Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce that it has purchased and
obtained registered title to two historical Black Pine Mine water
rights totalling 868.5 acre feet per annum (“AFA”) (~1 million
cubic meters per year “m3/yr”). Both rights are registered to the
Black Pine Mine Well immediately adjacent to the potential site of
a future heap leach pad. Liberty Gold has now secured, through a
combination of purchase and long-term lease, an aggregate of 3,202
AFA (~4 million m3/yr) of process water supply, sufficient for any
future large-scale mining operation envisioned at Black Pine. This
final piece in the Company’s proactive, early-stage water
acquisition strategy materially de-risks the Black Pine project
from a development perspective and also provides the Company with
sufficient upside capacity in the event the deposit and current
target areas continue to grow in scale.
The Company has also secured access to two other
wells in the basin close to potential mining and processing
operations, allowing it to manage the aquifer for a long-term,
sustainable water supply. At mine closure, leased water rights
would be returned to the owners, with the Black Pine Mine Well
water rights available for future lease or sale to other potential
users.
Jason Attew, President and CEO of
Liberty Gold stated, “In this part of the world, I don’t
think it is possible to overemphasize the importance of securing
water rights pursuant to the future permitting and operation of a
mine. The team has worked diligently over the last two years to
acquire water rights, secure land and mineral rights and advance
power agreements, which have significantly de-risked Black Pine’s
future operations.”
In other de-risking activities, the Company has
received a positive initial system impact study from Idaho Power
Distribution Company on the supply of up to 10 megawatts of
electrical power along a 25-kilovolt distribution line provided by
Raft River Rural Electric Co-op Inc. that terminates at the Black
Pine Mine gate. Further studies are on-going to refine transmission
bottlenecks, system design constraints and cost estimates.
In parallel with the water rights acquisition,
the Company has completed a property-scale ground gravity survey
focused over the western margin of the basin along the eastern edge
of the Black Pine deposit. The survey pin-pointed the location of
basin-bounding faults that likely control sub-surface water storage
and flow. The gravity survey also identified uplifted blocks of
potentially mineralized basement rocks as a future target of
exploration drilling. These data will support future hydrologic
modelling of the aquifer and will also allow us to refine
exploration and condemnation drilling in the area. Drilling has
commenced to test the geophysical interpretations and explore for
gold beyond the eastern margin of the drill-defined Black Pine gold
system.
To facilitate the next stage of exploration
activities the Company has submitted an application to the United
States Forest Service (“USFS”) for a modification to its existing
USFS Plan of Operations. This proposal would add peripheral drill
sites to and expand the existing permit area, allowing the Company
to test surrounding high-priority step-out and reconnaissance
targets.
BLACK PINE ‘DE-RISKING’ LOCATION
MAP
Claims & Permitting
Gravity-Vertical Derivative
For a link to these maps, click here:
https://libertygold.ca/images/news/2022/November/BlackPine11282022LocationMap.pdf
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 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 and
developing 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. Insert your copy here.
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,, 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 to United States
Investors Concerning Estimates of Mineral Disclosure
The mining and technical disclosure throughout
this release is made in accordance with applicable Canadian law and
the guidelines set out in the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM"). The Company's descriptions of its
projects using applicable CIM terminology, which includes defined
terms such as inferred, measured or indicated resources, may not be
comparable to similar information about resource grades that would
be made public by U.S. companies which are subject to the reporting
and disclosure requirements under the United States federal
securities laws.
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