Business

Liberty Gold Provides Corporate Update

Today News ||

Article content

Board and Management Updates

2023 Work Programs

Article content

VANCOUVER, British Columbia , Jan. 25, 2023 (GLOBE NEWSWIRE) — Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce a corporate update which includes an addition to the Board of Directors (the “Board”), management appointments and a summary of work plans for 2023 at its Black Pine oxide gold project (“Black Pine”) in southeastern Idaho, Goldstrike oxide gold project (“Goldstrike”) in southwestern Utah and TV Tower gold-copper-silver project (“TV Tower”) in western Turkey.

Advertisement 2

Article content

The Company announces the appointment of Lisa Wade to the Board. Ms. Wade is an environmental engineer with over 25 years of experience in the mining industry and has held environmental engineering, community relations, permitting, executive and managerial positions with a number of mining companies. From 2005 to 2019, Ms. Wade held increasingly senior positions at Goldcorp Inc., in Central America and subsequently as Vice President, Environmental, Reclamation and Closure. Earlier in her career, Ms. Wade managed environmental and social matters in northern Nevada, California and at the Yanacocha Mine in Peru for Newmont Corporation. Ms. Wade holds a Bachelor of Science and Master of Science in Environmental Engineering from Montana Technological University. Ms. Wade received the Alumni Recognition Award in 2014 from Montana Tech in recognition of her professional accomplishments.

Advertisement 3

Article content

The Company is also pleased to announce that Peter Shabestari, CPG, has been appointed Vice President of Exploration. He will also assume the role as the Company’s Qualified Person. Mr. Shabestari joined Fronteer Gold Inc. (“Fronteer”) in 2009 and was instrumental in drilling and modeling the Long Canyon gold deposit, the flagship property at the core of Fronteer’s sale to Newmont Corporation for C$2.3 billion in 2011. Mr. Shabestari has been with Liberty Gold since its spin-out from Fronteer as Senior Geologist and Vice President, Operations. He was the lead in procuring process water and private and State of Idaho mineral and surface rights, developing community and governmental relationships and has been the Project Manager at Black Pine and Goldstrike. Mr. Shabestari is a native of Utah and has worked in mineral exploration in the Great Basin and around the world for over 25 years.

Advertisement 4

Article content

Moira Smith, Ph.D., P.Geo., has held the role of Vice President, Exploration and Geoscience with Liberty Gold since 2015, and will be transitioning into a new role as Corporate Technical Advisor focusing on technical evaluations and business development opportunities. She has been instrumental in identifying opportunities such as Black Pine, making new discoveries and building significant resource ounces for Fronteer and Liberty Gold over the last 15 years as well as for other companies and gold deposits in the Americas throughout her career.

RELATED:  Canadians adjusting budgets, cutting costs elsewhere amid rising gas prices

Moira Smith stated, “While I will not be as involved in the day-to-day operations of our projects, I will continue to contribute to Liberty Gold in other meaningful ways for the foreseeable future. With a resource update pending at Black Pine, a new drill program already underway, development and de-risking activities planned, and the hope of a renewed gold market on the horizon, I remain committed to advancing Liberty Gold to create shareholder value.”

Advertisement 5

Article content

Mark O’Dea, Chairman of Liberty Gold, commented, “As Liberty Gold evolves into a development stage company, changes to Liberty Gold’s Board and executive team are a natural part of this transformation. I would like to welcome Lisa Wade to the Board. Her unique experience and skillset bring considerable strength to our company culture and the advancement of our oxide gold projects. Led by Moira Smith along with Peter Shabestari, our exploration group has had tremendous success in driving the discovery of many ounces of gold in the Great Basin, USA – with Black Pine in Idaho, Goldstrike in Utah and as exploration leaders of the Fronteer Long Canyon deposit team. These are prodigious achievements and on behalf of the entire team, I wish to thank Moira for her strength and leadership over these many years. We look forward to continuing to work with her in her new role. I am also pleased to introduce Pete as our new Vice President of Exploration. As Vice President of Operations, Pete has been overseeing the advancement of our projects through development and de-risking and with his years of exploration experience with the Liberty Gold team, he is a great fit for the role.”

Advertisement 6

Article content

2023 WORK PROGRAMS

With working capital of C$31.8 million1 (as at September 30, 2022), assay results still pending for release from 93 drill holes from last year’s 325 holes from the 67,000 metre drilling program at Black Pine and a future steady stream of drill results expected for this year’s program, the Company is well positioned to continue delivering value from the following, board-approved, work programs:

Black Pine, Idaho

  • The drilling program commenced on January 6, with the focus on step-out and resource infill drilling throughout the project area. Project de-risking activities are progressing in parallel with resource delineation, with the objective of front-end loading technical work in advance of the mine permitting phase.
  • The Company is on track for delivering an updated Mineral Resource Estimate mid-February with the NI 43-101 Technical Report to be filed shortly thereafter. The team has been updating the geological model progressively as drill assays have become available. Moira Smith is the lead Qualified Person for this mineral resource update.
  • Based on the updated resource and the status of its extensive de-risking activities, the Company will confirm in H1 whether it will forgo a formal Preliminary Economic Assessment and move directly to the commencement of a Pre-Feasibility Study.

Advertisement 7

Article content

  • Key activities include:
    • 32,000 metres of reverse circulation exploration drilling.
    • Delivery of an updated Mineral Resource Estimate in mid-February.
    • Completion of pre-feasibility level studies on hydrology/hydrogeology of the mine water supply, geotechnical engineering, geo-metallurgical modelling, and metallurgical test work.
    • Commencement of waste rock geochemical characterization studies.
RELATED:  You may qualify for over $10,000 in climate incentives from the Inflation Reduction Act. Here's when you can claim them
  • Anticipated receipt of a Record of Decision for a Plan of Operations modification from the United States Forest Service to increase the permitted project exploration area from 24 to 35 square kilometres.
    • Continued wildlife monitoring and tracking studies (including big game, mule deer and greater sage grouse) and sage brush habitat rehabilitation.

Advertisement 8

Article content

Goldstrike, Utah

  • With the completion of the exploration drilling program in 2022, attention will focus largely on key de-risking activities, in particular procurement of a process water supply ahead of further detailed work.
  • Key activities include:
    • Hydrological and geological studies to identify and test potential new water sources in the aquifers near to the mine site.
    • Metallurgical testwork and updating of metals recovery models.
    • Ongoing efforts supporting the proposed land swap between the State of Utah School and Institutional Trust Lands Administration (“SITLA”) and the Bureau of Land Management in accordance with State Bill HJR016.

TV Tower, Turkey

  • At TV Tower, a recent resource estimate outlines several deposits of gold, copper and silver2, containing multi-million gold-equivalent ounces. These deposits are open to expansion and the project has several drill-ready targets. We will continue our strategic sale process. (see press release dated August 15, 2022) For a full table of the TV Tower Resource Estimate Summary, see press release dated April 6, 2021. In addition, we will look to consolidate our exploitation licences, maintain licences in good standing, apply for exploration drill permits on key, high-value target areas and continue ongoing social engagement with local communities.

Advertisement 9

Article content

QUALIFIED
PERSON

Peter Shabestari, CPG, Vice President of Exploration, the Company’s newly designated Qualified Person approves this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance large gold deposits that can be mined profitably in open- pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

Advertisement 10

Article content

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations

Phone: 604-632-4677 or Toll Free 1-877-632-4677
[email protected]

All
statements
in
this
press
release,
other
than
statements
of
historical
fact,
areforward-looking
information” with
respect
to
Liberty Gold
within
the
meaning
of applicable
securities
laws,
including
statements
that
address
potential
quantity
and/or
grade
of minerals. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”,plan”,continue”, “planned”, “expect”, “project”, “predict”, “potential”, “targeting”, “intends”, “believe”, “potential”, and similar expressions, or describes a “goal”, or
variation of such words and phrases or state that
certain actions, events or resultsmay”, “should”, “could”,would”, “might” or “will” be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number
of
estimates
and
assumptions
of
management
at
the
date
the
statements
are
made
including,
among
others,
assumptions
about
future prices
of gold,
and
other
metal
prices,
currency
exchange
rates
and
interest
rates,
favourable
operating
conditions,
political
stability, obtaining
governmental
approvals
and
financing
on
time,
obtaining
renewals
for
existing
licenses
and
permits
and
obtaining
required licenses and
permits, labour stability, stability in market conditions, availability of equipment, timing of assay results, scalability of metallurgical results, results and accuracy of mineral resources or hydrology studies, the availability
of drill
rigs,
successful
resolution
of disputes
and
anticipated
costs
and
expenditures.
Many
assumptions
are
based
on
factors and
events
that
are
not
within
the
control
of
Liberty
Gold
and
there
is
no
assurance
they
will
prove
to
be
correct.

Advertisement 11

Article content

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;
timing
of
any
mineral resource estimates or metallurgical results;
scalability
of
metallurgical
results,
delays
in
permitting or receipts of records of decisions; the timing of any preliminary economic studies or pre-feasibility studies; 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
March
25,
2022
in
the
section
entitled
“Risk
Factors”,
under Liberty
Gold’s
SEDAR
profile
at
www.sedar.com.

Advertisement 12

Article content

Although
Liberty
Gold
has
attempted
to
identify
important
factors
that
could
cause
actual
actions,
events
or
results
to
differ
materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated
or intended.
There can
be no assurance that such information
will prove to
be accurate as
actual results
and
future events
could
differ
materially
from
those
anticipated
in
such
statements.
Liberty
Gold
disclaims
any
intention
or
obligation
to
update
or revise
any
forward-looking
information,
whether
as
a
result
of new information, future events or otherwise.


1 At September 30, 2022, the value of C$1.00 was approximately $0.730; the daily average rate from the Bank of Canada.
2 See press release on May 18, 2021: “Liberty Gold Files Technical Report on SEDAR for the Resource Estimate at TV Tower, Western Turkey”.

Comments

Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings.

More Economy Business News Updates of Today Check Below

Today News || Business Today || World News || Headlines Today || Health || Technology News || Education News

Source

Tags
Show More

Related Articles

Back to top button
Close