Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that the 2021 reverse circulation (“RC”) drilling campaign in the Discovery Zone (“DZ”) at the Black Pine Oxide Gold Deposit (“Black Pine”) was completed at the end of November. The objective of the program is to upgrade inferred resources to indicated to be included in a future prefeasibility study.
Assay results confirm the continuity of stacked moderate to high-grade zones of DZ gold mineralization and support or exceed expectations within the targeted inferred blocks. Currently, the DZ represents 78% of the indicated resource and 52% of the inferred resource at Black Pine. Results will also be used to better define the extensive lower grade halo surrounding the high-grade zones for inclusion in future economic studies.
The 70,000 metre (“m”) 2021 drill program, together with the Q1-2022 drilling focused entirely on the Rangefront Focus Area, will be included in a new Black Pine mineral resource estimate and Preliminary Economic Assessment (“PEA”) to be released in Q3-2022. Three drills are now defining the limits of this new discovery, covering an initial one square kilometre (“km2”) target area, with results pending.
Cal Everett, President and CEO of Liberty Gold stated, “While drilling continues in the Rangefront Focus Area, an equally important component of our 2021 drill program involves resource upgrade and step-out drilling around established zones of mineralization. We expect that resource upgrade drilling in the Discovery Zone will convert most of the inferred ounces to indicated for use in a prefeasibility study. Today’s results also demonstrate that the existing zones of mineralization in the CD Zone are open to expansion. Given the +10 square kilometre scale of a single oxide gold system it is a welcome task to properly drill off a gold district of this scale.”
Step-out drill results from the CD Zone, comprising the historic CD and I pits located approximately 500 m to the southwest of the DZ, are also included in this release. In the CD Zone, oxide gold mineralization is confirmed beyond the current resource pits to the southwest, supporting our geological modeling and indicating the potential for additional mineralization in this area.
For a map and cross sections of the CD and I pits and Discovery Zone, please click here: https://libertygold.ca/images/news/2021/December/BlackPine_NR12062021MapSections.pdf
For a full table of results for this release, please click here: https://libertygold.ca/images/news/2021/December/BlackPine_NR12062021Assays.pdf