Liberty Gold Corp. (TSX-LGD; OTCQX-LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report Reverse Circulation (“RC”) drill
results from the F Zone target at its Black Pine Oxide Gold Project
in southeastern Idaho.
Results from 17 new RC holes in the F Zone
confirm that the CD and Discovery zones, the two largest deposits
in the 2021 Mineral Resource, are linked by a continuous,
north-trending zone of near-surface oxide gold mineralization over
a distance of approximately 750 metres (“m”). Oxide gold
mineralization starts from surface or at shallow depth in all
holes. This drilling links several resource pits and demonstrates
that as drill information increases, gold mineralization at Black
Pine tends to coalesce into larger, continuous mineralized zones,
with potentially greater amenability to bulk mining.
Highlights from the current holes include1:
- 0.95 grams per
tonne gold (“g/t Au”) over 18.3 m including 1.03 g/t Au over 16.8 m
from surface in LBP657
- 0.74 g/t Au over
38.1 m including 0.87 g/t Au over 30.5 m from surface in
LBP660
- 0.84 g/t Au over
36.6 m including 0.97 g/t Au over 30.5 m from surface in
LBP662
- 1.01 g/t Au over
19.8 m including 2.07 g/t Au over 7.6 m from near surface in
LBP666
- 0.48 g/t Au over
45.7 m including 1.11 g/t Au over 12.2 m and 1.56 g/t Au over 7.6 m
from near surface in LBP672
- F Zone drilling
is part of a broader, deposit-wide exploration strategy to:
- Add to the
endowment of near-surface, above-average grade gold mineralization
that can be mined in the first 2 to 3 years of a potential mining
operation. This focus also includes extensions of the E Zone, M
Zone, and Back Range Zone, all currently being drilled.
- Link smaller
resource pits into larger zones of continuous oxide gold
mineralization, defining fewer, larger resource pits and in doing
so, improving the potential for future bulk open pit mining
operations.
1. Results are reported as drilled thicknesses, with true
thicknesses approximately 50 to 90% of drilled thickness.
“As we put considerable management focus into
our de-risking strategy for the Black Pine project, these results
show that it is still very much an exploration property, with
large, undrilled targets and opportunities for adding ounces
between targets, in virtually every direction,” stated Cal
Everett, President and CEO of Liberty Gold. “Our drilling
at F Zone is exactly the kind of thing we are looking for –
shallow, oxide mineralization with above-average grade that
continues to merge current resource pits into larger pits. As this
drilling progresses in the second half of 2022, we will
progressively update geological and resource models to understand
the broader engineering impact of these expanded mineralized areas.
We are getting close to having drillhole coverage that complements
our in-depth geological understanding of the gold mineralization
and suitably dimensions the size of the investment opportunity at
Black Pine.”
For a map and section showing locations of drill holes in this
release click here:
https://libertygold.ca/images/news/2022/August/BlackPine08302022map.pdf
For a table showing complete drill results from the holes in
this release, click here:
https://libertygold.ca/images/news/2022/August/BlackPine08302022CurrentResults.pdf
Up to four RC drills will be utilized for
resource drilling for the remainder of the year, with a target of
70,000 m of drilling for 2022. The Black Pine resource model will
be updated progressively over the remainder of 2022 in preparation
for a major update to the 2021 Mineral Resource Estimate, to
include all the drilling since March 2021 (predicted to be
approximately 500 holes) and the recently-discovered Rangefront
Zone.
F ZONE KEY POINTS
- Liberty Gold
drilling in 17 holes returned oxide gold mineralization in all
drill holes, with mineralization starting at surface or at shallow
depth.
- Half of the
reported drill holes contain a second oxide gold-bearing zone.
- The drilling
followed surface sampling that returned 0.55 g/t Au over 100.5 m in
34 continuous roadcut chip samples as well as modeling of
widely-spaced historic and Liberty Gold drill holes.
- The new drilling
confirms that the two of the largest zones of mineralization at
Black Pine, the Discovery and CD zones, are linked by a 750 m-long,
north-trending zone of mineralization.
- The F Zone is
still open for expansion to the east and west, and more drilling is
being planned for the near future.
F ZONE HIGHLIGHT TABLE*
Hole ID (Az, Dip)(degrees) |
From (m) |
To (m) |
Intercept(m) |
Au (g/t) |
AuCut-Off |
HoleLength(m) |
Target |
Comments |
|
|
|
|
|
|
|
|
|
LBP508C (70, -60) |
1.8 |
29.6 |
27.7 |
0.30 |
0.15 |
98.0 |
F Zone |
Metallurgical CorePreviously Released |
and |
44.8 |
66.0 |
21.2 |
4.80 |
0.20 |
including |
49.4 |
64.6 |
15.2 |
6.53 |
1.00 |
and including |
52.4 |
59.9 |
7.5 |
11.0 |
5.00 |
|
|
|
|
|
|
|
|
|
LBP595 (0, -90) |
108.2 |
118.9 |
10.7 |
1.00 |
0.20 |
141.7 |
D-3 South |
Step-Out |
including |
109.7 |
112.8 |
3.0 |
1.82 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP597 (200, -45) |
3.0 |
21.3 |
18.3 |
0.42 |
0.15 |
147.8 |
Upper F Zone |
Step-Out |
including |
6.1 |
13.7 |
7.6 |
0.74 |
0.20 |
and including |
6.1 |
9.1 |
3.0 |
1.19 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP599 (90, -45) |
16.8 |
29.0 |
12.2 |
0.24 |
0.15 |
93.0 |
Upper F Zone |
Step-Out |
and |
35.1 |
61.0 |
25.9 |
0.41 |
0.15 |
including |
39.6 |
59.4 |
19.8 |
0.48 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP654 (60, -68) |
0.0 |
44.2 |
44.2 |
0.28 |
0.15 |
105.2 |
F Zone |
Step-Out |
including |
0.0 |
19.8 |
19.8 |
0.35 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP656 (60, -40) |
0.0 |
35.1 |
35.1 |
0.29 |
0.15 |
91.4 |
F Zone |
Step-Out |
including |
3.0 |
15.2 |
12.2 |
0.39 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP657 (145, -45) |
0.0 |
18.3 |
18.3 |
0.95 |
0.15 |
106.7 |
F Zone |
Step-Out |
including |
0.0 |
16.8 |
16.8 |
1.03 |
0.20 |
and including |
1.5 |
4.6 |
3.0 |
3.60 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP658 (245, -60) |
0.0 |
35.1 |
35.1 |
0.47 |
0.15 |
111.3 |
F Zone |
Step-Out |
including |
0.0 |
10.7 |
10.7 |
0.80 |
0.20 |
and including |
6.1 |
7.6 |
1.5 |
1.77 |
1.00 |
including |
16.8 |
29.0 |
12.2 |
0.50 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP660 (315, -75) |
0.0 |
38.1 |
38.1 |
0.74 |
0.15 |
117.3 |
F Zone |
Step-Out |
including |
0.0 |
30.5 |
30.5 |
0.87 |
0.20 |
and including |
10.7 |
21.3 |
10.7 |
1.45 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP662 (315, -45) |
0.0 |
36.6 |
36.6 |
0.84 |
0.15 |
121.9 |
F Zone |
Step-Out |
including |
3.0 |
33.5 |
30.5 |
0.97 |
0.20 |
and including |
24.4 |
30.5 |
6.1 |
2.65 |
1.00 |
and |
48.8 |
64.0 |
15.2 |
0.49 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP663 (5, -45) |
0.0 |
29.0 |
29.0 |
0.42 |
0.15 |
117.3 |
F Zone |
Step-Out |
including |
4.6 |
29.0 |
24.4 |
0.46 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP666 (157, -90) |
19.8 |
39.6 |
19.8 |
1.01 |
0.20 |
91.4 |
F Zone |
Step-Out |
including |
19.8 |
27.4 |
7.6 |
2.07 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP670 (315, -45) |
0.0 |
19.8 |
19.8 |
0.44 |
0.20 |
213.4 |
F Zone |
Step-Out |
and |
38.1 |
53.3 |
15.2 |
0.28 |
|
|
|
|
|
|
|
|
|
LBP671 (135, -60) |
4.6 |
13.7 |
9.1 |
0.41 |
0.15 |
147.8 |
F Zone |
Step-Out |
including |
6.1 |
10.7 |
4.6 |
0.67 |
0.20 |
and |
27.4 |
39.6 |
12.2 |
0.28 |
0.15 |
including |
29.0 |
35.1 |
6.1 |
0.36 |
0.20 |
and |
50.3 |
89.9 |
39.6 |
0.39 |
0.15 |
including |
50.3 |
51.8 |
1.5 |
1.71 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP672 (70, -45) |
13.7 |
22.9 |
9.1 |
0.38 |
0.20 |
121.9 |
F Zone |
Step-Out |
and |
54.9 |
100.6 |
45.7 |
0.48 |
0.15 |
including |
59.4 |
71.6 |
12.2 |
1.11 |
0.20 |
and including |
61.0 |
68.6 |
7.6 |
1.56 |
1.00 |
including |
79.2 |
99.1 |
19.8 |
0.30 |
0.20 |
|
|
|
|
|
|
|
|
|
*Please refer to the full table at the link
above 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.
F ZONE
The F Zone is located between the north end of
the CD Zone and historic open pit and the southwest end of the
Discovery Zone. The F Zone is believed to be related to a single
low-angle normal fault that traverses the southwestern edge of the
Discovery Zone, the F Zone, and CD Zone. Liberty Gold is targeting
a suspected offset of this structure across the Rangefront Fault in
the South Rangefront target, which is currently being drill
tested.
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 GOLDLiberty 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. 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
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using cut-offs
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 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 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 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. 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, the completion of exploration as well as
those factors discussed in the Annual Information Form of the
Company dated March 25, 2022 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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