Liberty Gold Corp. (TSX:LGD) is pleased to announce that drilling at Black Pine in southern Idaho, USA, continues to return thick, high-grade intervals of Carlin-style oxide gold mineralization. New results from Discovery 2 expand the footprint of mineralization and confirm the Company thesis that previous operators did not test laterally and to depth in this 12 square kilometer sedimentary rock-hosted gold system.

DISCOVERY 2 ZONE DRILL HIGHLIGHTS INCLUDE¹:

¹A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.  Grams per Tonne Gold abbreviated as “g/t Au”.

For a cross section and long sections of drill collars and traces for the current release, please click here:  

http://libertygold.ca/images/news/2019/october/BlackPine_NR10012019CS.pdf

For a map of drill collars and traces for the current release, please click here:  

http://libertygold.ca/images/news/2019/october/BlackPine_NR10012019Map.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here:  

http://libertygold.ca/images/news/2019/october/BP_Intercepts10012019.pdf

The Discovery 2 zone continues to deliver high grades along a north-northwest-striking feeder fault corridor, as well as long intervals of approximately 1 g/t Au in the footwall area to the east.  Liberty Gold believes that this represents a small portion of the total strike length of the Discovery 2 zone.  The two zones are projected to converge near the northern margin of and below the historic B Pit, with an average mined grade of 1.38 g/t Au.

Key Points   

• The Discovery 2 Zone remains open in all directions.  The target stratigraphic interval in the initial 1 km² Focus Area (the “Focus Area”) is still largely untested.  This interval also extends throughout most areas of the 12 km gold system, which also awaits drill testing.
• Drill holes LBP054 and LBP055 were drilled in the hangingwall of the mineralized fault corridor represented by LBP043, representing a 50 to 100 m step-out to the east.  Both returned long intercepts consisting of approximately 100 m of gold mineralization averaging approximately 1 g/t Au. 
• In total, LBP055 contains 164.4 m of gold mineralization at or above the reportable cut-off (0.2 g/t Au) in the first 265.2 m of the hole.
• Likewise, LBP054 contains 172.2 m of gold mineralization at or above the reportable cut-off (0.2 g/t Au) in the first 345.9 m of the hole.
• All highlight intercepts to date are oxide. Weighted average cyanide solubility for the primary high-grade interval in LBP051 is 89%, for LBP055, 89%, and for LBP056, 91%.     
• Drill hole LBP052, located approximately 200 m northeast of the presently-defined limits of the Discovery 2 Zone, may represent a new “Discovery 3” zone of mineralization. Nearby historic RC hole 87-127 bottomed in 16.8 m grading 2.42 g/t Au.
• With the new drilling in the Discovery 2 zone, seven of the top 10 unmined intercepts on the Black Pine Property have been drilled by Liberty Gold. 
• A core drill was added to the project on September 24 to obtain material for metallurgical testing, specific gravity measurements, validation of RC drill holes and structural, mineralogical and stratigraphic studies.

“We continue to be extremely happy with the results coming out of Black Pine,” stated Moira Smith, VP, Exploration and Geoscience. “It is hard to overstate the potential significance of the grades and widths of mineralization encountered in this drilling, given that our target is a low capital and operating cost, bulk tonnage, heap-leachable oxide gold deposit. High-grade intercepts of greater than 1.0 g/t Au are hosted in a relatively flat-laying calcareous sandstone unit outcropping in the historic B Pit, A Basin and A Pit. Our drilling to date is starting to connect these three areas under the ridge with zones of continuous mineralization.  Historic and Liberty Gold drilling demonstrates that the rock overlying the high-grade zones also contains broad areas of oxide gold mineralization, with intercepts typically ranging from 0.20 to 0.60 g/t Au. Based on the results received to date, we anticipate a low overall strip ratio. We intend to accelerate the drill program in 2020.”

DISCOVERY 1 ZONE NEW RESULTS

Results were also received for infill and step-out holes in the Discovery 1 zone.  Additional step out drilling will be carried out to extend this zone to the northwest, and to better define the transition of this zone into historic B pit mineralization to the southeast. It is presently approximately 150 to 200 m wide and 1 km long and may continue to the southeast on the south side of the B pit complex, beyond the limits of the Focus Area. 

DISCOVERY 1 ZONE DRILL HIGHLIGHTS INCLUDE:

Drilling in October will continue to focus on step-outs to the Discovery 1 and 2 zones, as well as testing of two potential new zones located further to the east. 

ABOUT THE 2019 BLACK PINE DRILL PROGRAM

One Reverse Circulation drill was deployed on April 23, 2019, with a second drill added on June 18, to drill an estimated 20,000 m in 80 to 100 holes to provide a comprehensive test of a portion of the core of an oxide gold system estimated at over 12 km² in size.  A diamond core drill was added on September 24 to drill an estimated 1600 m program. 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 one km² Focus Area encompassing a highly prospective location near the historic A and B historic pits, in order to establish and refine the model for use throughout the project area. 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 favourable structural settings for hosting Carlin-style gold mineralization.

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Newmont’s Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.  The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, at an average grade of 0.63 g/t Au and average recovery of approximately 66%.