Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report 34 additional Reverse Circulation
(“RC”) drill results from the M and Back Range Zones at its Black
Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. The
results are from holes drilled in 2022 designed to expand and
upgrade the current Mineral Resource Estimate (“MRE”) and discover
new higher-grade, near-surface oxide gold mineralization.
M ZONE HIGHLIGHTS:
- 7.07 grams
per tonne gold (“g/t Au”) over 18.3 meters (“m”) including 11.92
g/t Au over 10.7 m and including 46.7 g/t Au over 1.5 m in
LBP813
- 1.17 g/t Au
over 47.2 m from 54.9 m including 2.23 g/t Au over 15.2 m in
LBP736
- 0.93 g/t Au
over 38.1 m from 86.9 m including 2.35 g/t Au over 6.1 m in
LBP823
Assay results from an additional 9 holes drilled
in the M Zone in Q4 2022 include a high-grade intercept in LBP813,
drilled near the western edge of the M Zone, which marks the
potential discovery of a new, high-grade core within the
mineralized zone. It includes a single 1.52 m interval of 46.7 g/t
Au, which is the highest grade gold assay ever returned at Black
Pine. This interval is a 100-metre step-out from previous drilling,
well outside the MRE resource pit and is open to the west. These
results are not included in the recently released MRE (see press
release dated February 7, 2023). Additional offsets to this hole
were drilled over the past 3 weeks and results are pending.
BACK RANGE
- 3.10 g/t Au
over 27.4 m from 50.3 m including 4.33 g/t Au over 18.3 m in
LBP796
- 1.36 g/t Au
over 15.2 m from 120.4 m including 3.79 g/t Au over 3.0 m in
LBP774
- 0.78 g/t Au
over 115.8 m from 15.2 m including 1.29 g/t Au over 25.9 m in
LBP782
The Back Range Zone is the furthest known
northwest extension of the more than 7 kilometre (“km”)-long Black
Pine gold system. Assay results from 25 holes drilled in the Back
Range Zone in 2022 have identified a new area of near-surface,
high-grade oxide gold. Current extents of the Back Range
mineralized zone are ~1 km2 and the high-grade area is open to the
east and west.
Jason Attew, President and CEO of
Liberty Gold commented, “The highest-grade drill intercept
ever reported at M Zone is notable as this zone is proximal to the
potential mining infrastructure. The high-grade, near-surface
characteristics of M Zone makes it an area of focus for 2023 as we
believe M Zone has the grade, continuity, location, and scale for
potential early cash flow generation as we work through pit
optimization and mine scheduling studies. In addition, the
encouraging Back Range results underpin our theory that the Back
Range and Discovery Zones are linked for which we will test once we
receive permits anticipated in late 2023. These recent results are
a testament to the team’s ability to discover higher-grade material
amongst an already very impressive mineral endowment.”
For a map and cross sections showing locations
of drill holes in this release click
here:https://libertygold.ca/images/news/2023/February/BlackPinemap_sections.pdf
For a table showing complete drill results for
current Liberty Gold drill results at Black Pine, click
here:https://libertygold.ca/images/news/2023/February/BlackPineCurrentDrillResults.pdf
For a table of the top 25 unmined drill
intercepts where hole LBP813 ranks in the top ten grade-thickness
intervals, click
here:https://libertygold.ca/images/news/2023/February/Top25UnminedDrillIntercepts.pdf
M ZONE HIGHLIGHT TABLE*
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
Target |
|
|
|
|
|
|
|
|
LBP736 (120, -55) |
29.0 |
32.0 |
3.0 |
0.41 |
0.15 |
184.40 |
M Zone |
and |
54.9 |
102.1 |
47.2 |
1.17 |
including |
77.7 |
93.0 |
15.2 |
2.23 |
1.00 |
and including |
88.4 |
89.9 |
1.5 |
5.58 |
5.00 |
and |
118.9 |
134.1 |
15.2 |
0.51 |
0.15 |
|
|
|
|
|
|
|
|
LBP813 (310, -75)** |
111.3 |
129.5 |
18.3 |
7.07 |
0.15 |
182.88 |
M Zone |
including |
111.3 |
121.9 |
10.7 |
11.9 |
1.00 |
including |
117.3 |
121.9 |
4.6 |
24.7 |
5.00 |
and |
144.8 |
150.9 |
6.1 |
1.45 |
0.15 |
including |
144.8 |
147.8 |
3.0 |
2.55 |
1.00 |
|
|
|
|
|
|
|
|
LBP823 (270, -45)** |
86.9 |
125.0 |
38.1 |
0.93 |
0.15 |
227.08 |
M Zone |
including |
108.2 |
114.3 |
6.1 |
2.35 |
*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.**These
holes were finalized too late to be included in the MRE
Additional drill holes have already been
completed in M Zone to offset the high-grade intercept in hole
LBP813 and similar oxide alteration has been intersected in some
holes. Additional drilling is being planned for Q2 2023 once assays
are received for this zone. Focus will be on expansion/delineation
of the high-grade zone with further step-out drilling to the
west.
The M Zone hosts an indicated resource of
120,000 ounces of oxide gold averaging 0.71 g/t Au in 5,255,000
tonnes (“t”) and an inferred resource of 11,000 ounces of oxide
gold averaging 0.45 g/t Au in 762,000 t (see press release dated
February 7, 2023).
BACK RANGE ZONE HIGHLIGHT
TABLE*
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
Target |
|
|
|
|
|
|
|
|
LBP731 (280, -50) |
89.9 |
108.2 |
18.3 |
0.54 |
0.15 |
213.36 |
Back Range |
including |
102.1 |
106.7 |
4.6 |
1.30 |
1.00 |
and |
115.8 |
118.9 |
3.0 |
1.13 |
0.15 |
and |
125.0 |
129.5 |
4.6 |
0.22 |
and |
164.6 |
167.6 |
3.0 |
0.88 |
and |
185.9 |
190.5 |
4.6 |
0.75 |
|
|
|
|
|
|
|
|
LBP743 (180, -60) |
32.0 |
35.1 |
3.0 |
0.51 |
0.15 |
239.3 |
Back Range |
and |
115.8 |
146.3 |
30.5 |
0.47 |
and |
173.7 |
189.0 |
15.2 |
0.66 |
including |
173.7 |
178.3 |
4.6 |
1.70 |
1.00 |
and |
190.5 |
193.5 |
3.0 |
0.50 |
0.15 |
and |
199.6 |
202.7 |
3.0 |
0.50 |
|
|
|
|
|
|
|
|
LBP774 (225, -45) |
6.1 |
29.0 |
22.9 |
0.30 |
0.15 |
204.2 |
Back Range |
and |
54.9 |
67.1 |
12.2 |
0.41 |
and |
73.2 |
76.2 |
3.0 |
0.41 |
and |
102.1 |
106.7 |
4.6 |
1.46 |
including |
103.6 |
106.7 |
3.0 |
1.79 |
1.00 |
and |
120.4 |
135.6 |
15.2 |
1.36 |
0.15 |
including |
131.1 |
134.1 |
3.0 |
3.79 |
1.00 |
and |
167.6 |
169.2 |
1.5 |
0.86 |
0.15 |
|
|
|
|
|
|
|
|
LBP782 (320, -55) |
15.2 |
131.1 |
115.8 |
0.78 |
0.15 |
190.5 |
Back Range |
including |
93.0 |
100.6 |
7.6 |
1.96 |
1.00 |
and |
173.7 |
182.9 |
9.1 |
0.19 |
0.15 |
|
|
|
|
|
|
|
|
LBP796 (300, -45)** |
27.4 |
33.5 |
6.1 |
0.50 |
0.15 |
239.3 |
Back Range |
and |
50.3 |
77.7 |
27.4 |
3.10 |
including |
54.9 |
73.2 |
18.3 |
4.33 |
1.00 |
and including |
61.0 |
65.5 |
4.6 |
5.90 |
5.00 |
and |
179.8 |
187.5 |
7.6 |
0.23 |
0.15 |
and |
236.2 |
239.3 |
3.0 |
0.36 |
|
|
|
|
|
|
|
|
LBP805 (45, -45)** |
54.9 |
59.4 |
4.6 |
0.35 |
0.15 |
117.3 |
Back Range |
and |
67.1 |
112.8 |
45.7 |
0.44 |
including |
67.1 |
68.6 |
1.5 |
1.44 |
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.**These
holes were finalized too late to be included in the MRE
Additional drilling in this area is being
planned for Q2 2023, targeting the structural controls to the
high-grade zones. Focus will be on expansion/delineation of the
high-grade core and conversion of inferred resources into indicted,
ahead of a pre-feasibility study decision.
The work program will also include advancing
ongoing permitting with United States Forest Service to include
access to the undrilled one-kilometer-long gap between Back Range
to the Discovery Zone. This area is considered to have high oxide
gold discovery potential and permits may be received as early as H2
2023.
The Back Range Zone hosts an indicated resource
of 32,000 ounces of oxide gold averaging 0.62 g/t Au in 1,584,000 t
and an inferred resource of 77,000 ounces of oxide gold averaging
0.63 g/t Au in 3,783,000 t.
QUALIFIED
PERSONPeter Shabestari, P.Geo., Vice-President
Exploration, 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.
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
CONTROLDrill composites were calculated using a cut-off 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 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 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 parts per million 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, the potential size of the
mineralized zone, the proposed timing of exploration and
development plans, the expansion and future resource growth
expected at Black Pine, expected capital costs at Black Pine,
expected gold recoveries from the Black Pine mineralized material,
the potential upgrade of inferred mineral resources to measured and
indicated mineral resources, the potential for future additions to
the current mineral resource estimate, the 2023 work program and
the results thereof, the timing and results of any resource updates
and the planned development work at Black Pine. 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, 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; the timing of the publication of
any updated resources; delays in permitting; 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.
Cautionary Note for United States Investors
The information in this news release, including
any information incorporated by reference, and disclosure documents
of Liberty Gold that are filed with Canadian securities regulatory
authorities concerning mineral properties have been prepared in
accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United States
securities laws.
Without limiting the foregoing, these documents
use the terms “measured resources”, “indicated resources”,
“inferred resources” and “probable mineral reserves”. Shareholders
in the United States are advised that, while such terms are defined
in and required by Canadian securities laws, the United States
Securities and Exchange Commission (the “SEC”) does not recognize
them. Under United States standards, mineralization may not be
classified as a reserve unless the determination has been made that
the mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. United
States investors are cautioned not to assume that all or any part
of measured or indicated resources will ever be converted into
reserves. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be
mined legally or economically. It cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility,
pre-feasibility or other technical reports or studies, except in
rare cases. Therefore, United States investors are also cautioned
not to assume that all or any part of the inferred resources exist,
or that they can be mined legally or economically. Disclosure of
contained ounces is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to
report resources as in place tonnage and grade without reference to
unit measures. Accordingly, information concerning descriptions of
mineralization and resources contained in these documents may not
be comparable to information made public by United States companies
subject to the reporting and disclosure requirements of the
SEC.
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