21:08:18 EST Sun 04 Dec 2022
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Liberty Gold Corp
Symbol LGD
Shares Issued 315,823,674
Close 2022-04-12 C$ 0.89
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Liberty Gold drills 54.9 m of 1.49 g/t Au at Black Pine

2022-04-12 09:10 ET - News Release

Mr. Cal Everett reports


Liberty Gold Corp. has released the first tranche of reverse circulation (RC) drill results from the 2022 winter program in the Rangefront focus area (RFA) at the Black Pine oxide gold deposit in southern Idaho. The winter program in the RFA focused on both stepout and resource definition drilling. An additional 23 RFA drill holes are pending.

Today's drill results further define and expand the higher-grade core zone within the RFA to an area of approximately 500 metres by one kilometre, with high-grade drill intercepts ranging from 20 m to 115 m in length. The mineralization trends shallower as drilling expands the footprint east toward the current Rangefront resource pits and to the north toward the historic heap leach pad. The lower-grade mineralized envelope surrounding the high-grade core is also closer to surface. This should have a positive impact on strip ratio in a future mining scenario.

Resource definition drilling exceeded expectations in delivering additional high-grade oxide gold intercepts at shallow depths and confirmed multiple zones of greater-than-100-metre intercepts of continuous mineralization. Today's results from stepout drilling suggest that gold mineralization is open to the north and west. Results are pending from stepout drilling to the northeast. Additionally, shallow historic drilling indicates that mineralization is open to the east, where an expansion to the plan of operations is under way to facilitate access for drilling later in the year.

Cal Everett, president and chief executive officer for Liberty Gold, stated: "Favourable weather conditions and a mild winter season at Black Pine led to an efficient drill campaign through the early part of the year, with 12,400 m drilled in 42 holes in the RFA in January and February. Drill results continue to encounter multiple thick intercepts of oxide gold in virtually every hole as we increase our confidence and extend the size of this new discovery. RFA mineralization also continues to migrate closer to surface as the high-grade core zone extends to the east and to the north. On completion of the recent $30-million financing, Liberty has a strong treasury to support our exploration and development efforts on both Black Pine and Goldstrike. Four drills are currently operating split between the two deposits."

Rangefront focus area highlights:

  • Winter drilling in the RFA focused on resource definition in the central part of the zone and stepout drilling, particularly to the northwest and northeast.
  • Drill results exceeded expectations in delivering additional high-grade oxide gold intercepts at relatively shallow depths and multiple greater-than-100-metre intercepts of continuous mineralization.
  • The core zone within the RFA now encompasses an area of approximately 500 m by one kilometre.
  • The core zone has been extended to the east, as evidenced by LBP554, which delivered a long interval of high-grade gold mineralization starting from a projected depth of 80 m.
  • LBP565 continued to expand the core zone to the north toward the historic heap leach pad, with mineralization starting at a projected depth of 40 m.
  • LBP539 (18.3 m grading 1.53 grams per tonne gold) and LBP557 (16.8 m grading 1.34 g/t Au) extend high-grade mineralization in a northwesterly direction, with mineralization open to the west and northwest.
  • Results are pending in a northeasterly direction. An amendment to the plan of operations is pending to allow further access in this direction as well as along the eastern edge of the RFA, where historic shallow drill holes bottom in mineralization.
  • Assay results for a further 23 holes within the RFA drilled in Q1 2022 are pending.
  • Drilling continues at Black Pine, with two drills currently focused on a new area between the historic Tallman and CD pits.

2022 work program

The 2022 exploration program at Black Pine commenced in January, with three RC and one core rig active. Drilling through to the end of February focused on the lower-elevation RFA and M zone with the goal to continue resource expansion and confirmation, with the core drill focused on metallurgical testing. On March 1, two drills were moved to Goldstrike to commence engineering, resource upgrade and metallurgical drilling, while two drills remain at Black Pine to focus on stepout drilling and new target testing.

Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further derisking activities, with the goal to provide an updated resource estimate and preliminary economic assessment in the second half of 2022, subject to further positive drill results.

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 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 Aug. 19, 2021, and available on the Liberty Gold website.

Quality assurance/quality control

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 per cent and 100 per cent of the reported lengths due to varying drill hole orientations but are typically in the range of 60 per cent to 80 per cent of true width. Drill samples were assayed by ALS Ltd. in Reno, Nev., for gold by fire assay of a 30-gram (one assay tonne) charge with an AA finish, or, if over 5.0 g/t Au, were reassayed 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 part per million, an additional cyanide leach analysis is done where the sample is treated with a 0.25 per cent NaCN (sodium cyanide) 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 multielement (51 elements) geochemical suite by ICP-MS. ALS Geochemistry (Reno) is ISO 17025:2005 accredited, with the Elko prep lab listed on the scope of accreditation.

Qualified person

Dr. Moira Smith, PhD, PGeo, 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, and has reviewed and validated that the information contained in the release is accurate.

About Liberty Gold Corp.

Liberty Gold is focused on exploring 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. The company knows the Great basin and is driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Liberty Gold's flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

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