Liberty Gold targets new resource estimate in Idaho

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Liberty Gold Corp. [LGD-TSX] said Tuesday it has extended oxide gold mineralization in three locations at its Black Pine deposit in southeastern Idaho.

The announcement comes after Liberty Gold released further reverse circulation drill results from the Rangefront, CD and E zones at Black Pine. The latest results are part of a 65,000-metre 2022 drill program designed to upgrade and expand the current mineral resource estimate and discover new oxide gold mineralization.

In a press release Tuesday, the company said it has extended the high-grade oxide gold mineralization in the Rangefront Zone along the northern and western edges of the zone. Highlight results include:

  • A step out of 1.11 g/t gold over 68.6 metres, including 1.65 g/t gold over 16.8 metres in hole LBP726;
  • 59 g/t gold over 38.1 metres and 0.65 g/t over 70.1 metres in LBP722. These results will contribute to the Rangefront Zone expansion.

The company said it has encountered shallow oxide gold mineralization along the western edge of the E Zone extending down-dip to the west of the current mineral resource estimate. Highlight results include:

  • 55 g/t gold over 48.8 metres in hole LBP677.
  • 36 g/t gold over 97.5 metres in hole LBP680.

In addition, Liberty said it has delineated gold mineralization along the southwest edge of the CD Zone withing and immediately southwest of the current resource pit. Results include 0.42 g/t gold over 42.7 metres and 0.42 g/t over 21.3 metres in hole LBP622.

With three RC drills currently turning on site, the company said work remains on track for a new resource estimate in the first quarter of 2023.

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.

Proceeds of previous financings have been used to fund accelerated exploration and resource growth at the Black Pine project, a Carlin-style system, which produced 435,000 ounces of gold between 1992 and 199,7 a period of historically low gold prices. The gold was extracted from shallow pits.

According to a July, 2021 estimate, the project contains an indicated resource of 1.71 million ounces of gold and an inferred resource of 370,000 ounces. The Discovery Zone accounts for 74% of the estimated resource ounces.

Earlier this year, Liberty said it plans to aggressively advance Black Pine this year with drilling, engineering, a permitting program and further de-risking activities.

On November 14, 2022, Liberty Gold shares closed at 40.5 cents and currently trade in a 52-week range of $1.28 and 31.5 cents.

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