- The Resource is reported at a cut-off grade (“COG”) of 0.2 grams per tonne (“g/t”) gold (“Au”) and consists of:
- Indicated resources of 3,206,000 oz Au at an average grade of 0.49 g/t Au and totalling 203.8 million tonnes (“Mt”); and
- Inferred resources of 325,000 oz Au at an average grade of 0.42 g/t Au and totalling 24.1 Mt.
- A high-grade subset of the Resource contained within the 0.2 g/t Au resource pit, applying a COG of 0.5 g/t Au and consists of:
- Indicated resources of 1,765,000 oz Au at an average grade of 1.01 g/t Au and totalling 54.2 Mt; and
- Inferred resources of 143,000 oz Au at an average grade of 0.91 g/t Au and totalling 4.9 Mt.
The updated MRE represents an increase of 593,000 Indicated gold ounces from the 2023 estimate (see press release dated
For maps, cross sections and a sensitivity analysis table of the Black Pine Mineral Resource block model, please click here:
http://ml.globenewswire.com/Resource/Download/7d97ab11-3f2c-4192-80e7-089619ebf171
IMAGE 1: MAP OF THE BLACK PINE MINERAL RESOURCE
TABLE 1: BLACK PINE UPDATED MINERAL RESOURCE ESTIMATE BY ZONE
Zone | Classification | (000) tonnes | g/t Au | (000) oz Au | % Tonnes Ind & Inf | % oz Total Resource |
Indicated | 92,953 | 0.53 | 1,598 | 92 | 48 | |
Inferred | 7,820 | 0.42 | 105 | 8 | ||
Indicated | 78,009 | 0.44 | 1,098 | 93 | 34 | |
Inferred | 5,761 | 0.49 | 91 | 7 | ||
Indicated | 19,996 | 0.40 | 259 | 87 | 8 | |
Inferred | 3,019 | 0.40 | 39 | 13 | ||
Indicated | 4,070 | 0.72 | 95 | 92 | 3 | |
Inferred | 349 | 0.36 | 4 | 8 | ||
Indicated | 4,693 | 0.62 | 94 | 90 | 3 | |
Inferred | 547 | 0.56 | 10 | 10 | ||
Indicated | 2,604 | 0.46 | 39 | 44 | 2 | |
Inferred | 3,334 | 0.33 | 35 | 56 | ||
Indicated | 1,447 | 0.50 | 23 | 31 | 2 | |
Inferred | 3,256 | 0.39 | 41 | 69 | ||
Total Resource | Indicated | 203,771 | 0.49 | 3,206 | 89 | 91 |
Inferred | 24,085 | 0.42 | 325 | 11 | 9 |
Notes:
- CIM (2014) definitions were followed for Mineral Resources.
- Mineral Resources are reported within conceptual open pits estimated at a gold cut-off grade of 0.20 g/t, using a long-term gold price of
US$1,800 per ounce and a variable gold leach recovery model derived from extensive metallurgical studies. - Bulk density is variable by rock type.
- There are no Mineral Reserves.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and contained gold content.
- The effective date of the Mineral Resource estimate is
February 15, 2024 . - The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
- The MRE was prepared by
SLR Consulting (Canada) Ltd. ,Toronto, Canada (“SLR”).
RESOURCE ESTIMATE – CUT-OFF GRADE SENSITIVITY
The average grade of the deposit within the limits of the 0.20 g/t Au resource pit shell reflects a wide range of block grades. At successively higher cut-off grades, a sizeable portion of the deposit remains (Table 2). At a block COG of 0.50 g/t Au, 1,765,000 Indicated ounces at an average grade of 1.01 g/t Au and 143,000 Inferred ounces at an average grade of 0.91 g/t Au remain. This higher-grade core of the mineralization continues to grow with additional drilling.
TABLE 2: RESOURCE GRADE DISTRIBUTION AT SUCCESSIVELY HIGHER CUT-OFF GRADES WITHIN THE 0.2 G/T AU REPORTING PIT*
Block cut-off grade | Classification | (000) tonnes | g/t Au | (000) oz Au |
0.20 g/t | Indicated | 203,771 | 0.49 | 3,206 |
Inferred | 24,085 | 0.42 | 325 | |
0.22 g/t | Indicated | 179,020 | 0.53 | 3,040 |
Inferred | 20,932 | 0.45 | 303 | |
0.25 g/t | Indicated | 150,029 | 0.58 | 2,821 |
Inferred | 16,725 | 0.51 | 271 | |
0.30 g/t | Indicated | 115,997 | 0.68 | 2,522 |
Inferred | 12,245 | 0.59 | 232 | |
0.50 g/t | Indicated | 54,249 | 1.01 | 1,765 |
Inferred | 4,922 | 0.91 | 143 |
*Please refer to the notes accompanying Table 1, above, for additional information. The Black Pine updated MRE is shown in bold and italic font.
TABLE 3: SENSITIVITY ANALYSIS USING LOWER CUT-OFF GRADES*
Cut-off (g/t Au) | Classification | (000) tonnes | g/t Au | (000) oz Au | waste : I+I tonnes ratio |
0.20 g/t | Indicated | 203,771 | 0.49 | 3,206 | 2.98 |
Inferred | 24,085 | 0.42 | 325 | ||
0.17 g/t | Indicated | 260,830 | 0.43 | 3,575 | 2.24 |
Inferred | 33,035 | 0.36 | 388 | ||
0.10 g/t | Indicated | 439,524 | 0.31 | 4,406 | 1.03 |
Inferred | 67,942 | 0.26 | 576 |
*Please refer to notes accompanying Table 1, above. The reporting MRE is shown in bold and italic font. Tonnes, grade and ounces are expressed within a series of nested pit shells generated at
- The 2023 work program resulted in a MRE increase of 593,000 Indicated gold ounces from the 2023 mineral resource estimate. The updated Indicated resource of 3,206,000 gold ounces will form the basis of the on-going Pre-Feasibility Study (“PFS”) being conducted on Black Pine. Work is progressing on track for a Q3, 2024 release.
- An analysis of the mineralization at lower cut-off grades, suggests that significant upside potential exists for recovery of additional ounces in a future mine at Black Pine by applying operational cut-off grades similar to run-of-mine oxide operations in the
Great Basin . - This Mineral Resource Update includes an additional 199 Reverse Circulation (“RC”) totaling 39,426 metres (“m”) drilled by
Liberty Gold in late 2022 and in 2023. Combining historic andLiberty Gold drilling results in a total of 2,821 drill holes representing 422,142 m of drilling contributing to the new resource. - Based on exploration drilling costs for 2023, additional ounces added in this Mineral Resource update reflect a <
$10 /ounce discovery cost. - The updated MRE is supported by extensive metallurgical testing on 124 variability composites completed. (See press release dated
March 22, 2023 ).
ESTIMATION METHODS
The resource estimate was completed by
- The gold mineral resources at the
Black Pine Project were modeled and estimated by:- Developing a geological model, in Leapfrog Geo reflecting low-angle fault control and stratigraphic control of mineralization hosted in receptive carbonate host rocks;
- Evaluating the drill data statistically;
- Interpreting low (0.1 g/t Au) and high-grade (0.3 g/t Au for Rangefront and 0.5 g/t Au for all other areas) gold-domains using Leapfrog Geo;
- Compositing data to 3.048 metres (10 feet) within the gold domains;
- Coding a unified block model comprised of 10 x 10 x 5 (x, y, z) metre blocks from seven 2.5 x 2.5 x 1.25 sub-blocked models;
- Analyzing the modeled mineralization geostatistically to aid in the establishment of interpolation and classification parameters;
- Interpolating gold grades using inverse distance cubed (ID3) and a three-pass interpolation strategy into the model blocks in Leapfrog Edge using the mineral domain coding to explicitly constrain the gold grade estimations; and,
- Evaluating, statistically and visually, the resulting model in detail prior to finalizing the mineral resource estimation.
- The Black Pine Deposit mineral resource has been constrained by optimized pit shells created using a gold price of
USD$1,800 /ounce and pit slopes ranging from 45 to 47 degrees. Additional inputs for the pit-optimizations include: Mining -$2.35 /tonne mined, heap leaching -$2.00 /tonne processed; and G&A cost of$0.80 /tonne processed at an assumed 10 million tonnes per year processing rate. Gold recoveries are based on equations derived from metallurgical data and vary by grade and rock unit. A 0.5% net smelter return royalty was also applied. - The Company has concluded that a Technical Report update is not required with this new Mineral Resource and will include the resource estimate update into the Pre-feasibility Technical Report expected to be completed in Q3 2024.
The technical information contained in this news release has been reviewed and approved by
ABOUT BLACK PINE
Black Pine is located in the northern
Gold mineralization at Black Pine is hosted in a 100 to 500 m-thick package of receptive, faulted carbonate rocks of the Pennsylvanian Oquirrh Formation. The rocks show evidence of extensive decalcification and clay alteration typical of Carlin-style gold deposits and are strongly oxidized over the entire extent of the 14 km2, exposed portion of the gold system.
Metallurgical column test results received to date indicate rapid gold recoveries, relatively insensitive to crush size, which support a simple, low-cost process.
QUALIFIED PERSON
ABOUT
For more information, visit libertygold.ca or contact:
Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@libertygold.ca
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using a cut-off of 0.10 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to
Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated
Although
Cautionary Note for
The information in this news release, including any information incorporated by reference, and disclosure documents of
Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/219cb7cf-76b5-4544-897e-cd7a1cf166b9
IMAGE 1
MAP OF THE BLACK PINE MINERAL RESOURCE BLOCK MODEL
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