Liberty Gold Corp (TSX: LGD) has finally released a resource estimate for its Black Pine Oxide Gold deposit in Idaho following two years of drilling. The estimate is based on a pit shell, with the mineralization at the property consisting of Carlin-style oxide gold.
The estimate has reported that the deposit contains 1.7 million ounces of gold at an average grade of 0.51 g/t on an indicated basis, along with an additional 370k ounces of gold at an average grade of 0.37 g/t on an inferred basis. The estimate is based on a cut-off grade of 0.20 g/t gold.
At a higher cut off grade of 0.50 g/t gold, the estimate resources in the deposit reduce down to 1.0 million ounces of gold at an average grade of 1.04 g/t on an indicated basis, and 134k ounces of gold at an average grade of 0.94 g/t on an inferred basis.
The company is now working towards completing a preliminary economic assessment, or PEA, on the property, which it expects to show positive economics. The estimate was largely based on the Discovery Zone, with seven additional zones that have not been drill tested to the same extent, which provides the company with an opportunity to grow the resource.
The estimate is based on 2,149 drill holes and an aggregate 263,852 metres of drilling.
Liberty Gold last traded at $1.44 on the TSX.
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