VANCOUVER, British Columbia, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the identification of a high-grade antimony (“Sb”) mineralizing system that outcrops along the eastern extension of the Goldstrike Oxide Gold deposit (“Goldstrike”), Southwest, Utah.
The Company has completed a staking program to the east of the main Goldstrike claim block to include all areas with potential for this mineralized system. Approximately 3.2 square kilometers of new ground has been acquired. See Figure 2 below.
The Antimony Ridge prospect is a known gold mineralized zone that was left under-explored by Liberty Gold due to its focus on drilling out the main oxide gold discovery area to the west at Goldstrike. Recent recognition of antimony as a critical mineral in the USA prompted the Company to re-assess its historic metals databases and the significant potential of the Antimony Ridge mineralization was identified. Additionally, elevated antimony levels were noted in drill hole assays on the Goldstrike Oxide deposit, up to 650 parts per million (0.065%) Sb.
The mineralization at Antimony Ridge occurs as exceptionally large, bladed to massive stibiconite in a jasperoid breccia with gold. Stibiconite, (Sb3O6[OH]), is an antimony oxide formed from the in-situ oxidation of stibnite (Sb2S3), the primary antimony sulfide mineral. See images in Figure 1 below:
FIGURE 1: STIBICONITE CRYSTALS
The stibiconite occurs in a large, bedding-parallel jasperoid breccia with a sampled strike length of 450 meters (“m”). This mineral contact has been identified at multiple locations throughout the property and current field work has identified additional zones of antimony mineralization along fault offsets of this contact.
Limited gold-focused surface sampling by the Company in 2015, followed the exposed jasperoid breccia body and identified surface antimony values up to 2.2% Sb, with gold grades up to 0.85 grams per tonne. The apparent thickness of the mineralized zone is up to 12 m, and it remains open along the east-west strike and down dip to the north. The jasperoid can be traced along this contact for more than 2 kilometres and there is no record of any exploration drilling along the mineralized jasperoid zone in this eastern area.
The Antimony Ridge mineralization occurs higher in the stratigraphy than at the main gold zone, along an easily traceable contact, which is currently being mapped & sampled within these newly acquired lands.
Historic records indicate small-scale production of 10 tons of antimony ore in the 1970s from the Lejaiv Unite Mine located on Antimony Ridge. Material was mined from two small open pits. Anecdotal evidence indicates the material mined was stibnite ore and contained 10% Sb.
Cal Everett, CEO and Director commented, “It is the nature of the exploration business to find what you were not looking for in plain sight, simply due to retention of archives that suddenly become relevant.”
FIGURE 2: GOLDSTRIKE NEW CLAIMS STAKING MAP
QUALIFIED PERSON
Peter Shabestari, P.Geo., Vice-President Exploration, Liberty Gold, is the Company's designated Qualified Person for 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 big gold deposits that can be mined profitably in open-pit scenarios.
For more information, visit libertygold.ca or contact:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@libertygold.ca
All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to Liberty Gold within the meaning of applicable securities laws, and the potential quantity and/or grade of minerals and Liberty Gold’s mineral resources. 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 results “may”, “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, the timing and success of future plans and objectives in the areas of sustainable development, health, safety, environment, community development; successful resolution of disputes and anticipated costs and expenditures and the timing of regulatory approvals. 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.
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; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2024 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.
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.
Photos accompanying this announcement are available at:
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https://www.globenewswire.com/NewsRoom/AttachmentNg/37da9f05-ac7b-4100-b486-186585f4d636
