Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or
the “Company”) is pleased to report assay results from the 2023
core drill program at the Back Range Zone at its Black Pine Oxide
Gold Project (“Black Pine”) in southeastern Idaho. Results released
herein are from the first three drill holes of the 11 hole,
property-wide core program.
BACK RANGE ZONE HIGHLIGHTS:
Drill results from the three core drill holes
that were completed in the Back Range Zone have been received with
results confirming the strong grades and near-surface
mineralization. These core holes were drilled for a Phase 5
metallurgical program projected to begin in 2024 and to gain
insights into the complex structural controls in this area.
Drill holes LBP956C and LBP968C were the second
and third best holes drilled to date at the Back Range Zone on a
grams per tonne x meter (“g/t x m”) basis and intersected strong
grades of oxide gold mineralization, with the cyanide soluble
assays showing an average of 74% and 87% recovery respectively.
These drill results come from a highly deformed, strongly
decalcified package of structurally thickened middle plate
siltstones. Drill hole LBP969C was drilled for metallurgical
testing purposes and hit as-expected results.
Cal Everett, CEO and Director of Liberty
Gold commented, “The high grade, oxide gold intercepts
from the recent core holes in the Back Range Zone are an important
beginning for Liberty Gold this year. The resource grade of
Back Range is approximately 20% higher than the average grade of
the rest of the Black Pine resource areas discovered to date.
Liberty Gold anticipates approval of the fourth
Plan of Operations by mid year that will allow us to drill test the
800 meter long gap between Back Range and the main Discovery
area. An updated resource estimate is being completed,
which will be the basis for the Pre-feasibility Study due in H2
2024. While these new results will not be included in the new
resource estimate, they will be included in future resource
updates. Additional core holes in the Discovery area, Tallman
and M Zones are pending final analysis.”
BACK RANGE ZONE DRILL
TABLE*
|
|
|
|
|
|
|
|
|
|
Hole ID (Az, Dip) (degrees) |
From (m) |
To (m) |
Intercept (m) |
Au (g/t) |
Au Cut-Off |
Hole Length (m) |
g/t x m |
|
LBP956C (340, -60) |
3.9 |
8.5 |
4.7 |
0.49 |
0.15 |
139.6 |
119.5 |
|
and |
23.1 |
52.7 |
29.7 |
1.32 |
|
|
incl |
39.2 |
52.7 |
13.6 |
2.26 |
1.00 |
|
and |
79.9 |
122.8 |
43.0 |
1.66 |
0.15 |
|
incl |
89.4 |
101.8 |
12.4 |
4.04 |
1.00 |
|
and |
125.6 |
132.5 |
6.9 |
0.16 |
0.15 |
|
and |
133.2 |
138.1 |
4.9 |
1.20 |
|
|
LBP968C (290, -45) |
51.8 |
74.7 |
22.9 |
3.74 |
0.15 |
98.5 |
85.5 |
|
incl |
51.8 |
72.2 |
20.4 |
4.12 |
1.00 |
|
and incl |
54.9 |
60.3 |
5.4 |
6.36 |
5.00 |
|
LBP969C (270, -65) |
6.9 |
10.5 |
3.7 |
0.69 |
0.15 |
51.1 |
5.8 |
|
and |
27.7 |
38.9 |
11.2 |
0.30 |
* Results are reported as drilled thicknesses, with true
thicknesses approximately 50% to 90% of drilled thickness. Some
intercepts have zones of reduced cyanide solubility, please refer
to the full table at the link above for complete results. Gold
grades are uncapped. Au (g/t) = grams per tonne of gold.
Based on these results and reverse circulation
drilling in 2023, additional drilling is warranted in Back Range in
2024. New insights on structural controls at Back Range show strong
targets to the west, southeast and northeast where the middle plate
rocks are largely untested.
Also, the permit amendment Plan of Operations
(“PoO”) #4, is expected to be received in H1 2024. This permit will
increase our drillable target area by 36% to cover a 40 square
kilometer area, adding another 7 large target areas and will allow
access to the high priority target area located in between the Back
Range Zone and the Main Discovery area. This target encompasses an
area of approximately 1.5 square kilometers that has only seen
sparse, shallow historic drilling.
For a map showing the permit amendment, click
here: http://ml.globenewswire.com/Resource/Download/ee54d398-40f4-4212-91c4-3c8ca34e6b64
BACK RANGE ZONE:
The Back Range Zone hosts an indicated resource
of 32,000 ounces of oxide gold averaging 0.62 grams per tonne of
gold (“g/t Au”) in 1,584,000 tonnes (“t”) and an inferred resource
of 77,000 ounces of oxide gold averaging 0.63 g/t Au in 3,783,000
t. (see press release dated February 7, 2023)
During 2023, 38 holes were drilled in the Back
Range Zone totaling 5,307 meters (“m”). This new drilling and a new
structural model will be included in an updated resource study
projected to be completed in H1 2024.
Previously released highlight assays from holes
drilled at Back Range in 2023 include:
- 3.10 g/t Au over 27.4 m
from 50.3 m depth including 4.33 g/t Au over 18.3 m in
LBP796
- 0.78 g/t Au over 115.8 m
from 15.2 m depth including 1.29 g/t Au over 25.9 m in
LBP782 (see press release dated February 21,
2023)
- 3.40 g/t Au over 32.0 m, from 74.7 m depth including
6.74 g/t Au over 9.1 m in LBP945
- 1.41 g/t Au over 22.9 m,
from 79.3 m depth including 4.28 g/t Au over 6.1 m in
LBP943. (see press release dated September 5,
2023)
Figure 1: Core Drill Hole
Locations
For the map and cross section showing locations
of drill holes in this release, click here:
http://ml.globenewswire.com/Resource/Download/ecd190af-d396-40be-8046-afa9ea2f6413
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 GOLD
Liberty 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 CONTROL
Drill 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. All 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 timing of metallurgical program, the timing
of the receipt of any PoO, 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 2024 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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