Liberty Gold Corp (TSX: LGD) (OTCQX: LGDTF) discovered new gold-carrying intercepts south of any known gold occurence, which extend the gold system at its Black Pine Oxide Gold Project in Idaho.
The company reported this on Tuesday along with assay results from its 2023 reverse circulation (RC) drill program.
At a depth of around 750 feet below the surface, the new discovery was made unexpectedly shallower than expected. These rocks exhibited anomalous gold content throughout the entire section. Additionally, two significant intercepts of oxide gold were reported.
- 0.37 grams per tonne (g/t) gold (Au) over 9.1 meters (m), and 0.31 g/t Au over 7.6 m in drill hole LBP931
Liberty Gold is actively conducting drilling operations using three RC rigs in the main target areas. In the near future, the company plans to extend drilling efforts to explore additional target areas located in Rangefront South and the west M Zone.
A core rig has recently been brought to the site, and it has already started drilling activities in the Back Range Zone. This drilling is part of the ongoing Metallurgical and Geotechnical programs, which aim to gather essential data and information for further analysis and evaluation.
“This new set of drill results demonstrate a steadily growing resource base as well as significant upside exploration potential with the discovery of gold-bearing Middle Plate rocks in a previously untested area,” said Jason Attew, president and CEO of Liberty Gold.
Highwall highlights include:
- 0.97 g/t Au over 33.5 m, including 2.36 g/t Au over 10.7 m in LBP911
- 0.77 g/t Au over 65.5 m including 2.47 g/t Au over 10.7 m in hole LBP932.
Liberty analyzed eight more drill holes, providing valuable information about the main Discovery Zone. The company is continuously assessing the current resource model and resource grade classes to guide its infill drill program in the Discovery Zone. The main objective is to upgrade the classification of ounces currently considered “inferred” to the higher-confidence indicated category.
Black Pine map. Image via Liberty Gold.
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Gold mineralization is close to surface in multiple zones
The evaluation has identified several areas with the potential to increase the total ounces in the resource model. These areas are located both within the existing resource pits and along its margins. The company aims to fill these gaps in the resource model to better understand and expand the available mineral resources.
The company has received drill results from three more RC drill holes in the Back Range Zone. These results indicate that gold mineralization extends laterally along low angle structures in the east, west and north directions. The gold mineralization is close to or at the surface and is found in multiple stacked zones. This suggests that it could be a viable source of early production for any future mining operation.
At present, one RC drill rig and one core drill rig are actively operating in the Back Range Zone. The drilling efforts are focused on two main objectives: extending the known zones of gold mineralization and filling in the gaps in the current resource block model. This data will help the company better understand the potential of the Back Range Zone and its potential for future mining.
A few highlights include:
- 1.41 g/t Au over 30.5 m, including 1.83 g/t Au over 13.7 m in hole LBP926
- 0.49 g/t Au over 30.5 and 0.65 g/t Au over 18.3 m including 1.60 g/t Au over 4.6 m in hole LBP928.
The company has received assay results from 19 RC holes drilled in the CD – Tallman Corridor area. These holes include shallow testing of the historical waste rock material that covers the area. The assay results have revealed the presence of high-grade oxide gold near or at the surface within these waste dumps. One specific hole, LBP920, demonstrated this potential for high-grade gold.
This discovery indicates that the waste dumps could be a valuable source of early feed for a future processing facility, as it contains readily accessible gold that can be extracted with minimal difficulty. Highlights include:
- 0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m beginning from surface in hole LBP920;
- 0.42 g/t Au over 36.6 m including 1.61 g/t Au over 3.0 m in hole LBP902.
Additionally, the drilling in the CD-Tallman area has shown that the mineralization extends beyond the boundaries of the current resource pit. This suggests that there is more gold in the area than initially estimated, and it opens up the possibility for further exploration and potential resource expansion.
Liberty Gold shares dipped 2.6 per cent to $0.375 on Tuesday on the Toronto Stock Exchange.
Read more: NevGold discovers oxide gold from the surface at Nutmeg Mountain
Read more: NevGold finds high-grade gold underneath the surface at Nutmeg Mountain
Idaho has a lot to offer mining companies
Idaho’s supportive regulatory environment and favorable mining laws further contribute to its appeal. Additionally, Idaho’s picturesque landscape and vast expanses of unexplored terrain hold the promise of hidden mineral wealth yet to be discovered. The state’s commitment to responsible mining practices and its proactive approach to environmental stewardship demonstrate its dedication to sustainable resource development.
NevGold Corp. (TSXV: NAU) operates out of the Nutmeg Mountain where the company encountered highly promising mineral patterns indicating the potential for gold mineralization.
The company intercepted strongly oxidized, silicified sandstone with quartz veining starting from the surface level and going deeper. These findings suggest a favorable geological environment for the presence of significant gold deposits in the area.
Other companies operating in the area include Perpetua Resources Corp. (TSX: PPTA), Champion Electric Metals (CSE: LTHM) (OTCQB: GLDRF) (FSE: 1QB1) and Freeman Gold Corp. (TSXV: FMAN) (OTCQX: FMANF) (FSE: 3WU).
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