Second New Discovery At The Black Pine Project

 

VANCOUVER, BC - Liberty Gold Corp. reported hat new drilling at Black Pine in southern Idaho has successfully intersected another thick zone of high grade oxide gold mineralization, expanding the size and potential of this Carlin–style gold system.  This second discovery intercept of 1.78 grams per tonne gold (“g/t Au”) over 48.8 meters (“m”) in drill hole LBP023 is located beneath the limit of historical drilling approximately 240 m to the northeast of drill hole LBP021, which returned 1.78 g/t Au over 47.2 m.   

Drill hole LBP023 is the first hole targeting a 500 m-wide gap between the kilometer (“km”)-long northwest-trending corridor of gold mineralization reported in the press release referenced above, and a high-grade zone of gold mineralization below a historic pit to the east.  The drilling confirms that high grade oxide gold mineralization is present in the gap area, with the intercept located only 65 m below the floor of the pit. 

The true significance of this discovery in terms of size and grade awaits the results of further drilling and assaying.  The current interpretation is that this discovery may be the first drill hole in a second, parallel, high-grade, gold-bearing structural corridor crossing a favorable, near-horizontal stratigraphic unit. There is no drilling between the two trends and the alternate possibility exists that they may be part of one larger zone.

One Reverse Circulation (“RC”) drill was deployed on April 23, 2019, with a second drill added on June 18, to drill an estimated 16,000 m in 80 to 100 holes to provide a comprehensive test of the core of an oxide gold system estimated at over 12 square km (“km2“) in size.  The drill program represents the culmination of over 2 years of intensive compilation, modeling and interpretation of the complex geology of the project, as well as a 20 month permitting process. The goal of the 2019 drill program is to carry out a comprehensive test of the geological and mineralization model over a roughly seven km2 area within the 12 km2 identified gold system, starting with a highly prospective area near the historic A and B pits. Extensive data compilation, involving over 1800 historic drill holes, thousands of surface soil and rock samples and 5 shallow pits, suggests that a large volume of rock under and adjacent to zones of previously drill-tested and/or mined gold mineralization contains highly prospective stratigraphy and favorable structural settings for hosting Carlin style gold mineralization.

Gold mineralization is hosted in complexly deformed strata of the Pennsylvanian to Permian Oquirrh Group, consisting of an upper sandstone unit structurally emplaced over carbonate and siliciclastic rocks, including limestone and dolostone, as well as calcareous and non-calcareous shale, siltstone and sandstone, which in turn over lie Mississippian shale and limestone.  The carbonate sequence forms a highly prospective tectonostratigraphic sequence ranging from 100 to over 300 m thick.  The various rock units were subjected to late Cretaceous folding and thrusting, followed by low- to high-angle normal faulting in the early to middle Cenozoic.  The extensive deformation provided the architecture and plumbing for gold-bearing fluids to penetrate the rock and deposit very fine-grained gold in reactive calcareous siltstones and brecciated strata of all types. Liberty Gold has recognized several fault corridors that intersect the most prospective stratigraphic units; collectively these intersections of structure with stratigraphy form the primary targets for 2019 drilling.

The company’s address is  Suite 1900, 1055 W. Hastings, Vancouver, BC V6E 2E9, (604) 632-4677, www.libertygold.ca.