Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report first results from the 2023 Reverse
Circulation (“RC”) exploration drill program at its Black Pine
Oxide Gold Project (“Black Pine”) in southeastern Idaho. These
results are from holes drilled in the first quarter of 2023,
designed to follow up on a newly discovered high-grade,
near-surface zone of gold mineralization in the western M Zone and
to expand and upgrade the current mineral resource estimate in the
Rangefront Zone.
M ZONE HIGHLIGHTS:
- 2.83 grams per tonne gold (“g/t
Au”) over 25.9 metres (“m”), including 7.88 g/t Au over 3.0 m in
LBP849;
- 2.13 g/t Au over 21.3 m,
including 8.67 g/t Au over 4.6 m in LBP864.
Assay results have been received from an
additional 14 holes drilled in the western M Zone including drill
holes offsetting the high-grade intercept of 7.07 g/t Au over 18.3
m in hole LBP813 (see press release dated February 21, 2023).
Several holes have been completed to the west of this drill hole
targeting a W-NW trend to the mineralization. The same tenor of
mineralization was encountered in drill hole LBP864, with a
high-grade intercept of 19.2 g/t Au over 1.5 m. This result points
to the potential for a larger, more continuous zone of high-grade
mineralization in this area. One RC drill is presently active in
this part of the M Zone, following up with multiple step out holes
and similar oxide alteration has been intersected in some holes;
assays are pending.
RANGEFRONT HIGHLIGHTS:
- 0.72 g/t Au over 35.1 m,
including 1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in
LBP861;
- 0.86 g/t Au over 25.9 m,
including 2.26 g/t Au over 6.1 m in LBP800;
- 0.71 g/t Au over 18.3 m
starting from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in
LBP872.
Assay results have been received from an
additional 39 resource infill and offset holes in the Rangefront
Zone, with a focus on the northeast margin of the known
mineralization. These were designed to upgrade inferred resource to
the indicated class, ahead of a planned economic study later in the
year. The near-surface, higher-grade mineralization in hole LBP872
is at present an isolated result, and further drilling is planned
for the second half of 2023 to expand on Rangefront Zone margins,
where they are still open to the west, northeast, east and
south.
Jason Attew, President and CEO of
Liberty Gold commented, “We are excited to be adding a
second rig to the program as weather conditions improve and access
to permit area opens. These early results from M Zone and the
Rangefront Zone are intriguing and point to the potential for the
discovery of more higher-grade zones and near-surface
mineralization. With multiple target areas remaining untested,
funding for a further 20,000 metres of drilling in 2023 and an
evolving story at the M Zone, we look forward to another year of
unlocking Black Pine’s full oxide gold potential.”
For a map and cross sections showing locations
of drill holes in this release click here:
https://libertygold.ca/images/news/2023/April/BlackPinemap_sections04192023.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/April/BlackPineCurrentDrillResults04192023.pdf
ADDITIONAL KEY POINTS:
- The
mineralization of M Zone has an emerging geochemical signature
suggesting that it has been the focus of multiple mineralizing
events with the main gold mineralization phase occurring within a
base metal event (high silver, zinc and lead). This is commonly
seen in many Carlin-type deposits and is indicative of a long-lived
and robust mineral system. The same high-grade gold 21.3 m interval
reported in drill hole LBP864 also reported ICP geochemistry
results of 67.7 parts per million silver, 0.67% lead and 2.9% zinc
within a larger envelope of highly anomalous base metal
mineralization. This base metal signature has been noted in several
drill holes in M Zone and elsewhere at Black Pine.
- A second RC drill
rig has been added to the 2023 program to allow a focus on drilling
in the new expanded M Zone, while the first rig continues to expand
mineralization in the Discovery and CDF Zones, and other priority
targets.
- 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 and an inferred resource of 11,000
ounces of oxide gold averaging 0.45 g/t Au in 762,000 tonnes (see
press release dated February 7, 2023). The zone hosts oxide
mineralization with a significantly higher average grade than the
rest of the Black Pine deposit, except for the Backrange Zone.
- The Rangefront Zone
hosts an indicated resource of 732,000 ounces averaging 0.49 g/t Au
in 46,581,000 tonnes and an inferred resource of 118,000 ounces
averaging 0.46 g/t Au in 7,913,000 tonnes (see press release dated
February 7, 2023).
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 |
|
|
|
|
|
|
|
|
LBP827 (150, -75) |
96.0 |
109.7 |
13.7 |
0.56 |
0.15 |
205.7 |
M Zone |
including |
96.0 |
99.1 |
3.0 |
1.33 |
1.00 |
and |
132.6 |
144.8 |
12.2 |
2.11 |
0.15 |
including |
132.6 |
141.7 |
9.1 |
2.61 |
1.00 |
and |
150.9 |
153.9 |
3.0 |
1.23 |
0.15 |
including |
152.4 |
153.9 |
1.5 |
2.09 |
1.00 |
|
|
|
|
|
|
|
|
LBP846 (270, -80) |
147.8 |
152.4 |
4.6 |
2.54 |
0.15 |
269.7 |
M Zone |
including |
149.4 |
152.4 |
3.0 |
3.67 |
1.00 |
|
|
|
|
|
|
|
|
LBP847 (280, -60) |
77.7 |
85.3 |
7.6 |
0.76 |
0.15 |
182.9 |
M Zone |
including |
77.7 |
79.2 |
1.5 |
1.02 |
1.00 |
and |
152.4 |
166.1 |
13.7 |
0.62 |
0.15 |
including |
161.5 |
164.6 |
3.0 |
1.71 |
1.00 |
|
|
|
|
|
|
|
|
LBP849 (230, -55) |
12.2 |
16.8 |
4.6 |
1.08 |
0.15 |
178.3 |
M Zone |
and |
64.0 |
71.6 |
7.6 |
0.64 |
and |
115.8 |
118.9 |
3.0 |
1.31 |
and |
128.0 |
135.6 |
7.6 |
0.77 |
and |
152.4 |
178.3 |
25.9 |
2.83 |
including |
152.4 |
175.3 |
22.9 |
3.16 |
1.00 |
and including |
169.2 |
172.2 |
3.0 |
7.88 |
0.15 |
|
|
|
|
|
|
|
|
LBP864 (290, -57) |
103.6 |
125.0 |
21.3 |
2.13 |
0.15 |
221.0 |
M Zone |
including |
109.7 |
114.3 |
4.6 |
8.67 |
1.00 |
and |
164.6 |
173.7 |
9.1 |
1.65 |
0.15 |
including |
164.6 |
172.2 |
7.6 |
1.94 |
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. M Zone lies 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.
RANGEFRONT ZONE HIGHLIGHT
TABLE*
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
Target |
|
|
|
|
|
|
|
|
LBP800 (170, -75) |
189.0 |
214.9 |
25.9 |
0.86 |
0.15 |
324.6 |
Rangefront Infill |
including |
199.6 |
205.7 |
6.1 |
2.26 |
1.00 |
|
|
|
|
|
|
|
|
LBP807 (200, -80) |
153.9 |
175.3 |
21.3 |
0.46 |
0.15 |
213.4 |
Rangefront Infill |
including |
161.5 |
163.1 |
1.5 |
1.06 |
1.00 |
|
|
|
|
|
|
|
|
LBP816 (195, -55) |
77.7 |
94.5 |
16.8 |
0.31 |
0.15 |
214.9 |
Rangefront Infill |
including |
141.7 |
169.2 |
27.4 |
0.39 |
1.00 |
and |
185.9 |
196.6 |
10.7 |
0.59 |
0.15 |
including |
187.5 |
189.0 |
1.5 |
1.72 |
1.00 |
|
|
|
|
|
|
|
|
LBP818 (35, -70) |
9.1 |
24.4 |
15.2 |
0.42 |
0.15 |
251.5 |
Rangefront Infill |
and |
202.7 |
251.5 |
48.8 |
0.44 |
including |
246.9 |
248.4 |
1.5 |
1.54 |
1.00 |
|
|
|
|
|
|
|
|
LBP826 (90, -65) |
109.7 |
153.9 |
44.2 |
0.25 |
0.15 |
251.5 |
Rangefront Infill |
and |
181.4 |
225.6 |
44.2 |
0.39 |
including |
199.6 |
202.7 |
3.0 |
1.44 |
1.00 |
|
|
|
|
|
|
|
|
LBP833 (115, -60) |
205.7 |
259.1 |
53.3 |
0.42 |
0.15 |
269.7 |
Rangefront Infill |
including |
248.4 |
249.9 |
1.5 |
1.10 |
1.00 |
|
|
|
|
|
|
|
|
LBP836 (350, -72) |
109.7 |
120.4 |
10.7 |
0.40 |
0.15 |
221.0 |
Rangefront Infill |
and |
134.1 |
167.6 |
33.5 |
0.39 |
including |
160.0 |
161.5 |
1.5 |
1.42 |
1.00 |
and |
181.4 |
216.4 |
35.1 |
0.40 |
0.15 |
including |
213.4 |
214.9 |
1.5 |
1.01 |
1.00 |
|
|
|
|
|
|
|
|
LBP839 (170, -52) |
146.3 |
249.9 |
103.6 |
0.38 |
0.15 |
251.5 |
Rangefront Infill |
including |
231.6 |
233.2 |
1.5 |
1.23 |
1.00 |
|
|
|
|
|
|
|
|
LBP845 (305, -75) |
77.7 |
102.1 |
24.4 |
0.40 |
0.15 |
330.7 |
Rangefront Infill |
including |
97.5 |
99.1 |
1.5 |
1.05 |
1.00 |
and |
150.9 |
195.1 |
44.2 |
0.25 |
0.15 |
and |
237.7 |
254.5 |
16.8 |
0.48 |
and |
266.7 |
272.8 |
6.1 |
0.54 |
|
|
|
|
|
|
|
|
LBP855 (70, -50) |
204.2 |
263.7 |
59.4 |
0.43 |
0.15 |
300.2 |
Rangefront Infill |
including |
237.7 |
240.8 |
3.0 |
1.65 |
1.00 |
|
|
|
|
|
|
|
|
LBP861 (0, -90) |
120.4 |
155.4 |
35.1 |
0.72 |
0.15 |
315.5 |
Rangefront Geotech |
including |
146.3 |
152.4 |
6.1 |
1.83 |
1.00 |
and |
202.7 |
225.6 |
22.9 |
0.89 |
0.15 |
including |
207.3 |
219.5 |
12.2 |
1.36 |
1.00 |
|
|
|
|
|
|
|
|
LBP867 (0, -90) |
239.3 |
283.5 |
44.2 |
0.34 |
0.15 |
324.6 |
Rangefront Geotech |
and |
289.6 |
294.1 |
4.6 |
2.47 |
|
|
|
|
|
|
|
|
LBP869 (350, -62) |
281.9 |
295.7 |
13.7 |
0.35 |
0.15 |
419.1 |
Rangefront Infill |
and |
298.7 |
352.0 |
53.3 |
0.41 |
|
|
|
|
|
|
|
|
LBP870 (330, -60) |
158.5 |
192.0 |
33.5 |
0.30 |
0.15 |
336.8 |
Rangefront Infill |
and |
243.8 |
249.9 |
6.1 |
0.34 |
and |
289.6 |
303.3 |
13.7 |
0.47 |
including |
295.7 |
297.2 |
1.5 |
1.10 |
1.00 |
and |
315.5 |
336.8 |
21.3 |
0.38 |
0.15 |
|
|
|
|
|
|
|
|
LBP871 (285, -60) |
16.8 |
21.3 |
4.6 |
0.40 |
0.15 |
251.5 |
Rangefront Infill |
and |
158.5 |
219.5 |
61.0 |
0.35 |
|
|
|
|
|
|
|
|
LBP872 (180, -45) |
16.8 |
35.1 |
18.3 |
0.71 |
0.15 |
202.7 |
Rangefront Infill |
including |
16.8 |
22.9 |
6.1 |
1.45 |
1.00 |
and |
126.5 |
132.6 |
6.1 |
0.42 |
0.15 |
and |
149.4 |
155.4 |
6.1 |
0.25 |
*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.
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 28, 2023
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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