Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the
“Company”) is pleased to announce that through two recently
approved regulatory actions and a completed mineral rights
acquisition, it has effectively doubled the permitted area of
operations for exploration, discovery and development at its Black
Pine Oxide Gold Project, Idaho, USA. Drilling in these areas is
expected to commence in the fourth quarter of 2022.
-
On September 7, 2022, the Company received a positive Record of
Decision (“ROD”) from the Bureau of Land Management (”BLM”) on a
new Plan of Operations (“PoO”), which opens up the entire eastern
margin of the Black Pine oxide gold system (Rangefront and M Zones)
to mineral exploration.
-
This approval is additional to the existing PoO issued by the
United States Forest Service (“USFS”) for current exploration
activities at Black Pine over a surface area of 12.4 square
kilometres (“km2”), adding 11.9 km2, for a combined surface area of
permitted operations at Black Pine of 24.3 km2.
- On July
13, 2022, the Company received an approved Notice of Intent (“NOI”)
from the USFS permitting a drill site on the high priority regional
Gully Target, located approximately 2 kilometres north of the
current area of operations.
- On August
23, 2022, the Company completed the acquisition of a controlling
interest in certain private mineral rights held over BLM surface
lands, contiguous with the eastern margin of the existing project
boundary, opening a significant area for exploration and
importantly, a potential future mine and processing infrastructure
location.
Moira Smith, Vice President, Exploration
and Geoscience stated, “The exploration team is
excited to receive a major increase in the permitted area of
operations to access and expand on several new and existing target
areas at our Black Pine Project. The Section 36 area to the east of
Rangefront is highly prospective and we will commence drilling in
this area in the very near future. The NOI issued by the USFS for
the Gully Target is a significant event for us, as it allows us to
conduct a quick, low-impact drill evaluation of a high-value remote
target that will potentially expand the size of the Black Pine gold
system. The next anticipated extension of the current Plan of
Operations, currently under internal review, will similarly open
key areas of the property to drilling, allowing us to test new
targets and link them into the known gold system at Black
Pine.”
Jon Gilligan, Chief Operating Officer
stated, “Securing a controlling interest in the
private mineral rights over the split-estate block to the east of
our current project area is a key step forward in de-risking the
project. This opens the potential not only to explore that area,
but also to plan for future major surface infrastructure. We have
already secured the water supply that we need and now we have
access to the real estate that we need to design, permit and
ultimately build, a major new oxide heap leach gold mine in the
Great Basin.”
BLACK PINE LOCATION MAP
PLAN OF OPERATIONS
-
The PoO process with the BLM was completed in a timely manner
resulting from close collaboration with agency and our consultants
during the Environmental Assessment preparation, combined with a
notable lack of material environmental issues to be addressed at
the site.
-
Extends the footprint 11.9 km2 to the east along the eastern margin
of the deposit, bringing the total area of approved operations
under USFS and BLM PoOs to 24.3 km2.
-
Grants exploration access onto Section 36 to drill the
north-easterly extension of the Rangefront discovery.
-
Permits condemnation and exploratory drilling over a large area to
the east of the Black Pine oxide gold system, which is targeted as
a potential location for future mine & processing
infrastructure.
-
The Company is now preparing a request for a further expansion of
the USFS PoO, to permit access to additional high priority
exploration targets to the south, west and north of the current
area of operations.
GULLY TARGET
-
The Gully Target is a key strategic ‘regional’ exploration target
consisting of an area of predicted thin Upper Plate cover rocks
with underlying permissive Middle Plate carbonate rocks that can
potentially host an expansion of the Black Pine gold system to the
north.
-
Gold mineralization discovered in this area would potentially
extend the footprint of the Black Pine gold mineralizing system by
several square kilometres.
CONTROLLING INTEREST IN ADDITIONAL
MINERAL RIGHTS
-
The Company has purchased a controlling interest in a 462.4 hectare
block of private mineral rights adjoining the Company’s Idaho State
mineral rights holdings to the west (Section 36), where the surface
rights are held by the BLM.
-
This allows the Company to explore the potential easterly extension
of the oxide gold mineralization in the Rangefront Zone and
critically provides the potential for the location of future mining
and processing infrastructure.
-
An exploration drilling program proposed along the western edge of
this area was approved in the PoO received from the BLM, as per
this release.
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 grams per tonne of gold (“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 Company’s website: libertygold.ca
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 for and
developing open pit oxide deposits in 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, the potential size of the
mineralized zone, plans with respect to exploration and development
plans of Goldstrike and the timing thereof, and the objectives of
the drilling program. 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, timing of
the publication of any technical reports, the availability of drill
rigs, 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; the timing of the publication of
any technical reports; 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); 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 information in this press release, including
any information incorporated by reference, and disclosure documents
of Liberty Gold that are filed with Canadian securities regulatory
authorities concerning mineral properties have been prepared in
accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United States
securities laws.
Without limiting the foregoing, these documents
use the terms “measured resources”, “indicated resources”,
“inferred resources” and “probable mineral reserves”. Shareholders
in the United States are advised that, while such terms are defined
in and required by Canadian securities laws, the United States
Securities and Exchange Commission (the “SEC”) does not recognize
them. Under United States standards, mineralization may not be
classified as a reserve unless the determination has been made that
the mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. United
States investors are cautioned not to assume that all or any part
of measured or indicated resources will ever be converted into
reserves. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be
mined legally or economically. It cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility,
pre-feasibility or other technical reports or studies, except in
rare cases. Therefore, United States investors are also cautioned
not to assume that all or any part of the inferred resources exist,
or that they can be mined legally or economically. Disclosure of
contained ounces is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to
report resources as in place tonnage and grade without reference to
unit measures. Accordingly, information concerning descriptions of
mineralization and resources contained in these documents may not
be comparable to information made public by United States companies
subject to the reporting and disclosure requirements of the
SEC.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a9933f58-7ebe-4097-a3b0-4a986893cf98
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