Near-Surface Resource Expansion Drilling At The Black Pine Deposit

VANCOUVER - Liberty Gold Corp. reported on Reverse Circulation (RC) drilling from the M Zone at its Black Pine oxide gold project in southeastern Idaho. This is an ongoing 65,000 meter (m) drill program at Black Pine designed to: Upgrade the current resource and discover new oxide gold mineralization; Add to the endowment of near-surface, higher-grade, oxide gold mineralization potentially accessible in the first one to three years of a future mining operation; and Drill out gold mineralization between smaller resource pits, linking larger zones of continuous oxide gold mineralization. This is expected to result in defining fewer, larger resource pits and in doing so, improving the potential for future, bulk open pit mining operations.

Three RC rigs are currently drilling on the property, focused on the Rangefront Zone, M Zone and the Section 36 area (recently permitted). These efforts will continue through the end of the year, and we expect to drill through the winter months, subject to weather conditions, to maximize drill meters in the lower elevation areas at Black Pine. The geological model will be updated progressively over the remainder of 2022, with a new mineral resource estimate to be released in Q1 2023.

“Drilling in the M Zone is part of a focused strategy to deliver a readily permittable, low initial capex, high rate of return oxide gold mining project at Black Pine. We achieve this in part by the merging of multiple smaller resource pits into fewer, larger pits, and by identifying and drilling areas of higher-grade, near-surface gold mineralization that might be accessed in the early years of mining,” said, Jason Attew, President and CEO. “After demonstrating this potential in the F Zone, our next target was the M Zone, where we have expanded near-surface, high-grade gold mineralization between and beyond the resource pits. We are now well set up for a substantive upgrade to the Black Pine Mineral Resource, planned for release in the first quarter 2023.”

The M Zone lies along the eastern margin of the main gold system at Black Pine, adjacent to the Rangefront fault and close to a potential location for future surface processing infrastructure. In the July 2021 mineral resource estimate, the M Zone gold mineralization is represented by primarily historic drill holes and sits inside two small resource pits.

Drilling by Liberty Gold in 2022 demonstrates the continuity of mineralization between the two pits, establishing a zone of continuous mineralization over a distance exceeding 750 m which is currently open in multiple directions. Gold grades in many of the intercepts are significantly higher than the average grade of the deposit and the upper contact of the mineralization is located between 0 and 60 m below surface.