In June 2016, Liberty Gold acquired the Black Pine Property from Western Pacific Resource Corporation for US$800,000 cash, 300,000 shares of Liberty Gold and a 0.5% NSR reserved to Western Pacific. At present, the project consists of 400 federal lode claims (31.7 km2).
There are 1866 historic shallow (average depth of 93 metres) drill holes on the property and a large number have unmined oxide gold intercepts including:
- 1.98 g/t Au over 50.3 metres
- 2.96 g/t Au over 24.4 metres
- 2.10 g/t Au over 42.7 metres
Oxide gold is present in historic drill holes, pit walls and outcrop samples and extensive grid soil surveys. The large mineralized footprint covers a 12 square kilometre area. In late 2017, twelve reverse circulation (RC) holes were drilled from five locations within the large, 12 square kilometre target area. The drilling has thus far succeeded in validating historical results adjacent to a historical pit and more importantly, demonstrated exceptional upside beneath the limit of shallow historical drilling.
Mineralization consists of finely disseminated gold hosted in decalcified and jasperoidized calcareous siltstone correlative with the Pennsylvanian Oquirrh Formation. These rocks are present within a system of interleaved, low-angle thrust faults that is well-exposed in many parts of the property. In other areas, the prospective host horizon is believed to be present under the shallow cover of an overlying thrust plate; these areas are significantly underexplored.
Phase 2 drilling is planned to commence in mid-June 2018 in order to investigate the scope of multiple targets. An updated Plan of Operations is pending that will open up access to the entire 12 square kilometre area of anomalous surface geochemistry and historic gold in drill holes for comprehensive drill testing.
For more details about the Black Pine Property, including location, geology and soil geochemistry maps, please click here: http://www.libertygold.ca/images/Presentations/2017/September/Black_Pine_-_September_2017_V1.pdf
Black Pine is an early-stage exploration project and does not contain any mineral resource estimates as defined by NI 43-101. The potential quantities and grades disclosed herein are conceptual in nature and, there has been insufficient exploration to define a mineral resource for any of the targets disclosed herein.
Moira Smith, Ph.D., P.Geo., VP Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained herein is accurate.