Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) reported new high-grade assay results from its 2023 reverse circulation drilling program at its Black Pine Oxide Gold Project in southeastern Idaho.
The company said on Tuesday it had completed 15,000 meters of its planned 32,000 meter reverse circulation drilling for the year.
Assay results have been received for 18 RC holes that were drilled in the CD-Tallman Corridor area, including the testing of historical waste rock material along the corridor. Preliminary findings indicate that a substantial portion of the surface waste backfill material contains gold concentrations above a cut-off of 0.1 g/t Au. A few examples include:
- 0.74 g/t Au over 45.7 meters, including 2.17 g/t Au over 9.1 meters in LBP892
- 3.28 g/t Au over 10.7 meters including 8.58 g/t Au over 1.5 meters, and 0.52 g/t Au over 51.8 meters in LBP893.
Additional drilling has been carried out in the same area to improve the understanding of gold grade distribution within the waste rock material and to fill in any gaps in the exploration of the underlying bedrock mineralization. The assay results from this recent drilling are currently pending.
The results of seven additional RC drill holes in the western M Zone target area have been received. Notably, holes LBP884 and LBP887 have shown significant extensions of the oxide mineralized zone. Specifically, the oxide mineralization has been extended by 80 meters to the west and 120 meters to the north based on the results from these two holes.
- 80 g/t Au over 29.0 meters, including 3.33 g/t Au over 1.5 meters in hole LBP884
- 51 g/t Au over 13.7 meters in hole LBP887.
The high-grade zone that was the focus of the recent step-out drilling shows a discernible trend in a north-northwesterly direction. In order to further explore and understand this trend, additional drill roads and pads are currently under construction.
The goal is to test the continuation of this trend and its projection. It is worth noting that the mineralization in the M Zone still remains open towards the west and north. The presence of widely spaced drill holes suggests a larger extension of the gold mineralizing system throughout this zone. Drilling operations in the M Zone will resume in the third quarter.
Read more: NevGold Corp. gets exploration notice approval from Bureau of Land Management
Read more: NevGold should be trading at a premium to peers: Analysis
Liberty Gold introduces additional rig to expedite drilling
The company introduced an additional rig in June to expedite the drilling process and enhance the efficiency of obtaining results during the latter half of the year. This step was taken in anticipation of an updated mineral resource estimate that will be crucial in supporting a Pre-Feasibility Study.
The recent drilling efforts have primarily targeted specific areas, namely the Back Range Zone, Discovery Zone, M Zone West and the CD-Tallman ‘corridor’. Additionally, exploration has extended to include the testing of the historical surface waste rock dumps along this particular connection.
Assay results for LBP906 in the Discovery Zone have yielded oxide gold findings from an area that is currently designated as waste rock in the existing resource model. Furthermore, there are still pending results for four additional holes drilled in this particular area.
The 2023 infill drill program has a specific focus on upgrading ounces that are currently categorized as inferred to the indicated category. Additionally, it aims to ensure comprehensive drill coverage along the boundaries of the resource pits, minimizing any potential gaps. One drill is dedicated to obtaining more data through additional holes in an adjacent area to the Discovery Zone, where there appears to be a significant lack of drill coverage at deeper levels. Preliminary observations from this drilling are promising, and the company is currently awaiting assay results.
Liberty Gold shares remained flat at $0.45 on Tuesday on the Toronto Stock Exchange.
Read more: Gold is still the best hedge against inflation: NevGold CEO
Read more: NevGold to hit the ground running at Limousine Butte in 2023: Caesars Report
Perpetua Resources inks agreement with Nez Perce Tribe over clean water dispute
Earlier this month, Perpetua Resources Corp. (NASDAQ: PPTA) (TSX: PPTA) and the Nez Perce Tribe reached an agreement outlining the provisions for a settlement to the Idaho tribe’s clean water act lawsuit.
The Nez Perce Tribe originally filed the Clean Water Act lawsuit in 2019, and subsequently, both Parties entered into a Court-ordered dispute resolution process facilitated by a mediator starting in February 2021.
But more than gold is mined in Idaho. The state has become a hotbed for the critical mineral, cobalt, which is commonly used in smart phones and other everyday devices, and for which global supply is severely curtailed by China.
Earlier this year, Champion Electric Metals (CSE: LTHM) (OTCQB: GLDRF) (FSE: 1QB1) published the results of its 2022 reconnaissance mapping and sampling program at its Twin Peaks cobalt project in the heart of the Idaho cobalt belt.
During the fall 2022 program, the team collected a total of 19 samples and conducted visits to various historical workings at the Twin Peaks cobalt project. They diligently assessed significant areas of exposed rock formations encountered during their exploration. The majority of the mineralized samples reported in this update were obtained from sampling of historical mine dumps.
NevGold Corp. (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50), also operating in Idaho, returned high grade, heap leach gold results from the surface at its Nutmeg Mountain gold project in Idaho in April.
Based on the preliminary drill results, there is promising potential for increased grade and growth opportunities within the resource. Notably, the resource starts at the surface, requiring minimal stripping. The ongoing drill program is progressing as scheduled and is staying within the allocated budget.
As of 2020, the project’s mineral resource estimate consists of 910,000 indicated ounces of gold. This resource corresponds to a tonnage of 43.5 million tonnes with a grade of 0.65 g/t Au. Furthermore, there are an additional 160,000 ounces of gold classified as inferred. This inferred resource corresponds to a tonnage of 9.1 million tonnes with a grade of 0.56 g/t Au.
Nevgold is a sponsor of Mugglehead news coverage
.
Follow Joseph Morton on Twitter
joseph@mugglehead.com
