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Liberty Gold says drilling at its Black Pine project in Idaho has outlined oxide gold mineralization about 200 metres beyond the existing resource boundary at the Rangefront deposit. The company is running a 50,000-metre reverse-circulation program and expects an updated resource in the first half of next year; the new results do not yet establish a change to the project’s resource estimate.
Liberty Gold says drilling at its Black Pine gold project in Idaho has identified oxide gold mineralization beyond the existing resource boundary at the Rangefront deposit, a development that could support future resource growth as the company advances the project. The results come from an ongoing 50,000-metre drilling program; an updated resource is expected in the first half of next year, but the newly reported intervals have not yet changed the published estimate.
The strongest highlighted result came from drill hole LBP1347, which intersected 18.3 metres grading 1.27 grams of gold per tonne from 233.2 metres downhole, Liberty said in a Thursday statement. That interval was contained within a longer intercept of 144.8 metres grading 0.36 gram per tonne, starting at 167.6 metres downhole. The company also reported hole LBP1341A, which cut 62.5 metres grading 0.42 gram per tonne from 222.5 metres, including 4.6 metres at 1.42 grams per tonne.
Liberty described the Rangefront mineralization as extending about 200 metres north of the current resource boundary and reaching up to 400 metres in width. The company said the mineralization remains open to the north, meaning further drilling could test whether it continues in that direction. The reported intercepts are downhole lengths, not true widths, so they do not represent the actual thickness of the mineralized zones.
The company said drilling has also clarified the deposit’s eastern boundary, information it expects to use in finalizing the design of a proposed heap-leach pad. Liberty is targeting 25 million to 35 million tonnes of inferred material for possible upgrading to the indicated category. That is a company target, not a reported result that the material has already been upgraded.
Rangefront Could Expand Black Pine
Mineralization beyond the existing resource boundary gives Liberty a possible route to add material to Black Pine’s known inventory, although the scale and economic value of any addition remain to be established. An updated resource would need to incorporate the drilling and meet the applicable reporting standards before investors could treat the new results as a defined increase.
The results also have a practical engineering role. Liberty said the new information could help refine project infrastructure and clarify the eastern edge of Rangefront, including the proposed heap-leach pad layout. Better-defined deposit boundaries can inform planning, but the company has not said that these holes alone change the project’s development schedule or economics. Black Pine is being advanced toward a potential 2028 construction decision, with permitting, engineering and additional drilling still under way.
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Black Pine’s Development Plan
Black Pine is a past-producing, Carlin-style oxide gold deposit in southeastern Idaho’s Great Basin. Pegasus Gold operated the mine from 1991 to 1997, producing about 435,000 ounces of gold and 198,000 ounces of silver, according to the source report. Liberty acquired the property in 2016. The project was added to the federal government’s FAST-41 program in January, which is intended to coordinate permitting for covered projects.
A feasibility study released in September outlined a proposed 16-year open-pit, heap-leach operation. It projected average annual gold production of 202,000 ounces during the first five years. The study reported probable reserves of 433.3 million tonnes grading 0.29 gram of gold per tonne, containing 4.04 million ounces, effective Aug. 1. These are figures from the study, not production already achieved.
Using a gold price assumption of $3,250 per ounce and a 5% discount rate, the feasibility study estimated initial capital costs of $411 million and an after-tax net present value of $2.4 billion. It also estimated a 61% internal rate of return and a two-year payback period. Those are historical study estimates based on stated assumptions; they are not guarantees of future project performance.
“Overall, the drill results from the early stages of the 2026 campaign have expanded the mineralization footprint in Rangefront and provided ample data to de-risk engineering designs.”
— Owen Nicholls, Liberty Gold’s director of technical services
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Resource Change Awaits More Drilling
The company has not yet quantified how much, if any, the Rangefront extension would add to Black Pine’s reported resources. The announced results describe drill intercepts and their location relative to the existing boundary; they do not establish a new resource estimate, reserve, or mineable quantity. The stated target of 25 million to 35 million tonnes for possible upgrading is also not confirmation that the material will qualify for the indicated category.
Further work is needed to establish the northern extent of mineralization, as Liberty says it remains open in that direction. The source report does not provide enough detail to determine the true thickness of the intercepts, and the company’s project economics and potential construction timing could change as engineering, permitting and drilling proceed.
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Drilling and Resource Update Ahead
Liberty’s 50,000-metre reverse-circulation program is continuing, alongside infill drilling at the Discovery, J and Rangefront zones. The company also plans exploration to test extensions at the F and M zones. Further assay results are expected as the drilling progresses, though the source report does not give a specific release date for the next results.
The next major resource milestone is an updated estimate anticipated in the first half of next year. Liberty is also advancing permitting and detailed engineering, with a potential construction decision targeted for 2028. Those dates are company plans, not confirmation that permits will be granted or construction will begin on schedule.
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Key Questions
What did Liberty Gold report at Black Pine?
Liberty reported drill results indicating oxide gold mineralization at Rangefront extends about 200 metres north of the existing resource boundary. Hole LBP1347 included 18.3 metres grading 1.27 grams of gold per tonne within a longer 144.8-metre interval grading 0.36 gram per tonne.
Do the new drill results increase Black Pine’s resource?
Not yet. The results could support future resource growth, but Liberty has not announced a revised estimate. The company anticipates an updated resource in the first half of next year.
What does it mean that the mineralization remains open to the north?
Liberty says drilling has not yet defined the full northern limit of the mineralization. The company may test farther north, but the statement does not confirm how far it continues or whether additional drilling will find more gold.
When could Liberty make a construction decision?
Liberty is advancing Black Pine toward a potential 2028 construction decision. That is a target, not a confirmed construction start; permitting, engineering and other development work remain in progress.
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