Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce the final tranche of results from
the winter drill program on the Rangefront Focus Area (“RFA”) at
the Black Pine oxide gold deposit in southern Idaho. Today’s
results include 19 reverse circulation (“RC”) holes and one core
hole drilled within the RFA.
This release highlights extension of RFA
mineralization in step-out holes to the northeast, with thick zones
of oxide gold identified in this area, including plus 65-metre
(“m”) intercepts in LBP577 and LBP578. Results were also received
from step-out drilling along the northern margin of the RFA,
including LBP568 and LBP569. Importantly, drilling continues to
intercept oxide gold at shallower depths as the RFA mineralization
extends in this direction.
With Liberty Gold’s success extending the size
of the RFA this year, we can now project this area extending to the
north and east beyond the limits of current drilling, given gold
intercepts in shallow (~100 m), widely-spaced, historic drill holes
which bottomed in mineralization. Portions of these areas are
located beyond our current exploration permit boundary, for which
amendments to the Plan of Operations to allow access and drilling
are in progress.
Large-diameter (“PQ”) core hole LBP511CA was
drilled in the vicinity of the original “D-4” discovery in
Rangefront and returned 1.38 grams per tonne gold (“g/t Au”) over
100.4 m, one of the best intercepts drilled by Liberty Gold at
Black Pine. The gold endowment in this hole is comparable to nearby
RC holes, underscoring the lateral continuity of the high-grade
gold zones and the reliability of RC drilling at Black Pine.
LBP511CA, as well as three other core holes from the RFA, all with
assays pending, will be used for metallurgical column leach testing
of this deposit area.
Cal Everett, President and CEO of
Liberty Gold stated, “During the winter, we did our best
to test the limits of mineralization in the RFA, and I’m happy to
report that, despite our best efforts, the RFA is still completely
open to the north and the east. The winter drill program was highly
successful in defining a large zone of oxide gold mineralization
and expanding it in multiple directions; the RFA remains open along
its entire northern boundary, a distance of over 1 kilometer. RC
drilling in the RFA will resume on July 1st , which along with
testing other near-surface targets such as the M Zone, F Zone, Back
Range and new Bobcat target area remains a key focus for this
year’s drill program.”
For a map of all drill collars in this release and cross
sections, please click here:
https://libertygold.ca/images/news/2022/May/BlackPine_NR05252022MapSection.pdf
For a full table of Liberty Gold drill results for Black Pine,
please click here:
https://libertygold.ca/images/news/2022/May/BlackPine_NR05252022AllAssays.pdf
RFA HIGHLIGHTS:
-
LBP511CA, a core hole drilled in the original Rangefront D-4
discovery area, returned 1.38 g/t Au over 100.4 m, which is one of
the best intercepts recorded to-date at Black Pine.
-
The gold endowment in this hole is comparable to nearby RC holes
and the original D-4 Discovery holes, which returned:
-
LBP356 (~25 m west): 86.9 m grading 0.91 g/t Au and 21.3 m grading
2.03 g/t Au;
-
LBP358 (~100 m east); 24.4 m grading 1.23 g/t Au and 50.3 m grading
1.37 g/t Au
-
RC holes drilled along the northern edge of the RFA continue to
intercept long intervals of oxide gold mineralization at relatively
shallow depth. Results include:
-
LBP568: 68.6 m grading 0.39 g/t Au and 35.1 m grading 1.13 g/t
Au
-
LBP569: 19.8 m grading 0.43 g/t Au (from 7 m down-hole) and 25.9 m
grading 0.45 g/t Au and 30.5 m grading 0.49 g/t Au
-
New drill results from the northeastern edge of the RFA also
encountered long intervals of oxide gold mineralization. Results
include:
-
LBP577: 65.5 m grading 0.30 g/t Au
-
LBP578: 71.6 m grading 0.43 g/t Au
-
As a result, the RFA remains open along the entire northern edge of
the drilled area, a distance of over 1 kilometer.
-
The presence of gold in shallow historic holes beyond the limit of
Liberty Gold drilling suggests that the RFA will continue to
grow.
-
A 1 square kilometer target area to the south of the RFA will be
tested in the second half of 2022.
RFA HIGHLIGHT
TABLE1
Hole ID (Az, Dip)(degrees) |
From(m) |
To(m) |
Intercept(m) |
Au(g/t) |
Cut-off Au(g/t) |
Hole Length(m) |
Target |
Comments |
|
|
|
|
|
|
|
|
|
LBP511CA (17, -62) |
245.2 |
263.8 |
18.6 |
0.24 |
0.15 |
428.2 |
Rangefront D-4 |
Metallurgical Core |
and |
274.3 |
374.7 |
100.4 |
1.38 |
including |
274.3 |
368.8 |
94.5 |
1.45 |
0.20 |
and including |
275.8 |
288.0 |
12.2 |
2.84 |
1.00 |
and including |
284.6 |
286.5 |
1.9 |
6.60 |
5.00 |
and including |
298.0 |
309.4 |
11.4 |
1.71 |
1.00 |
and including |
316.5 |
319.0 |
2.5 |
2.90 |
and including |
328.0 |
332.7 |
4.7 |
1.53 |
and including |
347.0 |
357.6 |
10.6 |
3.80 |
and including |
349.0 |
353.6 |
4.6 |
6.87 |
5.00 |
|
|
|
|
|
|
|
|
|
LBP568 (120, -55) |
29.0 |
35.1 |
6.1 |
0.36 |
0.20 |
274.3 |
Rangefront North |
Resource Definition |
and |
44.2 |
53.3 |
9.1 |
0.26 |
0.15 |
and |
85.3 |
153.9 |
68.6 |
0.39 |
0.15 |
and including |
109.7 |
112.8 |
3.0 |
1.16 |
1.00 |
and including |
138.7 |
141.7 |
3.0 |
1.48 |
and |
170.7 |
205.7 |
35.1 |
1.13 |
0.15 |
including |
179.8 |
185.9 |
6.1 |
4.31 |
1.00 |
and including |
181.4 |
184.4 |
3.0 |
6.22 |
5.00 |
including |
190.5 |
192.0 |
1.5 |
1.22 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP569 (220, -60) |
7.6 |
27.4 |
19.8 |
0.43 |
0.20 |
263.7 |
Rangefront North |
Step-Out |
and |
68.6 |
83.8 |
15.2 |
0.23 |
0.15 |
and |
131.1 |
157.0 |
25.9 |
0.45 |
0.15 |
including |
149.4 |
150.9 |
1.5 |
1.01 |
1.00 |
and |
217.9 |
248.4 |
30.5 |
0.49 |
0.15 |
including |
221.0 |
248.4 |
27.4 |
0.53 |
0.20 |
and including |
231.6 |
234.7 |
3.0 |
1.72 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP571 (5, -78) |
117.3 |
141.7 |
24.4 |
0.64 |
0.20 |
342.9 |
Rangefront |
Resource Definition |
and |
198.1 |
217.9 |
19.8 |
0.48 |
0.15 |
including |
198.1 |
214.9 |
16.8 |
0.53 |
0.20 |
and including |
210.3 |
211.8 |
1.5 |
1.38 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP574 (295, -55) |
132.6 |
152.4 |
19.8 |
0.23 |
0.15 |
300.2 |
Rangefront |
|
and |
164.6 |
222.5 |
57.9 |
0.31 |
0.15 |
including |
213.4 |
222.5 |
9.1 |
0.50 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP576 (250, -90) |
68.6 |
79.2 |
10.7 |
0.19 |
0.15 |
281.9 |
Rangefront Northeast |
Step-Out |
and |
80.8 |
106.7 |
25.9 |
0.25 |
0.15 |
including |
80.8 |
96.0 |
15.2 |
0.29 |
0.20 |
and |
108.2 |
147.8 |
39.6 |
0.29 |
0.15 |
including |
111.3 |
146.3 |
35.1 |
0.31 |
0.20 |
and |
172.2 |
190.5 |
18.3 |
0.50 |
|
including |
184.4 |
187.5 |
3.0 |
1.53 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP577 (250, -50) |
77.7 |
83.8 |
6.1 |
0.55 |
0.20 |
251.5 |
Rangefront Northeast |
Step-Out |
and |
117.3 |
134.1 |
16.8 |
0.20 |
0.15 |
and |
140.2 |
205.7 |
65.5 |
0.30 |
0.15 |
including |
176.8 |
201.2 |
24.4 |
0.47 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP578 (145, -50) |
158.5 |
230.1 |
71.6 |
0.43 |
0.15 |
294.1 |
Rangefront Northeast |
Step-out |
including |
208.8 |
214.9 |
6.1 |
1.45 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP579 (3, -60) |
166.1 |
239.3 |
73.2 |
0.42 |
0.15 |
349.0 |
Rangefront South |
Resource Definition |
including |
166.1 |
224.0 |
57.9 |
0.48 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP584 (25, -60) |
103.6 |
131.1 |
27.4 |
0.25 |
0.15 |
300.2 |
Rangefront |
Resource Definition |
and |
195.1 |
234.7 |
39.6 |
0.32 |
0.15 |
including |
208.8 |
233.2 |
24.4 |
0.40 |
0.20 |
and |
249.9 |
272.8 |
22.9 |
0.20 |
0.15 |
|
|
|
|
|
|
|
|
|
LBP585 (65, -55) |
152.4 |
216.4 |
64.0 |
0.39 |
0.15 |
300.2 |
Rangefront Central |
Resource Definition |
including |
184.4 |
199.6 |
15.2 |
0.68 |
0.20 |
and including |
185.9 |
190.5 |
4.6 |
1.45 |
1.00 |
including |
204.2 |
214.9 |
10.7 |
0.72 |
0.20 |
and including |
208.8 |
211.8 |
3.0 |
1.25 |
1.00 |
and |
225.6 |
236.2 |
10.7 |
0.64 |
0.15 |
and including |
225.6 |
228.6 |
3.0 |
1.67 |
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 90% of true
thickness. Gold grades are reported uncapped Some deep intervals in
this area report reduced cyanide solubility; a full investigation
involving the assay lab is ongoing. For a full table of results for
this release, please see the link above.
2022 WORK PROGRAM
The 2022 exploration program at Black Pine
commenced in January, with three RC and one core rig. 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 update
the resource estimate and Preliminary Economic Assessment in the
second half of 2022, subject to further exploration success.
ABOUT BLACK PINE
Black 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 CONTROL
Drill 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 PERSON
Moira 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 GOLD
Liberty 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, 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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