High-Grade Oxide Gold Zone Confirmed At The Black Pine Project

 

VANCOUVER, BC - Liberty Gold Corp. reported that ongoing drilling at Black Pine in southern Idaho continues to intersect thick zones of high-grade oxide gold mineralization, demonstrating continuity along a northwest-trending zone that we can now document is at least one kilometer (“km”) long and expanding the size and potential of this Carlin–style gold system. The new drill results represent some of the best and highest grade unmined drill intercepts on the property, as measured by grade multiplied by thickness.

A second drill has been added to the project to focus on a second discovery located 240 meters (“m”) to the east of the first. To date, there is only a single drill hole in this area, LBP023, which returned 1.78 grams per tonne gold (“g/t Au”) over 48.8 m, including 4.72 g/t Au over 15.2 m1. This may represent the first hole into another zone parallel to the first.

Multiple zones of gold mineralization above a 0.20 g/t Au cutoff grade are present in all drill holes. Recent drilling provides evidence for excellent continuity of high-grade mineralization along a northwest-trending corridor at least 1000 m long. Additional drill pads have been constructed to test for continuity over an expanded, 1.5 km-long corridor. LBP027 and LBP029 contain long intercepts with the highest grades drilled to date in this zone. All gold mineralization encountered in the highlight intercepts to date is oxide. Weighted average cyanide solubility for the long, high-grade intervals in LBP027 and LBP029 is 95% and 96%, respectively. The mineralized interval in LBP029 ranks 2nd on a list of 500 unmined drill intercepts on the property as defined by gold in grams multiplied by thickness in metres. Five of the top 11 unmined intercepts were drilled by Liberty Gold based on assays received for 33 holes to date, including three of the top five. Drilling this month will focus on areas flanking the mineralized corridor, in order to assess the width of the gold mineralized zone, on the area around the second discovery hole, LBP023, and an area beneath the east end of the historic A Pit. 

Cal Everett, President & CEO said, “High grade oxide gold discoveries in the Great Basin have been rare over the last 20 years. Liberty Gold intends to define the size and grade of the two discoveries to date, then we will push outward from there. Never wander when you are within it. Internal modeling suggests that approximately 90 drill holes will be required by year end to define gold mineralization in this area.”

One Reverse Circulation (RC) drill was deployed on in April, with a second drill added in June, 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 a sequence of carbonate and siliciclastic rocks, including limestone and dolostone, calcareous and non-calcarous shale, siltstone and sandstone, which in turn overly 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 moderate-angle normal fault corridors that intersect the most prospective stratigraphic units; collectively these intersections of structure with prospective 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.