Liberty Gold announces updated MRE for Black Pine deposit

The MRE, that has an effective date of 21 January 2023, is reported using a constraining resource pit at a cut-off grade (COG) of 0.20 g/t Au and consists of:

• An indicated resource of 2 613 000 oz of oxide gold at an average grade of 0.52 g/t Au and totalling 157 267 000 t.
• An inferred resource of 483 000 oz oxide gold at an average grade of 0.43 g/t Au and totalling 35 150 000 t.
• A high-grade subset of the MRE within the 0.20 g/t Au resource pit using a COG of 0.50 g/t Au consists of:
  • An indicated 1 548 000 oz of gold at an average grade of 1.02 g/t Au and totalling 47 391 000 t.
  • An inferred 219 000 oz of gold at an average grade of 0.93 g/t Au and totalling 7 315 000 t.

In total, using the same COG as the previous resource estimate, the updated MRE represents a 52% increase in indicated ounces and a 31% increase in inferred ounces over the maiden resource released just 18 months ago. Within the higher-grade subset (0.50 g/t Au COG within the 0.20 g/t Au resource pit), 528 000 indicated ounces were added relative to the 2021 maiden resource estimate, a 52% increase. The significant increase in ounces can be attributed to:

• The discovery and subsequent intensive drilling of 154 holes included in the resource in the Rangefront Zone beginning in July 2021 over a 15 month period.
• Expansion and/or amalgamation of several existing zones, including the CDF, E, and M zones and discovery of the Bobcat Zone, a southern extension of the CDF Zone.
• Drill testing and drill definition of surficial waste rock storage and pit backfill.
• Definition drilling in previously-defined areas of inferred mineralisation. The MRE was completed by SLR Consulting (Canada) Ltd., Toronto, Canada. SLR is a highly respected engineering company with extensive experience in resource estimation and audit of the largest Carlin-style gold systems in the Great Basin.

Jason Attew, President and CEO of Liberty Gold stated:

“This updated mineral resource estimate for our flagship Black Pine project represents a major milestone for Liberty Gold and a major accomplishment for our exploration team, who spent the last year and a half with a singular focus on expanding and upgrading the resource endowment at Black Pine. The team has delivered impressive results. Compared to the July 2021 resource estimate, tonnes are up significantly while grade has improved using conservative input assumptions, positioning Black Pine in the rarified territory of an oxide resource with more than 2.6 million indicated ounces and a further half a million ounces inferred. Moreover, we are encouraged that Black Pine continues to expand in all directions with future resource growth expected as drill results continue to impress.”

Read the article online at: https://www.globalminingreview.com/mining/10022023/liberty-gold-announces-updated-mre-for-black-pine-deposit/