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Liberty Gold Corp
Symbol LGD
Shares Issued 243,488,259
Close 2020-03-31 C$ 0.87
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Liberty Gold starts drilling at Black Pine

2020-04-01 06:04 ET - News Release

Mr. Cal Everett reports

LIBERTY GOLD ANNOUNCES COMMENCEMENT OF 2020 DRILL PROGRAM A BLACK PINE OXIDE GOLD PROJECT, IDAHO, USA

Liberty Gold Corp. has started the 2020 exploration season at its Carlin-style Black Pine oxide gold property in southern Idaho.

On March 25, 2020, pursuant to the COVID-19 containment process, Idaho Governor Brad Little issued a statewide stay-at-home directive that excludes certain essential services, with mining having been designated as an essential infrastructure service. As such, Liberty Gold commenced drilling on the Black Pine gold project on March 31, 2020.

"The company's intent is to safely advance the Black Pine project with full recognition of the COVID-19 pandemic and, if necessary, we will alter our exploration strategy as warranted or directed," commented Cal Everett, president and chief executive officer. "As a company, we recognize the effect on individuals, local communities, states, countries and financial markets as a result of the coronavirus pandemic as announced by the World Health Organization on March 11, 2020, and we have established strict internal and external protocols for our employees, contractors and associates at Black Pine."

Liberty Gold adopted a work-from-home and no-fly policy for its office employees in early March. Its U.S.-based geological team lives within driving distance of the Black Pine project. Canada-based geologists will remain in country and will focus on data interpretation, digital modelling and drill hole targeting. Social distancing policies have been established for the Black Pine project, inclusive of a one-person-per-vehicle policy, daily personal temperature checks, and on-site separation mandate between and among employees and contractors. The Black Pine project is located 100 kilometres from the closest community with medical facilities.

In 2019, drilling at Black Pine was focused in a one-square-kilometre area of a shallow oxide gold system estimated to cover over 12 square kilometres. Drilling resulted in two discoveries of high-grade oxide gold mineralization beneath the limit of shallow historical drilling. The Discovery 1 zone measures approximately one kilometre by 150 metres, trending in a northwest direction. The Discovery 2 zone measures approximately 600 m by 400 m, trending in a northeast direction. Both zones remain open for extension in several directions.

The 2020 drill program is fully financed, with the ability to further expand the exploration program subject to results.

Liberty Gold's intent is to significantly increase the amount of drilling to well over the 21,000 metres drilled last year, and greatly expand the target area to be tested.

Key points:

  • The 2020 Black Pine drill program is split between continued drilling of the high-grade oxide gold discoveries from 2019 and a regional test of the surrounding district, selected by compilation of historical drill results, surface and pit wall mapping, and soil geochemistry. The initial target area covers approximately 12 square kilometres.
  • Nine regional drill targets have been selected based on 3-D modelling of potential northwest- and northeast-trending feeder fault corridors.
  • Two drills are on site. Drill operations are on a single-shift basis. If there is a delay of the exploration program, the drills can be double shifted when drilling resumes in order to complete the 2020 drill program.
  • Metallurgical column testing on six bulk samples with head assays ranging from 0.23 to 4.06 grams per tonne gold and 29 composites from large diameter core is continuing, with results expected in the third quarter.
  • An amendment to the plan of operations has been submitted to the U.S. Forest Service to increase the size of the permitted project area from 7.3 to 11.9 square kilometres, including a large area between the main permit area and the Rangefront target to the southeast, where drilling in late 2019 encountered 55.3 m grading 0.49 g/t Au. Additional phase 2 drilling in this area will be carried out when the permit is approved.
  • Discussions are under way with the U.S. Bureau of Land Management regarding access to land located to the east of the project area for infrastructure and historic mine well access.
  • Additional project derisking activities are under way, including preliminary engineering and baseline studies.
  • A strategy for obtaining access to process water is being developed.

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 Newmont's 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, at an average grade of 0.63 g/t Au and average recovery of approximately 65 per cent.

Dr. Moira Smith, PhD, PGeo, vice-president of 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. Drill composites were calculated using a cut-off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 and 100 per cent of the reported lengths due to varying drill hole orientations, but are typically in the range of 60 to 100 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 ton) charge with an AA finish, or if over 5.0 g/t 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 0.20 part per million an additional cyanide leach analysis is done where the sample is treated with a 0.25 per cent sodium cyanide solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by atomic absorption spectroscopy. Quality assurance/quality control 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-multielement geochemical suite by ICP-MS (inductively coupled plasma mass spectrometry). ALS Geochemistry-Reno is ISO 17025:2005 accredited, with the Elko prep lab listed on the scope of accreditation.

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. Its flagship projects are Goldstrike, Black Pine and Kinsley Mountain, all of which are past-producing open-pit mines, where previous operators only scratched the surface.

We seek Safe Harbor.

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