(Kitco News) - On Tuesday, Liberty Gold (TSX: LGD) announced a 52% increase in indicated and 31% increase in inferred ounces in its updated mineral resource estimate for the Black Pine oxide gold project in southeastern Idaho.
According to a press release, the project's updated indicated resources amounted to 2,613,000 ounces of oxide gold at an average grade of 0.52 g/t Au and totalling 157,267,000 tonnes; and inferred resources amounted to 483,000 ounces of oxide gold at an average grade of 0.43 g/t Au and totalling 35,150,000 tonnes.
The company said that in total, using the same cut-off grade as the previous resource estimate, the updated mineral resource estimate represents a 52% increase in indicated ounces and a 31% increase in inferred ounces over the maiden resource released just 18 months ago.
President and CEO Jason Attew 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.
"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."
Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. The company said it is a Carlin-style gold system, "similar in many ways to the prolific deposits located along Nevada's Carlin trend."
The historic Black Pine mine operated from 1992 to 1997, with 435,000 ounces of gold produced from five composite, shallow pits, at an average grade of 0.63 g/t Au.
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