Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce a corporate update which includes
an addition to the Board of Directors (the “Board”), management
appointments and a summary of work plans for 2023 at its Black Pine
oxide gold project (“Black Pine”) in southeastern Idaho, Goldstrike
oxide gold project (“Goldstrike”) in southwestern Utah and TV Tower
gold-copper-silver project (“TV Tower”) in western Turkey.
The Company announces the appointment of Lisa
Wade to the Board. Ms. Wade is an environmental engineer with over
25 years of experience in the mining industry and has held
environmental engineering, community relations, permitting,
executive and managerial positions with a number of mining
companies. From 2005 to 2019, Ms. Wade held increasingly senior
positions at Goldcorp Inc., in Central America and subsequently as
Vice President, Environmental, Reclamation and Closure. Earlier in
her career, Ms. Wade managed environmental and social matters in
northern Nevada, California and at the Yanacocha Mine in Peru for
Newmont Corporation. Ms. Wade holds a Bachelor of Science and
Master of Science in Environmental Engineering from Montana
Technological University. Ms. Wade received the Alumni Recognition
Award in 2014 from Montana Tech in recognition of her professional
accomplishments.
The Company is also pleased to announce that
Peter Shabestari, CPG, has been appointed Vice President of
Exploration. He will also assume the role as the Company’s
Qualified Person. Mr. Shabestari joined Fronteer Gold Inc.
(“Fronteer”) in 2009 and was instrumental in drilling and modeling
the Long Canyon gold deposit, the flagship property at the core of
Fronteer’s sale to Newmont Corporation for C$2.3 billion in 2011.
Mr. Shabestari has been with Liberty Gold since its spin-out from
Fronteer as Senior Geologist and Vice President, Operations. He was
the lead in procuring process water and private and State of Idaho
mineral and surface rights, developing community and governmental
relationships and has been the Project Manager at Black Pine and
Goldstrike. Mr. Shabestari is a native of Utah and has worked in
mineral exploration in the Great Basin and around the world for
over 25 years.
Moira Smith, Ph.D., P.Geo., has held the role of
Vice President, Exploration and Geoscience with Liberty Gold since
2015, and will be transitioning into a new role as Corporate
Technical Advisor focusing on technical evaluations and business
development opportunities. She has been instrumental in identifying
opportunities such as Black Pine, making new discoveries and
building significant resource ounces for Fronteer and Liberty Gold
over the last 15 years as well as for other companies and gold
deposits in the Americas throughout her career.
Moira Smith stated, “While I
will not be as involved in the day-to-day operations of our
projects, I will continue to contribute to Liberty Gold in other
meaningful ways for the foreseeable future. With a resource update
pending at Black Pine, a new drill program already underway,
development and de-risking activities planned, and the hope of a
renewed gold market on the horizon, I remain committed to advancing
Liberty Gold to create shareholder value.”
Mark O’Dea, Chairman of Liberty Gold,
commented, “As Liberty Gold evolves into a development
stage company, changes to Liberty Gold’s Board and executive team
are a natural part of this transformation. I would like to welcome
Lisa Wade to the Board. Her unique experience and skillset bring
considerable strength to our company culture and the advancement of
our oxide gold projects. Led by Moira Smith along with Peter
Shabestari, our exploration group has had tremendous success in
driving the discovery of many ounces of gold in the Great Basin,
USA – with Black Pine in Idaho, Goldstrike in Utah and as
exploration leaders of the Fronteer Long Canyon deposit team. These
are prodigious achievements and on behalf of the entire team, I
wish to thank Moira for her strength and leadership over these many
years. We look forward to continuing to work with her in her new
role. I am also pleased to introduce Pete as our new Vice President
of Exploration. As Vice President of Operations, Pete has been
overseeing the advancement of our projects through development and
de-risking and with his years of exploration experience with the
Liberty Gold team, he is a great fit for the role.”
2023 WORK PROGRAMS
With working capital of C$31.8 million1 (as at
September 30, 2022), assay results still pending for release from
93 drill holes from last year’s 325 holes from the 67,000 metre
drilling program at Black Pine and a future steady stream of drill
results expected for this year’s program, the Company is well
positioned to continue delivering value from the following,
board-approved, work programs:
Black Pine, Idaho
- The drilling
program commenced on January 6, with the focus on step-out and
resource infill drilling throughout the project area. Project
de-risking activities are progressing in parallel with resource
delineation, with the objective of front-end loading technical work
in advance of the mine permitting phase.
- The Company is on
track for delivering an updated Mineral Resource Estimate
mid-February with the NI 43-101 Technical Report to be filed
shortly thereafter. The team has been updating the geological model
progressively as drill assays have become available. Moira Smith is
the lead Qualified Person for this mineral resource update.
- Based on the
updated resource and the status of its extensive de-risking
activities, the Company will confirm in H1 whether it will forgo a
formal Preliminary Economic Assessment and move directly to the
commencement of a Pre-Feasibility Study.
- Key activities
include:
- 32,000 metres of
reverse circulation exploration drilling.
- Delivery of an
updated Mineral Resource Estimate in mid-February.
- Completion of
pre-feasibility level studies on hydrology/hydrogeology of the mine
water supply, geotechnical engineering, geo-metallurgical
modelling, and metallurgical test work.
- Commencement of
waste rock geochemical characterization studies.
- Anticipated
receipt of a Record of Decision for a Plan of Operations
modification from the United States Forest Service to increase the
permitted project exploration area from 24 to 35 square kilometres.
- Continued
wildlife monitoring and tracking studies (including big game, mule
deer and greater sage grouse) and sage brush habitat
rehabilitation.
Goldstrike, Utah
- With the
completion of the exploration drilling program in 2022, attention
will focus largely on key de-risking activities, in particular
procurement of a process water supply ahead of further detailed
work.
- Key activities
include:
- Hydrological and
geological studies to identify and test potential new water sources
in the aquifers near to the mine site.
- Metallurgical
testwork and updating of metals recovery models.
- Ongoing efforts
supporting the proposed land swap between the State of Utah School
and Institutional Trust Lands Administration (“SITLA”) and the
Bureau of Land Management in accordance with State Bill
HJR016.
TV Tower, Turkey
- At TV Tower, a
recent resource estimate outlines several deposits of gold, copper
and silver2, containing multi-million gold-equivalent ounces. These
deposits are open to expansion and the project has several
drill-ready targets. We will continue our strategic sale process.
(see press release dated August 15, 2022) For a full table of the
TV Tower Resource Estimate Summary, see press release dated April
6, 2021. In addition, we will look to consolidate our exploitation
licences, maintain licences in good standing, apply for exploration
drill permits on key, high-value target areas and continue ongoing
social engagement with local communities.
QUALIFIED
PERSON
Peter Shabestari, CPG, Vice President of
Exploration, the Company's newly designated Qualified Person
approves 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 large 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, availability of
equipment, timing of assay results, scalability of metallurgical
results, results and accuracy of mineral resources or hydrology
studies, the availability of drill rigs, 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; timing of any mineral resource
estimates or metallurgical results; scalability of metallurgical
results, delays in permitting or receipts of records of decisions;
the timing of any preliminary economic studies or pre-feasibility
studies; possible claims against the Company; labour disputes and
other risks of the mining industry; 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 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.
1 At September 30, 2022, the value of C$1.00 was approximately
$0.730; the daily average rate from the Bank of Canada.2 See press
release on May 18, 2021: “Liberty Gold Files Technical Report on
SEDAR for the Resource Estimate at TV Tower, Western Turkey”.
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