Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the
"Company") is pleased to announce additional results from its 2021
Reverse Circulation (“RC”) drill program at the Goldstrike Oxide
Gold Project in southwestern Utah (“Goldstrike”).
A 15,000 metre (“m”) RC drill program at
Goldstrike commenced June 2021, focused on resource conversion from
“Inferred” to “Measured and Indicated” and testing areas where the
deposit remains open laterally and to depth. Drill results in this
news release are from the Hamburg Pit area, part of the Main Zone,
which hosts greater than 65% of the resource. The drill results to
date continue to demonstrate the presence of continuous,
well-mineralized corridors in the Main Zone area, building
confidence in the resource modeling.
Goldstrike is a past-producing, oxide, heap
leach gold mine that contains a large, shallow, district–scale,
Carlin-style gold system. It follows a 7 kilometre-long,
north-dipping unconformity with higher-grade gold intervals located
along west-northwest-striking faults. In 2018, a Preliminary
Economic Assessment1 (“PEA”) was completed at Goldstrike which
returned a Net Present Value at a 5% discount rate (“NPV5%”)of
US$129.5 million and an Internal Rate of Return (“IRR”) of 29.4% at
US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz
gold returns an NPV5% of US$291.7 million and an IRR of 52.4%
representing strong economic returns at current gold prices.
Cal Everett, President and CEO of Liberty Gold
stated, “The Goldstrike Project in southwest Utah, coupled with
Black Pine in southeastern Idaho, represent two high-quality, oxide
gold development assets in the Great Basin, USA. While our focus
has been on Black Pine for the last two years, with the rise in
gold price and increased market recognition of Goldstrike, we have
returned to the project this year to continue de-risking the asset
towards a pre-feasibility study decision. The objective of the 2021
drill program is to continue to push the pit constrained, 925,000
oz Indicated Resource outwards and downwards with the goal to
upgrade the 296,000 oz Inferred Resource.”
KEY POINTS: MAIN ZONE – HAMBURG PIT
- Main Zone
drilling to date has focused on the historic Hamburg Pit area,
including Inferred Resource blocks located adjacent to and beneath
the well-drilled Indicated portion of the Mineral Resource.
-
40% of the Main Zone is located on private patented lands, a
favourable permitting consideration.
-
Approximately 75% of the Goldstrike resource is in the Indicated
category.
-
Drilling is encountering long intervals of oxide gold
mineralization with excellent cyanide solubility at shallow depths,
increasing the confidence in historic drilling and supporting the
continuity of mineralization in corridors throughout the Main
Zone.
-
Liberty Gold will continue to de-risk the Goldstrike Deposit
through concurrent engineering, drilling, updated metallurgy and
procurement of process water in line with all social license
obligations and considerations.
-
Total meterage drilled at Goldstrike to mid-October 2021 is 11,544
m in 80 holes, of which 2,546 m in 19 holes are reported
herein.
MAIN ZONE HIGHLIGHT TABLE*
|
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
Target |
AuCN/AuFA (%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS756 (240, -70) |
44.2 |
62.5 |
18.3 |
1.07 |
0.2 |
129.5 |
Hamburg |
95% |
|
|
also incl |
50.3 |
57.9 |
7.6 |
1.52 |
1.0 |
94% |
|
|
and |
80.8 |
86.9 |
6.1 |
0.75 |
0.2 |
100% |
|
|
incl |
82.3 |
83.8 |
1.5 |
1.17 |
1.0 |
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS757 (170, -70) |
39.6 |
51.8 |
12.2 |
0.95 |
0.2 |
132.6 |
Hamburg |
93% |
|
|
incl |
47.2 |
50.3 |
3.0 |
2.49 |
1 |
90% |
|
|
and |
61.0 |
68.6 |
7.6 |
0.54 |
0.2 |
96% |
|
|
and |
88.4 |
93.0 |
4.6 |
1.02 |
99% |
|
|
incl |
88.4 |
91.4 |
3.0 |
1.24 |
1 |
99% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS758 (020, -50) |
74.7 |
141.7 |
67.1 |
0.62 |
0.2 |
178.3 |
Hamburg |
83% |
|
|
incl |
77.7 |
80.8 |
3.0 |
1.76 |
1 |
87% |
|
|
also incl |
88.4 |
89.9 |
1.5 |
1.02 |
88% |
|
|
also incl |
121.9 |
123.4 |
1.5 |
2.31 |
93% |
|
|
also incl |
125.0 |
126.5 |
1.5 |
1.04 |
92% |
|
|
|
|
|
|
|
|
|
|
96% |
|
|
PGS759 (355, -50) |
70.1 |
140.2 |
70.1 |
0.61 |
0.2 |
141.7 |
Hamburg |
86% |
|
|
incl |
94.5 |
100.6 |
6.1 |
1.74 |
1 |
86% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS760 (0, -90) |
47.2 |
71.6 |
24.4 |
0.43 |
0.2 |
144.8 |
Hamburg |
87% |
|
|
incl |
64.0 |
65.5 |
1.5 |
1.12 |
1 |
98% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS761 (290, -65) |
48.8 |
80.8 |
32.0 |
0.38 |
0.15 |
166.1 |
Hamburg |
80% |
|
|
also incl |
54.9 |
80.8 |
25.9 |
0.42 |
0.2 |
84% |
|
|
and |
89.9 |
103.6 |
13.7 |
0.88 |
0.15 |
60% |
|
|
incl |
89.9 |
100.6 |
10.7 |
1.08 |
0.2 |
59% |
|
|
also incl |
94.5 |
97.5 |
3.0 |
2.70 |
1 |
52% |
|
|
and |
109.7 |
126.5 |
16.8 |
0.38 |
0.15 |
85% |
|
|
incl |
109.7 |
123.4 |
13.7 |
0.42 |
0.2 |
91% |
|
|
|
|
|
|
|
|
|
|
91% |
|
|
PGS770 (335, -50) |
22.9 |
48.8 |
25.9 |
0.67 |
0.2 |
129.5 |
Hamburg |
88% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS771 (5, -85) |
0.0 |
33.5 |
33.5 |
0.28 |
0.15 |
144.8 |
Hamburg |
71% |
|
|
incl |
1.5 |
32.0 |
30.5 |
0.29 |
0.2 |
74% |
|
|
and |
41.1 |
53.3 |
12.2 |
0.48 |
0.2 |
88% |
|
|
incl |
48.8 |
50.3 |
1.5 |
1.17 |
1 |
89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS772 (280, -65) |
0.0 |
33.5 |
33.5 |
0.32 |
0.2 |
121.9 |
East Hamburg |
66% |
|
|
and |
41.1 |
54.9 |
13.7 |
0.44 |
0.15 |
83% |
|
|
incl |
44.2 |
54.9 |
10.7 |
0.51 |
0.2 |
84% |
|
|
also incl |
50.3 |
53.3 |
3.0 |
1.14 |
1 |
86% |
|
|
and |
62.5 |
67.1 |
4.6 |
0.45 |
0.15 |
90% |
|
|
incl |
62.5 |
65.5 |
3.0 |
0.58 |
0.2 |
91% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS773 (25, -50) |
32.0 |
94.5 |
62.5 |
0.79 |
0.15 |
105.2 |
East Hamburg |
58% |
|
|
incl |
32.0 |
93.0 |
61.0 |
0.81 |
0.2 |
59% |
|
|
also incl |
35.1 |
36.6 |
1.5 |
1.33 |
1 |
79% |
|
|
also incl |
39.6 |
54.9 |
15.2 |
1.48 |
38% |
|
|
also incl |
71.6 |
73.2 |
1.5 |
1.24 |
94% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PGS774 (345, -75) |
35.1 |
82.3 |
47.2 |
0.45 |
0.15 |
99.1 |
East Hamburg |
99% |
|
|
incl |
38.1 |
73.2 |
35.1 |
0.48 |
0.2 |
99% |
|
|
also incl |
74.7 |
80.8 |
6.1 |
0.59 |
99% |
|
|
|
|
|
|
|
|
|
|
|
|
*Please refer to the full table at the link
below for complete results. Results are reported as drilled
thicknesses, with true thicknesses varying by hole orientation.
True thicknesses are generally 60% to 90% of drilled thicknesses.
Gold grades are uncapped. Au (g/t) = grams per tonne of gold.
“AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using
the method described in the Quality Assurance – Quality Control
section below) to gold by fire assay, expressed as per cent.
For a map and cross sections of the Goldstrike Property,
including drill collars and traces for the current release, please
click
here:https://libertygold.ca/images/news/2021/October/Goldstrike_NR10202021MapSection.pdf
For a complete table of drill results from all Liberty Gold
drill holes at Goldstrike, please click
here: https://libertygold.ca/images/news/2021/October/GS_Intercepts10202021.pdf
ABOUT GOLDSTRIKE
Goldstrike is located in the eastern Great
Basin, immediately adjacent to the Utah/Nevada border, and is a
Carlin-style gold system, similar in many ways to the prolific
deposits located along Nevada’s Carlin trend. Like Black Pine
and Nevada Gold Mines Long Canyon deposit, Goldstrike represents
part of a growing number of Carlin-style gold systems located off
the main Carlin and Cortez trends in underexplored parts of the
Great Basin.
Goldstrike is a past-producing, open-pit run of
mine heap-leach operation that produced 209,000 ounces of gold and
197,000 oz of silver between 1988 and 1994 during a period of
historically low gold prices. Ore was mined from 12 shallow pits,
at an average grade of 1.2 g/t Au and an average recovery of
approximately 75%. Liberty Gold carried out extensive compilation,
drilling and metallurgical work, releasing a resource estimate and
PEA in 2018. The resource includes an Indicated 925,000 oz of gold
grading 0.50 g/t Au (57,846,000 tonnes) and an Inferred 296,000 oz
of gold grading 0.47 g/t Au (19,603,000 tonnes), backed by over
1,700 drill holes. The PEA mines 915,516 oz of gold at a life of
mine all in sustaining costs of US$793/oz, returning a NPV at a 5%
discount rate of US$129.5 million and an IRR of 29.4% at
US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz
gold returns an NPV5% of US$291.7 million and an IRR of 52.4%
representing strong economic returns at current gold prices.
The 2021 drilling campaign is designed to
convert areas of inferred resource to indicated resource in support
of a Prefeasibility Study decision and will also test for
extensions to mineralization in several areas.
A virtual site tour and 3D model of the
Goldstrike property, including details about the geology and
mineralization, is available on the Company’s
website: libertygold.ca
QUALITY ASSURANCE – QUALITY
CONTROL
Drill composites were calculated using cut-offs
of 0.15 g/t, 0.20 g/t and 1.00 g/t gold. 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 0.200 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 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 www.libertygold.ca or
contact:
Susie Bell, Manager, Investor RelationsPhone:
604-632-4677 or Toll Free
1-877-632-4677info@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, , drill results demonstrating the presence of
continuous and well-mineralized corridors in the Main Zone area and
building confidence in the resource modeling, plans with respect to
exploration and development plans of Goldstrike and the timing
thereof, the objectives of the drilling program, the potential
upgrade of inferred mineral resources to measured and indicated
mineral resources and plans for any Prefeasibility Study decisions.
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 PEAs, 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 PEAs or pre-feasibilities; 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 26, 2021 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.
United States investors are cautioned that there
are differences in the definitions under the SEC Modernization
Rules and the CIM Definition Standards. There is no assurance any
mineral resources that the Company may report as “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources” under NI 43- 101 would be the same had the Company
prepared the resource estimates under the standards adopted under
the SEC Modernization Rules. United States investors are also
cautioned that while the SEC will now recognize “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources”, investors should not assume that any part or all of the
mineralization in these categories will ever be converted into a
higher category of mineral resources or into mineral reserves.
Mineralization described using these terms has a greater amount of
uncertainty as to their existence and feasibility than
mineralization that has been characterized as reserves.
Accordingly, investors are cautioned not to assume that any
“measured mineral resources”, “indicated mineral resources” or
“inferred mineral resources” that the Company reports are or will
be economically or legally mineable. Further, “inferred mineral
resources” have a greater amount of uncertainty as to their
existence and as to whether they can be mined legally or
economically. Therefore, United States investors are also cautioned
not to assume that all or any part of the “inferred mineral
resources” exist. In accordance with Canadian securities laws,
estimates of “inferred mineral resources” cannot form the basis of
feasibility or other economic studies, except in limited
circumstances where permitted under NI 43-101. In addition, the SEC
has amended its definitions of “proven mineral reserves” and
“probable mineral reserves” to be “substantially similar” to the
corresponding CIM definitions. United States investors are
cautioned that a preliminary economic assessment cannot support an
estimate of either “proven mineral reserves” or “probable mineral
reserves” and that no feasibility studies have been completed on
the Company’s mineral properties.
Accordingly, information contained herein
describing the Company’s mineral deposits may not be comparable to
similar information made public by U.S. companies subject to the
reporting and disclosure requirements under the United States
federal securities laws and the rules and regulations
thereunder.
1 Preliminary Economic Assessment entitled
“Preliminary Economic Assessment and Independent Technical Report
for the Goldstrike Project, Washington County, Utah, USA” dated
July 16, 2018.
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