Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report the latest assay results from a
further 22 holes drilled in the Back Range Zone and the Discovery
Zone. These results form part of the ongoing 2023 Reverse
Circulation (“RC”) drill exploration program at its Black Pine
Oxide Gold Project (“Black Pine”) in southeastern Idaho.
Exploration drilling continued in the third
quarter with three RC rigs and one large diameter (“PQ”) core rig
active in the main target areas across the project. The key focus
for the 2023 program is to add high-grade, near-surface ounces to
the existing resource base, collect additional variability samples
for metallurgical testwork and upgrade inferred resources to the
indicated category, ahead of a pre-feasibility study. Drilling is
on schedule for a fourth quarter completion of the approximately
30,000 meters (“m”) planned for 2023.
BACK RANGE HIGHLIGHTS:
- 3.40 grams per tonne (“g/t”)
gold (“Au”) over 32.0 m, including 6.74g/t Au over 9.1 m beginning
from 74.7 m downhole in hole LBP945.
- 1.41 g/t Au over 22.9 m,
including 4.28 g/t Au over 6.1 m beginning from 79.3 m downhole in
hole LBP943.
Drill results are reported from 15 additional RC
drill holes completed in the Back Range Zone, leaving 20 holes with
pending assay results. Results clearly demonstrate the strong
lateral continuity of gold mineralization at Back Range, especially
within the shallow, higher-grade oxide zones. These mineralized
zones form a series of stacked subhorizontal lenses dipping
slightly to the north.
In particular, results for drill hole LBP945,
located in the western margin of the resource area represent one of
the best holes drilled to date in the Back Range Zone, with 3.40
g/t Au intercepted over 32 metres an approximate true width of 27
metres. Notably, this intercept was immediately adjacent to the
2023 Resource Pit. Mineralization along the western margin of the
Back Range Zone is currently open and additional drill holes to
offset the mineralization encountered in hole LBP945 have been
completed with assays pending.
Drill results from the northern Back Range Zone
confirm the presence of a shallow, ~130 metre thick section of
lower-grade oxide gold starting approximately 20 metres below
surface. This intercept is open to the north and indicates the
significant potential to grow the resource laterally.
Figure 1: Location plan of Back Range
Drill holes
Jason Attew, President and CEO of
Liberty Gold commented, “These new drill results from Back
Range highlight the ongoing growth potential for Black Pine. The
Back Range Zone continues to deliver shallow, higher-grade results
and remains open in at least two directions. With each new drill
program, we are growing our understanding of the geologic controls
on the massive gold mineralizing system at Black Pine. Liberty Gold
has also recently collared hole number 1,000 at Black Pine. It is a
huge accomplishment to have safely and sustainably completed that
number of holes since commencing our work in 2017.”
BACKRANGE HIGHLIGHT TABLE*
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
|
|
|
|
|
|
|
LBP938 (0, -45) |
38.1 |
76.2 |
38.1 |
0.86 |
0.15 |
196.6 |
including |
50.3 |
59.4 |
9.1 |
2.12 |
1.00 |
|
|
|
|
|
|
|
LBP942 (15, -45) |
73.2 |
85.3 |
12.2 |
0.76 |
0.15 |
152.4 |
including |
74.7 |
76.2 |
1.5 |
1.17 |
1.00 |
and |
91.4 |
118.9 |
27.4 |
0.52 |
0.15 |
including |
94.5 |
96.0 |
1.5 |
1.32 |
1.00 |
|
|
|
|
|
|
|
LBP943 (90, -45) |
79.2 |
102.1 |
22.9 |
1.41 |
0.15 |
114.3 |
including |
82.3 |
88.4 |
6.1 |
4.28 |
1.00 |
and including |
83.8 |
85.3 |
1.5 |
8.45 |
5.00 |
|
|
|
|
|
|
|
LBP945 (270, -45) |
0.0 |
51.8 |
51.8 |
0.36 |
0.15 |
152.4 |
including |
13.7 |
16.8 |
3.0 |
1.37 |
1.00 |
and |
74.7 |
106.7 |
32.0 |
3.40 |
0.15 |
including |
74.7 |
102.1 |
27.4 |
3.88 |
1.00 |
and including |
79.2 |
88.4 |
9.1 |
6.74 |
5.00 |
|
|
|
|
|
|
|
LBP947* (20, -70) |
51.8 |
62.5 |
10.7 |
0.56 |
0.15 |
181.4 |
including |
54.9 |
56.4 |
1.5 |
1.06 |
1.00 |
and |
77.7 |
109.7 |
32.0 |
0.55 |
0.15 |
including |
96.0 |
97.5 |
1.5 |
2.07 |
1.00 |
|
|
|
|
|
|
|
LBP955* (120, -50) |
50.3 |
59.4 |
9.1 |
0.68 |
0.15 |
182.88 |
and |
54.9 |
57.9 |
3.0 |
1.15 |
and |
149.4 |
182.9 |
33.5 |
1.36 |
including |
176.8 |
182.9 |
6.1 |
3.32 |
1.00 |
|
|
|
|
|
|
|
LBP957* (75, -45) |
19.8 |
70.1 |
50.3 |
0.37 |
0.15 |
205.74 |
and |
73.2 |
149.4 |
76.2 |
0.41 |
including |
140.2 |
144.8 |
4.6 |
1.97 |
1.00 |
*Please refer to the full table at the
link below 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. Back Range 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.
DISCOVERY HIGHLIGHTS:
- 0.72 g/t Au over 48.8 m, including 2.55 g/t Au over 7.6
m in hole LBP929.
- 0.62 g/t Au over 30.5 m, and
0.92 g/t Au over 6.1 m in hole LBP944.
Drilling has been completed in the main
Discovery Zone for the 2023 program and results are reported for
the outstanding seven drillholes. The key focus for this drilling
was to target gaps in the resource model ahead of the
pre-feasibility study. Results clearly indicate that resource
growth is achievable with targeted drilling in and around large
blocks of well-drilled oxide gold mineralization.
DISCOVERY ZONE HIGHLIGHT
TABLE*
Hole ID (Az, Dip)(degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
|
|
|
|
|
|
|
LBP929 (210, -60) |
7.6 |
16.8 |
9.1 |
0.31 |
0.15 |
294.1 |
and |
44.2 |
93.0 |
48.8 |
0.72 |
including |
80.8 |
88.4 |
7.6 |
2.55 |
1.00 |
|
|
|
|
|
|
|
LBP944 (160, -58) |
29.0 |
59.4 |
30.5 |
0.62 |
0.15 |
249.9 |
including |
39.6 |
41.1 |
1.5 |
1.48 |
1.00 |
and |
89.9 |
96.0 |
6.1 |
0.92 |
0.15 |
including |
91.4 |
94.5 |
3.0 |
1.66 |
1.00 |
*Please refer to the full table at the
link below 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.
For a map and cross sections showing locations
of drill holes in this release click
here:http://ml.globenewswire.com/Resource/Download/f3889a0a-454e-43ba-b58b-8560a2da0289
For a table showing complete drill results for
current Liberty Gold drill results at Black Pine, click
here:http://ml.globenewswire.com/Resource/Download/4af957af-f414-4d1f-90df-d69c83f50241
KEY POINTS
- All the key
resource areas continue to show strong growth through drilling and
will contribute to an updated resource study commencing in late
2023.
-
The 2023 drill program is primarily focused on resource conversion
and adding ounces with a goal of defining more than three million
ounces in an indicated category.
-
The core rig is focused on deposit-wide PQ-sized core drilling to
support a pre-feasibility level geotechnical study and a Phase 5
metallurgical study.
QUALIFIED
PERSONPeter 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 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; 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/93a2ee00-50be-43cf-a146-8ddbdd3d597e
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