Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce the final tranche of reverse
circulation (“RC”) drill results from the 2021 program in the
Rangefront Focus Area (“RFA”) at the Black Pine oxide gold deposit
in southern Idaho. RFA drilling resumed in January 2022 with three
RC and one core rig and an additional 9,600 meters (“m”) in
34 holes have now been drilled to-date with assays pending.
In 2021, Liberty Gold drilled a total of 28,048
m in 74 holes into a 1 square kilometer (“km2”) area within the
RFA, and mineralization remains open for lateral extension to the
north, northwest and east. Drilling in Q4 2021 focused on continued
definition of the high-grade core of the mineralized zone; step-out
drilling along the edges of the zone; and resource definition in
the rest of the RFA. In all areas, two dominant horizons among
multiple stacked zones of oxide gold mineralization were
encountered in brecciated calcareous siltstone and sandstone from
close to surface to depths of over 400 m.
The high-grade core zone has been extended an
additional 100 m to the northwest and 250 m to the east and now
measures approximately 300 x 750 m in size and remains open to the
northwest. Drilling in the area between high-grade core zone and
the original Rangefront resource pits encountered strong results,
extending the high-grade core zone to the east, and providing an
important link between these two mineralized areas.
Moira Smith, VP Exploration and
Geoscience for Liberty Gold stated, “As we continue to
define the RFA, the high-grade core is growing in size while we
continue to fill in the gaps, with more certainty around the
continuity of mineralization throughout the larger 1 km2 area. The
RFA now rivals the Discovery Zone in size. Later in 2022, we are
looking forward to testing the northeastern and eastern extent of
the RFA where shallow historical drilling shows the presence of
gold mineralization. We also plan to test the undrilled area to the
south of the RFA with the goal of finding the extension of the
structure hosting the D-3, F and CD zones. Based on all of the
drilling, resource estimation and 3D modeling to date, we continue
to believe that the data support a geological potential of three to
five million ounces of gold on the Black Pine property.”
For a map and cross sections of the RFA, please click here:
https://libertygold.ca/images/news/2022/February/BlackPine_NR02232022MapSection.pdf
For a full table of results for this release, please click
here: https://libertygold.ca/images/news/2022/February/BlackPine_NR02232022CurrentAssays.pdf
RANGEFRONT FOCUS AREA HIGHLIGHTS:
- The extent of gold mineralization in the RFA, as defined by
drilling over an area that now covers approximately 1 km2, is now
the subject of continued drilling to increase confidence in future
resource estimation and to extend mineralization in several
directions.
- The high-grade core of the mineralized zone at RFA now measures
approximately 300 x 750 m in size, in a boomerang shape extending
to the northwest and east.
- The high-grade core has been extended an additional 100 m to
the northwest in hole LBP522 (18.3 m grading 0.73 grams per tonne
gold (“g/t Au”) and 25.9 m grading 1.25 g/t Au).
- The high-grade core has been extended 250 m to the east,
merging with mineralization associated with the original Rangefront
resource pits. LBP523 returned 13.7 m grading 0.69 g/t Au and 35.1
m grading 0.73 g/t Au and LBP526 returned 10.7 m grading 0.83 g/t
Au and 12.2 m grading 0.49 g/t Au and 7.6 m grading 0.62 g/t Au,
providing an important link between the two areas.
- Drilling is continuing to expand the RFA to the northeast,
where historical drilling points to the presence of shallow gold
mineralization on our newly acquired Idaho State minerals lease,
and to the north, where historical shallow condemnation drill holes
to the north of the main access road also host gold
mineralization.
RANGEFRONT FOCUS AREA
HIGHLIGHT TABLE1
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Cut-off Au (g/t) |
Hole Length (m) |
Target |
Comments |
|
|
|
|
|
|
|
|
|
LBP494 (55, -85) |
96.0 |
106.7 |
10.7 |
0.28 |
0.20 |
452.6 |
Rangefront D-4 |
Resource Definition |
and |
184.4 |
221.0 |
36.6 |
0.19 |
0.15 |
and |
260.6 |
280.4 |
19.8 |
1.02 |
including |
263.7 |
271.3 |
7.6 |
1.74 |
1.00 |
including |
278.9 |
280.4 |
1.5 |
1.59 |
|
|
|
|
|
|
|
|
|
LBP498 (55, -70) |
146.3 |
163.1 |
16.8 |
0.20 |
0.15 |
448.1 |
Rangefront D-4 |
Resource Definition |
and |
246.9 |
309.4 |
62.5 |
0.59 |
including |
266.7 |
309.4 |
42.7 |
0.77 |
0.20 |
and including |
295.7 |
297.2 |
1.5 |
1.40 |
1.00 |
and including |
298.7 |
306.3 |
7.6 |
2.68 |
|
|
|
|
|
|
|
|
|
LBP502 (28, -68) |
140.2 |
150.9 |
10.7 |
0.20 |
0.15 |
446.5 |
Rangefront D-4 |
Resource Definition |
and |
173.7 |
185.9 |
12.2 |
0.20 |
and |
213.4 |
225.6 |
12.2 |
0.29 |
and |
243.8 |
307.9 |
64.0 |
0.71 |
and including |
289.6 |
291.1 |
1.5 |
1.17 |
1.00 |
and |
346.0 |
359.7 |
13.7 |
0.30 |
0.15 |
and |
426.7 |
443.5 |
16.8 |
0.32 |
including |
426.7 |
442.0 |
15.2 |
0.33 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP506 (185, -75) |
236.2 |
330.7 |
94.5 |
0.63 |
0.15 |
458.7 |
Rangefront D-4 |
Resource Upgrade |
including |
280.4 |
285.0 |
4.6 |
1.25 |
1.00 |
including |
310.9 |
313.9 |
3.0 |
1.45 |
including |
324.6 |
330.7 |
6.1 |
3.66 |
0.20 |
and including |
329.2 |
330.7 |
1.5 |
7.77 |
5.00 |
|
|
|
|
|
|
|
|
|
LBP514 (185, -65) |
240.8 |
326.1 |
85.3 |
0.98 |
0.15 |
399.3 |
Rangefront D-4 |
Resource Definition |
including |
259.1 |
326.1 |
67.1 |
1.19 |
0.20 |
and including |
265.2 |
292.6 |
27.4 |
1.56 |
1.00 |
and including |
298.7 |
306.3 |
7.6 |
2.47 |
and including |
321.6 |
324.6 |
3.0 |
1.39 |
and |
333.8 |
349.0 |
15.2 |
0.48 |
0.15 |
and including |
344.4 |
346.0 |
1.5 |
1.32 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP519 (35, -70) |
221.0 |
268.2 |
47.2 |
0.19 |
0.15 |
396.2 |
Rangefront D-4 |
Resource Definition |
and |
288.0 |
323.1 |
35.1 |
0.65 |
including |
288.0 |
307.9 |
19.8 |
0.98 |
0.20 |
and including |
288.0 |
294.1 |
6.1 |
2.13 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP522 (225, -55) |
138.7 |
157.0 |
18.3 |
0.73 |
0.15 |
266.7 |
Rangefront Northwest |
Step-Out |
including |
141.7 |
157.0 |
15.2 |
0.84 |
0.20 |
and including |
149.4 |
153.9 |
4.6 |
1.67 |
1.00 |
and |
207.3 |
233.2 |
25.9 |
1.25 |
0.20 |
including |
222.5 |
233.2 |
10.7 |
2.14 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP523 (80, -58) |
35.1 |
45.7 |
10.7 |
0.23 |
0.15 |
367.3 |
Rangefront |
Resource Definition |
and |
102.1 |
115.8 |
13.7 |
0.69 |
including |
102.1 |
109.7 |
7.6 |
1.12 |
0.20 |
and including |
103.6 |
106.7 |
3.0 |
2.12 |
1.00 |
and |
125.0 |
134.1 |
9.1 |
0.40 |
0.15 |
and |
181.4 |
216.4 |
35.1 |
0.73 |
including |
184.4 |
216.4 |
32.0 |
0.78 |
0.20 |
and including |
190.5 |
193.6 |
3.0 |
1.97 |
1.00 |
and including |
207.3 |
210.3 |
3.0 |
2.45 |
|
|
|
|
|
|
|
|
|
LBP524 (210, -55) |
51.8 |
67.1 |
15.2 |
0.36 |
0.15 |
428.2 |
Rangefront D-4 |
Resource Definition |
and |
184.4 |
208.8 |
24.4 |
0.26 |
and |
240.8 |
259.1 |
18.3 |
0.31 |
and |
269.8 |
295.7 |
25.9 |
0.64 |
including |
274.3 |
291.1 |
16.8 |
0.88 |
0.20 |
and including |
280.4 |
281.4 |
1.5 |
3.12 |
1.00 |
and including |
283.5 |
285.0 |
1.5 |
1.37 |
and |
301.8 |
317.0 |
15.2 |
0.43 |
0.20 |
including |
315.5 |
317.0 |
1.5 |
1.84 |
1.00 |
and |
327.7 |
336.8 |
9.1 |
0.62 |
0.20 |
and |
408.4 |
422.2 |
13.7 |
1.20 |
including |
410.0 |
414.5 |
4.6 |
2.49 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP526 (10, -78) |
25.9 |
36.6 |
10.7 |
0.22 |
0.15 |
394.7 |
Rangefront |
Resource Definition |
and |
115.8 |
149.4 |
33.5 |
0.39 |
including |
117.4 |
128.0 |
10.7 |
0.83 |
0.20 |
and including |
121.9 |
126.5 |
4.6 |
1.14 |
1.00 |
and |
161.5 |
173.7 |
12.2 |
0.49 |
0.20 |
and |
214.9 |
222.5 |
7.6 |
0.62 |
0.15 |
including |
217.9 |
222.5 |
4.6 |
0.93 |
0.20 |
and including |
219.5 |
222.5 |
3.0 |
1.24 |
1.00 |
and |
228.6 |
231.7 |
3.0 |
0.60 |
0.20 |
and |
237.7 |
242.3 |
4.6 |
0.60 |
and |
262.1 |
272.8 |
10.7 |
0.22 |
|
|
|
|
|
|
|
|
|
LBP527 (150, -75) |
243.8 |
313.9 |
70.1 |
0.48 |
0.20 |
440.4 |
Rangefront D-4 |
Resource Definition |
including |
259.1 |
265.2 |
6.1 |
1.12 |
1.00 |
including |
295.7 |
298.7 |
3.0 |
1.56 |
and |
350.5 |
367.3 |
16.8 |
0.60 |
0.20 |
including |
352.0 |
353.6 |
1.5 |
1.31 |
1.00 |
including |
355.1 |
356.6 |
1.5 |
2.40 |
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 ranges from 60%
to 80% of true thickness. Gold grades are reported uncapped Some
oxide intervals report reduced cyanide solubility; a full
investigation is underway. For a full table of results for the 28
new holes in this release, please see the link above.
2022 WORK PROGRAM
The 2022 exploration program at Black Pine
commenced at the beginning of January, with three RC and one core
rig active. Drilling through to the end of February will focus on
the lower-elevation RFA to provide data for resource estimation and
metallurgical testing. The current RFA drill campaign will end in
late February, and the drillhole database and geological model will
be updated for the upcoming mineral resource estimate. The drills
will then move off in the interim to continue both in-fill and
step-out drilling at other prospective areas on the Black Pine
deposit.
Liberty Gold plans to aggressively advance Black
Pine in 2022 with drilling, initial engineering and permitting
programs and further de-risking activities, with the goal to
provide an updated resource estimate and Preliminary Economic
Assessment in Q3 2022.
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, 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 homepage of the Company’s website:
libertygold.ca
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using cut-offs
of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 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, the timing of the
publication of any updated resources, preliminary economic
assessments or pre-feasibility studies, 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); the timing of the publication
of any updated resources, any preliminary economic assessments or
pre-feasibility studies, successful, 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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