Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce additional reverse circulation
(“RC”) results from the 2021 drill program in the Rangefront Focus
Area (“RFA”) at the Black Pine oxide gold deposit, Idaho.
The RFA is host to a major new oxide gold
discovery in the down-faulted southeast portion of the Black Pine
gold system and has been a focus of our drill campaign since it was
discovered in Q3 2021. Results to-date confirm the RFA discovery is
quickly expanding, with gold mineralization extending over an area
of approximately one square kilometer (“km2”) and it remains open
for extension in all directions.
Liberty Gold has continued to expand on the D-4
Discovery area within the RFA, adding drill sites to the north,
south and east, toward the original Rangefront deposit defined by
shallow historical drilling. Notably, a NW-SE-trending, high-grade
mineralized core has now been delineated over a 300 x 400-meter
(“m”) area that remains open along trend to the NW and SE.
Additionally, of the 46 holes drilled and assayed in the RFA since
Q3 2021, virtually all have returned multiple, relatively flat
zones of oxide gold mineralization from near-surface to a depth of
up to 400 m.
Cal Everett, President and CEO of
Liberty Gold stated, “RFA drilling continues to deliver
significant oxide gold intercepts in multiple zones over a large
surface area. With a high-grade core now defined and open for
expansion along trend, we expect a significant upgrade to the
mineral resource estimate in 2022.”
Moira Smith, VP Exploration and
Geoscience for Liberty Gold stated, “The results are so
compelling, we have decided to forgo the typical winter drill
shut-down and work through the winter with three RC and one core
drill focused on the RFA. The geometry and scope of mineralization
at Rangefront looks very similar in many ways to the Discovery Zone
after only four months of drilling, with several stacked, low-angle
zones of structurally and stratigraphically controlled
mineralization around a high-grade core. This similarity continues
to reinforce our hypothesis that the RFA represents the
down-faulted southeast portion of the Black Pine gold system. The
current success at the RFA is exciting and there remain several
square kilometres of un-drilled prospective ground.”
For a map and cross section of the RFA, please click here:
https://libertygold.ca/images/news/2022/January/BlackPine_NR01182022MapSection.pdf
For a full table of results for this release, please click here:
https://libertygold.ca/images/news/2022/January/BlackPine_NR01182022CurrentAssays.pdf
RFA HIGHLIGHTS:
-
The mineralized envelope in the RFA has been confirmed by widely
spaced drilling over an area that now covers in excess of 1 km2 and
remains open for expansion in all directions.
-
A NW-SE-trending high-grade core has now been defined in the D-4
area of the RFA over a surface area measuring at least 300 x 400
m.
-
This high-grade core remains open along trend to the NW and SE and
is parallel to the dominant trend of mineralization throughout the
Black Pine gold system.
-
Current drill spacing over the D-4 area ranges from 100 to 300
metres, with drilling now focused on infill and step-out to
continue to enlarge the RFA and define a resource.
-
Oxide gold mineralization is present in relatively flat, stacked
lenses related to bedding and low-angle shears and breccia
zones.
-
The average cumulative intercept thickness at a 0.15 grams per
tonne gold (“g/t Au”) cut-off for holes in this release is 68 m,
with a high of 113 m.
-
Mineralization extends from near-surface to over 400 m in depth to
the west, becoming gradually shallower to the north and east and
extending to surface in the historic Rangefront pits.
RANGEFRONT HIGH GRADE CORE ZONE
HIGHLIGHT TABLE1
Selected intercepts for holes from the RFA
high-grade core zone are shown below. The table includes holes from
previous releases; holes from this release are highlighted in
yellow, and include LBP439, LBP473, LBP 484 and LBP 487. For a full
table of results from the 27 new holes in this release, please see
the link above.
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept
(m) |
Au (g/t) |
Au
Cut-Off |
Hole Length (m) |
Target |
Comments |
g/t x m* |
|
|
|
|
|
|
|
|
|
|
LBP356 (0, -55) |
253.0 |
339.9 |
86.9 |
0.91 |
0.15 |
470.9 |
Rangefront Gap |
Reconnaissance |
133.5 |
including |
285.0 |
339.9 |
54.9 |
1.32 |
0.20 |
and including |
286.5 |
309.4 |
22.9 |
2.15 |
1.00 |
and including |
315.5 |
318.5 |
3.0 |
2.83 |
and including |
289.6 |
291.1 |
1.5 |
5.75 |
5.00 |
and |
346.0 |
367.3 |
21.3 |
2.03 |
0.20 |
including |
349.0 |
365.8 |
16.8 |
2.52 |
1.00 |
and including |
352.0 |
353.6 |
1.5 |
5.15 |
5.00 |
RANGEFRONT HIGH GRADE CORE ZONE
HIGHLIGHT TABLE1
(Continued)
LBP358 (45, -50) |
262.1 |
286.5 |
24.4 |
1.23 |
0.15 |
434.3 |
Rangefront Gap |
Reconnaissance |
112.2 |
and including |
266.7 |
281.9 |
15.2 |
1.85 |
1.00 |
and |
295.7 |
346.0 |
50.3 |
1.37 |
0.15 |
and including |
307.9 |
330.2 |
22.9 |
2.37 |
|
and including |
324.6 |
326.1 |
1.5 |
6.75 |
5.00 |
|
|
|
|
|
|
|
|
|
|
LBP408 (110, -90) |
234.7 |
347.5 |
112.8 |
0.63 |
0.15 |
367.3 |
Rangefront D-4 |
Reconnaissance |
74.7 |
including |
242.3 |
315.5 |
73.2 |
0.74 |
0.20 |
including |
321.6 |
347.5 |
25.9 |
0.54 |
and including |
292.6 |
300.2 |
7.6 |
2.55 |
1.00 |
|
|
|
|
|
|
|
|
|
|
LBP418 (0, -62) |
217.9 |
260.6 |
42.7 |
0.50 |
0.15 |
419.1 |
Rangefront D-4 |
Reconnaissance |
49.7 |
and including |
242.3 |
245.4 |
3.0 |
1.42 |
1.00 |
and |
300.2 |
324.6 |
24.4 |
1.00 |
0.15 |
and including |
312.4 |
318.5 |
6.1 |
2.64 |
1.00 |
|
|
|
|
|
|
|
|
|
|
LBP427 (145, -75) |
39.6 |
57.9 |
18.3 |
0.59 |
0.20 |
432.8 |
Rangefront D-4 |
Reconnaissance |
46.0 |
and |
176.8 |
198.1 |
21.3 |
0.43 |
0.15 |
including |
181.4 |
198.1 |
16.8 |
0.49 |
0.20 |
and |
237.7 |
246.9 |
9.1 |
0.73 |
0.15 |
and |
417.6 |
429.8 |
12.2 |
0.58 |
0.15 |
including |
420.6 |
422.2 |
1.5 |
1.74 |
1.00 |
|
|
|
|
|
|
|
|
|
|
LBP432 (145, -58) |
41.2 |
64.0 |
22.9 |
0.45 |
0.15 |
477.0 |
Rangefront D-4 |
Reconnaissance |
64.6 |
including |
41.2 |
57.9 |
16.8 |
0.56 |
0.20 |
and |
153.9 |
163.1 |
9.1 |
0.73 |
0.15 |
and including |
158.5 |
161.5 |
3.0 |
1.34 |
1.00 |
and |
196.6 |
214.9 |
18.3 |
0.60 |
0.20 |
including |
208.8 |
211.8 |
3.0 |
1.20 |
1.00 |
and |
234.7 |
257.6 |
22.9 |
0.75 |
0.20 |
including |
234.7 |
239.3 |
4.6 |
1.82 |
1.00 |
and |
341.4 |
378.0 |
36.6 |
0.32 |
0.15 |
including |
341.4 |
359.7 |
18.3 |
0.40 |
0.20 |
|
|
|
|
|
|
|
|
|
|
LBP435 (100, -60) |
38.1 |
67.1 |
29.0 |
0.34 |
0.15 |
477.0 |
Rangefront D-4 |
Reconnaissance |
46.2 |
and |
199.6 |
219.5 |
19.8 |
0.34 |
and |
228.6 |
242.3 |
13.7 |
0.51 |
and |
260.6 |
278.9 |
18.3 |
0.62 |
0.20 |
including |
263.7 |
266.7 |
3.0 |
1.41 |
1.00 |
and |
408.4 |
419.1 |
10.7 |
0.62 |
0.15 |
and including |
408.4 |
410.0 |
1.5 |
2.14 |
1.00 |
|
|
|
|
|
|
|
|
|
|
LBP439 (210, -72) |
272.8 |
304.8 |
32.0 |
0.60 |
0.15 |
410.0 |
Rangefront D-4 |
Reconnaissance |
31.9 |
and including |
291.1 |
292.6 |
1.5 |
2.08 |
1.00 |
and including |
297.2 |
298.7 |
1.5 |
1.72 |
|
|
|
|
|
|
|
|
|
|
LBP473 (310, -65) |
167.6 |
176.8 |
9.1 |
0.52 |
0.15 |
416.1 |
Rangefront D-4 North |
Reconnaissance |
99.9 |
and |
190.5 |
204.2 |
13.7 |
0.42 |
0.15 |
including |
198.1 |
201.2 |
3.0 |
1.29 |
0.20 |
and |
245.4 |
262.1 |
16.8 |
0.35 |
0.15 |
and |
304.8 |
346.0 |
41.1 |
1.95 |
0.20 |
including |
304.8 |
315.5 |
10.8 |
4.43 |
1.00 |
including |
333.8 |
342.9 |
9.1 |
2.95 |
RANGEFRONT HIGH GRADE CORE ZONE
HIGHLIGHT TABLE1
(Continued)
LBP484 (335, -55) |
163.1 |
189.0 |
25.9 |
0.35 |
0.15 |
403.9 |
Rangefront D-4 North |
Reconnaissance |
49.5 |
including |
170.7 |
187.5 |
16.8 |
0.44 |
0.20 |
and |
196.6 |
221.0 |
24.4 |
0.28 |
0.15 |
and |
304.8 |
342.9 |
38.1 |
0.76 |
|
including |
307.9 |
318.5 |
10.7 |
1.67 |
1.00 |
|
|
|
|
|
|
|
|
|
|
LBP487 (5, -68) |
202.8 |
246.9 |
39.6 |
0.69 |
0.15 |
410.0 |
Rangefront |
Reconnaissance |
89.9 |
and including |
231.7 |
234.7 |
3.0 |
2.64 |
1.00 |
and including |
242.3 |
245.4 |
3.0 |
1.33 |
and |
292.6 |
332.2 |
39.6 |
1.48 |
0.15 |
including |
292.6 |
307.9 |
15.2 |
3.34 |
0.20 |
and including |
295.7 |
304.8 |
9.1 |
5.29 |
1.00 |
and including |
297.2 |
300.2 |
3.0 |
10.2 |
5.00 |
|
|
|
|
|
|
|
|
|
|
*g/t x m is given for the sum of all intercepts; please refer to
the table provided in the link above |
|
|
1Liberty Gold has changed the reporting cut-offs
to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs
used by most operating oxide heap-leach mines in the Great Basin.
The 0.15 g/t Au cut off is not shown in the table if it is
identical to the corresponding interval using a 0.2 g/t Au
cut-off. Downhole thickness are reported herein; true
width varies depending on drill hole dip, but generally range from
60% to 80% of true thickness. Gold grades are reported
uncapped.
2022 WORK PROGRAM
The 2022 exploration program at Black Pine
commenced at the beginning of January, with three RC and one core
rig active. Drilling through to the end of February will focus on
the lower-elevation RFA to provide data for resource estimation and
metallurgical testing. The current RFA drill campaign will end in
late February, and the drillhole database and geological model will
be updated for the upcoming mineral resource estimate. The drills
will then move off in the interim to continue both in-fill and
step-out drilling at other prospective areas on the Black Pine
deposit.
Liberty Gold plans to aggressively advance Black
Pine in 2022 with drilling, initial engineering and permitting
programs and further de-risking activities, with the goal to
provide an updated resource estimate and Preliminary Economic
Assessment in Q3 2022 and reach a prefeasibility decision by Q4
2022.
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 August 19, 2021, and available on the Liberty Gold
website.
A virtual site tour and 3D model of Black Pine property,
including details about the geology and mineralization, is
available on the homepage of the Company’s website:
libertygold.ca
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% and 100% of the reported
lengths due to varying drill hole orientations but are typically in
the range of 60% to 80% 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 ppm 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
prep lab listed on the scope of accreditation.
QUALIFIED PERSON
Moira Smith, Ph.D., P.Geo., 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 ("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 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. 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, the impact from
the pandemic of the novel coronavirus (COVID-19), availability of
equipment, , the availability of drill rigs, the timing of the
publication of any updated resources, preliminary economic
assessments or pre-feasibility studies, 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; delays in permitting; possible
claims against the Company; labour disputes and other risks of the
mining industry, including impacts from the pandemic of the novel
coronavirus (COVID-19); the timing of the publication of any
updated resources, any preliminary economic assessments or
pre-feasibility studies, successful, 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 26, 2021 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 terms “mineral resource”, “measured mineral
resource”, “indicated mineral resource” and “inferred mineral
resource”, are Canadian mining terms as defined in, and required to
be disclosed in accordance with, National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”), which
references the guidelines set out in the Canadian Institute of
Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition
Standards on Mineral Resources and Mineral Reserves (“CIM
Definition Standards”), adopted by the CIM Council, as amended.
However, these terms are not defined terms under SEC Industry Guide
7 (“SEC Industry Guide 7”) under the United States Securities Act
of 1933, as amended, and normally are not permitted to be used in
reports and registration statements filed with United States
Securities and Exchange Commission (the “SEC”). The SEC has adopted
amendments to its disclosure rules to modernize the mineral
property disclosure requirements for issuers whose securities are
registered with the SEC under the United States Securities Exchange
Act of 1934, as amended. These amendments became effective February
25, 2019 (the “SEC Modernization Rules”) with compliance required
for the first fiscal year beginning on or after January 1, 2021.
The SEC Modernization Rules replace the historical disclosure
requirements for mining registrants that were included in SEC
Industry Guide 7. The Company does not file reports with the SEC
and is not required to provide disclosure on its mineral properties
under the SEC Modernization Rules and will continue to provide
disclosure under NI 43-101 and the CIM Definition Standards.
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