information Form of the Company dated March 25, 2022 in the section
entitled "Risk Factors", under Liberty Gold’s SEDAR profile
at www.sedar.com.
Although Liberty Gold 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.
Liberty Gold disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise.
Cautionary Note for United States Investors
The terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource” and “inferred mineral
resource”, are Canadian mining terms as defined in, and required to
be disclosed in accordance with, National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”), which
references the guidelines set out in the Canadian Institute of
Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition
Standards on Mineral Resources and Mineral Reserves (“CIM
Definition Standards”), adopted by the CIM Council, as amended.
However, these terms are not defined terms under SEC Industry Guide
7 (“SEC Industry Guide 7”) under the United States Securities Act
of 1933, as amended, and normally are not permitted to be used in
reports and registration statements filed with United States
Securities and Exchange Commission (the “SEC”). The SEC has adopted
amendments to its disclosure rules to modernize the mineral
property disclosure requirements for issuers whose securities are
registered with the SEC under the United States Securities Exchange
Act of 1934, as amended. These amendments became effective February
25, 2019 (the “SEC Modernization Rules”) with compliance required
for the first fiscal year beginning on or after January 1, 2021.
The SEC Modernization Rules replace the historical disclosure
requirements for mining registrants that were included in SEC
Industry Guide 7. The Company does not file reports with the SEC
and is not required to provide disclosure on its mineral properties
under the SEC Modernization Rules and will continue to provide
disclosure under NI 43-101 and the CIM Definition Standards.
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