Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce results of reverse circulation
(“RC”) drilling in the Back Range Zone, which confirm historical
results and extend gold mineralization beyond the current Mineral
Resource at the Black Pine Oxide Gold Project, southeast Idaho
(“Black Pine”). The Back Range Zone was last drilled 30 years ago,
and today’s drilling confirms a minimum seven kilometer (“km”)
mineralized system in a northwest-southeast direction, which
remains open for extension.
The Back Range Zone is located approximately 1
km to the northwest of the Discovery Zone. Mineralization in this
area is above average grade and is present at shallow depth,
potentially offering early heap leach feed in a production
scenario. The current resource for the Back Range, based entirely
on historical data, is 17,000 indicated ounces (967,000 tonnes
grading 0.56 grams per tonne gold (“g/t Au”) and 43,000 inferred
ounces (2,481,000 tonnes grading 0.54 g/t Au) in multiple small
resource pits. The Back Range Zone remains open in three directions
and additional drilling may merge the small pits into a single,
larger resource pit.
The 1 km, undrilled, covered area between the
Back Range Zone and the Discovery Zone is highly prospective and
has not yet been drill tested. This area will be included in a
future exploration permit application. A similar scenario existed
in the Rangefront Focus Area prior to drill testing, with results
to date pointing to the potential for a large gold deposit in this
area.
Cal Everett, President and CEO of
Liberty Gold stated, “Our drilling at the Back Range Zone
has confirmed that gold mineralization extends beyond the limits of
the current resource pits, returning thick sections of high-grade
oxide gold mineralization at shallow depths. The Back Range Zone,
and the area between Back Range and Discovery Zone, warrant
additional drilling in 2022 to continue to expand the now plus 10
square kilometers, drill confirmed mineralized footprint at Black
Pine.”
For a map and cross sections of the Back Range Zone and 7
km-long and approximately 4 km-long orthogonal sections through the
Black Pine gold system, please click here:
https://libertygold.ca/images/news/2021/November/BlackPine_NR11232021MapSections.pdf
For a full table of results for this release, please click here:
https://libertygold.ca/images/news/2021/November/BlackPine_NR11232021CurrentAssays.pdf
BACK RANGE ZONE DRILLING
HIGHLIGHT TABLE1
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Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Cut-off Au (g/t) |
Hole Length (m) |
Target |
Comments |
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LBP382 (165, -45) |
25.9 |
36.6 |
10.7 |
0.63 |
0.15 |
190.5 |
Back Range |
Step Out |
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including |
32.0 |
33.5 |
1.5 |
1.73 |
1.00 |
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and |
42.7 |
71.6 |
29.0 |
0.54 |
0.15 |
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including |
51.8 |
71.6 |
19.8 |
0.70 |
0.20 |
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and including |
56.4 |
59.4 |
3.0 |
1.23 |
1.00 |
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and |
80.8 |
94.5 |
13.7 |
0.30 |
0.15 |
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including |
89.9 |
94.5 |
4.6 |
0.54 |
0.20 |
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and |
125.0 |
132.6 |
7.6 |
0.92 |
0.20 |
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including |
125.0 |
128.0 |
3.0 |
1.37 |
1.00 |
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LBP395 (255, -45) |
59.4 |
99.1 |
39.6 |
0.41 |
0.15 |
152.4 |
Back Range |
Step-Out |
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including |
59.4 |
86.9 |
27.4 |
0.50 |
0.20 |
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and |
88.4 |
99.1 |
10.7 |
0.24 |
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and |
105.2 |
112.8 |
7.6 |
1.44 |
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including |
105.2 |
108.2 |
3.0 |
2.29 |
1.00 |
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including |
109.7 |
111.3 |
1.5 |
1.16 |
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and |
144.8 |
152.4 |
7.6 |
1.30* |
0.20 |
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including |
146.3 |
150.9 |
4.6 |
1.94* |
1.00 |
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LBP398 (265, -60) |
53.3 |
79.3 |
25.9 |
0.39 |
0.20 |
147.8 |
Back Range |
Step-Out |
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and |
88.4 |
94.5 |
6.1 |
0.39 |
0.15 |
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including |
88.4 |
93.0 |
4.6 |
0.46 |
0.20 |
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and |
103.6 |
108.2 |
4.6 |
0.41 |
0.20 |
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LBP400 (85, -75) |
6.1 |
9.1 |
3.0 |
0.54 |
0.20 |
190.5 |
Back Range |
Step-Out |
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and |
27.4 |
56.4 |
29.0 |
1.01 |
0.15 |
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including |
33.5 |
56.4 |
22.9 |
1.22 |
0.20 |
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and including |
41.2 |
54.9 |
13.7 |
1.66 |
1.00 |
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and |
96.0 |
114.3 |
18.3 |
0.87 |
0.15 |
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including |
99.1 |
112.8 |
13.7 |
1.10 |
0.20 |
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and including |
100.6 |
109.7 |
9.1 |
1.42 |
1.00 |
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*Reduced cyanide solubility in
this interval.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 range from 60% to 80% of true thickness.
Gold grades are reported uncapped.
BACK RANGE KEY POINTS:
-
Liberty Gold’s modern drill confirmation of near-surface, oxide
gold mineralization in the Back Range Zone, the first drilling in
this area in over 30 years, firmly establishes a minimum 7 km
northwest-southeast length of the major gold-mineralizing system at
the Black Pine deposit.
- The drill
results in this release illustrate the presence of high-grade gold
outside of the footprint of historical drilling, suggesting that
the Back Range deposit may grow with additional drilling, linking
to the Discovery Zone and Rangefront Zone.
- Mineralization
in the Back Range Zone is shallow and higher-grade than the Black
Pine deposit as a whole, offering the potential for early heap
leach feed in a future production scenario. It is open to the
north, west and east.
- Cover rocks
extend between the Back Range Zone and the rest of the Black Pine
gold system, but geologic modeling suggests that mineralization
extends across this 1 km-long, undrilled gap in gold system.
-
In a northeast – southwest direction, ongoing drill results confirm
an approximate 4 km width to the gold system orthogonal to the 7 km
trend.
2021 WORK PROGRAM
Drilling commenced April 1st and is focused on
upgrading inferred portions of the resource to indicated, step-out
drilling on defined targets and discovery drilling throughout the
12 km2 permitted drill area. The initial resource pit encompasses
the Discovery Zone (D-1, D-2 and D-3 high-grade oxide gold zones)
as well as smaller pits at the Rangefront, M, CD Pit, F, J, E Pit
and Back Range zones. The Black Pine mineral resource estimate
released on July 13, 2021 (see below) does not include any drilling
conducted in 2021. Our present focus is on exploring the Rangefront
Focus Area, which will see drilling throughout the winter months,
with a goal to defining a large gold deposit in this area.
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, 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 a cut-off
of 0.20 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, 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); 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.
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