Black Range Zone Drill Program At Black Pine Oxide Gold Project

Black Range Zone Drill Program At Black Pine Oxide Gold Project

VANCOUVER – Liberty Gold Corp. reported on the core drill program at the Back Range Zone at its Black Pine Oxide Gold Project in southeastern Idaho. Drill results from the three core drill holes that were completed in the Back Range Zone have been received with results confirming the strong grades and near-surface mineralization. These core holes were drilled for a Phase 5 metallurgical program projected to begin in 2024 and to gain insights into the complex structural controls in this area.

Drill holes LBP956C and LBP968C were the second and third best holes drilled to date at the Back Range Zone on a grams per tonne x meter (“g/t x m”) basis and intersected strong grades of oxide gold mineralization, with the cyanide soluble assays showing an average of 74% and 87% recovery respectively. These drill results come from a highly deformed, strongly decalcified package of structurally thickened middle plate siltstones. Drill hole LBP969C was drilled for metallurgical testing purposes and hit as-expected results.

Cal Everett, CEO and Director, said, “The high grade, oxide gold intercepts from the recent core holes in the Back Range Zone are an important beginning for Liberty Gold this year.  The resource grade of Back Range is approximately 20% higher than the average grade of the rest of the Black Pine resource areas discovered to date.

Liberty Gold anticipates approval of the fourth Plan of Operations by mid year that will allow us to drill test the 800 meter long gap between Back Range and the main Discovery area.   An updated resource estimate is being completed, which will be the basis for the Pre-feasibility Study due in H2 2024. While these new results will not be included in the new resource estimate, they will be included in future resource updates.  Additional core holes in the Discovery area, Tallman and M Zones are pending final analysis.”

Based on these results and reverse circulation drilling, additional drilling is warranted in Back Range in 2024. New insights on structural controls at Back Range show strong targets to the west, southeast and northeast where the middle plate rocks are largely untested. Also, the permit amendment Plan of Operations (PoO) #4, is expected to be received in H1 2024. This permit will increase our drillable target area by 36% to cover a 40 square kilometer area, adding another 7 large target areas and will allow access to the high priority target area located in between the Back Range Zone and the Main Discovery area. This target encompasses an area of approximately 1.5 square kilometers that has only seen sparse, shallow historic drilling.

The Back Range Zone hosts an indicated resource of 32,000 ounces of oxide gold averaging 0.62 grams per tonne of gold (g/t Au) in 1,584,000 tonnes (t) and an inferred resource of 77,000 ounces of oxide gold averaging 0.63 g/t Au in 3,783,000 t.