Liberty Gold announced that new drilling at Black Pine has intersected thick intervals of high grade oxide gold mineralization in a new area.
Liberty Gold (TSX:LGD) announced that new drilling at Black Pine in southern Idaho has intersected thick intervals of high grade oxide gold mineralization in a new area, greatly expanding the size potential of this Carlinstyle gold system. All ten holes drilled to date in this area confirm the discovery.
The drill holes in the current release targeted a 500 metre (m) wide gap between an area of known gold mineralization and a historic pit with flanking gold mineralization. The drilling not only confirms that high grade oxide gold mineralization is present in the gap area, but it is also drill-confirmed evidence for the presence of a mineralized zone that is over one kilometre (km) long, remaining open for extension laterally in all directions.
Highlights are as follows:
- Oxide gold is found throughout a 100 to 300 m thick, structurally prepared horizon, with higher grades encountered near the base of it in several wide structural corridors.
- All gold mineralization encountered to date in this area is oxide.
- Each drill hole in this new target zone returned strong oxide gold grades over 40 to 50 m down-hole, following a faulted stratigraphic zone near the base of the carbonate sequence. Six of the first ten released holes in this area returned significant intercepts in the 1.12 grams per tonne (g/t) gold (Au) to 1.78 g/t Au range.
- Approximately 30 to 60 percent of total drill hole lengths comprise gold above a cut-off grade of 0.20 g/t Au.
- Cyanide solubility for the significant intervals in this release averages 87 percent.
- All future drill holes are planned to drill the full receptive carbonate sequence above and through the lower contact.
Cal Everett, president & CEO, commented:
After two years of preparatory compilation, modeling and permitting, our expectations were high, and these holes did not disappoint. Drill holes LBP019 through LBP021 provide the proof of the
potential of Black Pine to host significant gold mineralization in the extensive untested area beneath and lateral to historic pits and drilling, returning grades that are over twice what is currently being mined in open-pit heap leach scenarios in the Great Basin.
100 percent of the discovery credit goes to a brilliant group of geologists with a storied history of association with several operating gold mines around the world.
With upwards of 85 metres of above-cut-off mineralization in several zones in some of these holes, we expect to be able to build tonnes and ounces rapidly over the course of our 2019 drilling