PHOENIX, Oct. 1, 2012 /PRNewswire/ -- Liberty Gold Corp. (OTCBB: LBGO; "Liberty Gold" and/or "the Company") is pleased to report on International Tower Hill's (ITH) August 21, 2012 announcement of new, high-grade gold intercepts surrounding ITH's main deposit at its Livengood Gold Project in Alaska. ITH's Livengood Property immediately adjoins the western side of Liberty Gold's 4,620-acre McCord Creek Property. The Money Knob deposit on ITH's Livengood Property represents a resource estimate of 16.5 million ounces (Moz) Measured & Indicated at 0.22 grams per tonne cut-off (see ITH website for complete disclosure), making it one of the largest gold deposits discovered in 20 years.
The latest ITH drill results were from a non-exploration directed drill program involving 45 geotechnical and condemnation drill holes in the Livengood project area. According to ITH's August 21, 2012 news release, assay results from four of the holes drilled returned multi-gram gold intersections (intercepts were calculated using a 0.25 g/t gold cutoff and a maximum of 3 meters of internal waste). ITH stressed that, since the new gold intersections are located well outboard of the main deposit, the results indicated the significant exploration potential of the Livengood district scale gold system while highlighting the potential for further bulk tonnage and high-grade discoveries on the property. ITH Interim CEO, Jeff Pontius, commented in the news release: "It is clear that the Livengood gold system is a District scale gold discovery with significant future potential."
ITH's New Selected Drill Intercepts (calculated using a 0.25 g/t gold cutoff and a maximum of 3 meters of internal waste)
HOLE ID | FROM (m) | TO (m) | LENGTH (m) | GOLD (g/t) |
MK-12-281 | 51.66 | 54.42 | 2.76 | 2.75 |
Includes | 51.66 | 53.19 | 1.53 | 4.09 |
MK-12-285 | 36.70 | 38.71 | 2.01 | 3.47 |
47.85 | 54.46 | 6.61 | 0.64 | |
MK-12-288 | 81.38 | 84.43 | 3.05 | 2.48 |
MK-12.290 | 124.82 | 128.63 | 3.81 | 6.91 |
Immediately adjoining the eastern side of ITH's Livengood Property is Liberty Gold's McCord Creek Property, which is located in the eastern extension of the Livengood gold district. A work program in 2011 resulted in the discovery of 5 gold-in-soil anomalous zones on the McCord Creek Property with the maximum soil value exceeding 100 parts per billion ('ppb') gold. All of the soil anomalies lie within the same sedimentary and volcanic package of rocks that host ITH's Money Knob deposit. Liberty Gold's ongoing 2012 McCord Creek work program has collected and submitted 333 samples for analysis with the objective of defining drill targets for the 2013 field season.
Lynn Harrison, Liberty Gold's President and CEO, commented: "International Tower Hill's latest drill results underscore the gold potential of the Livengood district. The news only increases our interest in receiving the results from our 2012 work program on our adjoining McCord Creek Property."
FOR MORE INFORMATION
To learn more about the McCord Creek Property, and to read more about the Company and its latest news, visit Liberty Gold's website at http://www.libertygoldcorp.com.
ABOUT LIBERTY GOLD CORP.
Liberty Gold Corp. is a publicly traded (OTCBB: LBGO) gold and precious metals exploration company focused on emerging as an industry leader while effectively growing America's reserves of gold. Headquartered in Phoenix, Arizona, Liberty Gold is committed to the responsible exploration and production of the nation's rich precious metals resources. The Company's stable of major gold projects is well established, and thanks to an active approach to property acquisitions, Liberty Gold's portfolio of significant assets continues to grow. For more information on the Company and its activities, visit Liberty Gold's website at http://www.libertygoldcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Liberty Gold Corp.
Lynn Harrison, President and CEO
2415 East Camelback Road
Suite 700
Phoenix, AZ
85016
Investor Relations:
Toll Free: 1-800-961-5388
E-mail: ir@libertygoldcorp.com
OTCBB: LBGO
This press release includes certain statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on Liberty Gold Corp.'s current expectations and projections about future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to Liberty Gold Corp.'s anticipated financial performance, new developments, business prospects, strategies and similar matters. Liberty Gold Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
SOURCE Liberty Gold Corp.
