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Liberty Gold Completes the 2022 Drilling Season with Positive Results and Further De-risking Activities at the Black Pine Oxide Gold Deposit, Idaho

0.60 g/t Au over 80.8 m including 1.47 g/t Au over 13.7 m in LBP750
Future process water and access for mine infrastructure secured

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report new exploration drill results from its Black Pine oxide gold project in southeastern Idaho, together with a summary of 2022 activities.  These results form part of a 324 hole, 67,000 metre (“m”) 2022 reverse circulation (“RC”) and core drilling program at Black Pine to upgrade and expand the current mineral resource and discover new oxide gold mineralization.  Project de-risking activities have progressed in parallel with resource delineation drilling at Black Pine, with the objective of front-end loading technical work in advance of the mine permitting phase.

New Drilling Highlights:

  • Extended shallow mineralization along the southern edge of the Discovery Zone:
    • 0.60 grams per tonne gold (“g/t Au”) over 80.8 m from 24.4 m to 105.2 m, including 1.47 g/t Au over 13.7 m in LBP750
  • Completed resource delineation drilling in the F Zone:
    • 0.47 g/t Au over 47.2 m from 9.1 m to 56.4 m in LBP744
  • Further defined oxide gold mineralization in the A Basin surficial waste rock storage area:
    • 0.30 g/t Au over 33.5 m from 1.5 m to 35.1 m in LBP675
  • Discovered a new, shallow zone of oxide gold mineralization in the Bobcat target:
    • 0.64 g/t Au over 19.8 m from surface in LBP761
  • Drilled the South Rangefront target located approximately 500 m south of the southern edge of the Rangefront Zone:
    • 0.57 g/t Au over 51.8 m in LBP708 

2022 De-risking Activities:

  • Expansion of mineralization in the F, E, M, CD and Rangefront zones (see press releases dated November 8 and November 15, 2022) including areas of shallow higher-grade mineralization that may serve to consolidate smaller pits into fewer, larger ones and change the grade profile of the early years of mining.
  • Acquisition of strategic Idaho State (Section 36) and private mineral rights which have the potential to provide access for future mine infrastructure development (see press release dated February 10, 2022).
  • Drilled 14 large-diameter (“PQ”) metallurgical core holes, generating composites from throughout the property for column testing; results expected over the second half of 2023 (see press release dated August 2, 2022).
  • Permitted a new Plan of Operations with the Bureau of Land Management (“BLM”) to explore areas to the east of the current Black Pine deposit footprint (see press release dated September 12, 2022).
  • Submitted a modification to the existing United States Forest Service (“USFS”) Plan of Operations to expand the footprint of the Black Pine gold system (see press release dated November 28, 2022).
  • Acquired new water rights out of the Black Pine Mine bankruptcy, sufficient to sustain a large, open-pit heap leach mining operation (see press release dated November 28, 2022).

Jason Attew, President and CEO of Liberty Gold commented, “By any measure, the 2022 exploration and development programs at Black Pine were a resounding success.  Not only have we encountered oxide gold in virtually every hole we have received assay results for this year, but we have increased substantively the footprint of the Black Pine gold system, expanded areas of near-surface, higher-grade mineralization, and discovered new oxide gold mineralization in at least two peripheral targets.  We have materially de-risked the project by securing process water, acquiring private and state mineral rights, which would allow us to site future mine infrastructure and have secured Federal permits for expanded exploration drilling in the coming year.  We look forward to continued success in the new year with the release of assay result from an estimated 80 pending holes to close out the 2022 drilling campaign, an updated resource estimate and further growth and advancement of the project.”

For a map and cross sections showing locations of drill holes in this release click here:

https://libertygold.ca/images/news/2022/December/BlackPine12132022Map_Sections.pdf

For a table showing complete drill results for all Liberty Gold drilling to date at Black Pine, click here:

https://libertygold.ca/images/news/2022/December/BlackPine12132022AllDrillResults.pdf

Drilling at Black Pine was completed for the season on December 13, 2022. Current drill results are summarized below per mineralized zone:

DISCOVERY SOUTH RESOURCE UPGRADE DRILLING

Two holes tested an area of sparse historic drilling near the edge of the backfilled original Tallman Pit, the site of the first open pit mining at Black Pine in the 1950’s.   Results from these holes were better than expected, with above averaged grades and cyanide solubility at shallow depth.

DISCOVERY SOUTH HIGHLIGHT TABLE*

Screenshot 2022 12 13 1
*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.  

BOBCAT SHALLOW OXIDE GOLD DISCOVERY

An area approximately 500 m south of the CD historic pit with limited shallow historic drilling was explored by Liberty Gold with 14 drill holes.  An area measuring approximately 400 m x 200 m was identified for follow-up drilling with an additional 13 shallow holes, resulting in identification of an area of shallow gold mineralization.  The zone is still open for expansion in several directions, with additional drilling planned for 2023.

BOBCAT ZONE HIGHLIGHT TABLE*

Screenshot 2022 12 13 2*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.  

F ZONE

Drilling in the F Zone for resource expansion was completed with the addition of five holes in the northern portion of the zone to close a gap between the F and Discovery zones and one in the main F Zone area for infill.  The drilling identified shallow surface oxide mineralization in the gap.

F ZONE HIGHLIGHT TABLE*

Screenshot 2022 12 13 3*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.  

A BASIN WASTE ROCK STORAGE AREA

The A Basin waste rock storage area was targeted for further drilling following the identification of oxide gold mineralized surficial material in previous drilling.  Drill holes continued to intersect shallow gold mineralization in the waste rock storage area in excess of the expected resource cut-off grade, as well as in bedrock immediately underlying the waste rock storage. 

A BASIN HIGHLIGHT TABLE*

Screenshot 2022 12 13 4*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.  

RANGEFRONT ZONE EXPANSION

Drilling continues in the Rangefront Zone to expand the limits of the zone and infill areas with lower drill density.  Drilling will continue throughout the winter months to ensure the largest possible area is drilled off to Indicated for inclusion in any subsequent engineering studies. 

One reconnaissance hole was drilled 500 m south of the southern edge of the Rangefront Zone as presently defined (“South Rangefront”).  The hole encountered 0.57 g/t Au over 51.8 m starting at 440.4 m.  While this gold mineralization is deep and non-oxide, it indicates that the Black Pine gold system is present in this area.  Follow-up drilling to identify shallower zones of oxide mineralization associated with this discovery is planned for 2023.

RANGEFRONT ZONE HIGHLIGHT TABLE*

Screenshot 2022 12 13 5*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.  The base of the zone is situated at the lowest structural level of the deposit, such that carbonaceous material is frequently encountered at the base of the oxide zone, leading to reduced cyanide solubility at depth.

With the 2022 field program recently completed, drilling will resume in lower elevation areas on January 6, 2023. The Black Pine resource model will be updated progressively over the next months as assays become available and work remains on track for an updated resource estimate release in the first quarter 2023.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring and developing the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface. 

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations 
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it. 

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.10 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, timing of assay results, scalability of metallurgical results, results and accuracy of mineral resources, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; timing of any preliminary economic assessments or feasibility assessments; scalability of metallurgical results, delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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Liberty Gold Reports Completion of the 2022 Exploration Program and Results from Metallurgical Core and Resource Drilling, Goldstrike Oxide Gold Deposit, Utah
0.87 g/t Au over 74.3 m, including 1.51 g/t Au over 12.3 m in PGS863C 1.75 g/t Au over 24.4 m in PGS874.

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to report the completion of a very successful field season at its 100% controlled Goldstrike Project in southwestern Utah. Assay results from a large-diameter (“PQ”), metallurgical core drilling program continue to confirm the presence of high-grade, oxide gold mineralization over significant thicknesses, while reverse circulation (“RC”) and sonic drilling, confirm the presence of above cut-off grade mineralization in historic surficial rock storage areas. Resource infill drilling is now largely completed, project de-risking activities in advance of a Prefeasibility decision continue and updates to geological and resource models are in progress.

2022 Program Highlights:

  • Completed 12 metallurgical PQ core holes totaling 1,412 metres (“m”). Highlights include:
    • 0.87 grams per tonne gold (“g/t Au”) over 74.3 m, including 1.51 g/t Au over 12.3 m in PGS863C (from 20.3 m to 94.6 m) in the Basin Area.
    • 0.68 g/t Au over 42.2 m in PGS872C (63.6 m to 105.8 m) in the West Main Area.
  • Completed 100 resource definition, condemnation, and exploration RC drill holes totaling 8,453  m. Highlights include:
    • 1.75 g/t Au over 24.4 m in PGS874 (105.2 m to 129.5 m) including 3.52 g/t Au over 10.7 m in the Main Area.
    • 0.75 g/t Au over 32.0 m, including 1.17 g/t Au over 18.3 m from surface in PGS931 in the Padre Area.
  • Completed 23 sonic drill holes in the historic leach pads and surficial waste storage sites[1]. Highlights include:
    • 1.02 g/t Au over 25.9 m from surface including 2.17 g/t Au over 9.1 m in PGS891 in Leach Pad #1.
  • Received the 2022 Utah Department of Oil, Gas and Mining (“DOGM”) Excellence in Reclamation Award.[2]
  • Began baseline meteorological and hydrological data collection.
  • Significantly advanced a land exchange initiative with the State of Utah School and Institutional Trust Lands Administration's (“SITLA”).

Jason Attew, President & CEO of Liberty Gold stated, “Goldstrike continues to yield strong drill results, which support its potential as a solid, low-cost, early-entry asset as we advance towards a Prefeasibility decision. The key focus of the team going into the next year is on de-risking: securing a water supply and progressing lands status. We look forward to updating the resource model and internal evaluations next year, ahead of a decision to kick off further engineering studies.

For a complete table of drill results from current Liberty Gold drill holes at Goldstrike, please click here: https://libertygold.ca/images/news/2022/December/GS_Intercepts12052022.pdf

For a map of the core and RC drilling, including drill collars and traces for the Goldstrike project, please click here:
https://libertygold.ca/images/news/2022/December/Goldstrike_NR12052022Map.pdf

For a complete table of drill collar locations for 2022 Liberty Gold drilling at Goldstrike, please click here: https://libertygold.ca/images/news/2022/December/GS_12052022Collars.pdf

SITLA LAND EXCHANGE

The SITLA Land Exchange is a joint initiative by the State of Utah and the Bureau of Land management (“BLM”) whereby all state-owned lands within the current boundary of the Bears Ears National Monument in eastern Utah would be exchanged for Federal lands throughout the State that have been identified as being suitable for SITLA purposes, including lands having “high mineral potential”.  BLM lands within and adjacent to the Goldstrike Project are currently included as part of the exchange, which will require final State and subsequent Congressional approval through a lands exchange bill.  It is anticipated that this bill will come before Congress in 2023 for the formal approval process.  With surface lands at Goldstrike controlled by the State of Utah, the project would be subject to the State permit approval process, administered through DOGM as the lead agency. The Company considers this to be a significant de-risking of the timeframe to permit and re-open mining and heap leach operations at Goldstrike.

[1] See Press Release dated August 9, 2022
[2] See Press Release dated June 27, 2022

METALLURGICAL CORE DRILLING HIGHLIGHT TABLE*
Screenshot 2022 12 05 124209 min

*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 90% to 100% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to old by fire assay, expressed as percent.

KEY POINTS:

  • The 12 PQ core holes drilled in 2022 were designed to fill in sampling gaps in the metallurgical model and bring the overall met testing up to a Pre-Feasibility level.
  • Most core holes exhibit thick intervals of oxide gold with good cyanide solubility at shallow depth, characteristic of Goldstrike mineralization. Composites from these core holes will be submitted for metallurgical testing in the future.
  • A total of 39 PQ core holes for 4,364 m have been drilled at Goldstrike in three campaigns over the period 2015-2022 for use in metallurgical studies.
  • Additionally, 11 new bulk samples (300-600 kilograms) were taken in 2022 to provide materials for coarse-crush column leach testing, currently underway at Kappes Cassiday & Associates (“KCA”) in their Reno laboratory.
  • Sonic drilling on the of the historic heap leach pad and pits backfill (previously reported[1]) provided material for metallurgical studies on this surficial, “zero-strip” material type. Column testing of these materials is underway at KCA.
  • Samples from metallurgical core and sonic drill holes can be utilized for geochemical characterization as part of future baseline environmental studies. 

    [1] See press release August 9, 2022

RC DRILLING HIGHLIGHT TABLE*

Screenshot 2022 12 05 124314 min

*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 90% to 100% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to old by fire assay, expressed as percent.

KEY POINTS:

  • 100 RC holes drilled in 2022 were primarily designed to infill gaps in the resource model, upgrade the classification of the resource and test for extensions of mineralization around existing deposits.
  • Drilled results confirm the strong continuity of gold grade and deep oxidation profile that is typical of the Goldstrike deposit.

RC DRILLING SURFICIAL HIGHLIGHT TABLE*

Screenshot 2022 12 05 124342

*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 90% to 100% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to old by fire assay, expressed as percent.

Key Points:

  • RC drilling targeting surficial waste storage sites, pit backfill and additional holes in the historic leach pads continued to demonstrate that these surficial materials contain oxide gold at above anticipated cut-off grades.

ABOUT GOLDSTRIKE

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Black Pine and the Nevada Gold Mines Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.  

Goldstrike is a past-producing, open-pit run of mine heap-leach operation that produced 209,000 ounces (“oz”) of gold and 197,000 oz of silver between 1988 and 1994 during a period of historically low gold prices. Ore was mined from 12 shallow pits, at an average grade of 1.2 g/t Au. Liberty Gold carried out extensive compilation, drilling and metallurgical work, releasing a resource estimate and Preliminary Economic Assessment (“PEA”) in 2018. The resource includes an Indicated 925,000 ounces (“oz”) of gold grading 0.50 g/t Au (57,846,000 tonnes) and an Inferred 296,000 oz of gold grading 0.47 g/t Au (19,603,000 tonnes), backed by over 1,700 drill holes.  The PEA mines 915,516 oz of gold at a life of mine all in sustaining costs of US$793/oz, returning a NPV at a 5% discount rate (“NPV5%”) of US$129.5 million and an IRR of 29.4% at US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz gold returns an NPV5% of US$291.7 million and an Internal Rate of Return of 52.4% representing strong economic returns at current gold prices.     

A virtual site tour and 3D model of the Goldstrike property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au and 1.00 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring and developing the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface. 

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations 
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it. 

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, plans with respect to exploration and development plans of Goldstrike and the timing thereof, and the objectives of the drilling program. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing of the publication of any technical reports, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing of the publication of any technical reports; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The information in this press release, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

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Liberty Gold Purchases Historic Black Pine Mine Water Rights, Securing an Additional Water Supply and Further De-Risking its Black Pine Oxide Gold Deposit, Idaho

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that it has purchased and obtained registered title to two historical Black Pine Mine water rights totalling 868.5 acre feet per annum (“AFA”) (~1 million cubic meters per year “m3/yr”).   Both rights are registered to the Black Pine Mine Well immediately adjacent to the potential site of a future heap leach pad.    Liberty Gold has now secured, through a combination of purchase and long-term lease, an aggregate of 3,202 AFA (~4 million m3/yr) of process water supply, sufficient for any future large-scale mining operation envisioned at Black Pine.  This final piece in the Company’s proactive, early-stage water acquisition strategy materially de-risks the Black Pine project from a development perspective and also provides the Company with sufficient upside capacity in the event the deposit and current target areas continue to grow in scale.

The Company has also secured access to two other wells in the basin close to potential mining and processing operations, allowing it to manage the aquifer for a long-term, sustainable water supply.  At mine closure, leased water rights would be returned to the owners, with the Black Pine Mine Well water rights available for future lease or sale to other potential users.

Jason Attew, President and CEO of Liberty Gold stated, “In this part of the world, I don’t think it is possible to overemphasize the importance of securing water rights pursuant to the future permitting and operation of a mine. The team has worked diligently over the last two years to acquire water rights, secure land and mineral rights and advance power agreements, which have significantly de-risked Black Pine’s future operations.

In other de-risking activities, the Company has received a positive initial system impact study from Idaho Power Distribution Company on the supply of up to 10 megawatts of electrical power along a 25-kilovolt distribution line provided by Raft River Rural Electric Co-op Inc. that terminates at the Black Pine Mine gate.  Further studies are on-going to refine transmission bottlenecks, system design constraints and cost estimates.

In parallel with the water rights acquisition, the Company has completed a property-scale ground gravity survey focused over the western margin of the basin along the eastern edge of the Black Pine deposit. The survey pin-pointed the location of basin-bounding faults that likely control sub-surface water storage and flow. The gravity survey also identified uplifted blocks of potentially mineralized basement rocks as a future target of exploration drilling. These data will support future hydrologic modelling of the aquifer and will also allow us to refine exploration and condemnation drilling in the area.  Drilling has commenced to test the geophysical interpretations and explore for gold beyond the eastern margin of the drill-defined Black Pine gold system. 

To facilitate the next stage of exploration activities the Company has submitted an application to the United States Forest Service (“USFS”) for a modification to its existing USFS Plan of Operations.  This proposal would add peripheral drill sites to and expand the existing permit area, allowing the Company to test surrounding high-priority step-out and reconnaissance targets. 

BLACK PINE ‘DE-RISKING’ LOCATION MAP
Claims & Permitting

BLACK PINE DE RISKING LOCATION MAP 28nov2022 min

Gravity-Vertical Derivative

Gravity Vertical Derivative 28nov2022 min

For a link to these maps, click here:  https://libertygold.ca/images/news/2022/November/BlackPine11282022LocationMap.pdf

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 grams per tonne of gold (“g/t Au”).

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring and developing the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface. 

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations 
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it. 

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions,, availability of equipment, the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct. 

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.  

Cautionary Note to United States Investors Concerning Estimates of Mineral Disclosure

The mining and technical disclosure throughout this release is made in accordance with applicable Canadian law and the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"). The Company's descriptions of its projects using applicable CIM terminology, which includes defined terms such as inferred, measured or indicated resources, may not be comparable to similar information about resource grades that would be made public by U.S. companies which are subject to the reporting and disclosure requirements under the United States federal securities laws.

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Liberty Gold Appoints Darin Smith as Senior Vice President, Corporate Development

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the appointment of Darin Smith as Senior Vice President, Corporate Development.

Mr. Smith is a finance professional with over twenty years of experience in financial analysis and corporate strategy within the mining sector. Prior to joining Liberty Gold, he served as Senior Vice President Corporate Development at Kirkland Lake Gold Ltd. where he was involved in a number of value enhancing transactions including the merger of equals with Agnico Eagle Mines Ltd. and the acquisition of Detour Gold Corp.

Darin began his career as an investment banker at BMO Capital Markets where he spent 10 years in the Global Metals and Mining Group in both their Toronto and London offices. He holds a Bachelor of Applied Science in Mining Engineering and a Master of Management Analytics, both from Queen’s University.

Jason Attew, President and CEO of Liberty Gold stated, “Darin and I worked together during our mutual time at BMO Capital Markets, and he is an excellent addition to the Liberty Gold team. I believe Darin’s intellect, business acumen and no-nonsense approach will be a huge asset for the team; he sees the tremendous upside potential of our oxide gold heap leach assets. With the updated Black Pine resource estimate due out in Q1 2023, Darin adds a complementary skillset to our management team at an opportune time as we deliver key de-risking milestones for our flagship project.”

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, timing of assay results, scalability of metallurgical results, results and accuracy of mineral resources, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; timing of any preliminary economic assessments or feasibility assessments; scalability of metallurgical results, delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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Liberty Gold Extends Oxide Gold Mineralization in Three Locations at Black Pine Deposit, Idaho

1.11 g/t Au over 68.6 m in West Rangefront Zone


VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report further Reverse Circulation (“RC”) drill results from the Rangefront, CD and E zones at its Black Pine oxide gold project in southeastern Idaho.  The results are part of a 65,000 metre (“m”) 2022 drill program at Black Pine to upgrade and expand the current Mineral Resource Estimate (“MRE”) and discover new oxide gold mineralization.  The drill results in this release confirm resource growth along the north and west side of the Rangefront Zone and along the western margin of the main Black Pine gold system in the E and CD Zones.  Importantly, the system remains open laterally in all these zones for which pending assays and more drilling will better inform the extent of the mineralization.

The resource expansion drilling announced today has:

  • Successfully extended high-grade oxide gold mineralization in the Rangefront Zone along the northern and western edges of the zone, including:
    • Step-Out of 1.11 grams per tonne gold (“g/t Au”) over 68.6 m including 1.65 g/t Au over 16.8 m in LBP726
    • 0.59 g/t Au over 38.1 metres and 0.65 g/t Au over 70.1 m in LBP722 that will contribute to the Rangefront Zone expansion
  • Encountered shallow oxide gold mineralization along the western edge of the E Zone extending down-dip to the west of the current MRE, including:
    • 0.55 g/t Au over 48.8 m in LBP677
    • 0.36 g/t Au over 97.5 m in LBP680
  • Delineated gold mineralization along the southwest edge of the CD Zone within and immediately southwest of the current resource pit, including:
    • 0.42 g/t Au over 42.7 m and 0.42 g/t Au over 21.3 m in LBP622

Three RC drills are currently turning on the property and drilling will continue, weather permitting, through the winter. The Black Pine resource model will be updated progressively over the next months as assays become available and work remains on track for a new resource estimate release in the first quarter 2023.

Jason Attew, President and CEO of Liberty Gold commented, “While we are advancing the Black Pine project toward development through acquisition of land, water and mineral rights, and metallurgical and infrastructure studies, the project is still very much an exploration story.  This is evident from our active exploration drill programs, which continue to identify high-grade oxide and expand gold mineralization along the margins of the Black Pine gold system.  We look forward to further exploration drilling over the coming year on several blue-sky targets and expect to build gold ounces onto the updated and expanded MRE.

For a map and cross sections showing locations of drill holes in this release, click here:
https://libertygold.ca/images/news/2022/November/BlackPine11152022CDERMapSections.pdf
For a table showing complete drill results for all Liberty Gold drilling to date at Black Pine, click here:
https://libertygold.ca/images/news/2022/November/Blackpine11152022AllDrillResults.pdf

RANGEFRONT ZONE EXPANSION

A significant discovery in the Rangefront Zone was announced on September 1, 2021, subsequent to the release of the maiden Black Pine MRE. It is characterized by the presence of multiple, stacked horizons of oxide gold mineralization, which commonly exceed 100 m in true thickness. The Rangefront Zone was extensively drilled during the winter months into 2022, defining a zone of gold mineralization extending over an approximately 1 square kilometre (“km2”) area (see press release dated February 23, 2022). Drilling at Rangefront resumed during the summer months in 2022, targeting further expansion of the zone to the north and west. Oxide gold mineralization was successfully extended northward along the 1 km-long northern edge of the deposit. In addition, two holes drilled along the western margin of the zone encountered oxide gold mineralization that is higher-grade than modeled and open to the west.

Follow-up drilling is proceeding in both areas, as well as additional resource upgrade drilling across the Rangefront, with the objective of achieving a drill density sufficient to be classified as indicated resource in the upcoming resource estimate.

RANGEFRONT ZONE HIGHLIGHT TABLE*

RANGEFRONT ZONE HIGHLIGHT TABLE*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.  The base of the zone is situated at the lowest structural level of the deposit, such that carbonaceous material is frequently encountered at the base of the oxide zone, leading to reduced cyanide solubility at depth.

E ZONE EXPANSION DRILLING

Gently east-dipping gold mineralization that characterizes most of the Black Pine Gold system rolls over at the crest of the Black Pine range in the vicinity of the E Zone and dips westward. Drill holes targeting this westward-dipping portion of the E Zone successfully encountered near-surface oxide gold mineralization over significant widths, expanding the zone westward over 150 m down-slope to the west.  Extensive gold-in-soil anomalies in the area suggest the presence of a broader zone of mineralization than currently drill tested, with more drilling planned in the future.   

E ZONE HIGHLIGHT TABLE*

E ZONE HIGHLIGHT TABLE*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.  

CD ZONE EXPANSION DRILLING

Additional drilling was carried out along the southwest edge of the CD zone, encountering multiple stacked zones of oxide gold extending mineralization from the current resource, both within and along the margins of the CD Zone current resource pit. Mineralization in this area is open for expansion in all directions both parallel and perpendicular to the current resource pit margin.  Additional drilling is planned for mid-2023.

CD ZONE HIGHLIGHT TABLE*

CD ZONE HIGHLIGHT TABLE*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.  

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.10 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, timing of assay results, scalability of metallurgical results, results and accuracy of mineral resources, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; timing of any preliminary economic assessments or feasibility assessments; scalability of metallurgical results, delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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Liberty Gold Reports Q3 2022 Financial and Operating Results

US$26.2 million in cash and short-term investments

 

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”), is pleased to announce its financial and operating results for the nine months ended September 30, 2022. All amounts are presented in United States dollars unless otherwise stated.

Q3 2022 and RECENT HIGHLIGHTS:  

  • Jason Attew was appointed as the new President and CEO of Liberty Gold on October 11, 2022. Mr. Attew was most recently President and CEO of Gold Standard Ventures Corp. that held the South Railroad Project, an open pit, oxide gold heap leach project located on the prolific Carlin trend in Nevada, and successfully negotiated the sale of Gold Standard Ventures to Orla Mining Ltd. for C$242 million. Prior to this role he was CFO of Goldcorp Inc. where he also led the Investor Relations, Corporate Development and Strategy functions until Goldcorp’s $32 billion merger with Newmont Mining Corporation in April 2019.   Mr. Attew was previously a senior investment banker with BMO Global Metals and Mining Group, and has extensive capital markets experience. 
  • On September 1, 2022, the Company published its inaugural Environmental, Sustainability and Governance report.
  • On August 11, 2022, the Company received the final $6.0 million staged payment on the sale of the Halilağa copper gold deposit in Turkey.  

At the Black Pine Project (“Black Pine”) we: 

  • Discovered near-surface oxide gold confirming a 750 metre (“m”) long corridor, linking the CD and Discovery Zones. Oxide gold mineralization starts from surface or at shallow depth in all holes. This drilling links several resource pits and demonstrates that as drill information increases, gold mineralization at Black Pine tends to coalesce into larger, continuous mineralized zones, with potentially greater amenability to bulk mining. 
  • Published highlights from the current holes including: 
    • 95 grams per tonne gold (“g/t Au”) over 18.3 m including 1.03 g/t Au over 16.8 m from surface in LBP657 
    • 74 g/t Au over 38.1 m including 0.87 g/t Au over 30.5 m from surface in LBP660 
    • 84 g/t Au over 36.6 m including 0.97 g/t Au over 30.5 m from surface in LBP662 
    • 01 g/t Au over 19.8 m including 2.07 g/t Au over 7.6 m from near surface in LBP666 
    • 48 g/t Au over 45.7 m including 1.11 g/t Au over 12.2 m and 1.56 g/t Au over 7.6 m from near surface in LBP672 
  • Commenced column leach test work at Kappes Cassiday and Associates on 26 large diameter drill core composites from the Rangefront Zone; interim results suggest leach kinetics and gold extractions are in line with previous favourable test results from the main Discovery Zone. 
  • Announced that through recently approved regulatory actions and a completed mineral rights acquisition, the Company has significantly expanded the permitted area of operations for exploration, discovery and development. Drilling in these areas to continue through the fourth quarter of 2022. 
    • On September 7, 2022, the Company received a positive Record of Decision from the Bureau of Land Management (”BLM”) on a new Plan of Operations (“PoO”) for 117 pads and 18.8 kilometres of related accesses roads, which opens up the entire eastern margin of the Black Pine oxide gold system (Rangefront and M Zones) to mineral exploration.  
    • On August 23, 2022, the Company completed the acquisition of a controlling interest in certain private mineral rights under BLM-controlled surface lands contiguous with the eastern margin of the existing project boundary, opening a significant area for exploration and importantly, potentially facilitating utilization of the ground for future mine and processing infrastructure. 

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the nine months ended September 30, 2022, as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:

Q3 2022 liberty data

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions,, availability of equipment, timing or results of the publication of any mineral resources, PEA or pre-feasibility study, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources ,PEAs or pre-feasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; the receipt of staged payments pursuant to the Halilağa Agreement or the Kinsley Option Agreement,  delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The information in this news release, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

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Liberty Gold Reports Results From Near-Surface Resource Expansion Drilling, Black Pine Deposit, Idaho

1.40 g/t Au over 57.9 m from ~40 m depth, including 2.92 g/t Au over 21.3 m


VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to report Reverse Circulation (“RC”) drill results from the M Zone at its Black Pine oxide gold project in southeastern Idaho.  These results are part of an ongoing 65,000 metre (“m”) drill program at Black Pine designed to:

  • Upgrade the current resource and discover new oxide gold mineralization,
  • Add to the endowment of near-surface, higher-grade, oxide gold mineralization potentially accessible in the first one to three years of a future mining operation,
  • Drill out gold mineralization between smaller resource pits, linking larger zones of continuous oxide gold mineralization.  This is expected to result in defining fewer, larger resource pits and in doing so, improving the potential for future, bulk open pit mining operations.

Three RC rigs are currently drilling on the property, focused on the Rangefront Zone, M Zone and the Section 36 area (recently permitted). These efforts will continue through the end of the year, and we expect to drill through the winter months, subject to weather conditions, to maximize drill metres in the lower elevation areas at Black Pine. The geological model will be updated progressively over the remainder of 2022, with a new mineral resource estimate to be released in Q1 2023.

“Drilling in the M Zone is part of a focused strategy to deliver a readily permittable, low initial capex, high rate of return oxide gold mining project at Black Pine.  We achieve this in part by the merging of multiple smaller resource pits into fewer, larger pits, and by identifying and drilling areas of higher-grade, near-surface gold mineralization that might be accessed in the early years of mining,” stated Jason Attew, the recently appointed President and CEO of Liberty Gold.  “After demonstrating this potential in the F Zone, our next target was the M Zone, where we have expanded near-surface, high-grade gold mineralization between and beyond the resource pits. We are now well set up for a substantive upgrade to the Black Pine Mineral Resource, planned for release in the first quarter 2023.”

For a map and section showing locations of drill holes in this release click here:
https://libertygold.ca/images/news/2022/November/BlackPine11082022Mzonemap.pdf

For a table showing complete drill results from the current release, click here:
https://libertygold.ca/images/news/2022/November/BlackPine11082022CurrentResults.pdf

M ZONE EXPANSION

The M Zone lies along the eastern margin of the main gold system at Black Pine, adjacent to the Rangefront fault and close to a potential location for future surface processing infrastructure. In the July 2021 mineral resource estimate, the M Zone gold mineralization is represented by primarily historic drill holes and sits inside two small resource pits.

Drilling by Liberty Gold in 2022 demonstrates the continuity of mineralization between the two pits, establishing a zone of continuous mineralization over a distance exceeding 750 m which is currently open in multiple directions. Gold grades in many of the intercepts are significantly higher than the average grade of the deposit and the upper contact of the mineralization is located between 0 and 60 m below surface.

The geometry of this mineralized zone is strikingly similar to the F Zone (see news release dated August 30, 2022). Additional drilling is currently underway to complete resource delineation of the zone.

M ZONE HIGHLIGHT TABLE*

 Screenshot 2022 11 07 125326

*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. The M Zone is situated at the lowest structural level of the deposit, such that carbonaceous material is frequently encountered at the base of the oxide zone, leading to reduced cyanide solubility at depth.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.10 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions,, availability of equipment, the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

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Liberty Gold Appoints Jason Attew as New President and CEO

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce that Mr. Jason Attew has been appointed President and Chief Executive Officer and Director of the Company, effective October 11, 2022.  Mr. Attew succeeds Cal Everett, who will be retiring from his role as President and CEO but will continue as an active and engaged member of the Board of Directors. 

Dr. Mark O’Dea, Chairman said, “Cal Everett has been a strong and creative leader during his tenure as CEO at Liberty Gold.  He has been central to the Company’s major achievements including the key acquisition of Black Pine and the important sale of Halilağa.  His strengths in financing, deal making and corporate strategy, have created a well-funded Company that is underpinned by great gold projects and managed by an exceptional technical team.  On behalf of the entire Board, I’d like to thank Cal for his energy and leadership over the past six years.  I look forward to continuing to work with Cal on the Board.

“I’d like to welcome Jason Attew to Liberty Gold.  Jason is a proven CEO, with a unique combination of leadership, strategic and market facing skills and has advised on some of the most formative and transformational mergers and acquisitions transactions in the mining sector in recent years. Jason has been an exceptional value creator in his almost 30-year career in the mining industry, and we are excited for the future of Liberty Gold under Jason’s leadership.”

Mr. Everett said, “My six-year tenure with Liberty Gold was incredibly rewarding.  The Liberty Gold team found several million Carlin-style oxide gold ounces in the Great Basin.  We have found deposits and sold assets, acquired ownership positions in public companies, hold a royalty portfolio, and monetized over US$30 million in asset divestments with no dilution to the share holder base.  Funds have been re-deployed into the Black Pine project, resulting in the discovery and definition of an extensive gold system that is still open for expansion in all directions. The entire Liberty Gold team creates the success that we all share equally, and I am very proud of everyone at Liberty Gold.

“Attracting Jason to Liberty Gold is exciting in that he brings his broad connection base on the buy-side, sell-side and corporate finance segments of our industry.  I am happy to remain on the Board of Directors and will work closely with Jason over the next few months as he gets fully up to speed on our projects, shareholders base and business development opportunities.” 

Mr. Attew said,The attraction to becoming the new leader of Liberty Gold lies in its assets and its people.  The Liberty Gold team has and continues to demonstrate the growth and prospectivity of Carlin-style heap leachable deposits which are becoming quite rare in the hands of non-producers.  The value-enhancing land and water rights acquisitions, the geological exploration and engineering work to date under Cal's leadership have significantly de-risked the projects and I am fortunate to have been recruited to take the Company and its prospects forward.  I am thankful for the trust of Mark and the Liberty Gold board, and I am keen to get to work.”

Mr. Attew was most recently President and CEO of Gold Standard Ventures Corp. that held the South Railroad Project, an open pit, heap leach project located on the prolific Carlin trend in Nevada, and successfully negotiated the acquisition by Orla Mining Ltd. for C$ 242 million. Prior to this role he was CFO of Goldcorp Inc. where he also led the Investor Relations, Corporate Development and Strategy functions through until Goldcorp’s US$32 billion merger with Newmont Mining Corporation in April 2019.   Previously, Mr. Attew was a senior investment banker with BMO Global Metals and Mining Group, his background has led to extensive capital markets experience.

Concurrent C$300,000 Private Placement

Liberty Gold is also pleased to announce that Mr. Attew will be participating in a private placement as part of his commencement. Mr. Attew will purchase on a private-placement basis 759,494 common shares of the Company (“Common Shares”) at a price of C$0.395 per Common Share, for total gross proceeds of C$300,000. Each Common Share is subject to a statutory 4-month hold from the date of issuance. The private placement is subject to the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, plans with respect to exploration and development plans of Goldstrike and the timing thereof, and the objectives of the drilling program. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing of the publication of any technical reports, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing of the publication of any technical reports; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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Liberty Gold Announces new BLM Plan of Operations, USFS Notice of Intent and the Purchase of Private Mineral Rights at its Black Pine Oxide Gold Project, Idaho

New Actions Will Allow for Expanded Exploratory and Condemnation Drilling to the North and East of Existing Permits

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce that through two recently approved regulatory actions and a completed mineral rights acquisition, it has effectively doubled the permitted area of operations for exploration, discovery and development at its Black Pine Oxide Gold Project, Idaho, USA. Drilling in these areas is expected to commence in the fourth quarter of 2022.

  • On September 7, 2022, the Company received a positive Record of Decision (“ROD”) from the Bureau of Land Management (”BLM”) on a new Plan of Operations (“PoO”), which opens up the entire eastern margin of the Black Pine oxide gold system (Rangefront and M Zones) to mineral exploration.
    • This approval is additional to the existing PoO issued by the United States Forest Service (“USFS”) for current exploration activities at Black Pine over a surface area of 12.4 square kilometres (“km2”), adding 11.9 km2, for a combined surface area of permitted operations at Black Pine of 24.3 km2.
  • On July 13, 2022, the Company received an approved Notice of Intent (“NOI”) from the USFS permitting a drill site on the high priority regional Gully Target, located approximately 2 kilometres north of the current area of operations.
  • On August 23, 2022, the Company completed the acquisition of a controlling interest in certain private mineral rights held over BLM surface lands, contiguous with the eastern margin of the existing project boundary, opening a significant area for exploration and importantly, a potential future mine and processing infrastructure location.

Moira Smith, Vice President, Exploration and Geoscience stated, “The exploration team is excited to receive a major increase in the permitted area of operations to access and expand on several new and existing target areas at our Black Pine Project. The Section 36 area to the east of Rangefront is highly prospective and we will commence drilling in this area in the very near future. The NOI issued by the USFS for the Gully Target is a significant event for us, as it allows us to conduct a quick, low-impact drill evaluation of a high-value remote target that will potentially expand the size of the Black Pine gold system. The next anticipated extension of the current Plan of Operations, currently under internal review, will similarly open key areas of the property to drilling, allowing us to test new targets and link them into the known gold system at Black Pine.”

Jon Gilligan, Chief Operating Officer stated, “Securing a controlling interest in the private mineral rights over the split-estate block to the east of our current project area is a key step forward in de-risking the project. This opens the potential not only to explore that area, but also to plan for future major surface infrastructure. We have already secured the water supply that we need and now we have access to the real estate that we need to design, permit and ultimately build, a major new oxide heap leach gold mine in the Great Basin.”

BLACK PINE LOCATION MAP

MJ Targets min min

PLAN OF OPERATIONS

  • The PoO process with the BLM was completed in a timely manner resulting from close collaboration with agency and our consultants during the Environmental Assessment preparation, combined with a notable lack of material environmental issues to be addressed at the site.
  • Extends the footprint 11.9 km2 to the east along the eastern margin of the deposit, bringing the total area of approved operations under USFS and BLM PoOs to 24.3 km2.
  • Grants exploration access onto Section 36 to drill the north-easterly extension of the Rangefront discovery.
  • Permits condemnation and exploratory drilling over a large area to the east of the Black Pine oxide gold system, which is targeted as a potential location for future mine & processing infrastructure.
  • The Company is now preparing a request for a further expansion of the USFS PoO, to permit access to additional high priority exploration targets to the south, west and north of the current area of operations.

GULLY TARGET

  • The Gully Target is a key strategic ‘regional’ exploration target consisting of an area of predicted thin Upper Plate cover rocks with underlying permissive Middle Plate carbonate rocks that can potentially host an expansion of the Black Pine gold system to the north.
  • Gold mineralization discovered in this area would potentially extend the footprint of the Black Pine gold mineralizing system by several square kilometres.

CONTROLLING INTEREST IN ADDITIONAL MINERAL RIGHTS

  • The Company has purchased a controlling interest in a 462.4 hectare block of private mineral rights adjoining the Company’s Idaho State mineral rights holdings to the west (Section 36), where the surface rights are held by the BLM.
  • This allows the Company to explore the potential easterly extension of the oxide gold mineralization in the Rangefront Zone and critically provides the potential for the location of future mining and processing infrastructure.
  • An exploration drilling program proposed along the western edge of this area was approved in the PoO received from the BLM, as per this release.

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 grams per tonne of gold (“g/t Au”).

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, plans with respect to exploration and development plans of Goldstrike and the timing thereof, and the objectives of the drilling program. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing of the publication of any technical reports, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing of the publication of any technical reports; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The information in this press release, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

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Liberty Gold Releases Inaugural ESG Report

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce the release of the company’s inaugural Environmental, Social and Governance (“ESG”) Report, reflecting our commitment to responsible, transparent and ethical  exploration and development.

The 2021 Environmental, Social and Governance Report provides a clear statement of our purpose as an exploration and development company and sets out the values under which the Company operates, both on a day-to-day basis and also over the longer term to guide strategic decision making.

Cal Everett, President & CEO of Liberty Gold stated, “We place great importance on protecting our environment and creating a positive impact on the communities we work in. Our progressive and innovative approach is demonstrated by our recent receipt of the 2022 Environmental Excellence Award from the State of Utah’s Department of Natural Resources and our voluntary program to plant 20,000 sagebrush seedlings to rehabilitate important habitat areas to support greater sage-grouse populations.”

The report includes both quantitative metrics and qualitative disclosures for our offices and site operations from January 1 to December 31, 2021. The report is aligned with the standards and framework of the Sustainability Accounting Standards Board. Liberty Gold will continue to report on our performance on an annual basis.

Liberty Gold’s 2021 ESG Report is available for download at:
https://libertygold.ca/esg/reports.html

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), the timing and success of future plans and objectives in the areas of sustainable development, health, safety, environment, community development; successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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Liberty Gold Discovers Near-Surface Oxide Gold Confirming 750 Metre-Long Corridor Linking the CD and Discovery Zones at Black Pine Project, Idaho

0.84 g/t Au over 36.6 m Including 2.65 g/t over 6.1 m from Surface

VANCOUVER, B.C. – Liberty Gold Corp. (TSX-LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report Reverse Circulation (“RC”) drill results from the F Zone target at its Black Pine Oxide Gold Project in southeastern Idaho.

Results from 17 new RC holes in the F Zone confirm that the CD and Discovery zones, the two largest deposits in the 2021 Mineral Resource, are linked by a continuous, north-trending zone of near-surface oxide gold mineralization over a distance of approximately 750 metres (“m”).  Oxide gold mineralization starts from surface or at shallow depth in all holes. This drilling links several resource pits and demonstrates that as drill information increases, gold mineralization at Black Pine tends to coalesce into larger, continuous mineralized zones, with potentially greater amenability to bulk mining.

Highlights from the current holes include1:

  • 0.95 grams per tonne gold (“g/t Au”) over 18.3 m including 1.03 g/t Au over 16.8 m from surface in LBP657
  • 0.74 g/t Au over 38.1 m including 0.87 g/t Au over 30.5 m from surface in LBP660
  • 0.84 g/t Au over 36.6 m including 0.97 g/t Au over 30.5 m from surface in LBP662
  • 1.01 g/t Au over 19.8 m including 2.07 g/t Au over 7.6 m from near surface in LBP666
  • 0.48 g/t Au over 45.7 m including 1.11 g/t Au over 12.2 m and 1.56 g/t Au over 7.6 m from near surface in LBP672
  • F Zone drilling is part of a broader, deposit-wide exploration strategy to:
    • Add to the endowment of near-surface, above-average grade gold mineralization that can be mined in the first 2 to 3 years of a potential mining operation. This focus also includes extensions of the E Zone, M Zone, and Back Range Zone, all currently being drilled.
    • Link smaller resource pits into larger zones of continuous oxide gold mineralization, defining fewer, larger resource pits and in doing so, improving the potential for future bulk open pit mining operations.

1 Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness.

“As we put considerable management focus into our de-risking strategy for the Black Pine project, these results show that it is still very much an exploration property, with large, undrilled targets and opportunities for adding ounces between targets, in virtually every direction,” stated Cal Everett, President and CEO of Liberty Gold.  “Our drilling at F Zone is exactly the kind of thing we are looking for – shallow, oxide mineralization with above-average grade that continues to merge current resource pits into larger pits. As this drilling progresses in the second half of 2022, we will progressively update geological and resource models to understand the broader engineering impact of these expanded mineralized areas. We are getting close to having drillhole coverage that complements our in-depth geological understanding of the gold mineralization and suitably dimensions the size of the investment opportunity at Black Pine.”

For a map and section showing locations of drill holes in this release click here: https://libertygold.ca/images/news/2022/August/BlackPine08302022map.pdf

For a table showing complete drill results from the holes in this release, click here: https://libertygold.ca/images/news/2022/August/BlackPine08302022CurrentResults.pdf

Up to four RC drills will be utilized for resource drilling for the remainder of the year, with a target of 70,000 m of drilling for 2022. The Black Pine resource model will be updated progressively over the remainder of 2022 in preparation for a major update to the 2021 Mineral Resource Estimate, to include all the drilling since March 2021 (predicted to be approximately 500 holes) and the recently-discovered  Rangefront Zone.

F ZONE KEY POINTS

  • Liberty Gold drilling in 17 holes returned oxide gold mineralization in all drill holes, with mineralization starting at surface or at shallow depth.
  • Half of the reported drill holes contain a second oxide gold-bearing zone.
  • The drilling followed surface sampling that returned 0.55 g/t Au over 100.5 m in 34 continuous roadcut chip samples as well as modeling of widely-spaced historic and Liberty Gold drill holes.
  • The new drilling confirms that the two of the largest zones of mineralization at Black Pine, the Discovery and CD zones, are linked by a 750 m-long, north-trending zone of mineralization.
  • The F Zone is still open for expansion to the east and west, and more drilling is being planned for the near future.

F ZONE HIGHLIGHT TABLE*

Screenshot 2022 08 29 105351

*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.

F ZONE

The F Zone is located between the north end of the CD Zone and historic open pit and the southwest end of the Discovery Zone. The F Zone is believed to be related to a single low-angle normal fault that traverses the southwestern edge of the Discovery Zone, the F Zone, and CD Zone.  Liberty Gold is targeting a suspected offset of this structure across the Rangefront Fault in the South Rangefront target, which is currently being drill tested.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

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Liberty Gold Receives Final US$6 Million Payment for the Sale of Halilağa Copper-Gold Deposit, Türkiye

Natural Resources Global Capital Group Retained for Monetization Process of TV Tower Project, Türkiye

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce the receipt of the final US$6.0 million cash payment as final consideration for the sale of its 40% interest in the Halilağa copper-gold porphyry deposit (“Halilağa”), located in Biga Province, northwest Türkiye to Cengiz Holdings A.Ș. (the “Halilağa Sale Agreement”). Liberty Gold has received US$22.0 million to-date from the sale of Halilağa. This cash payment in non-dilutional to the Company’s capital structure.

The Halilağa divestiture is consistent with Liberty Gold’s strategy of re-deploying capital from non-core assets into the high-quality Black Pine and Goldstrike oxide-gold projects in the Great Basin, USA.

At the TV Tower gold-silver-copper property, Liberty Gold’s remaining asset in Türkiye, Natural Resources Global Capital Group (“NRG”) has been retained to conduct a strategic sale process, to generate further funds to invest in oxide gold exploration and development in the Great Basin. The Company’s ownership percentage of TV Tower is 64.4%. In 2021, the Company announced an updated resource estimate on five gold, silver, and copper deposits, more than tripling the prior resource estimate. TV Tower hosts a multimillion-ounce gold equivalent resource, with most deposits open in multiple directions and a large number of undrilled targets. 

Cal Everett, CEO of Liberty Gold stated, “We are pleased to the report receipt of the final payment in this important transaction. Work continues at our Black Pine and Goldstrike properties and we are well-funded, a stand-out point for the Company in the current market conditions.

ABOUT TV TOWER

The four South TV Tower deposits (Kayali, Yumrudag, Valley and Hilltop) contain multiple ore types and corresponding resource subsets by ore type and cut-off grade, with the breakdown illustrated in Table 2. These resource subsets comprise the South TVT Oxide Gold; South TVT Supergene Copper; and South TVT Au-Cu Porphyry subsets.   The four deposits all lie within a 4 km-long trend, such that separate milling and heap leaching operations, managed as a single operation, would reasonably be expected to accommodate mineralized material from all of the deposits.

The two North TV Tower deposits contain three ore types and corresponding resource subsets (North TVT Au-Cu Porphyry, North TVT Oxidized Porphyry and North TVT KCD HSE Au-Ag-Cu resource subsets). The two deposits are located within 1.5 km of each other such that it is reasonable to expect that they would be developed using common infrastructure.  However, without further analysis, it is uncertain at this time whether the North TV Tower and South TV Tower deposits would be developed using common infrastructure.

The six deposits are all open to expansion, and several very compelling drill targets await drill testing.

For a full table of the TV Tower Resource Estimate Summary[1], please click here: https://libertygold.ca/images/news/2021/April/21-06_TV_Tower_Resource_Final.pdf 

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

[1] See press release on May18, 2021, “Liberty Gold Files Technical Report on SEDAR for the Resource Estimate at TV Tower, Western Türkiye”

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The information in this press release, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

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Liberty Gold Reports Q2 2022 Financial and Operating Results

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”), is pleased to announce its financial and operating results for the six months ended June 30, 2022. All amounts are presented in United States dollars unless otherwise stated.

Q2 2022 and RECENT HIGHLIGHTS:

  • On August 11, 2022, the Company received the final of three staged payments of $6.00 million on the sale of the Halilağa copper gold deposit in Turkey[1].
  • On May 18, 2022, the Company received the final $2.50 million option payment for Kinsley, consisting of $1.25 million in cash and $1.25 million in shares of CopAur Minerals Inc. (“CopAur”). Liberty Gold has retained a 1% net smelter royalty on the project.
  • On June 22, 2022, the Company received the 2022 Environmental Excellence Award from the State of Utah, Department of Natural Resources, Division of Oil, Gas and Mining. The award acknowledges the Company’s innovative use of GIS, LIDAR and other technology in successful, ongoing reclamation at its Goldstrike Oxide Gold Property in southwestern Utah[2].
  • On March 25, 2022, the Company closed a bought deal financing for gross proceeds of C$30,000,300.

At the Black Pine Project we:

  • Drilled a large-diameter (“PQ”) core hole LBP511CA in the vicinity of the original “D-4” discovery in the Rangefront Focus Area (“RFA”), which returned 1.38 grams per tonne gold (“g/t Au”) over 100.4 meters (“m”).
  • Released reverse circulation drill results from the RFA, which now encompasses an area of approximately one square kilometre, containing a high-grade gold mineralized core zone which has been defined over significant portion of the discovery area. It remains open to the northwest, northeast and east, including along the entire northern edge of the drilled area, a distance of over 1 kilometer. RFA drill highlights include[4]:
    • LBP568: 68.6 m grading 0.39 g/t Au and 35.1 m grading 1.13 g/t Au
    • LBP569: 19.8 m grading 0.43 g/t Au (from 7 m down-hole) and 25.9 m grading 0.45 g/t Au and 30.5 m grading 0.49 g/t Au
    • LBP577: 65.5 m grading 0.30 g/t Au (open to the north)
    • LBP578: 71.6 m grading 0.43 g/t Au (open to the north)

[1] See press release dated August 12, 2020. Press releases are available on www. Libertygold.ca and under Liberty Gold’s SEDAR profile at www.sedar.com. 
[2] See press release dated June 27, 2022
[3] See press release dated March 25, 2022
[4] See press release dated January 18, 2022, February 23, 2022, and April 12, 2022
[5] See press release dated August 9, 2022

  • Released results from 14 PQ core holes for further metallurgical testing, with excellent results, including[6]:
    • 3.98 g/t Au over 25.3 m including 8.55 g/t Au over 9.6 m in LBP499C in North Tallman
    • 4.80 g/t Au over 21.2 m including 11.0 g/t Au over 7.5 m in LBP508C in F Zone
    • 1.09 g/t Au over 29.1 m in LBP530C in M Zone
  • Drilled RC holes in several targets, including a western extension of the CD Zone, a new target south of the CD Zone, and various waste rock dumps and pit backfill areas. Drilling resumed in the M, E, F and RFA Zones in July, targeting near surface oxide gold targets.
  • Accelerated the Black Pine process water acquisition program.

At the Goldstrike Project we:

  • Published results from sonic drilling in the historic heap leach pad and adjacent backfill areas where all 23 holes returned at least 15 m true thickness at grades in excess of the reporting cut-off of 0.15 g/t Au. A number of holes in the thicker portions of the pads returned up to 44 m of continuous mineralization indicating substantial volumes of unleached or partially leached material remain in the historic leach pads. Highlights include 02 g/t Au over 25.9 m from surface, including 2.17 g/t Au over 9.1 m in PGS891[5].
  • Commenced host rock geochemical characterisation studies for the Goldstrike mine host rock sequence.
  • Completed metallurgical bulk sampling with 11 bulk samples (600-700kg each) taken across the various mineralized units exposed at the surface in historic open pits. These and composites from the sonic drilling program were sent to Kappes Cassiday Associates in Reno, NV for column testing.
  • Completed Phase 3 PQ metallurgical core drilling, with 11 holes completed. Assays are pending for all holes.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the six months ended June 30, 2022, as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:

 Aug 12 2022 Table 01

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing or results of the publication of any mineral resources, PEA or pre-feasibility study, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources ,PEAs or pre-feasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the receipt of staged payments pursuant to the Halilağa Agreement or the Kinsley Option Agreement,  delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The information in this news release, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

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Liberty Gold Reports Excellent Results from Sonic Drilling in the Historic Heap Leach Pad, Goldstrike Oxide Gold Deposit, Utah

PGS891: 1.02 g/t Au over 25.9 m from surface, including 2.17 g/t Au over 9.1 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the "Company") is pleased to announce the results from a recently-completed sonic drilling program at the Goldstrike Oxide Gold Project in southwestern Utah (“Goldstrike”). The purpose of the program was to obtain material for metallurgical testing from the historic heap leach pads (“HHLP”), to determine how much gold remains and to what extent it can be recovered in a new heap leach mining operation. The program followed a 2018 reverse circulation (“RC”) drilling program, which indicated that considerable gold remains in the HHLP and in underlying backfill material.  

Liberty Gold completed 815 metres (“m”) of sonic drilling in 23 holes in the two leach pads making up the HHLP and in adjacent and underlying backfill areas. All holes returned at least 15 m true thickness of above reporting cut-off grade (0.15 grams per tonne gold “g/t Au”) oxide gold mineralization, with some holes in the thicker portions of the pads returning up to 44 m of continuous mineralization.  Cyanide solubility of gold in assay pulps, as expected, returned a wide range of values, but generally showed a good correlation between grade and solubility, with some higher-grade intervals returning in excess of 90% cyanide solubility. These data suggest that much of the gold in the HHLP was incompletely leached during the historic mining operation and is potentially available for extraction by re-leaching.

Material from the sonic drilling program will be shipped to Kappes Cassiday Associates in Reno, Nevada for metallurgical column testing under the guidance of the Company’s metallurgical consultant, Gary Simmons. Data from this program and the RC drilling will be used to estimate the gold available for leaching within the HHLP in support of further engineering studies.

Jon Gilligan, COO of Liberty Gold stated, “We are extremely pleased with the results of the sonic drilling program. With approximately 7.5 million tonnes of previously-leached material contained in these two pads, much of it still contains gold, it is likely that a significant portion could be re-treated in a modern heap leach operation. This study could enhance the economics of any future operation considerably, particularly in the crucial first year or two of operation. We look forward to the results of the metallurgical testing so we can take the next steps in optimising the economic viability of the Goldstrike deposit.”

For a map and cross sections of the sonic drilling, including drill collars and traces for the current release, please click here:
https://libertygold.ca/images/news/2022/August/Goldstrike_NR08092022MapSection.pdf

For a complete table of drill results from current Liberty Gold drill holes at Goldstrike, please click here: 
https://libertygold.ca/images/news/2022/August/GS_Intercepts08092022.pdf

SONIC DRILLING HIGHLIGHT TABLE*

 Sonic Table 01

*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 90% to 100% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to gold by fire assay, expressed as percent.

KEY POINTS:

  • A Sonic drilling program consisting of 815 m in 23 holes was completed on and adjacent to the historic heap leach pads at Goldstrike. A sonic drill rig uses an ultrasonic vibration to drill without the use of drilling mud and is the “best practice” drilling technique to sample unconsolidated rock piles.
  • Sonic drilling of the HHLP returned thick, above reporting cut-off intervals of gold mineralization in every drill hole.
  • Much of the gold exhibits moderate to high cyanide solubility, with over 90% solubility in higher-grade intervals.
  • The high grades and cyanide solubility suggest that portions of the HHLP contain gold that was not recovered during the original mining operation, and which may be available for recovery in a future operation.
  • Results will be used to determine the gold content remaining in the HHLP, while composites of the drilled material will be used for metallurgical column testing to determine how much of the gold is recoverable by heap leaching.
  • The backfill material directly underlying the leach pads also contains gold, including 22.9 m grading 0.48 g/t Au in PGS884. Backfill material adjacent to the HHLP is also mineralized, including 13.7 m grading 0.68 g/t Au in PGS899.

ABOUT GOLDSTRIKE

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Black Pine and the Nevada Gold Mines Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.  

Goldstrike is a past-producing, open-pit run of mine heap-leach operation that produced 209,000 ounces (“oz”) of gold and 197,000 oz of silver between 1988 and 1994 during a period of historically low gold prices. Ore was mined from 12 shallow pits, at an average grade of 1.2 g/t Au. Liberty Gold carried out extensive compilation, drilling and metallurgical work, releasing a resource estimate and Preliminary Economic Assessment (“PEA”) in 2018. The resource includes an Indicated 925,000 ounces (“oz”) of gold grading 0.50 g/t Au (57,846,000 tonnes) and an Inferred 296,000 oz of gold grading 0.47 g/t Au (19,603,000 tonnes), backed by over 1,700 drill holes.  The PEA mines 915,516 oz of gold at a life of mine all in sustaining costs of US$793/oz, returning a NPV at a 5% discount rate (“NPV5%”) of US$129.5 million and an IRR of 29.4% at US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz gold returns an NPV5% of US$291.7 million and an Internal Rate of Return of 52.4% representing strong economic returns at current gold prices.     

The 2022 drilling campaign is in progress including metallurgical and RC resource drilling. On completion of this program the RC drill will be moved to the Black Pine oxide gold deposit in Idaho to accelerate resource drilling and the testing of new regional gold targets.

A virtual site tour and 3D model of the Goldstrike property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au and 1.00 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, plans with respect to exploration and development plans of Goldstrike and the timing thereof, and the objectives of the drilling program. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing of the publication of any technical reports, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing of the publication of any technical reports; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The information in this press release, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

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Liberty Gold Announces Results of Metallurgical Core Drilling at its Black Pine Oxide Gold Project, Idaho

4.80 g/t Au over 21.2 m including 11.0 g/t Au over 7.5 m in LBP508C

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report results from 14 large-diameter (“PQ”) core holes at its Black Pine Oxide Gold Project in southeastern Idaho; one core hole, LBP511CA, with an exceptional intercept of 100.4 metres (“m”) grading 1.38 grams per tonne gold (“g/t Au”) was released previously. PQ holes were drilled throughout the target areas of Discovery, E, M, J, F, CD and Rangefront zones with core samples and technical information from these holes being used for further metallurgical testing, geotechnical studies, and geological modeling.

Reverse Circulation (“RC”) drilling is being carried out across these target areas in 2022 to facilitate discovery of near-surface mineralization and consolidation of zones into larger, continuous deposit areas. Liberty Gold is also pleased to report results from a series of RC holes testing historic waste rock storage and pit backfill areas, with gold mineralization identified in all areas.

Cal Everett, President and CEO for Liberty Gold said, “The 2022 exploration program is accelerating at Black Pine, with activity spread throughout the property and an additional RC drill was recently added to the project. The core drilling program was used to help design our exploration drilling this year and has already been a valuable tool in predicting the location of areas of higher-grade mineralization. Our present focus is on discovery of near-surface mineralization that will impact the early phases of a future mining operation.”

KEY POINTS

  • Results from 14 PQ core holes for geometallurgical and geotechnical purposes met or exceeded expectations in all areas, including the Discovery, Rangefront, F, M, E, CD and J zones.
  • Highlights include:
    • 3.98 g/t Au over 25.3 m including 8.55 g/t Au over 9.6 m in LBP 499C in North Tallman
    • 4.80 g/t Au over 21.2 m including 11.0 g/t Au over 7.5 m in LBP508C in F Zone
    • 1.09 g/t Au over 29.1 m in LBP530C in M Zone
  • Composites from four core holes in the Rangefront Zone were shipped to Kappes Cassiday and Associates in Reno, Nevada for metallurgical column testing. Additional column testing is planned for later in the year.
  • RC drilling in historic waste rock storage and pit backfill areas throughout the property reported gold above the reporting cut-off in all areas, suggesting that much of the surficial material presently classified as unmineralized waste rock may be reclassified as mineralized material in a future resource estimate. Results of metallurgical testing of material of this grade range and type are pending; further testing is planned for later in the year.
  • RC drilling is presently focused on discovery of additional near-surface oxide mineralization, including targets in the F, M and Back Range zones, as well as expansion of the Rangefront Zone to the north.
  • An access road is being constructed into the new South Rangefront target area to allow drilling to commence in this key target area in Q3.

RESULTS FROM LARGE DIAMETER CORE DRILLING PROGRAM

A total of 14 PQ core holes were drilled in support of geometallurgical and geotechnical programs. One hole in the Rangefront Zone (LBP511CA) was released previously on May 25, 2022.  Results are in-line with expectations or in some cases exceeded them and provide valuable insights in the structural and stratigraphic controls on mineralization.

For a map showing locations of drill holes in this release click here:
https://libertygold.ca/images/news/2022/August/BlackPineCorePRmap.pdf

For a table showing complete drill results from the holes in this release, click here:
https://libertygold.ca/images/news/2022/August/BlackPineCurrentResults.pdf

FIGURE 1: MAP OF METALLURGICAL CORE DRILLING AND SURFICIAL MATERIAL RC DRILLINGBlackPineCorePRmap

 

TABLE 1: HIGHLIGHTS OF METALLURGICAL CORE DRILLING1

table 1

1Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 90% of true thickness. Gold grades are reported uncapped. For a full table of results for this release, please see the link above.
*Previously reported on May 25, 2022

RESULTS FROM RC DRILLING OF SURFICIAL MATERIALS

Thirty-three RC holes were drilled to test for mineralization in and under waste rock storage and pit backfill in the Tallman, CD-I and B pits, and the large waste rock stores between Tallman and CD pit and in the A Basin area north of the Discovery Zone.  Drilling was encouraging in that it encountered significant areas above reporting cut-off grade mineralization and with most intervals exhibiting moderate to strong cyanide solubility. A notable exception is a portion of the old Tallman Pit backfill which returned high grades with poor cyanide solubility due to the presence of organic carbon.  In particular, the A Basin waste rock storage area returned over 35 m of above reporting cut-off grade material in two holes.  The results of this program suggest that much of the surficial “waste” material that presently lies within the resource pit may be reclassified as mineralized material in a future resource estimate.

TABLE 2: HIGHLIGHTS OF WASTE DUMP AND BACKFILL DRILLING1

table 2

1Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 90% of true thickness. Gold grades are reported uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to gold by fire assay, expressed as percent. For a full table of results for this release, please see the link above.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open- pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

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Liberty Gold Receives 2022 Environmental Excellence Award from the State of Utah, Department of Natural Resources

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce receipt of  the 2022 Environmental Excellence Award from the State of Utah, Department of Natural Resources, Division of Oil, Gas and Mining on June 22, 2022, from Chris D. Hansen, Board Chairman. The award acknowledges the Company’s innovative use of GIS, LIDAR and other technology in reclamation efforts at its Goldstrike Oxide Gold Property in southwestern Utah.

Gerald Heston, Environmental and GIS Manager, made a formal presentation to the Board of the State of Utah, Division of Oil, Gas and Mining on April 27th and received the award on behalf of Pilot Goldstrike, Inc.

Liberty Gold’s innovative use of GIS and other technology to track exploration build and reclamation goes above and beyond industry standards and state regulations. Extensive GIS and 3D modeling tools help us plan out our projects, make efficient use of resources, minimize disturbance, and avoid environmental problems. The processes of exploration and reclamation operate in sync with each other and include returning slope topography to its natural state and re-seeding and replanting in line with appropriate plant species on each project. The Utah Division of Oil, Gas and Mining is recommending that other operators use Liberty Gold’s model for their work.

Pete Shabestari, Vice President of Operations, Great Basin Manager, stated: “Gerald has been instrumental in going above and beyond in his innovative use of GIS and mapping to track in the reclamation process at the Goldstrike Oxide Gold Deposit in Washington County, Utah. The entire team thanks you for your commitment, dedication, and leadership in environmental stewardship.”

Jon Gilligan, Chief Operating Officer, stated: “Liberty Gold’s reclamation efforts and outcomes are unique in the Great Basin.  We reclaim land we have disturbed through exploration as quickly as possible, ensuring the ground is returned to its original state or better. Gerald was instrumental in developing our GIS system to track these activities and provide full transparency to the authorities.  As a Great Basin oxide gold exploration and development company we are proud of our environmental record and see this as another step in our evolving ESG journey.”

Gerald Heston DNR Utah Excellence in Reclamation Award June 22 2022

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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Liberty Gold Reports Voting Results from Annual General Meeting

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce voting results from the Company’s Annual General Meeting of Shareholders held on June 9, 2022 (the “Meeting”).

Donald McInnes, who has been a director of the Company for over ten years, did not stand for re-election at the Meeting. Mark O’Dea, Chairman of Liberty Gold, stated, “We’d like to thank Donald for his formidable contributions to Liberty Gold, he’s been an instrumental part of the Company’s journey since its inception in 2011, and we wish him all the best on his future endeavours.”

A total of 201,073,785  common shares were voted, representing the votes attached to 63.63% of all outstanding common shares. Shareholders voted in favour of the election of all director nominees. The percentage of votes cast for each is as follows:

  Total number of ‘for’ votes cast: Votes ‘for’:
Dr. Mark O’Dea 171,633,025 94.30%
Mr. Cal Everett 181,491,051 99.71%
Mr. Robert Pease 165,031,309 90.67%  
Mr. Sean Tetzlaff 181,409,527 99.67%
Ms. Barbara Womersley 180,677,118 99.26%
Mr. Greg Etter 181,466,983 99.70%

The reappointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants as auditor of the Company, was also approved by the shareholders.

Voting results are released in accordance with Toronto Stock Exchange requirements. Detailed voting results for the Meeting are available on SEDAR at www.sedar.com.

Management Update

Mr. Brian Martin, the Company’s Vice President, Business Development, will be leaving Liberty Gold, effective June 17th, 2022, to pursue another business opportunity in the gold sector. Cal Everett, President and CEO of Liberty Gold, stated, “In Brian’s short tenure with us, he had a big impact on the Company. While we are sorry to see him go, we wish him all the best in his future role.”

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

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Liberty Gold Extends Mineralization to the North and Northeast and Drills High-Grade Core Hole at Rangefront Focus Area, Black Pine, Idaho

LBP511CA: 1.38 g/t Au over 100.4 m
LBP568: 0.39 g/t Au over 68.6 m and 1.13 g/t Au over 35.1 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the final tranche of results from the winter drill program on the Rangefront Focus Area (“RFA”) at the Black Pine oxide gold deposit in southern Idaho.  Today’s results include 19 reverse circulation (“RC”) holes and one core hole drilled within the RFA.

This release highlights extension of RFA mineralization in step-out holes to the northeast, with thick zones of oxide gold identified in this area, including plus 65-metre (“m”) intercepts in LBP577 and LBP578. Results were also received from step-out drilling along the northern margin of the RFA, including LBP568 and LBP569. Importantly, drilling continues to intercept oxide gold at shallower depths as the RFA mineralization extends in this direction.

With Liberty Gold’s success extending the size of the RFA this year, we can now project this area extending to the north and east beyond the limits of current drilling, given gold intercepts in shallow (~100 m), widely-spaced, historic drill holes which bottomed in mineralization. Portions of these areas are located beyond our current exploration permit boundary, for which amendments to the Plan of Operations to allow access and drilling are in progress.   

Large-diameter (“PQ”) core hole LBP511CA was drilled in the vicinity of the original “D-4” discovery in Rangefront and returned 1.38 grams per tonne gold (“g/t Au”) over 100.4 m, one of the best intercepts drilled by Liberty Gold at Black Pine. The gold endowment in this hole is comparable to nearby RC holes, underscoring the lateral continuity of the high-grade gold zones and the reliability of RC drilling at Black Pine. LBP511CA, as well as three other core holes from the RFA, all with assays pending, will be used for metallurgical column leach testing of this deposit area.

Cal Everett, President and CEO of Liberty Gold stated, “During the winter, we did our best to test the limits of mineralization in the RFA, and I’m happy to report that, despite our best efforts, the RFA is still completely open to the north and the east. The winter drill program was highly successful in defining a large zone of oxide gold mineralization and expanding it in multiple directions; the RFA remains open along its entire northern boundary, a distance of over 1 kilometer. RC drilling in the RFA will resume on July 1st , which along with testing other near-surface targets such as the M Zone, F Zone, Back Range and new Bobcat target area remains a key focus for this year’s drill program.”

For a map of all drill collars in this release and cross sections, please click here: https://libertygold.ca/images/news/2022/May/BlackPine_NR05252022MapSection.pdf

For a full table of Liberty Gold drill results for Black Pine, please click here:https://libertygold.ca/images/news/2022/May/BlackPine_NR05252022AllAssays.pdf

RFA HIGHLIGHTS:

  • LBP511CA, a core hole drilled in the original Rangefront D-4 discovery area, returned 1.38 g/t Au over 100.4 m, which is one of the best intercepts recorded to-date at Black Pine.
  • The gold endowment in this hole is comparable to nearby RC holes and the original D-4 Discovery holes, which returned:
    • LBP356 (~25 m west): 86.9 m grading 0.91 g/t Au and 21.3 m grading 2.03 g/t Au;
    • LBP358 (~100 m east); 24.4 m grading 1.23 g/t Au and 50.3 m grading 1.37 g/t Au
  • RC holes drilled along the northern edge of the RFA continue to intercept long intervals of oxide gold mineralization at relatively shallow depth. Results include:
    • LBP568: 6 m grading 0.39 g/t Au and 35.1 m grading 1.13 g/t Au
    • LBP569: 19.8 m grading 0.43 g/t Au (from 7 m down-hole) and 25.9 m grading 0.45 g/t Au and 30.5 m grading 0.49 g/t Au
  • New drill results from the northeastern edge of the RFA also encountered long intervals of oxide gold mineralization. Results include:
    • LBP577: 65.5 m grading 0.30 g/t Au
    • LBP578: 6 m grading 0.43 g/t Au
  • As a result, the RFA remains open along the entire northern edge of the drilled area, a distance of over 1 kilometer.
  • The presence of gold in shallow historic holes beyond the limit of Liberty Gold drilling suggests that the RFA will continue to grow.
  • A 1 square kilometer target area to the south of the RFA will be tested in the second half of 2022.

RFA HIGHLIGHT TABLE1

Screenshot 2022 05 24 140701

1Liberty Gold has changed the reporting cut-offs to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs used by most operating oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval using a 0.2 g/t Au cut-off.  Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 90% of true thickness. Gold grades are reported uncapped Some deep intervals in this area report reduced cyanide solubility; a full investigation involving the assay lab is ongoing. For a full table of results for this release, please see the link above.

2022 WORK PROGRAM

The 2022 exploration program at Black Pine commenced in January, with three RC and one core rig. Drilling through to the end of February focused on the lower-elevation RFA and M Zone with the goal to continue resource expansion and confirmation, with the core drill focused on metallurgical testing. On March 1, two drills were moved to Goldstrike to commence engineering, resource upgrade and metallurgical drilling, while two drills remain at Black Pine to focus on step-out drilling and new target testing.

Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further de-risking activities, with the goal to update the resource estimate and Preliminary Economic Assessment in the second half of 2022, subject to further exploration success.

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 g/t Au.

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

 ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

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Liberty Gold Receives Final US$2.5M Option Payments for Kinsley
US$1.25M in Cash and US$1.25M in CopAur Shares

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce the receipt of the final option payments for the sale of the 79.9% interest in the Kinsley Mountain gold project in Nevada (“Kinsley”) from CopAur Minerals Inc. (TSXV:CPAU) (“CopAur”). CopAur has now satisfied all requirements under the terms of option agreement for the sale of the Company’s interest in Kinsley (the “Kinsley Agreement”).  

The final payments aggregate US$2.5M split evenly between cash and CopAur common shares, (“CopAur Shares”).  Prior to the receipt of the final option payment, Liberty Gold owned 3,081,042 CopAur Shares following the completion of the recent merger between CopAur and New Placer Dome Gold Corp.  On closing of the Kinsley Agreement Liberty Gold has received in aggregate US$3.75M in cash and now holds 5,207,493 CopAur Shares, representing 10.23% of the issued and outstanding shares of CopAur.

Liberty Gold retains a 1% Net Smelter Return Royalty (“NSR”) on Kinsley where CopAur, has the right to re-purchase up to one-half percent of the NSR upon payment of US$500,000. The Company owns a total of six royalties on Great Basin precious metal projects and is currently evaluating options of maximizing value from this portfolio. This is consistent with Liberty Gold’s strategy of re-deploying capital through monetization of non-core assets into advancing both the Black Pine and Goldstrike oxide gold development projects in the Great Basin, USA.

Liberty Gold acquired the CopAur Shares for investment purposes and will evaluate its investment in CopAur and may, based on such evaluation of market conditions and other circumstances, increase or decrease its shareholdings in CopAur as circumstances require.

This news release is being issued in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. To obtain a copy of the early warning report, please contact Susie Bell, Manager, Investor Relations, at 1-877-632-4677, or by email: This email address is being protected from spambots. You need JavaScript enabled to view it. or refer to SEDAR under CopAur’s profile.

Liberty Gold Corp.
Suite 1900, 1055 West Hastings Street
Vancouver, British Columbia
V6E 2E9

 ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

ABOUT COPAUR MINERALS

CopAur is located at Suite 888 – 700 West Georgia Street, Vancouver, British Columbia V7Y 1G5. A copy of Liberty Gold’s early warning report will appear on CopAur’s profile on SEDAR at www.sedar.com.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements with respect to Liberty Gold’s future intentions regarding the securities of CopAur. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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Liberty Gold Reports Q1 2022 Financial and Operating Results

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”), is pleased to announce its financial and operating results for the three months ended March 31, 2022. All amounts are presented in United States dollars unless otherwise stated.

Q1 2022 and RECENT HIGHLIGHTS:

  • On March 25, 2022, the Company closed a bought deal financing for gross proceeds of C$30,000,300 (the “2022 Bought Deal”)[1]. As at March 31, 2022, we have $33.9 million in cash and $7.25 million in 2022 receivables to continue exploring and de-risking our Black Pine and Goldstrike oxide gold projects in the Great Basin, USA.

At Black Pine we:

  • Continued to drill define the Rangefront Focus Area (“RFA”) through Q1 2022. The RFA now encompasses an area of approximately one square kilometre (“km2”), and a high-grade core zone has been defined over a substantial portion of this area. The RFA remains open to the northwest, northeast and east. RFA drill highlights include[2]:
    • LBP554: 1.49 grams per tonne of gold (“g/t Au”) over 54.9 metres (“m”);
    • LBP473: 1.95 g/t Au over 41.1 m, including 4.43 g/t Au over 10.8 m;
    • LBP514: 0.98 g/t Au over 85.3 m, including 1.56 g/t Au over 27.4 m, and
    • LBP506: 0.63 g/t Au over 94.5 m including 3.66 g/t Au over 6.1 m.
  • Expanded near-surface mineralization in M Zone and completed 2021 Resource Upgrade and step-out drilling at Discovery Zone[3]:
    • M Zone: LBP564: 2.51 g/t Au over 15.2 m;
    • M Zone: LBP542: 0.56 g/t Au over 53.3 m, and
  • Discovery Zone: LBP407: 0.49 g/t Au over 48.8 m, including 0.61 g/t Au over 35.1 m.
  • Secured access to future process water supply exceeding 2,300 acre-feet per annum and a strategic mineral rights lease from the state of Idaho covering 2.6 km.[4]

At Goldstrike we:

  • Confirmed the continuity of high-grade gold mineralization across the Main Zone, which hosts the largest portion of economic mineralization identified to date, with results including 0.94 g/t Au over 59.4 m, including 1.30 g/t Au over 16.8 m in PGS 798 and 0.64 g/t Au over 45.7 m, and 0.57 g/t Au over 36.6 m in PGS 807 as well as 0.89 g/t Au over 30.5 m in PGS 828[5].

[1] See press release dated March 25, 2022
[2] See press release dated January 18, 2022, February 23, 2022, and April 12, 2022
[3] See press release dated April 20, 2022
[4] See press release dated February 10, 2022
[5] See press release dated January 11, 2022, and February 15, 2022.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim consolidated financial statements and related notes thereto (the “Interim Financial Statements”) for the three months ended March 31, 2022, as prepared in accordance with International Accounting Standards – IAS 34: Interim Financial Statements.

A copy of the Interim Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:

Screenshot 2022 05 12 143011

 ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the receipt of staged payments pursuant to the Halilağa Agreement or the Kinsley Option Agreement, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing or results of the publication of any mineral resources, PEA or pre-feasibility study, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources ,PEAs or pre-feasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the receipt of staged payments pursuant to the Halilağa Agreement or the Kinsley Option Agreement,  delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The information in this news release, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

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Liberty Gold Expands Near-Surface Mineralization in M Zone and Completes 2021 Resource Upgrade and Step-Out Drilling at Discovery Zone, Black Pine

M Zone: LBP564: 2.51 g/t Au over 15.2 m; LBP542: 0.56 g/t Au over 53.3 m
Discovery Zone: LBP407: 0.49 g/t Au over 48.8 m, including 0.61 g/t Au over 35 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce results from the 2022 winter reverse circulation (“RC”) drill program at the M Zone, and final results from the 2021 resource upgrade and step-out drilling program at the Discovery Zone at the Black Pine oxide gold deposit in southern Idaho.

The M Zone, located east of Discovery Zone, is a focus of our 2022 drill program given the near-surface mineralization and proximity to lower elevation areas to the east that might be suitable for heap leach infrastructure. Results from the 2022 winter drill program delivered relatively high-grade oxide gold mineralization at shallow depths (~30 to 80 meters (“m”) below surface). The current resource contains two pits in the M Zone and today’s results targeted the 250 m gap between these two pits, with the primary objective to link mineralization into a single larger deposit over a 750 m length.

Drilling is currently underway to the southwest of the M Zone, testing a 650 m gap in bedrock drilling overlain by a historic waste dump that potentially contains mineralization between the historic Tallman and CD pits, with the goal of linking mineralization within this entire corridor from M Zone to CD Zone, a distance of over 2 kilometres (“km”).

At the Discovery Zone, infill drill results continue to confirm and increase confidence in the broad continuity of oxide gold mineralization across the Discovery Zone, which hosts 74% of the current Black Pine resource ounces. Step-out drilling in areas surrounding the Discovery Zone, suggests that several of these zones can potentially be merged into a single, contiguous resource area ultimately linking to the main Discovery Zone pit.

Liberty Gold continues to advance its 87,000 m drill program in 2022 and has delivered strong early returns at both Rangefront and now at the M Zone. This illustrates the success this year’s program has had so far in discovering, linking up and expanding mineralized areas across the entire deposit and will continue to be a key focus of our exploration program this year.

Cal Everett, President and CEO of Liberty Gold stated, “The 2021 drill campaign continued to deliver strong results further demonstrating Black Pine as a large-scale gold deposit in the Great Basin. The notable 2021 success was the Rangefront discovery, but step-out and in-fill results within the Discovery Zone and surrounding areas also continue to add value to the deposit. By the end of 2022 Liberty Gold will have completed approximately 150,000 additional metres of drilling subsequent to our first resource estimate at Black Pine.”

For a map of all drill collars in this release and cross sections, please click here: https://libertygold.ca/images/news/2022/April/BlackPine_NR04202022MapSection.pdf

For a full table of Liberty Gold drill results for Black Pine, please click here: https://libertygold.ca/images/news/2022/April/BlackPine_NR04202022AllAssays.pdf

M ZONE HIGHLIGHTS:

  • The M Zone is located to the east of the Discovery Zone and consists of relatively high-grade mineralization at shallow depths in two small resource pits, separated by a previously undrilled, 250 m gap.
  • Drilling in this area in early 2022 yielded shallow, relatively high-grade oxide gold intercepts in the gap between the two resource pits, raising the possibility that the two pits might join into a larger pit over a 750 m length.
  • The M Zone is a focus of our 2022 drill program given the near-surface mineralization and proximity to lower elevation areas to the east that might be suitable for heap leach infrastructure.

M ZONE HIGHLIGHT TABLE1

Screenshot 2022 04 19 133714
1Liberty Gold has changed the reporting cut-offs to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs used by most operating oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval using a 0.2 g/t Au cut-off.  Downhole thicknesses are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 80% of true thickness. Gold grades are reported uncapped Some deep intervals in this area report reduced cyanide solubility resulting from the presence of organic carbon. For a full table of results for this release, please see the link above.

DISCOVERY ZONE RESOURCE UPDGRADE HIGHLIGHTS:

  • In 2021, Liberty Gold drilled a total of approximately 14,500 m in 72 holes in the Discovery Zone, with the goal upgrade the 18% of the resource classified as inferred to indicated.
  • A secondary purpose of the 2021 drilling was to gain a better understanding of the grade distribution in the 0.1 grams per tonne gold (“g/t Au”) to 0.2 g/t Au range to choose a suitable cut-off grade for future engineering studies.
  • Infill drill results continue to confirm and increase confidence in the broad continuity of oxide gold mineralization across the Discovery Zone.
  • Results include near-surface drilling in shorter holes that was critical to fill-in previous gaps within the resource model

DISCOVERY ZONE HIGHLIGHT TABLE1

Screenshot 2022 04 19 133840
1Liberty Gold has changed the reporting cut-offs to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs used by most operating oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval using a 0.2 g/t Au cut-off.  Downhole thicknesses are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 80% of true thickness. Gold grades are reported uncapped. For a full table of results for this release, please see the link above.

DISCOVERY ZONE STEP-OUT HIGHLIGHTS  

  • Step-out holes were drilled between the E Zone and Discovery Zone; to the southwest of the Discovery Zone in the F Zone; and in the southern extension of the Discovery Zone into the historic Tallman Pit area. The purpose of these holes was to expand known mineralized centres and ascertain if they will all coalesce in the future into a single, continuous mineralized zone.
  • Shallow gold mineralization was encountered in the area between the Discovery Zone and E Pit, a distance of over 300 m, potentially linking these areas into a larger pit.
  • The F Zone is defined by shallow gold oxide intercepts in widely spaced drilling, resulting in several small resource pits. The current drilling reinforces the likely continuity of this zone, with more drilling planned in the near future.
  • Further drilling in the vicinity of the historic Tallman Pit continues to add to the gold endowment in that area.
  • Step-out drilling around the Discovery Zone in three directions will be ongoing in 2022 and shows encouraging indications that several smaller resource pits (E Zone, F Zone, etc.) may eventually merge with the Discovery Zone to form a single, larger pit inclusive of more gold mineralization

DISCOVERY ZONE STEP-OUT HIGHLIGHT TABLE1

Screenshot 2022 04 19 133757
1Liberty Gold has changed the reporting cut-offs to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs used by most operating oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval using a 0.2 g/t Au cut-off.  Downhole thicknesses are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 80% of true thickness. Gold grades are reported uncapped. For a full table of results for this release, please see the link above.

2022 WORK PROGRAM

The 2022 exploration program at Black Pine commenced in January, with three RC and one core rig active. Drilling through to the end of February focused on the lower-elevation RFA and M Zone with the goal to continue resource expansion and confirmation, with the core drill focused on metallurgical testing. On March 1, two drills were moved to Goldstrike to commence engineering, resource upgrade and metallurgical drilling, while two drills remain at Black Pine to focus on step-out drilling and new target testing.

Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further de-risking activities, with the goal to provide an updated resource estimate and Preliminary Economic Assessment in the second half of 2022, subject to exploration success.

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 g/t Au.

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.



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Liberty Gold Extends Shallow High-Grade Oxide Gold Mineralization at Rangefront Focus Area, Black Pine

LBP554: 1.49 g/t Au over 54.9 m from ~80 m below surface
LBP565: 0.34 g/t Au over 115.8 m from ~40 m below surface

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the first tranche of reverse circulation (“RC”) drill results from the 2022 winter program in the Rangefront Focus Area (“RFA”) at the Black Pine oxide gold deposit in southern Idaho (“Black Pine”) . The winter program in the RFA focused on both step-out and resource definition drilling.  An additional 23 RFA drill holes are pending.

Today’s drill results further define and expand the higher-grade core zone within the RFA to an area of approximately 500 meters (“m”) by 1 kilometer (“km”) with high-grade drill intercepts ranging from 20 to 115 m in length. The mineralization trends shallower as drilling expands the footprint east toward the current Rangefront resource pits and to the north towards the historic heap leach pad. The lower-grade mineralized envelope surrounding the high-grade core is also closer to surface. This should have a positive impact on strip ratio in a future mining scenario.

Resource definition drilling exceeded expectations in delivering additional high-grade oxide gold intercepts at shallow depths and confirmed multiple zones of greater than 100 m intercepts of continuous mineralization. Today’s results from step-out drilling suggest that gold mineralization is open to the north and west. Results are pending from step-out drilling to the northeast. Additionally, shallow historic drilling indicates that mineralization is open to the east, where an expansion to the Plan of Operations is underway to facilitate access for drilling later in the year.

Cal Everett, President and CEO for Liberty Gold stated, “Favourable weather conditions and a mild winter season at Black Pine led to an efficient drill campaign through the early part of the year, with 12,400 m drilled in 42 holes in the RFA in January and February. Drill results continue to encounter multiple thick intercepts of oxide gold in virtually every hole as we increase our confidence and extend the size of this new discovery. RFA mineralization also continues to migrate closer to surface as the high-grade core zone extends to the east and to the north. On completion of the recent C$30M financing, Liberty has a strong treasury to support our exploration and development efforts on both Black Pine and Goldstrike. Four drills are currently operating split between the two deposits.”

For a map and a cross sections of the RFA, please click here:
https://libertygold.ca/images/news/2022/April/BlackPine_NR04122022MapSection.pdf

For a full table of results for this release, please click here: 
https://libertygold.ca/images/news/2022/April/BlackPine_NR04122022CurrentAssays.pdf

RANGEFRONT FOCUS AREA HIGHLIGHTS:

  • Winter drilling in the RFA focused on resource definition in the central part of the zone and step-out drilling, particularly to the northwest and northeast.
  • Drill results exceeded expectations in delivering additional high-grade oxide gold intercepts at relatively shallow depths and multiple +100 m intercepts of continuous mineralization.
  • The core zone within the RFA now encompasses an area of approximately 500 m x 1 km.
  • The core zone has been extended to the east, as evidenced by LBP554 which delivered a long interval of high-grade gold mineralization starting from a projected depth of 80 m.
  • LBP565 continued to expand the core zone to the north towards the historic heap leach pad, with mineralization starting at a projected depth of 40 m.
  • LBP539 (18.3 m grading 1.53 grams per tonne gold (“g/t Au”)) and LBP557 (16.8 m grading 1.34 g/t Au) extend high-grade mineralization in a north-westerly direction, with mineralization open to the west and northwest
  • Results are pending in a north-easterly direction. An amendment to the Plan of Operations is pending to allow further access in this direction, as well as along the eastern edge of the RFA where historic shallow drill holes bottom in mineralization.
  • Assay results for a further 23 holes within the RFA drilled in Q1-2022 are pending.
  • Drilling continues at Black Pine with 2 drills currently focused on a new area between the historic Tallman and CD pits.

RANGEFRONT FOCUS AREA HIGHLIGHT TABLE1

April 12 Table 01

1Liberty Gold has changed the reporting cut-offs to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs used by most operating oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval using a 0.2 g/t Au cut-off.  Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 80% of true thickness. Gold grades are reported uncapped Some oxide intervals report reduced cyanide solubility; a full investigation is underway. For a full table of results for the 19 new holes in this release, please see the link above.

2022 WORK PROGRAM

The 2022 exploration program at Black Pine commenced in January, with three RC and one core rig active. Drilling through to the end of February focused on the lower-elevation RFA and M Zone with the goal to continue resource expansion and confirmation, with the core drill focused on metallurgical testing. On March 1, two drills were moved to Goldstrike to commence engineering, resource upgrade and metallurgical drilling, while two drills remain at Black Pine to focus on step-out drilling and new target testing.

Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further de-risking activities, with the goal to provide an updated resource estimate and Preliminary Economic Assessment in the second half of 2022, subject to further positive drill results.

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 g/t Au.

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, , the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

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Liberty Gold Closes C$30 million Bought Deal Financing

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD) (“Liberty Gold” or the “Company”) is pleased to announce that it has closed its previously announced bought deal financing for gross proceeds of C$30,000,300. (the “Offering”).

A syndicate of underwriters, co-led by National Bank Financial Inc. and BMO Nesbitt Burns Inc. and including Sprott Capital Partners LP, Cormark Securities Inc., Desjardins Securities Inc., Haywood Securities Inc., PI Financial Corp. and Stifel Nicolaus Canada Inc. (collectively, the “Underwriters”) purchased on a bought deal basis 27,273,000 common shares of the Company (“Common Shares”) at a price of C$1.10 per Common Share for gross proceeds to the Company of C$30,000,300.

The net proceeds of the Offering will be used to fund exploration and development of Liberty Gold’s Black Pine and Goldstrike oxide gold development assets in the Great Basin, USA. Liberty Gold plans to aggressively advance Black Pine in 2022 with 85,000 meters of drilling, engineering and permitting programs and further de-risking activities. At Goldstrike, a 25,000-meter drill program, engineering, de-risking, permitting, and baseline studies are planned for 2022 to continue advancing the asset towards a pre-feasibility study decision.

The Company filed a short form prospectus dated March 18, 2021 (the “Prospectus”) in all of the provinces of Canada, other than Quebec, pursuant to National Instrument 44-101 – Short Form Distributions, to qualify for distribution the Common Shares offered pursuant to the Offering. Copies of the Prospectus and documents incorporated by reference therein are available electronically on SEDAR (www.sedar.com) under the Company’s issuer profile.

THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE AND IS NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF LIBERTY GOLD, NOR SHALL IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT FOR PURCHASE OR SUBSCRIPTION. THE COMMON SHARES OF LIBERTY GOLD WILL ONLY BE OFFERED IN ALL PROVINCES OF CANADA, OTHER THAN QUEBEC BY MEANS OF THE PROSPECTUS REFERRED TO ABOVE. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND THESE SECURITIES MAY NOT BE OFFERED OR SOLD TO, OR FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES OR “U.S. PERSONS” (AS SUCH TERM IS DEFINED IN REGULATION S PROMULGATED UNDER THE U.S. SECURITIES ACT), ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the use of proceeds from the Offering, and exploration, drilling and development plans at Black Pine and Goldstrike. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment,  the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Liberty Gold Announces C$30 million Bought Deal

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD) (“Liberty Gold” or the “Company”) is pleased to announce that it has entered into an agreement with National Bank Financial Inc. and BMO Capital Markets to act as lead underwriters (the “Lead Underwriters”), on their own behalf and, if applicable, on behalf of a syndicate of underwriters (collectively with the Lead Underwriters, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase on a bought-deal basis 27,273,000 common shares of the Company (the “Common Shares”), at a price of C$1.10 per Common Share, for gross proceeds of C$30,000,300 (the “Offering”).

In addition, Liberty Gold has granted the Underwriters an option (the “Over-Allotment Option”), exercisable at any time, in whole or in part, until the date that is 30 days following the closing of the financing, to purchase up to an additional 15% of the number of Common Shares solely to cover overallotments, if any, and for market stabilization purposes.

The net proceeds of the Offering will be used to fund exploration and development of Liberty Gold’s Black Pine and Goldstrike oxide gold development assets in the Great Basin, USA. Liberty Gold plans to aggressively advance Black Pine in 2022 with 85,000 meters of drilling, engineering and permitting programs and further de-risking activities. At Goldstrike, a 25,000-meter drill program, engineering, de-risking, permitting and baseline studies are planned for 2022 to continue advancing the asset towards a pre-feasibility study decision.

Liberty Gold intends to file with the securities commissions and other similar regulatory authorities in the provinces of Canada, other than Quebec, a preliminary short-form prospectus relating to the issuance of the Common Shares by March 11, 2022.

The Offering is scheduled to close on or about March 25, 2022, and is subject to a number of conditions including, but not limited to, receipt of all necessary approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.

THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE AND IS NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF LIBERTY GOLD, NOR SHALL IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT FOR PURCHASE OR SUBSCRIPTION. THE COMMON SHARES OF LIBERTY GOLD WILL ONLY BE OFFERED IN ALL PROVINCES OF CANADA BY MEANS OF THE PROSPECTUS REFERRED TO ABOVE. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS, AND THESE SECURITIES MAY NOT BE OFFERED OR SOLD TO, OR FOR THE ACCOUNT OR BENEFIT OF, PERSONS IN THE UNITED STATES OR “U.S. PERSONS” (AS SUCH TERM IS DEFINED IN REGULATION S PROMULGATED UNDER THE U.S. SECURITIES ACT), ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

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Liberty Gold Expands High-Grade Gold Mineralization at Rangefront Focus Area, Black Pine Oxide Gold Deposit

LBP514: 0.98 g/t Au over 85.3 m, including 1.56 g/t Au over 27.4 m
LBP506: 0.63 g/t Au over 94.5 m including 3.66 g/t Au over 6.1 m
LBP502: 0.71 g/t Au over 64.0 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the final tranche of reverse circulation (“RC”) drill results from the 2021 program in the Rangefront Focus Area (“RFA”) at the Black Pine oxide gold deposit in southern Idaho. RFA drilling resumed in January 2022 with three RC and one core rig and an additional 9,600 meters (“m”)  in 34 holes have now been drilled to-date with assays pending.

In 2021, Liberty Gold drilled a total of 28,048 m in 74 holes into a 1 square kilometer (“km2”) area within the RFA, and mineralization remains open for lateral extension to the north, northwest and east. Drilling in Q4 2021 focused on continued definition of the high-grade core of the mineralized zone; step-out drilling along the edges of the zone; and resource definition in the rest of the RFA. In all areas, two dominant horizons among multiple stacked zones of oxide gold mineralization were encountered in brecciated calcareous siltstone and sandstone from close to surface to depths of over 400 m.

The high-grade core zone has been extended an additional 100 m to the northwest and 250 m to the east and now measures approximately 300 x 750 m in size and remains open to the northwest. Drilling in the area between high-grade core zone and the original Rangefront resource pits encountered strong results, extending the high-grade core zone to the east, and providing an important link between these two mineralized areas. 

Moira Smith, VP Exploration and Geoscience for Liberty Gold stated, “As we continue to define the RFA, the high-grade core is growing in size while we continue to fill in the gaps, with more certainty around the continuity of mineralization throughout the larger 1 km2 area. The RFA now rivals the Discovery Zone in size. Later in 2022, we are looking forward to testing the northeastern and eastern extent of the RFA where shallow historical drilling shows the presence of gold mineralization. We also plan to test the undrilled area to the south of the RFA with the goal of finding the extension of the structure hosting the D-3, F and CD zones. Based on all of the drilling, resource estimation and 3D modeling to date, we continue to believe that the data support a geological potential of three to five million ounces of gold on the Black Pine property.” 

For a map and cross sections of the RFA, please click here:  https://libertygold.ca/images/news/2022/February/BlackPine_NR02232022MapSection.pdf

For a full table of results for this release, please click here: https://libertygold.ca/images/news/2022/February/BlackPine_NR02232022CurrentAssays.pdf

RANGEFRONT FOCUS AREA HIGHLIGHTS:

  • The extent of gold mineralization in the RFA, as defined by drilling over an area that now covers approximately 1 km2, is now the subject of continued drilling to increase confidence in future resource estimation and to extend mineralization in several directions.
  • The high-grade core of the mineralized zone at RFA now measures approximately 300 x 750 m in size, in a boomerang shape extending to the northwest and east.
  • The high-grade core has been extended an additional 100 m to the northwest in hole LBP522 (18.3 m grading 0.73 grams per tonne gold (“g/t Au”) and 25.9 m grading 1.25 g/t Au).
  • The high-grade core has been extended 250 m to the east, merging with mineralization associated with the original Rangefront resource pits. LBP523 returned 13.7 m grading 0.69 g/t Au and 35.1 m grading 0.73 g/t Au and LBP526 returned 10.7 m grading 0.83 g/t Au and 12.2 m grading 0.49 g/t Au and 7.6 m grading 0.62 g/t Au, providing an important link between the two areas.
  • Drilling is continuing to expand the RFA to the northeast, where historical drilling points to the presence of shallow gold mineralization on our newly acquired Idaho State minerals lease, and to the north, where historical shallow condemnation drill holes to the north of the main access road also host gold mineralization.

RANGEFRONT FOCUS AREA HIGHLIGHT TABLE1

libertgold tablechart 14feb1

1Liberty Gold has changed the reporting cut-offs to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs used by most operating oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval using a 0.2 g/t Au cut-off.  Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 80% of true thickness. Gold grades are reported uncapped Some oxide intervals report reduced cyanide solubility; a full investigation is underway. For a full table of results for the 28 new holes in this release, please see the link above.

2022 WORK PROGRAM

The 2022 exploration program at Black Pine commenced at the beginning of January, with three RC and one core rig active. Drilling through to the end of February will focus on the lower-elevation RFA to provide data for resource estimation and metallurgical testing. The current RFA drill campaign will end in late February, and the drillhole database and geological model will be updated for the upcoming mineral resource estimate. The drills will then move off in the interim to continue both in-fill and step-out drilling at other prospective areas on the Black Pine deposit.

Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further de-risking activities, with the goal to provide an updated resource estimate and Preliminary Economic Assessment in Q3 2022.  

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 g/t Au.

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.


ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment,  the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

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Liberty Gold Reports Year-End 2021 Financial and Operating Results and Announces 110,000 metre Drill Program for 2022

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”), is pleased to announce its financial and operating results for the fiscal year ended December 31, 2021. All amounts are presented in United States dollars unless otherwise stated.

The Company is also providing a corporate update on its 2022 work programs at Black Pine and Goldstrike. With the announcement of a 110,000 metre (“m”) full-year 2022 drill program, the Company is once more backing the drill bit and our proven exploration team for further success at our highly prospective oxide gold projects in the Great Basin, USA.

Liberty Gold is well funded, with approximately US$34.7 million in cash (as of March 25, 2022), and additional non-dilutive deferred payments from prior property sales and options that aggregate US$7.25M, expected later in 2022 to continue its value-accretive advanced exploration and project de-risking programs.

Cal Everett, President and CEO of Liberty Gold stated: “With the recently announced bought deal financing now closed, Liberty has an exceptionally strong treasury to continue advancing and creating value from our high-quality oxide gold projects. Liberty also retains surplus funds above our budgeted expenditure commitments should we decide to accelerate our work efforts again this year due to exploration success. We would like to thank our shareholders for the continued support as we work towards our goal of establishing Liberty Gold as a premier gold developer in the Great Basin, USA.

“With 18,600 m already drilled in 2022, we look ahead to the remainder of the year and are excited to continue our 110,000 m drill program across both our Great Basin projects, with a major focus on new discoveries and resource growth. We will continue to add value to both projects in 2022 with targeted, high-value de-risking activities, including metallurgical test-work, geotechnical engineering, water and mineral rights acquisitions, baseline environmental studies, permitting activities and engineering studies.”

2022 PROGRAM - BLACK PINE

At Black Pine, 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 in our Black Pine oxide gold deposit. Funding for 2022 also includes exploration and engineering drilling, metallurgy, engineering studies and permitting activities, as we continue to move the project diligently towards an economic analysis.

The 2022 budget includes funds for:

  • 84,000 m of Reverse Circulation (“RC”) drilling, which commenced in January (17,300 meters drilled to-date), 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 (“RFA”) 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 RFA 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 and preliminary economic assessment targeting completion in the second half of 2022.
  • Phase 4 metallurgical column leach tests on low-grade material that will be completed in the first half of 2022 and phase 5 column leach tests on broader variability composites from 1,300 m of large diameter (“PQ Core”) core drilling completed in Q1, 2022.
  • An amendment to our plan of operations (“PoO3”) 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 PoO3 is expected in the second half of 2022.

2022 PROGRAM - GOLDSTRIKE

At Goldstrike, our 2022 budget totals $9.5 million, a significant increase from the 2021 program, with our goal to ramp-up exploration, complete resource delineation drilling and conduct core drilling in support of metallurgical, geochemical and geotechnical studies. The intent is to complete these key resource and engineering programs this year, in preparation for the commencement of a formal pre-feasibility study in 2023, followed by a mine plan of operations permit submission.

The 2022 budget includes funds for:

  • A 21,000 m RC drill program that commenced in March, with the primary objective to expand on the current resource model, including:
    • 15,000 m of resource upgrade and step-out drilling,
    • 3,000 m of new target exploration; and
    • 3,000 m of condemnation drilling.
  • A PQ Core drilling program of 4,400 m that commenced in March to provide:
    • Variability composites for a phase 3 metallurgical column leach test program; and
    • Geotechnical data to facilitate pre-feasibility level slope stability evaluation and material for geochemical and other studies.
  • Identification of process water sources and environmental baseline work.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our Annual Financial Statements and related notes thereto (the “Annual Financial Statements”) for the year ended December 31, 2021 as prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

A copy of the Annual Financial Statements is available on the Company’s website at www.libertygold.ca or on SEDAR at www.sedar.com.

The information in the tables below is presented in $000s except per share data:

Screenshot 2022 03 25 124121

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the receipt of staged payments pursuant to the Halilağa Agreement or the Kinsley Option Agreement, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing or results of the publication of any mineral resources, PEA or pre-feasibility study, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources ,PEAs or pre-feasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the receipt of staged payments pursuant to the Halilağa Agreement or the Kinsley Option Agreement,  delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2022, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The information in this news release, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher resource category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility, pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resources as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these documents may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC

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Liberty Gold Reports Final Drill Results From 2021 Program,
Commences 2022 Program at the Goldstrike Oxide Gold Deposit, Utah

PGS 826: 0.61 g/t Au over 50.3 m, including 1.03 g/t Au over 18.3 m
PGS 828: 0.89 g/t Au over 30.5 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the "Company") is pleased to announce the final set of drill results from the 2021 Reverse Circulation (“RC”) drill program at the Goldstrike Oxide Gold Project in southwestern Utah (“Goldstrike”).  Results continue to demonstrate the continuity, predictability, and strong mineralized thicknesses of the Goldstrike deposit. Drilling will resume with one RC rig and one core rig in March 2022.

Liberty Gold completed 15,574 metres (“m”) of RC drilling in 108 holes at Goldstrike in 2021, primarily to upgrade portions of the resource from Inferred to Indicated for use in future economic  and engineering studies. A second objective was to test gaps in the Main Zone mineralization and down-dip extension around the margins of the deposit. All assay data have been received and are being incorporated into an updated mineralization model, and de-risking activities around land, water, engineering, and baseline studies are underway.

Drill results in this release include the area around the south, west and north side of the Basin Pit portion of the Main Zone, where a large gap in the drill pattern was tested for the first time. These results indicate  the presence of a new zone of oxide gold mineralization along the projection of the Eocene unconformity, which hosts most of the gold mineralization at Goldstrike. Drilling in the historic Hassayampa Pit area followed up on previous drill intercepts,  which revealed the presence of unconsolidated surficial material with high oxide gold grades. Hole PGS 844 in this area returned 15.2 m grading 0.84 grams per tonne gold (“g/t Au”) from surface.

Cal Everett, President and CEO of Liberty Gold stated, “We are pleased to wrap up last year’s exploration program on a high note, with excellent results from an undrilled part of the Main Zone. The gold mineralization we encountered is consistently shallow and high-grade, with exceptional cyanide solubility.  The resource model, updated with tighter drilling, will serve as a solid foundation on which to base a prefeasibility study decision. Drilling will recommence in a few weeks to continue the same systematic exploration approach as last year.”

For a map and cross sections of the Goldstrike Property, including drill collars and traces for the current release, please click here:
https://libertygold.ca/images/news/2022/February/Goldstrike_NR02152022MapSection.pdf

For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click here: https://libertygold.ca/images/news/2022/February/GS_Intercepts02152022.pdf

MAIN ZONE HIGHLIGHTS:

  • All assays have been received from the 15,574 m, 2021 resource upgrade program.
  • Assay results from the historic Basin Pit area of the Main Zone show consistent thick zones of better than average grade material at shallow depth.
  • An additional hole in the historic Hassayampa pit area confirms the presence of high grade oxide gold surficial material.
  • We will commence 2022 on-site exploration activities starting the first week of March, including further resource upgrade drilling, condemnation drilling and continued testing of areas open to resource expansion. Additionally, we will conduct metallurgical and geotechnical core drilling.

MAIN ZONE HIGHLIGHTS TABLE*

libertgold tablechart 14feb1

*Please refer to the full table at the link below for complete results. Results are reported as drilled thicknesses, with true thicknesses varying by hole orientation.  True thicknesses are generally 60% to 90% of drilled thicknesses. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to gold by fire assay, expressed as percent.

ABOUT GOLDSTRIKE

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Black Pine and Nevada Gold Mines Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.  

Goldstrike is a past-producing, open-pit run of mine heap-leach operation that produced 209,000 ounces (“oz”) of gold and 197,000 oz of silver between 1988 and 1994 during a period of historically low gold prices. Ore was mined from 12 shallow pits, at an average grade of 1.2 grams per tonne gold (“g/t Au”) and an average recovery of approximately 75%. Liberty Gold carried out extensive compilation, drilling and metallurgical work, releasing a resource estimate and Preliminary Economic Assessment (“PEA”) in 2018. The resource includes an Indicated 925,000 oz of gold grading 0.50 g/t Au (57,846,000 tonnes) and an Inferred 296,000 oz of gold grading 0.47 g/t Au (19,603,000 tonnes), backed by over 1,700 drill holes.  The PEA mines 915,516 oz of gold at a life of mine all in sustaining costs of US$793/oz, returning a Net Present Value at a 5% discount rate (“NPV5%”) of US$129.5 million and an Internal Rate of Return (“IRR”) of 29.4% at US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz gold returns an NPV5% of US$291.7 million and an IRR of 52.4% representing strong economic returns at current gold prices.     

A virtual site tour and 3D model of the Goldstrike property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au and 1.00 g/t gold Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.


ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, , drill results demonstrating the presence of continuous and well-mineralized corridors in the Main Zone area and building confidence in the resource modeling, plans with respect to exploration and development plans of Goldstrike and the timing thereof, the objectives of the drilling program, the potential upgrade of inferred mineral resources to measured and indicated mineral resources and plans for any Prefeasibility Study decisions. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, accuracy of any PEAs, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the accuracy of any PEAs; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

United States investors are cautioned that there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. There is no assurance any mineral resources that the Company may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43- 101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules. United States investors are also cautioned that while the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” that the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. In accordance with Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding CIM definitions. United States investors are cautioned that a preliminary economic assessment cannot support an estimate of either “proven mineral reserves” or “probable mineral reserves” and that no feasibility studies have been completed on the Company’s mineral properties.

Accordingly, information contained herein describing the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

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Liberty Gold Secures Process Water Supply and Strategic Mineral Rights, Black Pine Oxide Gold Deposit, Idaho

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that it has secured water rights in excess of 2,300 acre-feet per annum (“AFA”) in the locality of Black Pine, intended for future use as process water supply. Liberty Gold has also obtained a strategic mineral rights lease from the State of Idaho covering 2.6 square kilometres (km2) adjacent to the deposit, representing both an exploration opportunity and a potential area for future heap leach infrastructure. These acquisitions continue to substantially de-risk the property from a development perspective.   

Preliminary engineering studies suggest that this water supply is sufficient to sustain up to a ~70,000 ore tonnes per day, run-of-mine heap leach operation and associated infrastructure at Black Pine. We are pursuing multiple strategies for procurement of additional water rights given the potential scale of the new Rangefront discovery and to provide operational flexibility to a future mining operation.

Liberty Gold has also acquired a lease for mineral rights from the State of Idaho on Section 36,  a 2.6 km2 (1 square mile) parcel of land located immediately east of the Black Pine deposit.  Historic drilling confirms that the Rangefront mineralization extends northeast into this block. A Plan of Operations (“PoO”) to conduct exploration and condemnation drilling on this land was submitted to the Bureau of Land Management ("BLM”)  in the third quarter of 2021.

An additional 0.54 km2 of ground has also been acquired by staking in this area.  Total Liberty Gold land holdings at Black Pine now aggregate 51.6 km2 of which 54% is subject to a 0.5% Net Smelter Royalty and 41% is royalty free.

Jon Gilligan, Chief Operating Officer of Liberty Gold stated, “Key deliverables for the development team have been securing a reliable and sustainable long-term water supply and identifying additional land for the potential location of infrastructure for the future Black Pine mining operation. We are delighted to be partnering with the State and local communities to achieve this outcome. Liberty Gold will continue to conduct technical studies on this future ground water supply to ensure we manage the water resources in the basin in a sustainable manner, minimising potential impacts and maximizing benefits for stakeholders.”

BLACK PINE MINERAL RIGHTS LOCATION MAP

libertygold feb092022

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 grams per tonne of gold (“g/t Au”).

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on  the Company’s website: libertygold.ca

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, the availability of drill rigs, accuracy of any engineering studies, successful acquisition of further water rights, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates;  accuracy of any engineering studies, successful acquisition of further water rights; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

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Liberty Gold Defines High-Grade Mineralized Core at Rangefront Focus Area, Black Pine Oxide Gold Deposit

LBP473: 1.95 g/t Au over 41.1 m, including 4.43 g/t Au over 10.8 m
LBP487: 0.69 g/t Au over 39.6 m and 1.48 g/t Au over 39.6 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce additional reverse circulation (“RC”) results from the 2021 drill program in the Rangefront Focus Area (“RFA”) at the Black Pine oxide gold deposit, Idaho.   

The RFA is host to a major new oxide gold discovery in the down-faulted southeast portion of the Black Pine gold system and has been a focus of our drill campaign since it was discovered in Q3 2021. Results to-date confirm the RFA discovery is quickly expanding, with gold mineralization extending over an area of approximately one square kilometer (“km2”) and it remains open for extension in all directions.

Liberty Gold has continued to expand on the D-4 Discovery area within the RFA, adding drill sites to the north, south and east, toward the original Rangefront deposit defined by shallow historical drilling. Notably, a NW-SE-trending, high-grade mineralized core has now been delineated over a 300 x 400-meter (“m”) area that remains open along trend to the NW and SE. Additionally, of the 46 holes drilled and assayed in the RFA since Q3 2021, virtually all have returned multiple, relatively flat zones of oxide gold mineralization from near-surface to a depth of up to 400 m. 

Cal Everett, President and CEO of Liberty Gold stated, “RFA drilling continues to deliver significant oxide gold intercepts in multiple zones over a large surface area. With a high-grade core now defined and open for expansion along trend, we expect a significant upgrade to the mineral resource estimate in 2022.” 

Moira Smith, VP Exploration and Geoscience for Liberty Gold stated, “The results are so compelling, we have decided to forgo the typical winter drill shut-down and work through the winter with three RC and one core drill focused on the RFA. The geometry and scope of mineralization at Rangefront looks very similar in many ways to the Discovery Zone after only four months of drilling, with several stacked, low-angle zones of structurally and stratigraphically controlled mineralization around a high-grade core. This similarity continues to reinforce our hypothesis that the RFA represents the down-faulted southeast portion of the Black Pine gold system. The current success at the RFA is exciting and there remain several square kilometres of un-drilled prospective ground.” 

For a map and cross section of the RFA, please click here: https://libertygold.ca/images/news/2022/January/BlackPine_NR01182022MapSection.pdf

For a full table of results for this release, please click here: https://libertygold.ca/images/news/2022/January/BlackPine_NR01182022CurrentAssays.pdf 

RFA HIGHLIGHTS:

  • The mineralized envelope in the RFA has been confirmed by widely spaced drilling over an area that now covers in excess of 1 km2 and remains open for expansion in all directions.
  • A NW-SE-trending high-grade core has now been defined in the D-4 area of the RFA over a surface area measuring at least 300 x 400 m.
  • This high-grade core remains open along trend to the NW and SE and is parallel to the dominant trend of mineralization throughout the Black Pine gold system.
  • Current drill spacing over the D-4 area ranges from 100 to 300 metres, with drilling now focused on infill and step-out to continue to enlarge the RFA and define a resource.
  • Oxide gold mineralization is present in relatively flat, stacked lenses related to bedding and low-angle shears and breccia zones.
  • The average cumulative intercept thickness at a 0.15 grams per tonne gold (“g/t Au”) cut-off for holes in this release is 68 m, with a high of 113 m.
  • Mineralization extends from near-surface to over 400 m in depth to the west, becoming gradually shallower to the north and east and extending to surface in the historic Rangefront pits.

RANGEFRONT HIGH GRADE CORE ZONE HIGHLIGHT TABLE1

Selected intercepts for holes from the RFA high-grade core zone are shown below. The table includes holes from previous releases; holes from this release are highlighted in yellow, and include LBP439, LBP473, LBP 484 and LBP 487. For a full table of results from the 27 new holes in this release, please see the link above.

Screenshot 2022 01 10 133454

1Liberty Gold has changed the reporting cut-offs to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs used by most operating oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval using a 0.2 g/t Au cut-off.  Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally range from 60% to 80% of true thickness. Gold grades are reported uncapped.

2022 WORK PROGRAM

The 2022 exploration program at Black Pine commenced at the beginning of January, with three RC and one core rig active. Drilling through to the end of February will focus on the lower-elevation RFA to provide data for resource estimation and metallurgical testing. The current RFA drill campaign will end in late February, and the drillhole database and geological model will be updated for the upcoming mineral resource estimate. The drills will then move off in the interim to continue both in-fill and step-out drilling at other prospective areas on the Black Pine deposit.

Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further de-risking activities, with the goal to provide an updated resource estimate and Preliminary Economic Assessment in Q3 2022 and reach a prefeasibility decision by Q4 2022.

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 g/t Au.

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.


ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, , the availability of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre-feasibility studies,  successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally;  delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated resources, any preliminary economic assessments or pre-feasibility studies, successful, delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

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Liberty Gold Confirms High-Grade Continuity Across the Main Zone, Goldstrike Oxide Gold Deposit, Utah

PGS 798: 0.94 g/t Au over 59.4 m, including 1.30 g/t Au over 16.8 m
PGS 807: 0.64 g/t Au over 45.7 m, and 0.57 g/t Au over 36.6 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the "Company") is pleased to announce additional results from the recently completed 2021 Reverse Circulation (“RC”) drill program at the Goldstrike Oxide Gold Project in southwestern Utah (“Goldstrike”).  

This news release includes resource conversion drilling in the Main Zone which hosts greater than 75% of the current resource. This drilling further confirms two key features of the Goldstrike deposit: firstly, mineralization is near surface, emphasising the low strip nature of the orebody and secondly, the predictable lateral continuity of well-mineralized, high-grade corridors in the Main Zone, building confidence in the resource modeling of gold distribution in this area.

Additionally, step-out drilling in the Dip Slope Zone along the northern edge of the Main Zone, has delineated a significant down-dip extension of the shallow, mineralized zone, demonstrating further growth potential of the deposit in this area.

Cal Everett, President and CEO of Liberty Gold stated, “The +1 million ounce Goldstrike Deposit presents robust economics at today’s gold prices as illustrated in the 2018 PEA and is advancing quickly towards a prefeasibility study decision. Due to the market’s focus on the large-scale Black Pine Oxide Gold Deposit in southern Idaho,  we are assessing several strategic alternatives available to Liberty Gold in order to accurately reflect Goldstrike’s market value.”

For a map and cross sections of the Goldstrike Property, including drill collars and traces for the current release, please click here:
https://libertygold.ca/images/news/2022/January/Goldstrike_NR01112022MapSection.pdf

For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click here: https://libertygold.ca/images/news/2022/January/GS_Intercepts01112022.pdf

MAIN ZONE – HAMBURG PIT HIGHLIGHTS

  • The Main Zone - Hamburg Pit area continues to deliver thick zones of oxide gold mineralization at shallow depth.
  • Excellent grades and high cyanide solubility are also a hallmark of mineralization in this area.
  • Drilling continues to define corridors of gold mineralization associated with fault zones with higher grades and greater thicknesses.

MAIN ZONE – HAMBURG HIGHLIGHT TABLE*

Screenshot 2022 01 10 133454

*Please refer to the full table at the link below for complete results. Results are reported as drilled thicknesses, with true thicknesses varying by hole orientation.  True thicknesses are generally 60% to 90% of drilled thicknesses. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to gold by fire assay, expressed as percent.

MAIN ZONE – BASIN PIT HIGHLIGHTS

  • The Main Zone - Basin Pit is located to the northwest of the Hamburg Pit across the Hamburg Fault Zone.
  • Shallow gold mineralization is preserved in the pit highwalls and immediately beneath the pit floor.
  • Many of the historic holes did not extend deep enough to test the entire thickness of mineralization, and large lateral gaps in drill coverage existed.
  • The infill drilling has defined a previously unrecognized, structural control to high grade mineralization.

MAIN ZONE – BASIN PIT HIGHLIGHT TABLE*

mainzone basin pit highlight table

MAIN ZONE - DIP SLOPE EXTENSION HIGHLIGHTS

  • The Main Zone - Dip Slope is a zone of shallow mineralization that extends north of the Basin Pit.
  • Six holes from three sites targeted the down-dip extension of the Dip Slope Zone to the north of any previous drilling. Gold mineralization was encountered in all of the holes.
  • PGS 810 is the furthest step-out to the north and presented the longest and highest-grade intercepts. Additional drilling is warranted to address the extent of mineralization in this area.
  • The presence of gold mineralization in this area demonstrates that the Goldstrike deposit is open for expansion to the north and west laterally along the unconformity.
  • Drilling was recently completed in a new area along the east side of the deposit, with results pending.

DIP SLOPE EXTENSION HIGHLIGHT TABLE*

dip slope extension highlight table

ABOUT GOLDSTRIKE

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Black Pine and Nevada Gold Mines Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.  

Goldstrike is a past-producing, open-pit run of mine heap-leach operation that produced 209,000 ounces (“oz”) of gold and 197,000 oz of silver between 1988 and 1994 during a period of historically low gold prices. Ore was mined from 12 shallow pits, at an average grade of 1.2 grams per tonne gold (“g/t Au”) and an average recovery of approximately 75%. Liberty Gold carried out extensive compilation, drilling and metallurgical work, releasing a resource estimate and Preliminary Economic Assessment (“PEA”) in 2018. The resource includes an Indicated 925,000 oz of gold grading 0.50 g/t Au (57,846,000 tonnes) and an Inferred 296,000 oz of gold grading 0.47 g/t Au (19,603,000 tonnes), backed by over 1,700 drill holes.  The PEA mines 915,516 oz of gold at a life of mine all in sustaining costs of US$793/oz, returning a NPV at a 5% discount rate of US$129.5 million and an IRR of 29.4% at US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz gold returns an NPV5% of US$291.7 million and an IRR of 52.4% representing strong economic returns at current gold prices.     

The 2021 drilling campaign is designed to convert areas of inferred resource to indicated resource in support of a Prefeasibility Study decision and will also test for extensions to mineralization in several areas.

A virtual site tour and 3D model of the Goldstrike property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t, 0.20 g/t and 1.00 g/t gold. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified Person for this news release 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 in the release is accurate.


ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining.  This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.  Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
This email address is being protected from spambots. You need JavaScript enabled to view it.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, , drill results demonstrating the presence of continuous and well-mineralized corridors in the Main Zone area and building confidence in the resource modeling, plans with respect to exploration and development plans of Goldstrike and the timing thereof, the objectives of the drilling program, the potential upgrade of inferred mineral resources to measured and indicated mineral resources and plans for any Prefeasibility Study decisions. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing of the publication of any PEAs, the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing of the publication of any PEAs or pre-feasibilities; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Cautionary Note for United States Investors

The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these terms are not defined terms under SEC Industry Guide 7 (“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be used in reports and registration statements filed with United States Securities and Exchange Commission (the “SEC”). The SEC has adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after January 1, 2021. The SEC Modernization Rules replace the historical disclosure requirements for mining registrants that were included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

United States investors are cautioned that there are differences in the definitions under the SEC Modernization Rules and the CIM Definition Standards. There is no assurance any mineral resources that the Company may report as “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” under NI 43- 101 would be the same had the Company prepared the resource estimates under the standards adopted under the SEC Modernization Rules. United States investors are also cautioned that while the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”, investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as to their existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume that any “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” that the Company reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to assume that all or any part of the “inferred mineral resources” exist. In accordance with Canadian securities laws, estimates of “inferred mineral resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-101. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially similar” to the corresponding CIM definitions. United States investors are cautioned that a preliminary economic assessment cannot support an estimate of either “proven mineral reserves” or “probable mineral reserves” and that no feasibility studies have been completed on the Company’s mineral properties.

Accordingly, information contained herein describing the Company’s mineral deposits may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.