Liberty Gold drills more high-grade at Black Pine
Liberty Gold Corp. [LGD-TSX] has released 34 additional reverse circulation drill results from the M and Back Range zones at its Black Pine oxide gold deposit in southeastern Idaho.
The results are from holes drilled in 2022 designed to expand and upgrade the current mineral resource estimate and discover new higher grade surface oxide gold mineralization.
The latest results include the highest-grade intercept drilled to date at the Black Pine project. M Zone highlights include 9.07 g/t gold over 18.3 metres, including 11.92 g/t gold over 10.7 metres, including 46.7 g/t gold over 1.5 in hole LBP813.
Liberty Gold is focused on the discovery and advancement of large gold deposits that can be mine profitably in open pit scenarios. Its portfolio of projects are located in the United States and Europe. Its flagship projects are Goldstrike in southwest Utah, Black Pine in southeastern Utah, and Kinsley Mountain in southeast Elko County, Nevada. All three are past-producing open pit mines.
Black Pine is a Carlin-style system, which produced 435,000 ounces of gold between 1992 and 1997 a period of historically low gold prices. The gold was extracted from shallow pits.
The Back Range zone hosts an indicated resource of 32,000 ounces of oxide gold averaging 0.62 g/t gold in 1.58 million tonnes and an inferred resource of 77,000 ounces of oxide gold averaging 0.63 g/t gold in 3.8 million tonnes.
The M zone hosts an indicated resource of 120,000 ounces of oxide gold averaging 0.71 g/t gold in 5.25 million tonnes and an inferred resource of 11,000 ounces of oxide gold averaging 0.45 g/t gold in 760,000 tonnes.
Hole LBP13 was drilled near the western edge of the M zone, which marks the discovery of a new high-grade core within the mineralized zone. It includes a single 1.52 metre interval of 46.7 g/t gold, which is the high-grade gold assay ever returned at Black Pine.
This interval is a 100-metre step out from previous drilling, well outside the estimated mineral resource. These results are not included in the recently released mineral resource estimate (February 7, 2023).
The Back Range zone is the furthest known northwest extension of the more than seven-kilometre-long Black Pine gold system. Assay results from 25 holes drilled in the Back Range zone in 2022 have identified a new area of near-surface, high-grade oxide gold. Current extents of the Back Range zone are about one square kilometre and the high-grade area is open to the east and west.
Liberty Gold President said the company plans to focus on the M zone this year it believes that zone has the grade, continuity, location and scale for early cash flow generation as the company works through pit optimization and mine scheduling studies.
On February 21, 2023, Liberty Gold shares closed at 50 cents. The shares trade in a 52-week range of $1.21 and 31.5 cents.