Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce that it has secured water rights
in excess of 2,300 acre-feet per annum (“AFA”) in the locality of
Black Pine, intended for future use as process water supply.
Liberty Gold has also obtained a strategic mineral rights lease
from the State of Idaho covering 2.6 square kilometres (km2)
adjacent to the deposit, representing both an exploration
opportunity and a potential area for future heap leach
infrastructure. These acquisitions continue to substantially
de-risk the property from a development perspective.
Preliminary engineering studies suggest that
this water supply is sufficient to sustain up to a ~70,000 ore
tonnes per day, run-of-mine heap leach operation and associated
infrastructure at Black Pine. We are pursuing multiple strategies
for procurement of additional water rights given the potential
scale of the new Rangefront discovery and to provide operational
flexibility to a future mining operation.
Liberty Gold has also acquired a lease for
mineral rights from the State of Idaho on Section 36, a 2.6 km2 (1
square mile) parcel of land located immediately east of the Black
Pine deposit. Historic drilling confirms that the Rangefront
mineralization extends northeast into this block. A Plan of
Operations (“PoO”) to conduct exploration and condemnation drilling
on this land was submitted to the Bureau of Land Management ("BLM”)
in the third quarter of 2021.
An additional 0.54 km2 of ground has also been
acquired by staking in this area. Total Liberty Gold land holdings
at Black Pine now aggregate 51.6 km2 of which 54% is subject to a
0.5% Net Smelter Royalty and 41% is royalty free.
Jon Gilligan, Chief Operating Officer of
Liberty Gold stated, “Key deliverables for the development
team have been securing a reliable and sustainable long-term water
supply and identifying additional land for the potential location
of infrastructure for the future Black Pine mining operation. We
are delighted to be partnering with the State and local communities
to achieve this outcome. Liberty Gold will continue to conduct
technical studies on this future ground water supply to ensure we
manage the water resources in the basin in a sustainable manner,
minimising potential impacts and maximizing benefits for
stakeholders.”
BLACK PINE MINERAL RIGHTS LOCATION
MAPA map accompanying this press release is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/89aff288-bb7b-41f8-881c-7d97875f4f93
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 PERSONMoira 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, accuracy of any
engineering studies, successful acquisition of further water
rights, 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;
accuracy of any engineering studies, successful acquisition of
further water rights; 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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