Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report new assay results from drilling
completed under the 2023 Reverse Circulation (“RC”) exploration
program at its Black Pine Oxide Gold Project (“Black Pine”) in
southeastern Idaho.
Liberty Gold has now completed approximately
15,000 metres (“m") of the planned 32,000 m of RC drilling for the
year. A third RC rig was added in June to accelerate drill results
through the second half of the year, in anticipation of an updated
mineral resource estimate to support a Pre-Feasibility Study
(“PFS”).
Recent drilling has been focused on the Back
Range Zone, Discovery Zone, M Zone West, and the CD-Tallman
‘corridor', including testing of the historic surface waste rock
dumps along this connection.
Jason Attew, President and CEO of
Liberty Gold commented, “We are excited to have found
high-grade mineralization in a sparsely drilled area within our
resource model, which has implications for resource expansion
across the project area. We are working hard on the modeling in
anticipation of a further resource update at the end of this
year.”
BLACK PINE OXIDE GOLD PROJECT DRILL
RESULTS MAP
DISCOVERY ZONE HIGHLIGHTS:
- 3.74 grams
per tonne gold (g/t Au”) over 21.3 m including 15.85 g/t Au over
3.0 m in LBP906.
Assays for LBP906 in the Discovery Zone have
returned impressive oxide gold results from an area that is modeled
as waste rock in the current resource (see press release dated
February 7, 2023) and results are pending for another four holes
drilled in this area.
The 2023 infill drill program is focused on
converting ounces currently classified as inferred into the
indicated category and ensuring no gaps in drill coverage along the
margins of the resource pits. There is one drill focused on
additional holes in an area adjacent to the Discovery Zone, where
there appears to be an extensive gap in drill coverage at depth.
Early visuals from this drilling are encouraging and assays are
pending.
DISCOVERY ZONE HIGHLIGHT
TABLE*
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
Target |
LBP906 (145, -62) |
38.1 |
57.9 |
19.8 |
0.59 |
0.15 |
263.7 |
Disco Highwall |
incl |
45.7 |
48.8 |
3.0 |
1.34 |
1.00 |
and |
185.9 |
205.7 |
19.8 |
1.02 |
0.15 |
incl |
187.5 |
195.1 |
7.6 |
1.68 |
1.00 |
and |
233.2 |
254.5 |
21.3 |
3.74 |
0.15 |
incl |
233.2 |
253.0 |
19.8 |
4.01 |
1.00 |
and incl |
234.7 |
237.7 |
3.0 |
15.85 |
5.00 |
*Please refer to the full table at the link
above for complete results. Results are reported as drilled
thicknesses, with true thicknesses approximately 50% to 90% of
drilled thickness. Gold grades are uncapped. Au (g/t) = grams per
tonne of gold.
CD-TALLMAN CORRIDOR
HIGHLIGHTS:
- 0.74 g/t Au over 45.7 m,
including 2.17 g/t Au over 9.1 m in LBP892;
- 3.28 g/t Au over 10.7 m
including 8.58 g/t Au over 1.5 m, and 0.52 g/t Au over 51.8 m in
LBP893.
Assay results have been received from 18 RC
holes drilled in the CD – Tallman Corridor area, including testing
of the historic waste rock material covering the corridor. Initial
drill results indicate a large portion of the waste backfill
material, on surface, is carrying gold above a 0.1 g/t Au cut-off
with localized zones found running as high as 8.58 g/t Au of oxide
material in hole LBP893.
Additional drilling has been completed in this
area to better define the gold grade distribution in the waste rock
material and infill drill gaps in the underlying bedrock
mineralization; assays are pending.
CD-TALLMAN HIGHLIGHT TABLE*
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Material Type |
Hole Length (m) |
Target |
LBP881 (330, -45) |
16.8 |
47.2 |
30.5 |
0.67 |
0.15 |
Bedrock |
121.9 |
CD to Tallman |
including |
32.0 |
33.5 |
1.5 |
1.11 |
1.00 |
including |
38.1 |
42.7 |
4.6 |
1.62 |
LBP892 (260, -45) |
13.7 |
27.4 |
13.7 |
0.23 |
0.15 |
Fill |
152.4 |
CD to Tallman |
and |
77.7 |
123.4 |
45.7 |
0.74 |
|
including |
99.1 |
108.2 |
9.1 |
2.17 |
1.00 |
including |
117.3 |
120.4 |
3.0 |
1.35 |
LBP893 (160, -70) |
0.0 |
10.7 |
10.7 |
3.28 |
1.00 |
Fill |
190.5 |
CD to Tallman |
and |
102.1 |
153.9 |
51.8 |
0.52 |
0.15 |
Bedrock |
including |
126.5 |
128.0 |
1.5 |
1.13 |
1.00 |
LBP898 (160, -70) |
7.6 |
13.7 |
6.1 |
0.22 |
0.15 |
Fill |
214.9 |
CD to Tallman |
and |
115.8 |
129.5 |
13.7 |
0.57 |
Bedrock |
including |
123.4 |
125.0 |
1.5 |
2.20 |
1.00 |
*Please refer to the full table at the link
above for complete results. Results are reported as drilled
thicknesses, with true thicknesses approximately 50% to 90% of
drilled thickness. Gold grades are uncapped. Au (g/t) = grams per
tonne of gold.
M ZONE HIGHLIGHTS:
- 0.80 g/t Au over 29.0 m,
including 3.33 g/t Au over 1.5 m in hole LBP884;
- 0.51 g/t Au over 13.7 m in hole
LBP887.
Drill results from seven additional RC drill
holes in the western M Zone target area have been received with
results from holes LBP884 & LBP887 extending the oxide
mineralized zone 80 m to the west and 120 m to the north. The
high-grade zone encountered previously (see press releases dated
February 21, 2023, and April 19, 2023), which was the target of
this step-out drilling, has an apparent north-northwesterly trend.
Additional drill roads and pads are currently being built to test
the projection of this trend. M Zone mineralization remains open to
the west and to the north with widely spaced drill holes indicating
a broader extension of the gold mineralizing system across this
zone. Drilling will resume in the M Zone in Q3.
M ZONE HIGHLIGHT TABLE*
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
Target |
LBP884 (115, -45) |
170.7 |
176.8 |
6.1 |
1.10 |
0.15 |
304.8 |
M Zone |
including |
172.2 |
173.7 |
1.5 |
1.93 |
1.00 |
and |
184.4 |
213.4 |
29.0 |
0.80 |
0.15 |
including |
185.9 |
187.5 |
1.5 |
3.33 |
1.00 |
LBP887 (80, -45) |
144.8 |
158.5 |
13.7 |
0.51 |
0.15 |
300.2 |
M Zone |
including |
155.4 |
158.5 |
3.0 |
1.05 |
1.00 |
and |
202.7 |
213.4 |
10.7 |
0.66 |
0.15 |
including |
210.3 |
211.8 |
1.5 |
1.67 |
1.00 |
*Please refer to the full table at the link
above for complete results. Results are reported as drilled
thicknesses, with true thicknesses approximately 50% to 90% of
drilled thickness. Gold grades are uncapped. Au (g/t) = grams per
tonne of gold. M Zone lies at the lowest structural level of the
deposit such that carbonaceous material is frequently encountered
at the base of the oxide zone leading to reduced cyanide solubility
at depth.
For a map and cross sections showing locations
of drill holes in this release click here:
https://libertygold.ca/images/news/2023/June/BlackPineMap_Section06192023.pdf
For a table showing complete drill results for
current Liberty Gold drill results at Black Pine, click
here:https://libertygold.ca/images/news/2023/June/BlackPineCurrentDrillResults06192023.pdf
KEY POINTS
- Current drilling is largely focused
on resource conversion to support an update to the mineral resource
model at the end of 2023, which will feed into the proposed
pre-feasibility study. Results to date have confirmed the potential
value-add of this strategy, with the drill out of additional gold
mineralization both within and peripheral to the current resource
pits.
- Additionally, one drill rig is
being used for exploration step-out and new target evaluation
within the currently permitted area. This includes testing of the
Rangefront South Target area, which is currently being drilled in
the south-east corner of the project. This zone is modeled as the
SE faulted extension of the large CDF mineral trend and has only
one drill hole, LBP708, (51.8 m at 0.57 g/t Au) into the zone to
date (see press release dated December 13, 2022).
- The amendment to the existing Plan
of Operations continues in the evaluation process with the Federal
and State agencies. Once approved, this amendment would allow the
Company to conduct broad step-out and new-target exploration
drilling across a large area surrounding the current permit
area.
QUALIFIED PERSON
Peter Shabestari, P.Geo., Vice-President
Exploration, 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.
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
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using a cut-off
of 0.15 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 50% to 90% 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 parts per million 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 and Twin Falls prep lab
listed on the scope of accreditation.
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, the proposed timing of exploration and
development plans, the proposed timing of a PFS, the expansion and
future resource growth expected at Black Pine, expected capital
costs at Black Pine, expected gold recoveries from the Black Pine
mineralized material, the potential upgrade of inferred mineral
resources to measured and indicated mineral resources, the
potential for future additions to the current mineral resource
estimate, the 2023 work program and the results thereof, the timing
and results of any resource updates and the planned development
work at Black Pine. 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, availability of equipment, 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 updated resources or PFS; delays in permitting; possible claims
against the Company; labour disputes and other risks of the mining
industry; 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 28, 2023
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 news 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/7e61011b-a991-4bb4-a2a6-3a3b3a266709
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