Business
Liberty Gold Reports Resource Upgrade Drill Results from the Main Zone - Hamburg Pit, Goldstrike Oxide Gold Deposit, Utah
PGS 773: 0.81 g/t Au over 61.0 m, including 1.48 g/t Au over 15.2 m PGS 759: 0.61 g/t Au over 70.1 m VANCOUVER, B.C., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Liberty
About this update from Liberty Gold Corp
[{"type":"text","content":" PGS 773: 0.81 g/t Au over 61.0 m, including 1.48 g/t Au over 15.2 m PGS 759: 0.61 g/t Au over 70.1 m VANCOUVER, B.C., Oct. 20, 2021 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (\"Liberty Gold\" or the \"Company\") is pleased to announce additional results from its 2021 Reverse Circulation (“RC”) drill program at the Goldstrike Oxide Gold Project in southwestern Utah (“Goldstrike”). A 15,000 metre (“m”) RC drill program at Goldstrike commenced June 2021, focused on resource conversion from “Inferred” to “Measured and Indicated” and testing areas where the deposit remains open laterally and to depth. Drill results in this news release are from the Hamburg Pit area, part of the Main Zone, which hosts greater than 65% of the resource. The drill results to date continue to demonstrate the presence of continuous, well-mineralized corridors in the Main Zone area, building confidence in the resource modeling. Goldstrike is a past-producing, oxide, heap leach gold mine that contains a large, shallow, district–scale, Carlin-style gold system. It follows a 7 kilometre-long, north-dipping unconformity with higher-grade gold intervals located along west-northwest-striking faults. In 2018, a Preliminary Economic Assessment1 (“PEA”) was completed at Goldstrike which returned a Net Present Value at a 5% discount rate (“NPV5%”)of US$129.5 million and an Internal Rate of Return (“IRR”) of 29.4% at US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz gold returns an NPV5% of US$291.7 million and an IRR of 52.4% representing strong economic returns at current gold prices. Cal Everett, President and CEO of Liberty Gold stated, “The Goldstrike Project in southwest Utah, coupled with Black Pine in southeastern Idaho, represent two high-quality, oxide gold development assets in the Great Basin, USA. While our focus has been on Black Pine for the last two years, with the rise in gold price and increased market recognition of Goldstrike, we have returned to the project this year to continue de-risking the asset towards a pre-feasibility study decision. The objective of the 2021 drill program is to continue to push the pit constrained, 925,000 oz Indicated Resource outwards and downwards with the goal to upgrade the 296,000 oz Inferred Resource.” KEY POINTS: MAIN ZONE – HAMBURG PIT Main Zone drilling to date has focused o...