Peninsula Energy shares plunge on lower Lance production forecast
Peninsula also announced that CEO Wayne Heili will step down next year.
Liberty Gold (TSX: LGD) has released a resource update for the Black Pine oxide project in southern Idaho, significantly increasing the indicated and inferred ounces and highlighting a significant exploration target.
The company announced on Tuesday after markets closed that the deposit now hosts an indicated resource of 157.3 million tonnes grading 0.52 grams gold per tonne for 2.61 million oz. of metal, a 52% jump compared with that outlined in the initial resource announced just 18 months ago.
The inferred resource entails 35.15 tonnes grading 0.43 grams gold per tonne for 483,000 oz., 32% more than the previous resource estimate.
It now also includes a high-grade core within the 0.2 gram gold cut-off constrained resource pit shell, using a 0.5 gram per tonne cut-off. The high-grade portion entails 47.4 million tonnes grading 1.02 grams gold per tonne for 1.5 million oz. indicated and 7.3 million tonnes grading 0.93 gram gold for 219,000 oz. of inferred metal.
The significant increase in ounces can be attributed to the discovery and subsequent intensive drilling of 154 holes included in the resource in the Rangefront Zone beginning in July 2021 over 15 months. The company had succeeded in expanding and merging several existing zones, including the CDF, E, and M zones and the discovery of the Bobcat Zone, a southern extension of the CDF Zone.
