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Our 2022 budget is approximately $19 million, with our goal to continue an aggressive exploration program targeting resource expansion and discovery of new mineralization, including a number of as-yet untested targets, as we continue to delineate the global footprint of the mineralized system. Funding for 2022 includes exploration drilling, metallurgy, engineering studies ad permitting activities. as we continue to move the project towards an economic analysis. The budget for 2022 includes funds for:

  • 84,000 metres of Reverse Circulation drilling, which commenced in January, focused on understanding the full size and extent of the gold mineralized system as well as expanding and increasing confidence in the current resource. Key deliverables include:
    • Rangefront Focus Area resource definition and expansion drilling
    • Discovery Zone expansion drilling
    • M Zone, Back Range, E Zone and SW Extension drilling
    • Targeting new discoveries south and north of the existing Rangefront Focus Area footprint and in along the western margin of the permit area
  • De-risking activities include identifying access to power and acquiring additional mineral and water rights in the vicinity of Black Pine
  • An updated mineral resource estimate in the second half of 2022
  • Results from Phase 4 metallurgical testing and phase 5 column lead tests from a 1,300 metre large diameter core drilling program completed in Q1, 2022
  • An amendment to our plan of operations to allow additional exploration and condemnation activities on lands administered by the U.S. Bureau of Land Management to the east of the main Black Pine deposit. A record of decision on the plan of operation amendment is expected in the second half of 2022.

Moira Smith, Ph.D., P.Geo., VP Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person 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 herein is accurate.

Further information on Black Pine is available in the technical report entitled “Updated Technical Report and Resource Estimate for the Black Pine Gold Project, Cassia County, Idaho, USA” effective June 20, 2021, and signed August 18, 2021, prepared by Michael M. Gustin, P. Geo., of MDA, a division of RESPEC, based in Reno, Nevada, Gary L. Simmons of GL Simmons Consulting LLC of Larkspur, Colorado, both Independent Qualified Persons under National Instrument 43-101 and Moira T. Smith, Ph.D., P.Geo., Vice President, Exploration and Geoscience, Liberty Gold.

 

[1] See press release dated January 7 and January 16, 2020, and press releases in 2019 dated May 29, June 19, July 15, July 31, September 12, October 1, October 15, and November 5, 2019 for drill results from the 2019 drill program.
[2] See press releases issued in 2020 dated June 16, June 23, July 14, July 18, September 10, September 29, November 10, and December 2.
[3] See press release dated January 12, 2021.
[4] See details in press release dated June 16, 2020.
[5] Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades.  Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites.  The arithmetic average of the six column tests is 78.0%.
[6] See details in press release dated August 18, 2020.