Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report Reverse Circulation (“RC”) drill
results from the M Zone at its Black Pine oxide gold project in
southeastern Idaho. These results are part of an
ongoing 65,000 metre (“m”) drill program at Black Pine designed to:
- Upgrade the
current resource and discover new oxide gold mineralization,
- Add to the
endowment of near-surface, higher-grade, oxide gold mineralization
potentially accessible in the first one to three years of a future
mining operation,
- Drill
out gold mineralization between smaller resource pits, linking
larger zones of continuous oxide gold mineralization. This is
expected to result in defining fewer, larger resource pits and in
doing so, improving the potential for future, bulk open pit mining
operations.
Three RC rigs are currently drilling on the
property, focused on the Rangefront Zone, M Zone and the Section 36
area (recently permitted). These efforts will continue through the
end of the year, and we expect to drill through the winter months,
subject to weather conditions, to maximize drill metres in the
lower elevation areas at Black Pine. The geological model will be
updated progressively over the remainder of 2022, with a new
mineral resource estimate to be released in Q1 2023.
“Drilling in the M Zone is part of a focused
strategy to deliver a readily permittable, low initial capex, high
rate of return oxide gold mining project at Black Pine. We achieve
this in part by the merging of multiple smaller resource pits into
fewer, larger pits, and by identifying and drilling areas of
higher-grade, near-surface gold mineralization that might be
accessed in the early years of mining,” stated Jason Attew,
the recently appointed President and CEO of Liberty Gold.
“After demonstrating this potential in the F Zone, our next target
was the M Zone, where we have expanded near-surface, high-grade
gold mineralization between and beyond the resource pits. We are
now well set up for a substantive upgrade to the Black Pine Mineral
Resource, planned for release in the first quarter 2023.”
For a map and section showing locations of drill
holes in this release click here:
https://libertygold.ca/images/news/2022/November/BlackPine11082022Mzonemap.pdf
For a table showing complete drill results from
the current release, click here:
https://libertygold.ca/images/news/2022/November/BlackPine11082022CurrentResults.pdf
M ZONE EXPANSION
The M Zone lies along the eastern margin of the
main gold system at Black Pine, adjacent to the Rangefront fault
and close to a potential location for future surface processing
infrastructure. In the July 2021 mineral resource estimate, the M
Zone gold mineralization is represented by primarily historic drill
holes and sits inside two small resource pits.
Drilling by Liberty Gold in 2022 demonstrates
the continuity of mineralization between the two pits, establishing
a zone of continuous mineralization over a distance exceeding 750 m
which is currently open in multiple directions. Gold grades in many
of the intercepts are significantly higher than the average grade
of the deposit and the upper contact of the mineralization is
located between 0 and 60 m below surface.
The geometry of this mineralized zone is
strikingly similar to the F Zone (see news release dated August 30,
2022). Additional drilling is currently underway to complete
resource delineation of the zone.
M ZONE HIGHLIGHT TABLE*
Hole ID (Az, Dip)(degrees) |
From (m) |
To (m) |
Intercept(m) |
Au (g/t) |
AuCut-Off |
HoleLength(m) |
Target |
Comments |
|
|
|
|
|
|
|
|
|
LBP688 (30, -55) |
79.2 |
115.8 |
36.6 |
1.53 |
0.20 |
172.2 |
M Zone |
Resource Upgrade Reduced cyanide solubility below 85.3
m |
including |
80.8 |
85.3 |
4.6 |
3.03 |
1.00 |
including |
97.5 |
108.2 |
10.7 |
2.89 |
and including |
103.6 |
105.2 |
1.5 |
6.85 |
5.00 |
|
|
|
|
|
|
|
|
|
LBP691 (200, -45) |
38.1 |
50.3 |
12.2 |
0.60 |
0.15 |
196.6 |
M Zone |
Resource Upgrade |
and |
106.7 |
121.9 |
15.2 |
1.12 |
0.15 |
including |
106.7 |
120.4 |
13.7 |
1.23 |
0.20 |
and including |
111.3 |
118.9 |
7.6 |
1.72 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP697 (335, -70) |
44.2 |
65.5 |
21.3 |
0.58 |
0.15 |
152.4 |
M Zone |
Resource Upgrade |
including |
44.2 |
54.9 |
10.7 |
0.98 |
0.20 |
and including |
50.3 |
51.8 |
1.5 |
1.85 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP699 (280, -65) |
27.4 |
53.3 |
25.9 |
0.60 |
0.20 |
178.3 |
M Zone |
Resource Upgrade |
including |
39.6 |
45.7 |
6.1 |
1.43 |
1.00 |
and |
135.6 |
155.4 |
19.8 |
1.72 |
0.20 |
including |
137.2 |
149.4 |
12.2 |
2.54 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP705 (125, -50) |
67.1 |
77.7 |
10.7 |
0.96 |
0.20 |
166.1 |
M Zone |
Resource Upgrade |
including |
68.6 |
71.6 |
3.0 |
2.34 |
1.00 |
and |
83.8 |
96.0 |
12.2 |
1.27 |
0.20 |
including |
85.3 |
91.4 |
6.1 |
1.93 |
1.00 |
and |
109.7 |
131.1 |
21.3 |
0.60 |
0.20 |
including |
125.0 |
126.5 |
1.5 |
2.32 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP707 (245, -55) |
53.3 |
80.8 |
27.4 |
0.98 |
0.15 |
129.5 |
M Zone |
Resource upgrade |
including |
54.9 |
76.2 |
21.3 |
1.21 |
0.20 |
and including |
64.0 |
71.6 |
7.6 |
2.44 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP712 (115, -70) |
56.4 |
67.1 |
10.7 |
1.10 |
0.15 |
147.8 |
M Zone |
Resource Upgrade |
including |
56.4 |
62.5 |
6.1 |
1.81 |
0.20 |
and including |
57.9 |
62.5 |
4.6 |
2.25 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP713 (0, -70) |
59.4 |
77.7 |
18.3 |
0.82 |
0.20 |
152.4 |
M Zone |
Resource Upgrade |
including |
70.1 |
74.7 |
4.6 |
2.10 |
1.00 |
and |
85.3 |
96.0 |
10.7 |
0.61 |
0.20 |
including |
91.4 |
93.0 |
1.5 |
1.41 |
1.00 |
and |
102.1 |
114.3 |
12.2 |
0.39 |
0.20 |
|
|
|
|
|
|
|
|
|
LBP715 (325, -50) |
76.2 |
134.1 |
57.9 |
1.40 |
0.20 |
221.0 |
M Zone |
Resource Expansion Reduced cyanide solubility below 108.2
m |
including |
77.7 |
99.1 |
21.3 |
2.92 |
1.00 |
and including |
94.5 |
97.5 |
3.0 |
8.36 |
5.00 |
including |
108.2 |
109.7 |
1.5 |
1.65 |
1.00 |
including |
114.3 |
117.3 |
3.0 |
1.39 |
|
|
|
|
|
|
|
|
|
LBP717 (270, -60) |
89.9 |
105.2 |
15.2 |
2.46 |
0.15 |
172.2 |
M Zone |
Resource Expansion |
including |
91.4 |
105.2 |
13.7 |
2.72 |
0.20 |
and including |
93.0 |
103.6 |
10.7 |
3.36 |
1.00 |
and including |
94.5 |
96.0 |
1.5 |
7.05 |
5.00 |
|
|
|
|
|
|
|
|
|
LBP719 (150, -45) |
76.2 |
111.3 |
35.1 |
0.38 |
0.15 |
190.5 |
M Zone |
Resource Expansion |
including |
76.2 |
96.0 |
19.8 |
0.44 |
0.20 |
and including |
86.9 |
88.4 |
1.5 |
1.25 |
1.00 |
|
|
|
|
|
|
|
|
|
LBP727 (165, -70) |
86.9 |
102.1 |
15.2 |
1.22 |
0.15 |
208.8 |
M Zone |
Resource Expansion |
including |
93.0 |
100.6 |
7.6 |
2.29 |
0.20 |
and including |
93.0 |
96.0 |
3.0 |
5.13 |
1.00 |
and including |
93.0 |
94.5 |
1.5 |
7.50 |
5.00 |
|
|
|
|
|
|
|
|
|
LBP733 (85, -60) |
9.1 |
15.2 |
6.1 |
0.52 |
0.15 |
190.5 |
M Zone |
Resource Expansion |
and |
50.3 |
61.0 |
10.7 |
1.45 |
0.20 |
including |
51.8 |
57.9 |
6.1 |
2.19 |
1.00 |
and |
71.6 |
80.8 |
9.1 |
0.75 |
0.15 |
including |
71.6 |
77.7 |
6.1 |
1.03 |
0.20 |
and including |
73.2 |
76.2 |
3.0 |
1.72 |
1.00 |
*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. The M Zone is situated at the lowest structural
level of the deposit, such that carbonaceous material is frequently
encountered at the base of the oxide zone, leading to reduced
cyanide solubility at depth.
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 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 a cut-off
of 0.10 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 50% to 90% 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,, 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; 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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