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Liberty Gold Completes 2021 Resource Upgrade Drilling in the Discovery Zone, Black Pine, Idaho

LBP380: 1.52 g/t Au over 30.5 m and 2.44 g/t Au over 21.3 m
LBP393: 0.56 g/t Au over 64.0 m including 0.89 g/t Au over 33.5 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that the 2021 reverse circulation (“RC”) drilling campaign in the Discovery Zone (“DZ”) at the Black Pine Oxide Gold Deposit (“Black Pine”) was completed at the end of November. The objective of the program is to upgrade inferred resources to indicated to be included in a future prefeasibility study.   

Assay results confirm the continuity of stacked moderate to high-grade zones of DZ gold mineralization and support or exceed expectations within the targeted inferred blocks. Currently, the DZ represents 78% of the indicated resource and 52% of the inferred resource at Black Pine.  Results will also be used to better define the extensive lower grade halo surrounding the high-grade zones for inclusion in future economic studies.

The 70,000 metre (“m”) 2021 drill program, together with the Q1-2022 drilling focused entirely on the Rangefront Focus Area, will be included in a new Black Pine mineral resource estimate and Preliminary Economic Assessment (“PEA”) to be released in Q3-2022. Three drills are now defining the limits of this new discovery, covering an initial one square kilometre (“km2”) target area, with results pending.   

Cal Everett, President and CEO of Liberty Gold stated, “While drilling continues in the Rangefront Focus Area, an equally important component of our 2021 drill program involves resource upgrade and step-out drilling around established zones of mineralization.  We expect that resource upgrade drilling in the Discovery Zone will convert most of the inferred ounces to indicated for use in a prefeasibility study. Today’s results also demonstrate that the existing zones of mineralization in the CD Zone are open to expansion. Given the +10 square kilometre scale of a single oxide gold system it is a welcome task to properly drill off a gold district of this scale.”  

Step-out drill results from the CD Zone, comprising the historic CD and I pits located approximately 500 m to the southwest of the DZ, are also included in this release. In the CD Zone, oxide gold mineralization is confirmed beyond the current resource pits to the southwest, supporting our geological modeling and indicating the potential for additional mineralization in this area.

For a map and cross sections of the CD and I pits and Discovery Zone, please click here:
https://libertygold.ca/images/news/2021/December/BlackPine_NR12062021MapSections.pdf

For a full table of results for this release, please click here:
https://libertygold.ca/images/news/2021/December/BlackPine_NR12062021Assays.pdf

DISCOVERY ZONE RESOURCE UPGRADE DRILLING KEY POINTS:

  • 2021 resource upgrade drilling, totalling 92 drill holes and 20,486 m to date in the DZ, has targeted blocks of inferred gold mineralization for upgrade to indicated. The drilling is now largely complete and will be included in a future prefeasibility study.
  • Drilling targeted shallow zones of gold mineralization, deeper high-grade zones and the up-dip extension of the DZ toward the west, with hole length dependent on target depth.
  • Results confirm stacked moderate to high-grade zones within the DZ inferred blocks and the extensive mineralized halo surrounding the high-grade zones for inclusion in future economic studies. Total aggregate meters of above 0.15 grams per tonne (“g/t”) gold (“Au”) cut-off grade intercepts include:
    • LBP380: 182.9 m
    • LBP386: 140.3 m
    • LBP392: 105.1 m
  • Geotechnical and additional metallurgical PQ core drilling has been completed in these areas.
  • The current DZ indicated resource is 77.1 million tonnes grading 0.54 g/t Au (1.34 million ounces(“oz”)) and the inferred resource is 15.6 million tonnes grading 0.38 g/t Au (191,000  oz).

DISCOVERY ZONE RESOURCE UPGRADE HIGHLIGHT TABLE1

cuttable dec03 Copy

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.

CD ZONE KEY POINTS:

  • The historic CD and I-pit complex, collectively the CD Zone, contributed approximately one-third of the gold ounces produced in the historic mining operation.
  • The CD Zone contains 182,000 oz Au in indicated resource (15.05 million tonnes grading 0.38 g/t Au) and 12,000 oz Au in inferred resource (1.18 million tonnes grading 0.32 g/t Au) in the July 2021 resource.
  • Historical drilling was relatively shallow, and a large number of drill holes bottomed in gold mineralization.
  • Step-out drilling by Liberty Gold along the western margin of the CD Zone has confirmed stacked horizons of oxide gold mineralization in a majority of holes, similar to the stacking geometry observed in the DZ. Total aggregate meters of above 0.15 g/t Au cut-off grade intercepts include:
    • LBP374: 120.4 m
    • LBP367: 102.0 m
    • LBP376: 76.2 m
  • Drilling along the west flank of the CD Zone identified mineralization lying outside of the current resource pit
  • Drilling under the historic I-pit identified additional mineralization at depth, immediately below the pit floor.
  • Geotechnical and metallurgical core drilling are underway in these areas.

CD ZONE STEP-OUT DRILLING HIGHLIGHT TABLE1

2ndtable dec03

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.

2021 WORK PROGRAM

Drilling commenced April 1st and has been focused on upgrading inferred portions of the resource to indicated, step-out drilling on defined targets and discovery drilling throughout the 12 km2 permitted drill area. The initial resource pit encompasses the Discovery Zone (D-1, D-2 and D-3 high-grade oxide gold zones) as well as smaller pits at the Rangefront, M, CD Pit, F, J, E Pit and Back Range zones. The Black Pine mineral resource estimate released on July 13, 2021 (see below) does not include any drilling conducted in 2021.  Our present focus is on exploring the Rangefront Focus Area, which will see drilling throughout the winter months, with a goal to define a large gold deposit in this area.

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 oz 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 oz of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 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 a cut-off of 0.20 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, timing of the publication of any  updated mineral resources or 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; 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 Intersects High Grade Oxide Gold at the Back Range Zone, Confirming the 7 km Northwest Extent of the Black Pine Gold System

LBP400: 1.01 g/t Au over 29.0 m and 0.87 g/t Au over 18.3 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce results of reverse circulation (“RC”) drilling in the Back Range Zone, which confirm historical results and extend gold mineralization beyond the current Mineral Resource at the Black Pine Oxide Gold Project, southeast Idaho (“Black Pine”). The Back Range Zone was last drilled 30 years ago, and today’s drilling confirms a minimum seven kilometer (“km”) mineralized system in a northwest-southeast direction, which remains open for extension.

The Back Range Zone is located approximately 1 km to the northwest of the Discovery Zone.  Mineralization in this area is above average grade and is present at shallow depth, potentially offering early heap leach feed in a production scenario. The current resource for the Back Range, based entirely on historical data, is 17,000 indicated ounces (967,000 tonnes grading 0.56 grams per tonne gold (“g/t Au”) and 43,000 inferred ounces (2,481,000 tonnes grading 0.54 g/t Au) in multiple small resource pits.  The Back Range Zone remains open in three directions and additional drilling may merge the small pits into a single, larger resource pit.

The 1 km, undrilled, covered area between the Back Range Zone and the Discovery Zone is highly prospective and has not yet been drill tested. This area will be included in a future exploration permit application. A similar scenario existed in the Rangefront Focus Area prior to drill testing, with results to date pointing to the potential for a large gold deposit in this area.

Cal Everett, President and CEO of Liberty Gold stated, “Our drilling at the Back Range Zone has confirmed that gold mineralization extends beyond the limits of the current resource pits, returning thick sections of high-grade oxide gold mineralization at shallow depths.  The Back Range Zone, and the area between Back Range and Discovery Zone, warrant additional drilling in 2022 to continue to expand the now plus 10 square kilometers, drill confirmed mineralized footprint at Black Pine.”  

For a map and cross sections of the Back Range Zone and 7 km-long and approximately 4 km-long orthogonal sections through the Black Pine gold system, please click here: https://libertygold.ca/images/news/2021/November/BlackPine_NR11232021MapSections.pdf

For a full table of results for this release, please click here:
https://libertygold.ca/images/news/2021/November/BlackPine_NR11232021CurrentAssays.pdf

BACK RANGE ZONE DRILLING HIGHLIGHT TABLE1

Screenshot 2021 11 22 131139

*Reduced cyanide solubility in this interval.
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.

BACK RANGE KEY POINTS:

  • Liberty Gold’s modern drill confirmation of near-surface, oxide gold mineralization in the Back Range Zone, the first drilling in this area in over 30 years, firmly establishes a minimum 7 km northwest-southeast length of the major gold-mineralizing system at the Black Pine deposit.
  • The drill results in this release illustrate the presence of high-grade gold outside of the footprint of historical drilling, suggesting that the Back Range deposit may grow with additional drilling, linking to the Discovery Zone and Rangefront Zone.
  • Mineralization in the Back Range Zone is shallow and higher-grade than the Black Pine deposit as a whole, offering the potential for early heap leach feed in a future production scenario. It is open to the north, west and east.
  • Cover rocks extend between the Back Range Zone and the rest of the Black Pine gold system, but geologic modeling suggests that mineralization extends across this 1 km-long, undrilled gap in gold system.
  • In a northeast – southwest direction, ongoing drill results confirm an approximate 4 km width to the gold system orthogonal to the 7 km trend.

2021 WORK PROGRAM

Drilling commenced April 1st and is focused on upgrading inferred portions of the resource to indicated, step-out drilling on defined targets and discovery drilling throughout the 12 km2 permitted drill area. The initial resource pit encompasses the Discovery Zone (D-1, D-2 and D-3 high-grade oxide gold zones) as well as smaller pits at the Rangefront, M, CD Pit, F, J, E Pit and Back Range zones. The Black Pine mineral resource estimate released on July 13, 2021 (see below) does not include any drilling conducted in 2021.  Our present focus is on exploring the Rangefront Focus Area, which will see drilling throughout the winter months, with a goal to defining a large gold deposit in this area.

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, 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 a cut-off of 0.20 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, 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, 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 Drills Near-Surface Oxide Gold in the Main Zone, Goldstrike Deposit, Utah

PGS 796: 0.82 g/t Au over 56.4 m, including 2.48 g/t Au over 10.7 m
PGS 787: 0.75 g/t Au over 44.2 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the "Company") is pleased to announce additional results from its 2021 Reverse Circulation (“RC”) drill program targeting the Main Zone, which includes 10 drill holes in the Hassayampa Pit area and 13 drill holes in the Hamburg Pit area at the Goldstrike Oxide Gold Project in Utah (“Goldstrike”).

Drilling in the Hassayampa Pit also encountered high gold grades in pit backfill at surface, currently modelled as waste rock, including 1.14 grams per tonne gold (“g/t Au”) over 15.2 meters (“m”) PGS 794 and 1.16 g/t Au over 7.6 m in PGS 797.

Drill results in the Hamburg Pit area directly to the south of Hassayampa continues to yield long intervals of shallow oxide gold mineralization, further proof of the robust nature of mineralization in the central part of the Main Zone, which carries greater than 60% of the Mineral Resource.

Cal Everett, President and CEO of Liberty Gold stated, “The Goldstrike Project continues to deliver impressive, near-surface, high-grade oxide gold intercepts. The grades and widths at Goldstrike are similar to that of the oxide gold intercepts at Black Pine in Idaho. At Hassayampa, mineralization is located at or near surface after drilling through gold-bearing pit backfill material. Mineralized backfill also covers a large portion of the Hassayampa pit and is classified as waste in the 2018 PEA. This represents another avenue to improve the economics of the project. Goldstrike remains an important component of Liberty Gold’s development strategy in conjunction with Black Pine looking ahead to 2022, as we maintain focus on de-risking our portfolio of run-of-mine heap leach oxide gold deposits in the Great Basin.”

The 2021 Goldstrike drill program is focussed on conversion of tonnes from the “inferred” to “measured and indicated” category, with results continuing to confirm that the deposit remains open laterally and to depth. The program is also focused on better defining the size, location, and orientation of the higher-grade structural zones. 

For a map and cross sections of the Goldstrike Property please click here:
https://libertygold.ca/images/news/2021/November/Goldstrike_NR11182021MapSection.pdf

For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click here: https://libertygold.ca/images/news/2021/November/GS_Intercepts11182021.pdf

KEY POINTS

  • The majority of drill holes in the Main Zone encountered multiple intervals of oxide gold mineralization with excellent cyanide solubility at shallow depths, supporting the continuity of mineralization and increasing the confidence in the resource.
  • High-grade, near-surface gold was encountered in backfilled area of the Hassayampa pit. Results drilled directly from surface included:
    • PGS 794: 1.14 g/t Au over 15.2 m
    • PGS 796: 0.51 g/t Au over 16.8 m
    • PGS 797: 1.16 g/t Au over 7.6 m
  • High oxide gold grades in backfill are believed to be stockpiled above 0.8 g/t Au cut-off material (historical estimate: 18 million tonnes backfill). The 2018 Preliminary Economic Assessment (“PEA”) considered this material as waste. Backfill will now be included in a future mine plan to optimize project economics.
  • The near-surface nature of the Hassayampa area, with bedrock mineralization generally starting at 30 m to 40 m down-hole, makes this higher-grade mineralization potentially an important and valuable source of early ore feed in a future production profile.
  • The Hassayampa Pit area forms the north portion of the Main Zone and is hosted on the footwall side of the Hassayampa Fault, which represents an uplifted block of mineralization roughly 500 m x150 m in size. The objective of 2021 drilling in the Hassayampa Zone is to extend the resource pit to the west and north to merge with the Dip Slope Zone, where the unconformity is consistently mineralized over a large area at shallow depth.
  • Drilling in the Hamburg portion of the Main Zone continues to deliver higher grade near surface mineralization increasing confidence in the resource and also defining zones of mineralized backfill with potential to enhance project economics.

MAIN ZONE - HASSAYAMPA HIGHLIGHT TABLE*
HASSAYAMPA 1

MAIN ZONE – HAMBURG HIGHLIGHT TABLE*
hampurg1

*Please refer to the full table at the link above 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 per cent.

ABOUT GOLD STRIKE

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 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 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. Liberty Gold continues to de-risk the Goldstrike deposit through concurrent engineering, drilling, updated metallurgy, and procurement of process water, in line with all social license obligations and considerations.

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, 1.00 g/t Au and 5.00 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 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.

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LBP408: 0.63 g/t Au over 112.8 m including 0.74 g/t Au over 73.2 m
LBP418: 0.50 g/t Au over 42.7 m and 1.00 g/t Au over 24.4 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that follow-up reverse circulation (“RC”) drilling at the D-4 discovery at Rangefront confirms the presence of a major new mineralized zone at its Black Pine Oxide Gold Project, southeast Idaho (“Black Pine”).

This area, located to the southeast of Rangefront fault, is being re-named Rangefront Focus Area (“RFA”), as its scale is potentially similar to the Discovery Zone, where three-quarters of the Black Pine resource is located. Drilling to date has expanded this broad mineralized zone 1,000 metres (“m”) in a north-south direction, with potential to expand at least 800 m in an east-west direction. The RFA remains open to extension in all directions outward from the initial D-4 discovery area, with assay results from 25 additional holes pending as of the date of this release. Two drills are now focused exclusively on the RFA to sequentially drill off the discovery for incorporation into an updated resource estimate. A third drill will be moved to this area with drilling continuing through the winter months.

The confirmed scale of the RFA discovery, coupled with recently identified value-enhancing cut-off grade and Run-of-Mine (“ROM”) processing optimizations, has led the Company to expand the scope of the Preliminary Economic Assessment (“PEA”) in progress on Black Pine. We are targeting an updated mineral resource estimate and PEA, which will now include the RFA, in Q3 2022.

Cal Everett, President and CEO of Liberty Gold stated, “Our drilling has now confirmed that the Rangefront D-4 discovery is not an isolated occurrence and is part of a much larger oxide gold system that currently extends over one kilometre to the north, merging with shallow mineralization identified in historical drilling. As well, there are indications that D-4 mineralization extends to the east and may merge with the Rangefront resource pits, over an aggregate distance of 800 m. As we continue to aggressively drill this one square kilometre area centred on the D-4 discovery, we foresee the area growing into another large open-pit gold deposit, potentially rivalling the Discovery Zone in size. Importantly, the RFA represents only a portion of a district-scale oxide gold system that covers more than 10 square kilometres.”

For a map and cross sections of the RFA, please click here:
https://libertygold.ca/images/news/2021/November/BlackPine_NR11162021MapSections.pdf

For a full table of results for this release, please click here:
https://libertygold.ca/images/news/2021/November/BlackPine_NR11162021CurrentAssays.pdf

RANGEFRONT FOCUS AREA DRILLING HIGHLIGHTSRANGEFRONT FOCUS AREA DRILLING HIGHLIGHTSAs announced September 1, 2021, the D-4 discovery targeted a 1,250 m gap in drilling along the primary northwest-trending dominant mineralization trend at Black Pine. Previously-released drill holes in the D-4 discovery returned 0.91 grams per tonne of gold (“g/t Au”) over 86.9 m and 2.03 g/t Au over 21.3 m in LBP356 and 1.23 g/t Au over 24.4 m and 1.37 g/t Au over 50.3 m in LBP358. This news release includes follow-up drilling from 16 holes targeting areas to the north and east of the Rangefront D-4 discovery. Highlights include:

  • Drilling from two pads located 250 m to the north of the original D-4 discovery has returned significant gold mineralization, with additional holes pending. Results include:
    • LBP408: 0.63 g/t Au over 112.8 m including 0.74 g/t Au over 73.2 m
    • LBP418: 0.50 g/t Au over 42.7 m and 1.00 g/t Au over 24.4 m
  • All 21 drill holes released to-date in 2021 in the RFA have intercepted multiple zones of oxide gold mineralization.
  • Results from drilling on a single drill pad located 300 m north of the D-4 discovery, as well as historic drilling in the Rangefront North resource pit area, extend mineralization over a distance of 1 km south to north, with mineralization shallowing in a northerly direction.
  • Drilling in the area between the two resource pits that comprise the original Rangefront portion of the resource estimate was carried out to assess whether the resource could be expanded to encompass both pits in a single pit or could be extended further. Results include:
    • LBP362: 0.75 g/t Au over 22.9 m
  • Gold mineralization extends between the two existing Rangefront resource pits.

Screenshot 2021 11 10 134646

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.

PEA PROGRESS UPDATE

The Company will complete an updated Mineral Resource model to include approximately 90,000 m of drilling completed from 2021 through the end February 2022 in both the RFA and Discovery Zone. This updated resource model will form the basis for the Black Pine PEA. In addition, the PEA will now include several, recently identified, value-enhancing factors and present a production scenario and economic evaluation that encompasses the expanded development potential of Black Pine. These include:

  • The expected magnitude of the eventual gold system in the RFA could have a major impact on the sizing of the future mining and processing operation at Black Pine.
  • Phase 3 metallurgical column test results (released on October 27, 2021), in aggregate with the previous metallurgical test work, suggest that the deposit is amenable to a single processing route of ROM heap leaching.
  • Engineering work conducted during the PEA study process suggests that the optimal economic cut-off grade for a future ROM heap leach operation would likely be lower than the 0.2 g/t Au cut-off grade reported in the recent resource estimate, requiring a revised resource estimate.

2021 WORK PROGRAM

Drilling commenced April 1st and is focused on upgrading inferred portions of the resource to indicated, step-out drilling on defined targets and discovery drilling throughout the 12 km2 permitted drill area. The initial resource pit encompasses the Discovery Zone (D-1, D-2 and D-3 high-grade oxide gold zones) as well as smaller pits at the Rangefront, M, CD Pit, F, J, E Pit and Back Range zones. The Black Pine mineral resource estimate released on July 13, 2021 (see below) does not include any drilling conducted in 2021. All zones remain open for extension, with the current drill program focused on:

  • Continuing to drill the RFA for inclusion in an updated resource estimate.
  • Expanding the Discovery Zone resource to the southwest, west, southeast, and east.
  • Linking the E Pit to the F Zone and CD Pit and assessing whether this portion of the gold system can be extended to the northeast to link with the Discovery Zone.
  • Converting inferred ounces to indicated.
  • Testing the shallow, high-grade Back Range Zone for the first time.
  • Testing other frontier areas where surface geology and geochemistry suggest the presence of shallow zones of oxide gold.

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, 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 a cut-off of 0.20 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, 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; 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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VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce the receipt of 17,222,222 common shares in New Placer Dome Gold Corp. (TSX-V:NGLD) (“New Placer Dome”) (“NPD Shares”) pursuant to to an option agreement dated December 2, 2019, as amended, between the Company and New Placer Dome (the “Option Agreement”), as partial consideration for the sale of Liberty Gold’s 79.9% interest in the Kinsley Mountain gold project in Nevada (“Kinsley”). The receipt of US$1.25 million in cash, due pursuant to the Option Agreement, is expected to be received prior to November 19, 2021.

The Option Agreement is consistent with Liberty Gold’s strategy of re-deploying capital into advancing both the Black Pine and Goldstrike oxide gold development projects.

As of November 12, 2021, Liberty Gold now holds 26,066,346 NPD Shares (C$2.7 million in value), representing approximately 15.8% of the issued and outstanding shares on an undiluted basis.  Both Liberty Gold and Cal Everett, the Company’s President and CEO will declare as insiders of New Placer Dome.

Under the terms of the Option Agreement, New Placer Dome will be required to make an additional payment of US$1.25 million in cash and US$1.25 million in NPD Shares on or before June 2, 2022. 

Further Transaction Details

On June 2, 2020, pursuant to the Option Agreement, New Placer Dome paid the initial option payments of US$1.25 million, US$124,570 in repayment of the surety bond deposit and 8,844,124 NPD Shares, representing 9.9% of New Placer Dome’s issued and outstanding common shares as at that date. Liberty Gold’s 79.9% interest in Kinsley is held through it’s 100% owned subsidiary Pilot Gold (USA) Inc.

Liberty Gold retains a 1% Net Smelter Royalty on Kinsley where New Placer Dome, at its sole discretion, has the right to re-purchase up to one-half percent (0.5%) of the NSR royalty upon payment of US$500,000.

Liberty Gold acquired the NPD Shares for investment purposes and will evaluate its investment in New Placer Dome from time to time and may, based on such evaluation of market conditions and other circumstances, increase or decrease its shareholdings in New Placer Dome 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 New Placer Dome’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 oxide gold projects amenable to 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.  Our flagship deposits are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines.

For more information, visit www.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 Option Agreement, the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, 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; 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 Sale 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 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 unless required by law.

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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, 2021. All amounts are presented in United States dollars unless otherwise stated.

Liberty Gold is focused on advancing the Black Pine and Goldstrike Carlin-Style oxide gold heap leach projects in the Great Basin, USA.  

HIGHLIGHTS:

  • At Black Pine we announced the new D-4 Discovery at Rangefront including 0.91 grams per tonne of gold (“g/t Au”) over 86.9 metres (“m”) and 2.03 g/t Au over 21.3m at LBP356, and 1.23 g/t Au over 24.4 m and 1.37 g/t Au over 50.3 m at LBP358. Four drill rigs are currently on site and with a focus to continue aggressively drilling the Rangefront D-4 Discovery area and complete infill drilling in the Discovery Zone.[1]
  • Results released to-date from the 2021 drill program at Black Pine extended known gold mineralization in the Discovery Zone to the east and west and the E Zone to the west and north.[2]
  • On October 27, 2021, we released the results from the Phase 3 metallurgical program at Black Pine, which confirmed that high and rapid gold extraction, combined with relative insensitivity to crush size support Run-of-Mine (“ROM”) heap leach processing.
  • At Black Pine we announced the first modern mineral resource estimate (the “Mineral Resource”):[3]
    • An indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totaling 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 totaling 31,211,000 tonnes.
  • A high-grade subset of the Mineral Resource using a cut-off grade of 0.5 g/t Au consists of:
    • An indicated mineral resource of 1,020,000 ounces of gold at an average grade of 1.04 g/t Au and totaling 30,520,000 tonnes; and
    • An inferred mineral resource of 134,000 ounces of gold at an average grade of 0.94 g/t Au and totaling 4,440,000 tonnes.
  • From January 1, 2021, to the date of this MD&A, the Company received a total of C$12,626,850 from the exercise of 21,044,750 common share purchase warrants (“Warrants”), issued pursuant to the bought deal financing that closed on October 2, 2018; the Warrants were each exercisable for C$0.60 and expired on October 2, 2021. Of the warrant proceeds, C$7,345,800 was received subsequent to September 30, 2021, and is not included in our consolidated cash and short-term investments at the period end. Liberty Gold has no additional Warrants outstanding as of the date of this MD&A.
  • We announced two batches of drill results from our 15,000 m RC drill program at Goldstrike with a goal to convert inferred gold ounces to indicated. Results included 3.60 g/t Au over 15.2m including 7.75 g/t Au over 6.1m in PGS754 and 0.81 g/t Au over 61.0 m, including 1.48 g/t Au over 15.2 m in PGS773. [4]
  • On August 12, 2021, we received the second of three staged payments of $6.00 million on the sale of the Halilağa copper gold deposit in Turkey. A further $6.00 million is expected to be received on August 11, 2022.[5]

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.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the “Interim Financial Statements”) for the three and nine months ended September 30, 2021 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 2021 11 10 134646

[1] See press release dated September 1, 2021
[2] See press release dated October 7, 2021
[3] See press release dated July 13, 2021
[4] See press release dated September 8, 2021 and October 20, 2021
[5] See press release dated August 12, 2020.

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 www.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 Sale Agreement or the Kinsley Purchase 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 or PEA, 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 or 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); the receipt of staged payments pursuant to the Halilağa Sale Agreement or the Kinsley Purchase 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 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 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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High and Rapid Gold Extraction, Combined with Relative Insensitivity to Crush Size Support Run-of-Mine Heap Leach Processing

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report results from Phase 3 variability composite metallurgical column testing from large-diameter (“PQ”) drill core at its Black Pine Oxide Gold Project in southeastern Idaho (“Black Pine”). The objective of the Phase 3 metallurgical program was to expand the geographical and ore type distribution of Phase 1 and Phase 2 column testing which included six surface bulk samples and 29 variability composites.

Highlights

  • Phase 3 testing included 45 new variability composites testing the full range of rock types, gold (“Au”) grades and ore types encountered across Black Pine.
  • Aggregate results support a simple, low capital, low operating cost, Run-of-Mine (“ROM”) heap leach processing route for Black Pine ores.
  • Gold extractions are consistent with previous metallurgical programs, with >80% of the leachable gold extracted within 10 days and final column leach gold extractions ranging up to 94.8%:
    • Phase 1 bulk sample column test results: 78.9% weighted average gold extraction, ranging up to 92.8%1
    • Phase 2 variability composite column tests: 82.1% weighted average gold extraction, ranging up to 94.5%1
    • Historical column tests from bulk samples and drill core composites: 80.8% weighted average gold extraction.

[1] See press releases dated August 18, 2020 and June 16, 2020

Gary Simmons, independent consulting metallurgist to Liberty Gold commented“Data from metallurgical testing to date at Black Pine continues to indicate rapid leaching and relatively high gold extractions from these gold oxide ores, with a consistent insensitivity to particle size and a predictable grade-recovery relationship. In Phase 3 a wider range of material types were tested and 38 of 39 tested composites passed load permeability testing at 100-metre heap height. Internal development of clay and rock models indicate that a smaller portion of the resource may require in-pit or top-of heap blending, eliminating the need for a Crush/Agglomeration flowsheet component, and supporting simple Run-of-Mine leaching at Black Pine.”

All metallurgical work at Black Pine has been supervised by Gary Simmons, formerly the Director of Metallurgy and Technology for Newmont Mining Corp. Mr. Simmons has managed or supervised a significant number of metallurgical testing programs on similar Carlin-style sedimentary-hosted oxide gold deposits.

Jon Gilligan, Chief Operating Officer for Liberty Gold said: “The consistent nature of the metallurgical results to date at Black Pine is very encouraging and points to a simple ROM operation. We are progressing the next phases of test work to confirm gold recoveries at lower operating cut-off grades and to expand our sampling coverage into the new Rangefront D-4 discovery area. These will provide us with an extensive metallurgical database across the deposit, which could support a feasibility-level evaluation at Black Pine.”

Key Points:

  • Forty-five column leach tests produced a weighted average* 80.8% gold extraction, with a range from 44.5% to 94.8% gold extractionSee Table 1, below, or click here: https://libertygold.ca/images/news/2021/October/Gold_Extraction_Data.pdf
  • Gold extraction was rapid, with >80% of the leachable gold extracted within the first 10 days of column leaching. See Figure 1, below or click here: https://libertygold.ca/images/news/2021/October/Cumulative_Leach_Curves.pdf
  • Percent gold extraction is well-correlated with head grade, with the highest-grade composites returning the higher extraction numbers. Of the 45 column tests:
    • 18 column tests were conducted on material below 0.5 grams per tonne (“g/t”) Au, and returned weighted average 71.8% gold extraction
    • 10 column tests were conducted on material between 0.5 g/t Au and 1.0 g/t Au and returned weighted average 79.0% gold extraction
    • 17 column tests were conducted on material above 1.0 g/t Au, and returned weighted average 82.3% gold extraction
    • For further details see the grade recovery curve in Figure 2 or click here: https://libertygold.ca/images/news/2021/October/Grade_Recovery_Curve.pdf
  • Phase 4 metallurgical test work has commenced on 15 PQ drill core composite samples of lower-grade Black Pine mineralization, in the range 0.10 g/t Au to 0.20 g/t Au. Further PQ core drilling has commenced in support of a Phase 5 metallurgical program, considered at this time to be sufficient to support a future feasibility study at Black Pine, targeting the recent Rangefront D-4 discovery, Discovery Zone, F Zone, CD Extension and E Zone.

*Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades.  Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites.  The arithmetic extraction average of the 45 column tests is 76%.

Table 1: Results, Liberty Gold Phase 3 Variability Composite Testing

Screenshot 2021 10 26 121745

 Figure 1: Cumulative Leach Curves Confirm Rapid Leach Kinetics

Cumulative Leach Curves Confirm Rapid Leach Kinetics

Figure 2: Phase 3 Column Test, Grade Recovery vs. Au Extraction % *

phase3 column test

*Transition Columns: BP207-#47, BP222-#58 & BP231-#64 are excluded in the above graph.

Metallurgical Program

Samples for this study were obtained through drilling of seven PQ core holes. Composites were selected through consideration of rock type, alteration and gold grade to achieve a wide range of ore types. Program details included:

  • Forty-five coarse bottle roll tests (target of 80% passing 10 mesh or 1.7 millimeter (“mm”) particle size) produced a weighted average 78.7% gold extraction.
  • Forty-five fine bottle roll tests (target of 80% passing 200 mesh or 75 micron particle size) produced a weighted average 80.1% gold extraction for direct leach, and 45 fine bottle roll tests produced a weighted average 85.7% for carbon in leach (“CIL”).
  • Samples for bottle roll testing were milled/crushed respectively targeting 80% passing 200 mesh (75 microns) and 80% passing 10 mesh (1.7 mm) particle size.  The direct leach samples were rolled/agitated in bottles in a 1.0 grams per liter (“g/l”) dilute sodium cyanide (“NaCN”) solution for 72 hours (for 200 mesh) or 144 hours (for 10 mesh). The 200 mesh (75 microns) CIL samples were rolled/agitated in bottles for 72 hours in a 1.0 g/l dilute NaCN solution, containing 20 g/l of activated carbon.
  • Forty-five column tests targeted 80% passing 0.5 inch (12.7 mm) and 1 inch (25.4 mm) crushed material and produced a weighted average 80.8% gold extraction.
  • The variability composites were leached continuously between 82 to 99 days, including two on/off cycles for last three weeks at the end. Crushed material was leached in 10.2 mm and 15.2 mm columns irrigated by low strength (0.50 g/l) NaCN solution.
  • Gold extraction is relatively insensitive to particle size. Most composites can be projected to coarse particle sizes approximating run of mine conditions without significant loss of gold extraction.
  • Results generated by this program are consistent with historical column test results generated by Noranda in 1988 prior to mining, as well as metallurgical testing by Liberty Gold using large diameter columns and 300 kilogram bulk samples, and Phase 2 variability composite testing using drill core.

For a map showing locations of drill holes used for metallurgical testing, see Figure 3, below, or click here: https://libertygold.ca/images/news/2021/October/BlackPineMet3PRmap.pdf.

Composites were assembled in Elko, Nevada by Liberty Gold staff, utilizing one-half or three-quarter sawed core, then shipped to Kappes, Cassiday and Associates in Reno, Nevada for metallurgical testing, comprising bottle rolls, column testing and geo-metallurgical characterization, including gold and silver assays, cyanide solubility, sulphur and carbon speciation, preg-robbing analysis, ICP geochemical assays, whole rock analysis, QXRD, modified SMC comminution testing and Bond Abrasion (Ai) testing.

Figure 3: Locations of Drill Holes Used for Phase 3 Metallurgical Study

locations of drill

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 www.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 0.20 g/t. 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 0.200 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.

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 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, 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.

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PGS 773: 0.81 g/t Au over 61.0 m, including 1.48 g/t Au over 15.2 m PGS 759: 0.61 g/t Au over 70.1 m

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

A 15,000 metre (“m”) RC drill program at Goldstrike commenced June 2021, focused on resource conversion from “Inferred” to “Measured and Indicated” and testing areas where the deposit remains open laterally and to depth. Drill results in this news release are from the Hamburg Pit area, part of the Main Zone, which hosts greater than 65% of the resource. The drill results to date continue to demonstrate the presence of continuous, well-mineralized corridors in the Main Zone area, building confidence in the resource modeling.

Goldstrike is a past-producing, oxide, heap leach gold mine that contains a large, shallow, district–scale, Carlin-style gold system. It follows a 7 kilometre-long, north-dipping unconformity with higher-grade gold intervals located along west-northwest-striking faults. In 2018, a Preliminary Economic Assessment[1] (“PEA”) was completed at Goldstrike which returned 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.    

Cal Everett, President and CEO of Liberty Gold stated, “The Goldstrike Project in southwest Utah, coupled with Black Pine in southeastern Idaho, represent two high-quality, oxide gold development assets in the Great Basin, USA. While our focus has been on Black Pine for the last two years, with the rise in gold price and increased market recognition of Goldstrike, we have returned to the project this year to continue de-risking the asset towards a pre-feasibility study decision. The objective of the 2021 drill program is to continue to push the pit constrained, 925,000 oz Indicated Resource outwards and downwards with the goal to upgrade the 296,000 oz Inferred Resource.”

[1] Preliminary Economic Assessment entitled “Preliminary Economic Assessment and Independent Technical Report for the Goldstrike Project, Washington County, Utah, USA” dated July 16, 2018.

KEY POINTS: MAIN ZONE – HAMBURG PIT

  • Main Zone drilling to date has focused on the historic Hamburg Pit area, including Inferred Resource blocks located adjacent to and beneath the well-drilled Indicated portion of the Mineral Resource.
  • 40% of the Main Zone is located on private patented lands, a favourable permitting consideration.
  • Approximately 75% of the Goldstrike resource is in the Indicated category.
  • Drilling is encountering long intervals of oxide gold mineralization with excellent cyanide solubility at shallow depths, increasing the confidence in historic drilling and supporting the continuity of mineralization in corridors throughout the Main Zone.
  • Liberty Gold will continue to de-risk the Goldstrike Deposit through concurrent engineering, drilling, updated metallurgy and procurement of process water in line with all social license obligations and considerations.
  • Total meterage drilled at Goldstrike to mid-October 2021 is 11,544 m in 80 holes, of which 2,546 m in 19 holes are reported herein.

MAIN ZONE HIGHLIGHT TABLE*

libertygold 19 10 2021 table 1*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 per cent.

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/2021/October/Goldstrike_NR10202021MapSection.pdf

For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click here: https://libertygold.ca/images/news/2021/October/GS_Intercepts10202021.pdf

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 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 and an average recovery of approximately 75%. Liberty Gold carried out extensive compilation, drilling and metallurgical work, releasing a resource estimate and  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 www.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.

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Announces receipt of C$11.0M in warrant proceeds since June 30

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce additional results from the 2021 Reverse Circulation (“RC”) drill program from its Black Pine Oxide Gold deposit in southeastern Idaho (“Black Pine”). Additionally, the Company is pleased to announce the receipt of C$11.0 million in cash since June 30, 2021, from the exercise of 18.5 million C$0.60 share purchase warrants which expired on October 2, 2021. Liberty Gold has no remaining share purchase warrants outstanding.   

The 70,000 metre (“m”) RC drill program at Black Pine in 2021 has several objectives, including: step-out drilling to extend the known zones of mineralization which all remain open for expansion; resource upgrade drilling; and the testing of new target areas with the goal to define new high-grade discoveries such as the recent D-4 discovery at Rangefront. Results from step-out and resource upgrade drilling in the Discovery Zone, E Zone and Tallman North areas are presented in this news release.  

Following the D-4 discovery at Rangefront, which includes 0.91 grams per tonne gold (“g/t Au”) over 86.9 m and 2.03 g/t Au over 21.3 m in LBP356 (see September 1, 2021 press release), two drill rigs have been mobilized to this area and results from over a dozen holes are pending. The drills are testing between the two Rangefront Deposit pits, near the southern portion of the historical heap leach pad and stepping out from the D-4 high grade oxide gold discovery. Given the large size and the low elevation of the Rangefront D-4 discovery, budgeting is underway for a winter drill program. A third rig continues the resource upgrade and step-out drilling program in the Discovery Zone and a core rig is on-site conducting geotechnical drilling and initiating phase 4 metallurgy testing, including in the D-4 Rangefront area.

Cal Everett, President and CEO of Liberty Gold stated, “The 2021 drill program at Black Pine continues to accomplish its goals of stepping-out and extending areas of known gold mineralization, resource upgrading and targeting new gold discoveries. Today’s results demonstrate that the Discovery Zone mineralization extends in two directions and indicates the potential to join the E  Zone and the Discovery Zone into a larger, single pit. Our next batch of results will include additional drilling in the Rangefront D-4 discovery area, while still early days the large target area has the potential to be of similar or greater scale to the Discovery Zone.”

For a map and cross sections of the drill hole locations in this release, please click here: https://libertygold.ca/images/news/2021/October/BlackPine_NR10072021ExplHoles.pdf 

For a complete table of results for the current press release, please click here: https://libertygold.ca/images/news/2021/October/BlackPine_NR10072021currentholes.pdf 

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2021/October/BlackPine_NR10072021forrelease.pdf

DISCOVERY ZONE AND E ZONE STEP-OUT DRILLING HIGHLIGHTS

  • Step-out holes extend the mineralization in the Discovery Zone to the east and west.
  • Step-out holes extend E Zone mineralization to the west and the north, with potential to link the E Zone and the Discovery Zone mineralization into a single resource pit.
  • Results of step-out drilling are reported for four areas:
    • The southern extension of the D-1 zone, part of the Discovery Zone;
    • The western extension of the Discovery Zone
    • The western extension of the E Zone; and
    • The northern extension of the E Zone extending towards the Discovery Zone.
  • High-grade gold mineralization was encountered at the southern end of the D-1 Zone, including, extending mineralization to the east of the resource pit.
  • Step-out holes were also drilled along the western edge of Discovery Zone and were successful in extending mineralization in that direction.
  • Mineralization was extended down dip to the west of the E Zone resource pit. Up to 45.7 m of continuous, above cut-off gold mineralization was encountered in LBP332, with several thick zones encountered in LBP328. The E Zone West holes were drilled to the west from the top of a ridge; therefore, mineralization is shallow relative to surface.

DISCOVERY ZONE AND E ZONE STEP-OUT DRILLING HIGHLIGHT TABLE1

table Oct062021 1

table Oct062021 2

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 is 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.  The highlight table removes some shorter and/or lower grade intervals; please see the full table at the link provided for all reportable intervals.

DISCOVERY ZONE RESOURCE UPGRADE HIGHLIGHTS

  • Resource upgrade drilling was carried out throughout the Discovery Zone, to convert the inferred portion of the resource, totalling 12% of the Discovery Zone resource, to indicated.
  • The Discovery Zone makes up ~74% of the current resource ounces at Black Pine.
  • Results received to date support the block model, and in some cases returned better than expected mineralization. Results include:
    • LBP 377: 0.58 g/t Au over 25.9 m and 0.85 g/t Au over 16.8 m and 0.88 g/t Au over 25.9 m including 1.09 g/t Au over 19.8m

DISCOVERY ZONE RESOURCE UPGRADE HOLES HIGHLIGHT TABLE1

table Oct062021 4

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 is 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.  The highlight table removes some shorter and/or lower grade intervals; please see the full table at the link provided for all reportable intervals.

NORTH TALLMAN HIGHLIGHTS

  • Several step-out holes down-dip to the north side of the historic Tallman Pit intersected high-grade gold mineralization, but cyanide solubility numbers in this small area are low primarily due to the presence of organic carbon proximal to and below the historical pit floor.
  • The presence of gold mineralization in this area presents the possibility that it can be traced laterally into areas with no organic carbon and high cyanide solubility.
  • Tallman Pit results appear to mark the southeast edge of the Discovery Zone projected pit wall. Progressing to the southeast past the Rangefront fault, there is no indication of any carbonaceous material in all holes drilled to date.

NORTH TALLMAN DRILLING HIGHLIGHT TABLE1

table Oct062021 3a

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 is 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. The highlight table removes some shorter and/or lower grade intervals; please see the full table at the link provided for all reportable intervals.

2Areas of low cyanide solubility are present in all intervals below approximately 180 m, likely due to the presence of organic carbon.

2021 WORK PROGRAM

Drilling commenced April 1st and is focused on upgrading inferred portions of the resource to indicated, step-out drilling on defined targets and discovery drilling throughout the 12 km2 permitted drill area. The initial resource pit encompasses the Discovery Zone (D-1, D-2 and D-3 high-grade oxide gold zones) as well as smaller pits at the Rangefront, M, CD, F, J, E  and Back Range zones. The Black Pine oxide mineral resource estimate released on July 13 (see below) does not include any drilling conducted in 2021. All zones remain open for extension, with the current drill program focussed on:

  • Building on the recent drill results in the Rangefront area
  • Expanding the Discovery Zone resource to the southwest, west, southeast, and east
  • Linking the E Zone to the F Zone and CD Zone and assessing whether this portion of the gold system can be extended to the northeast to link with the Discovery Zone
  • Converting inferred ounces in the current resource to indicated
  • Testing the shallow, high-grade Back Range Zone for the first time
  • Testing other frontier areas where surface geology and geochemistry suggest the presence of shallow zones of oxide gold.

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 Corp. 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, at an average grade of 0.63 g/t Au.

A 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, with the resource technical report filed on SEDAR and available on the Liberty Gold website on August 19, 2021.

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 a cut-off of 0.20 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 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 www.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 of assay results, results and accuracy of mineral resources, 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; 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.

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PGS 754: 3.60 g/t Au over 15.2 m including 7.75 g/t Au over 6.1 m
PGS 753: 1.19 g/t Au over 39.6 m including 1.89 g/t Au over 10.7 m

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

A 15,000 metre (“m”) RC drill program at Goldstrike commenced June 2021, focused on resource conversion from inferred to indicated and testing areas where the deposit remains open laterally and to depth. Drill results in this release include 17 holes for 2,216 m, drilled in two areas: the historic Hamburg Pit, part of the Main Zone where the majority of the gold ounces discovered to date are located; and the Beavertail deposit located to the southwest.

Cal Everett, President and CEO of Liberty Gold stated, “Today’s drill results continue to demonstrate that Goldstrike remains a high-quality PEA stage development project with upside, and compelling economic returns at current gold prices. Although our primary focus has been on advancing Black Pine for the last two years, we have returned to Goldstrike this year with a modest budget to continue de-risking the project in parallel with Black Pine. These early drill results indicate progress towards our goal of converting inferred blocks to indicated and provide potential to increase the grade in some parts of the resource.”

HIGHLIGHTS

  • Drill results confirm and extend upon the previous resource, consistently returning intercepts of shallow (0-100 m), high-grade mineralization, particularly in areas down-dip on fault zones, which remained open following previous drill programs.
  • Main Zone – Hamburg Pit results include:
    • PGS 748: 2.09 grams per tonne (“g/t”) gold (“Au”) over 22.9 m, including 4.36 g/t Au over 9.1m
    • PGS 754: 3.60 g/t Au over 15.2 m, including 7.75 g/t Au over 6.1 m
    • PGS 753: 1.19 g/t Au over 39.6 m including 1.89 g/t Au over 10.7 m
  • Beavertail, results include:
    • PGS 739: 1.02 g/t Au over 12.2 m, including 6.01 g/t Au over 1.5 m
  • Down-dip and lateral extensions to oxide gold mineralization have been identified in both the Hamburg and Beavertail areas.
  • Based on results to date, trenching of surficial deposits, additional metallurgical drilling and testing, and initiation of baseline studies have been approved for execution this year, to further advance the project.
  • Drilling continues in Main Zone with a primary focus on in-fill with the testing of one new target on the north side of the deposit.

MAIN ZONE - HAMBURG PIT

Main Zone drilling to date has focused on the historic Hamburg Pit area, including inferred resource blocks located adjacent to and beneath the indicated portion of the resource.  Of note are the high-grade results in PGS754, with a 1.52 m-long interval grading 18.3 g/t Au, (within the interval grading 9.98 g/t Au over 4.6 m as shown in the highlight table) across the Hamburg fault zone, a regional structural control on the distribution of gold mineralization. Drilling is on-going in this area and further results are expected during Q4.

MAIN ZONE HIGHLIGHT TABLE*

table august31 1

*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.

BEAVERTAIL (WEST GOLDSTRIKE ZONE) DRILLING

Drilling in the Beavertail deposit area has confirmed the presence of shallow oxide mineralization in areas of inferred resource. Drilling successfully targeted gold mineralization in inferred resource blocks.

BEAVERTAIL (WEST GOLDSTRIKE ZONE) HIGHLIGHT TABLE*

table august31 2a

*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.

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/2021/September/Goldstrike_NR09082021MapSections.pdf

For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click here: https://libertygold.ca/images/news/2021/September/GS_Intercepts090821.pdf

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 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 (“NPV”) at a 5% discount rate 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.     

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 a cut-off of 0.20 g/t. 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) (“g/t”) 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 0.200 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 www.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, the proposed timing of exploration and development plans, expected capital costs at Goldstrike, expected gold recoveries from the Goldstrike mineralized material, the potential upgrade of inferred mineral resources to measured and indicated mineral resources, the 2021 work program and the results thereof, the timing and results of any PEAs and the planned development work at 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, 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; 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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LBP356: 0.91 g/t Au over 86.9 m and 2.03 g/t over 21.3 m
LBP358: 1.23 g/t Au over 24.4 m and 1.37 g/t Au over 50.3 m

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the new D-4 gold discovery at the Rangefront target on its Black Pine Oxide Gold deposit in southeastern Idaho (“Black Pine”), confirmed with the release of the first tranche of 2021 Reverse Circulation drill results.

D-4 discovery drill holes LBP356 and LBP358 were drilled from the first site established in the new permit area targeting a 1,250 metre (“m”) gap in drilling along the four kilometre (“km”) long dominant mineralization trend at Black Pine. This large gap between two mineralized areas had seen no previous drilling due to the presence of shallow sandstone cover rocks that overlie the gold-host carbonate rocks. The two +100 gram-metre oxide gold intercepts are spaced approximately 100 m apart and are characteristic of other high grade oxide gold zones across the property.

Cal Everett, President and CEO of Liberty Gold stated, “D-4 at Rangefront represents another game-changing discovery for Black Pine in a completely untested area of the property. With mineralization in the Discovery Zone trending southeast under sandstone cover, we believed the Rangefront area had potential to host the faulted-off, southern extension of the Black Pine gold system. While it is still early days, with the high-grade intervals in LBP356 and LBP358 and mineralization over a 400 m down-hole interval in LBP349, we have proof of concept that significant gold mineralization exists in the D-4 area. We are now aggressively drilling at D-4 and expect to continue through the remainder of the 2021 drill season. The D-4 discovery, along with new frontier discoveries at Rangefront Southwest and Upper F Zone also released today, continues to demonstrate the large-scale and robust nature of the oxide gold system at Black Pine, which remains relatively untested after only two years of concentrated drilling in the Discovery Zone.”

For a map and cross sections of the new D-4 discovery holes, please click here: https://libertygold.ca/images/news/2021/September/BlackPine_NR09012021ExplHoles.pdf

D-4 DISCOVERY HIGHLIGHTS                                                   

  • Results from the five holes, drilled 350 m west of the Rangefront resource pits encountered thick zones of gold mineralization, including:
    • LBP356: 0.91 grams per tonne gold (“g/t Au”) over 86.9 m and 2.03 g/t Au over 21.3 m
    • LBP358: a 100 m step-out from LBP356 intersected 1.23 g/t Au over 24.4 m, and 1.37 g/t Au over 50.3 m, including 2.37 g/t Au over 22.9 m
    • LBP349 another 100 m step-out south-east from LBP358 returned numerous intervals of above cut-off grade mineralization from 56.4 m to 455.7 m down-hole, a length of approximately 400 m
  • LBP277 located 700 m west of Rangefront yielded an interval grading 6.17 g/t Au over 3.0  m
  • Between LBP277 and the Rangefront resource pits, gold mineralization has been encountered in three locations over a distance of 1.2 km from east to west with mineralized intervals at approximately the same vertical elevation
  • The Rangefront D-4 discovery drill site is located 1,250 m southeast of the southernmost Discovery Zone resource pit, 350 m west of the two Rangefront resource pits, 600 m south of the Rangefront North target (Leach Pad resource pit), and approximately 1 km east of the historic C-D Pit
  • Rangefront is open in all directions, and is undrilled for 600 m to the north and is unconstrained to the south
  • Given the scale of the D-4 target area, two drills have been mobilized from outlying regional targets to Rangefront to expand the discovery

D-4 DISCOVERY EXPLORATION HOLES HIGHLIGHT TABLE1

 

QUALIFIED PERSONtable august31 1

D-4 DISCOVERY EXPLORATION HOLES HIGHLIGHT TABLE (continued)1

table august31 2a

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 cut-off. Downhole thickness is 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.

RANGEFRONT SOUTHWEST AND UPPER F ZONE HIGHLIGHTS

  • The Rangefront Southwest and Upper F Zone targets represent two new oxide gold discoveries in frontier areas that have not been subject to any previous drilling; results include:
  • Rangefront Southwest:
    • LBP290 returned 1.15 g/t Au over 21.3 m, located 800 m south of the C-D pit
    • LBP337 returned 2.1 g/t Au over 13.7 m
  • Upper F Zone:
    • The Upper F Zone is located 300 m south-east and 500 m north-west of the historic E pit and C pit, respectively
    • LBP300 and LBP350 both bottomed in gold mineralization and the holes were abandoned due to bad ground conditions and represent a new discovery in this area
    • LBP350 returned 1.40 g/t Au over 12.2 m
  • Follow up drilling at both Rangefront Southwest and Upper F Zone is on-hold pending drill rig allocation to the D-4 discovery

RANGEFRONT SOUTHWEST AND UPPER F ZONE HOLES HIGHLIGHT TABLE1

table august31 3

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 cut-off.  For a full table of results in this release, please click on the link to the reporting table. Downhole thickness is 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.

For a full table of results of the new Black Pine exploration holes, please click here: https://libertygold.ca/images/news/2021/September/BlackPine_NR09012021dhtable.pdf

2021 WORK PROGRAM

Drilling commenced April 1st and is focused on upgrading inferred portions of the resource to indicated, step-out drilling on defined targets and discovery drilling throughout the 12 km2 permitted drill area. The initial resource pit encompasses the Discovery Focus Area (D-1, D-2 and D-3 high-grade oxide gold zones) as well as smaller pits at the Rangefront, M, C-D Pit, F, J, E Pit and Back Range zones. The updated Black Pine Oxide Mineral Resource estimate released on July 13 (see below) does not include any drilling conducted in 2021. All zones remain open for extension, with the current drill program focussed on:

  • Building on the recent drill results in the Rangefront area
  • Expanding the Discovery Focus Area resource to the southwest, west, southeast, and east
  • Linking the E Pit to the F Zone and CD Pit and assessing whether this portion of the gold system can be extended to the northeast to link with the Discovery Focus Area
  • Converting inferred ounces to indicated
  • Testing the shallow, high-grade Back Range Zone for the first time.
  • Testing other frontier areas where surface geology and geochemistry suggest the presence of shallow zones of oxide gold

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 Newmont’s 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, at an average grade of 0.63 g/t Au.

A 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, with the resource technical report filed on SEDAR and available on the Liberty Gold website on August 19, 2021.

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 a cut-off of 0.20 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 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 www.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, results and accuracy of mineral resources, 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; 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.

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Liberty Gold Files Technical Report on SEDAR for Resource Estimate at Black Pine Oxide Gold Deposit, Great Basin, USA

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the "Company") is pleased to announce that further to its news release dated July 13, 2021, the Company has filed on SEDAR a National Instrument (“NI”) 43-101 Technical Report for the Black Pine Oxide Gold Property in southeastern Idaho, USA.

The NI 43-101 Technical Report is entitled “Updated Technical Report and Resource Estimate for the Black Pine Gold Project, Cassia County, Idaho, USA”, effective June 20, 2021, and signed August 18, 2021 (the “Technical Report”). The Technical Report was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects by Michael Gustin, P. Geo., of MDA, a division of RESPEC, based in Reno, Nevada; Gary L. Simmons of GL Simmons Consulting LLC of Larkspur, Colorado, both independent Qualified Persons under National Instrument 43-101; and Moira Smith of Liberty Gold Corp.

The Technical Report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.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 NI 43-101 and has reviewed and validated that the information contained in the release is accurate.

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 Newmont’s 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, at an average grade of 0.63 g/t Au.

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

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 www.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, the proposed timing of exploration and development plans, expected capital costs at Black Pine, expected gold recoveries from the Black Pine mineralized material, the potential upgrade of inferred mineral resources to measured and indicated mineral resources, the 2021 work program and the results thereof, the timing and results of any PEAs and the planned development work at Black Pine. 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; 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 Receives US$6 million Payment for the Sale of Halilağa - Türkiye

Reports Q2 2021 Financial and Operating Results

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce the receipt of the second US$6.0 million payment as part of the 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$16.0 million to-date from the sale of Halilağa with a further US$6.0 million due to be received on August 11, 2022, and subject to a bank guarantee[1].

Additionally, from January 1, 2021, to the date of this news release, the Company received a total of C$2.16 million from the exercise of 3,594,300 Liberty Gold common shares purchase warrants (“Warrants”), issued pursuant to the bought deal financing that closed on October 2, 2018; the Warrants are each exercisable for C$0.60 and expire on October 2, 2021. If all remaining October 2018 warrants are exercised, Liberty Gold will receive a total of C$10.5 million in cash proceeds to further strengthen its treasury. 

The Halilağa divestiture is consistent with Liberty Gold’s strategy of re-deploying capital from non-core assets into the high-quality oxide-gold projects in the Great Basin, USA. The Company has US$15.3 million in cash as of June 30, 2021, has received US$6.0 million on August 11, 2021, and expects a further US$8.4 million in proceeds by the end of 2021. We remain well funded to complete our 2021 exploration programs and end the year with a strong treasury to continue advancing the Black Pine and Goldstrike projects in 2022.

HIGHLIGHTS FOR Q2 2021 Financial and Operating Results:

  • At Black Pine we announced the first modern mineral resource estimate (the “Mineral Resource”)[2]:
    • The Mineral Resource has an effective date of May 1, 2021, is reported in a pit shell at a cut-off grade of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of:
      • An indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and contained in 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 contained in 31,211,000 tonnes.
    • A high-grade subset of the Mineral Resource using a cut-off grade of 0.5 g/t Au consists of:
      • An indicated mineral resource of 1,020,000 ounces of gold at an average grade of 1.04 g/t Au and contained in 30,520,000 tonnes; and
      • An inferred mineral resource of 134,000 ounces of gold at an average grade of 0.94 g/t Au and contained in 4,440,000 tonnes.
  • On-going 2021 drill program at Black Pine targeting step-out drilling on all of the resource zones; upgrading inferred portions of the resource to indicated for use in further economic studies; and discovery drilling throughout the 12 km2 permitted drill area.
  • Commenced Preliminary Economic Assessment at Black Pine.
  • A 15,000 m RC drill program at Goldstrike began in May with a goal to convert inferred gold ounces as classified in the current resource estimate to indicated.
  • We appointed a new Chief Operating Officer, Jonathan Gilligan, a senior mining executive with over 35-years of multi-commodity, international experience across technical services, capital projects, open pit mine construction and operations[3].
  • We appointed a new Vice President Business Development, Brian Martin, a mining finance professional with over 13 years of experience in mergers and acquisitions, corporate strategy, investor relations and capital markets[4].
  • At TV Tower we announced maiden resource estimates for five gold and copper deposits[5] more than tripling the resource endowment.

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.

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the “Interim Financial Statements”) for the three and six months ended June 30, 2021, 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:

 table august12

----------------------------------------------------------------------------------------

[1] For transaction details see our press release dated November 18, 2019
[2] See press release dated July 13, 2021
[3] See press release dated June 29, 2021
[4] See press release dated May 17, 2021
 [5] See press release dated April 6, 2021

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 www.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 Sale 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 or PEA, 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 or 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); the receipt of staged payments pursuant to the Halilağa Sale 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 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 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 Announces First Resource Estimate for the
Black Pine Oxide Gold Deposit, Idaho

1,715,000 Indicated and 370,000 Inferred Gold Ounces

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the first modern independent resource estimate at its Black Pine Oxide Gold deposit in southeastern Idaho (the “Mineral Resource”). This resource estimate crystallizes the results from two years of drilling and is a strong initial foundation on which to layer our upcoming Preliminary Economic Assessment (“PEA”) and ongoing successful expansion drilling program.  It is one of Liberty Gold’s two advanced-staged, Carlin-style oxide gold development projects in the Great Basin, USA.

The Mineral Resource has an effective date of May 1, 2021, is reported in a pit shell at a cut-off grade of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of:

  • 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.
  • A high-grade subset of the Mineral Resource using a cut-off grade of 0.5 g/t Au consists of:
    • An indicated mineral resource of 1,020,000 ounces of gold at an average grade of 1.04 g/t Au and totalling 30,520,000 tonnes; and
    • An inferred mineral resource of 134,000 ounces of gold at an average grade of 0.94 g/t Au and totalling 4,440,000 tonnes.

Seventy-four percent of the resource ounces are located in the Discovery Zone, centered on the high-grade oxide gold D-1, D-2 and D-3 discoveries. In this area in particular, a higher-grade 0.5 g/t Au cut-off resource subset of approximately 1 g/t Au will be material to enhancing project economics for the upcoming PEA. In addition, Liberty Gold’s 2021 exploration program is focused on drilling this area to extend the current pit constrained resource outward in four directions, and upgrade Inferred resource to Indicated for use in future economic studies.

Liberty Gold’s drilling in the Discovery Zone has added significant new high-grade ounces around historic mining and exploration. This initial resource estimate also includes seven additional zones outside the Discovery Zone that have not yet been subject to a similar concentrated drill program by Liberty Gold. These resource areas are largely comprised of historical drilling, and most are open to extension in all directions and to depth. These zones provide further evidence that Black Pine is a large, district-scale mineralised system over a 14 square kilometre (“km2”) area.  Some of these areas have the potential to link together into larger pits or in some instances join the Discovery Zone.

Cal Everett, President and CEO of Liberty Gold stated, “We are thrilled to release a significant first resource estimate for our flagship Black Pine Oxide Gold Deposit, a tremendous accomplishment over such a short, two-year period. This resource estimate is a major catalyst for Liberty Gold, as we advance Black Pine  toward a modern, low-cost, large-scale, multi-million-ounce heap-leach project. Importantly, over half of the Black Pine deposit averages 1.0 grams per tonne of gold and with minimal royalty burden overall, should drive strong economics, to be outlined with the release of the upcoming PEA. Coupled with Goldstrike, our second oxide gold project located in southwestern Utah, Liberty Gold is in a unique position to have two development-stage oxide gold projects in a favorable jurisdiction.

“Black Pine is one of the few oxidized Carlin-style deposits of this size and scale remaining in the Great Basin.  The ultimate gold endowment at Black Pine remains unknown, given the 14 km2, drill-confirmed scale of the system to date, of which only a small portion is covered in this first resource estimate.”

table july12

Notes:

  • Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  • Mineral resources are reported at a 0.2 g/t Au cut-off (indicated in bold lettering and italics in the table) in consideration of potential open-pit mining and heap-leach processing. The Mineral Resource is constrained by a pit optimization.
  • All other sensitivity cut-offs are applied to the in-pit Mineral Resource and represent subsets of the Mineral Resource.
  • Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grades, and contained gold content.
  • The effective date of the Mineral Resource estimate is May 1, 2021.
  • The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
  • See additional resource estimate notes below.

For maps and cross sections of the Black Pine Mineral Resource block model, please click here: https://libertygold.ca/images/news/2021/July/BlackPine_NR07132021Resource.pdf

KEY POINTS

  • The Mineral Resource captures historic shallow drilling and Liberty Gold drilling through the end of 2020 throughout the 14 km2 surface gold anomaly surrounding the historic pits, leaving large areas untested.
  • A combination of shallow historic and Liberty Gold drilling in 2,149 tightly spaced drill holes, representing 263,852 metres of drilling, allows for a high degree of confidence in the integrity of the Mineral Resource, as illustrated by 82% of the Mineral Resource in the indicated category.
  • At higher cut-off grades, much of the Mineral Resource is retained at a substantially higher grade, potentially providing optionality in mine planning scenarios. For example, at a 0.5 g/t Au cut-off grade, over 1 million ounces of indicated material remain, at a grade of over 1 g/t gold.
  • Eighty-eight percent of the ounces in the Discovery Zone are in the indicated category. The Discovery Zone resource pit includes 93 million tonnes of ore and 224 million tonnes of waste at a 0.20 g/t cut-off, which equates to a stripping ratio of 2.4:1.
  • The Mineral Resource estimate was completed by Mine Development Associates, a division of RESPEC (“MDA”) of Reno, Nevada, and was subject to a thorough audit by SLR Consulting (Canada) Ltd., Toronto, Canada. Both are highly respected companies with extensive experience in resource estimation and audit of Carlin-style gold systems in the Great Basin.
  • Inferred portions of the resource largely reflect areas of widely spaced drilling by historic operators and can be upgraded through validation drilling.
  • Much of the gold system remains unexplored or incompletely tested, including a large area of shallow cover rocks extending from the Discovery Zone to the Rangefront zone, a distance of 1.5 kilometres.  Drill testing of this area is currently underway.
  • To date, Liberty Gold has expended approximately US$18 million dollars on the project, including acquisition costs, or approximately US$9 per resource ounce of gold.
  • A PEA based on this Mineral Resource is currently on track for delivery in Q3.

“Our interest in Black Pine started with a simple concept: that the Black Pine oxide gold system extended along low-angle faults and stratigraphic horizons between and outboard of the historic pits, and that the potential was far greater than the sum of the historically mined gold,” stated Moira Smith, Liberty Gold’s Vice President of Exploration and Geoscience. “Through application of careful and thorough compilation, 3-D modeling, detailed metallurgy, our amazing in-house technical team and incredibly experienced consultants, as well as a lot of drilling, today we believe we can validate this concept, and move forward into the development phase with complete confidence in our resource endowment, and our ability to grow it into the future.” 

RESOURCE DISTRIBUTION BY ZONE

At present, 74% of the ounces report to the largest of the resource pits in the Discovery Zone, with 26% of the resource located in seven additional satellite zones, as detailed in the Table below. 

KEY POINTS

  • The distribution of mineralization in this initial resource, and the presence of these smaller pits, reflects a lack of modern drilling throughout the Black Pine gold system as we initially focused on the Discovery Zone, as well as patterns of shallow drilling established by previous operators.
  • The zones, which are open in many or all directions, were tested by Liberty Gold with relatively few holes for validation purposes and await comprehensive infill and step-out drilling.
  • Some of these zones have the potential to link together into larger pits or in some instances join the Discovery Zone.
  • Some of the zones are lower grade than the Discovery Zone, such as the CD  and E zones. Liberty Gold believes this is largely due to historical mining of the higher-grade cores of the zones by the previous mine operator, and that additional drilling may lead to discovery of higher-grade material laterally or at depth.

table2 july12

Mineral Resource shown in bold italic

2021 Work Program

The 2021 drilling program commenced April 1st and is focused on: step-out drilling on all of the resource zones; upgrading inferred portions of the resource to indicated for use in further economic studies; and discovery drilling throughout the 12 km2 permitted drill area.

This drilling program will encompass a minimum of 52,000 metres of drilling, and the primary goal is resource expansion and testing the potential of large, undrilled areas in the southern and northern portions of the permit area.

The program is focused on:

  • Expanding the Discovery Zone resource to the southwest, west, southeast, and east.
  • Exploring potential linkages between the E Zone and the CD Zone and assessing whether this portion of the gold system can be extended to the northeast to link with the Discovery Zone.
  • Drill testing a large area to the south and southwest of the CD Zone, probing for oxide gold where there has been no historical drilling.
  • Testing newly permitted exploration ground between the Rangefront Zone and Discovery Zone where there has been no exploration drilling in the past.

In parallel with the drill program, development work is continuing, comprising:

  • Completion of a PEA.
  • Finalization of Phase 3 metallurgical column testing work.
  • Procurement of process water, land, and private and State-owned mineral rights.
  • Submission of an additional amendment to the Plan of Operations.

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 Newmont’s 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, at an average grade of 0.63 g/t Au.

Gold mineralization at Black Pine is hosted in a 400 metre-thick package of receptive, faulted carbonate rocks of the Pennsylvanian Oquirrh Formation.  The rocks show evidence of extensive decalcification and clay alteration typical of Carlin-style gold deposits and are strongly oxidized over the entire extent of the 14 km2, exposed portion of the gold system.

Metallurgical column testing results (Phase 1 was 78% and Phase 2 was 82%) to date indicate rapid gold recoveries, relatively insensitive to crush size, which support a simple, low cost, heap leach process. Additional metallurgical column testing is underway, with an expected release date in Q3.

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

ESTIMATION METHODS

The resource estimate was completed by Michael Gustin, Senior Geologist, of MDA, a division of RESPEC. Mr. Gustin is an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended.  Mr. Gustin is a Qualified Person for this news release. Estimation methods are summarized below. 

  • The gold mineral resources at the Black Pine Project were modeled and estimated by:
    • Developing a geological model, reflecting low-angle fault control of mineralization hosted in receptive carbonate host rocks;
    • evaluating the drill data statistically;
    • interpreting low-, medium-, and high-grade gold-domain polygons on sets of cross sections spaced at 30-metre intervals;
    • projecting the sectional mineral-domain polygons three-dimensionally to the drill data within each sectional window, thereby creating three-dimensional polygons;
    • slicing the three-dimensional mineral-domain polygons along 10-metre-spaced vertical planes oriented perpendicular to the cross sections, and using these slices to recreate and rectify the gold mineral-domain polygons on the long sections;
    • coding a block model comprised of 10 x 10 x 5 (x, y, z) metre blocks to the domains using the long-sectional mineral-domain polygons;
    • analyzing the modeled mineralization geostatistically to aid in the establishment of estimation and classification parameters;
    • interpolating gold grades into the model blocks using the mineral- domain coding to explicitly constrain the gold grade estimations; and
    • evaluating the resulting model in detail prior to finalizing the mineral resource estimation.
  • The Black Pine Deposit mineral resources have been constrained to lie within optimized pit shells created using a gold price of USD $1,800/ounce of gold. Additional inputs for the pit-optimizations include: Mining - $2.30/tonne mined, heap leaching - $2.59/tonne processed; and G&A cost of $0.80/tonne at an assumed 10 million tonnes per year processing rate. Gold recoveries are based on equations derived from metallurgical data and vary by grade and rock unit. A refining cost of $5/ounce and a 0.5% net smelter return royalty were also applied.
  • The Mineral Resource is based on 1,848 historical reverse circulation holes and 26 diamond core holes, as well as 259 reverse circulation and 16 core holes drilled by Liberty Gold. The historical holes at the Black Pine Project were primarily drilled from the mid 1980s to the late 1990s by Noranda and Pegasus Gold.
  • A technical report on the updated resource estimate will be prepared in accordance with NI 43-101 and filed within 45 days of this news release on Liberty Gold’s issuer profile on SEDAR at sedar.com

The technical information contained in this news release has been reviewed and approved by Michael Gustin, PhD., P.Geo., of MDA, a division of RESPEC, an Independent Qualified Person as defined by NI 43-101. Mr. Gustin has verified the data disclosed, including sampling, analytical, and test data underlying the drill results, and he consents to the inclusion in this release of said data in the form and context in which it appears.

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 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 www.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, the proposed timing of exploration and development plans, expected capital costs at Black Pine, expected gold recoveries from the Black Pine mineralized material, the potential upgrade of inferred mineral resources to measured and indicated mineral resources, the 2021 work program and the results thereof, the timing and results of any PEAs and the planned development work at Black Pine. 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; 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 Appoints Jon Gilligan as Chief Operating Officer

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the "Company"), is pleased to announce the appointment of Jon Gilligan as Chief Operating Officer effective July 16, 2021.

Dr. Jonathan Gilligan is a senior mining executive with over 35-years of multi-commodity, international experience across technical services, capital projects, open pit mine construction and operations.  Prior to joining Liberty Gold, he held senior technical and projects roles with both Torex Gold Resources Inc. and SSR Mining Inc. (“SSR”).  During his tenure at SSR, he was directly involved with the acquisition and integration of the Marigold open-pit heap leach operation in Nevada, USA and ran SSR’s Argentina operations during the permitting and construction of the Chinchillas open pit mine.  Previously, Dr. Gilligan pursued a 17-year career at BHP, serving as Vice President, Special Projects in the Copper/Uranium Group with responsibility for the development of autonomous open pit mining systems, Deputy Project Director for the Olympic Dam Expansion Project, South Australia and as Operations Manager, Escondida Mine in Chile, responsible for the build of the Escondida Norte open pit copper mine. Dr. Gilligan holds a B.Sc. (Hons.) in Geology from University College London, UK and obtained a Ph.D. in gold mineralization in Archean rocks from the University of Southampton, UK.

“We are delighted to welcome Jon to our executive team,” said Cal Everett, President and CEO of Liberty Gold.  “Jon brings a significant breadth of technical and operating experience into Liberty Gold and with his large-scale open pit, heap leach background, he will spearhead the next phase of growth for us. In particular, his familiarity with Great Basin oxide gold deposits together with his capital projects and mine-building experience makes him an invaluable asset to our impressive management team. With the Black Pine first resource estimate pending release and a PEA pending in Q3, Jon’s skillset will be applied to the next stage of studies at Black Pine and Goldstrike, as Liberty Gold de-risks these two key projects at the same time, moving them rapidly forward in our development pipeline, towards construction and operations.”

Mr. Jim Lincoln will be stepping down as Chief Operating Officer of Pilot Gold USA but will remain as an advisor to the Board.  “Jim and I have worked together for over 15 years and he has been an integral part of all project development strategies and deliverables at Liberty Gold, Fronteer Gold and Aurora Energy.  I look forward to continuing to work with him as an advisor and wish him all the best as he steps into semi-retirement.  On behalf of the Board, I’d like to thank Jim for his long standing contribution, excellent strategic guidance, and friendship,” said Mark O’Dea, Chairman of Liberty Gold. 

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 www.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 of the publication of any mineral resources or preliminary economic assessments (“PEA”s), 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 mineral resources; 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 unless required by law.

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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 8, 2021 (the “Meeting”). A total of 172,095,885 common shares were voted, representing the votes attached to 65.37% 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
Mr. Cal Everett
Mr. Donald McInnes
Mr. Robert Pease
Mr. Sean Tetzlaff
Ms. Barbara Womersley
Mr. Greg Etter
139,278,898
153,057,247
135,339,351
134,917,669
152,805,804
152,943,270
152,978,482
90.96%
99.96%
88.39%
88.11%
99.79%
99.88%
99.91%

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.

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 www.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 Files Technical Report on SEDAR for Resource Estimate at TV Tower, Western Türkiye

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the "Company") is pleased to announce that further to its news release dated April 6, 2021, the Company has filed on SEDAR a National Instrument (“NI”) 43-101 Technical Report for the TV Tower Property, Western Türkiye.

The NI 43-101 Technical Report is entitled “Updated Technical Report and Resource Estimate, TV Tower Property, Çanakkale, Western Türkiye”, effective February 9, 2021 and signed May 18, 2021 (the “Technical Report”). The Technical Report was authored by independent Qualified Persons and was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

The Technical Report is available under the Company’s profile at www.sedar.com and will also be available on the Company’s website at www.libertygold.ca.

The TV Tower Property is located in the Biga Peninsula, home to numerous epithermal gold and silver and gold-copper porphyry deposits, mines and development projects. The project is road accessible year-round and close to power generation facilities and deep-water ports.  The Technical Report details maiden resource estimates on five deposits comprising gold-copper porphyry, high sulphidation epithermal gold oxide and supergene copper mineralization.

QUALIFIED PERSONS

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 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 www.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 regarding the Company’s development plans and goals. 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 the timing of any resources or preliminary economic assessments. 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 changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; including any restrictions due to the recent pandemic of the novel coronavirus (COVID-19), 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 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 unless required by law.

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Liberty Gold Appoints Vice President, Business Development

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the "Company"”), is pleased to announce the appointment of Brian Martin as Vice President, Business Development.

Mr. Martin is a mining finance professional with over 13 years of experience in mergers and acquisitions, corporate strategy, investor relations and capital markets. Prior to joining Liberty Gold, he served in senior corporate development roles at SSR Mining Inc. (“SSR”). during its growth into an intermediate precious metals producer. During his tenure at SSR, Mr. Martin was responsible for the mergers and acquisitions due diligence and execution processes, resulting in a number of completed transactions including the recent merger with Alacer Gold Corp. Prior to joining SSR, Mr. Martin worked in equity research at Raymond James Ltd. with a coverage focus on mid-cap precious metal producers and developers in the metals and mining sector. He holds a Bachelor of Commerce degree from the University of British Columbia and is a CFA Charterholder.

“I am delighted to welcome Brian to our senior management team,” said Cal Everett, President and CEO of Liberty Gold.  “Brian brings to the role extensive industry experience in mergers and acquisitions, capital markets and corporate strategy, ideally suited for Liberty Gold’s next phase of growth. Additionally, Brian's significant experience with large-scale oxide gold deposits in the Great Basin is an invaluable asset to our team. With the first Black Pine resource estimate due out imminently and the delivery of a preliminary economic assessment to be completed shortly thereafter, Brian adds a complementary skillset to our management team at an opportune time as we deliver these key de-risking milestones for our flagship project.”   

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 www.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 proposed timing of exploration and development plans. 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 the timing of any resources or preliminary economic assessments. 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 changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; including any restrictions due to the recent pandemic of the novel coronavirus (COVID-19), 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 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 unless required by law.

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LIBERTY GOLD REPORTS Q1 2021 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, 2021. All amounts are presented in United States dollars (“USD”) unless otherwise stated.

Liberty Gold is focused on advancing a pipeline of Carlin-Style gold deposits in the Great Basin, U.S.A., a mining-friendly jurisdiction that is home to large-scale oxide gold systems ideal for open-pit heap leach mining. The Great Basin covers portions of the states of Nevada, Utah and Idaho. The Company has a proven track-record in discovery and building value in this region.

HIGHLIGHTS:

  • At Black Pine we announced the final results from 2020 metallurgical core drilling, highlights include1:
    • D-3 zone: 1.23 grams per tonne (“g/t”) of gold (“Au”) over 24.1 metres (“m”), including 2.72 g/t Au over 2.3 m and including 3.39 g/t Au over 4.4 m in LBP231C.
    • D-2 zone: 1.11 g/t Au over 21.7 m, including 1.58 g/t Au over 8.4 m, and 1.20 g/t Au over 3.9 m in LBP238C.
    • E Pit: 0.71 g/t Au over 13.3 m, including 3.19 g/t Au over 5.1 m, and 4.31 g/t Au over 3.6 m in LBP242C.
    • CD Pit: 0.57 g/t Au over 32.0 m, including 0.50 g/t Au over 11.3 m, and 0.36 g/t Au over 16.9 m in LBP251C.
  • Received approval for an amendment to our Plan of Operations (“PoO”) allowing us to access additional strategic areas for drilling and an easement to a water well.2
  • Released results from five large diameter core holes drilled to support phase 3 metallurgical column testing from the D-1, D-2 and D-3 zones include3:
    • 3.32 g/t Au over 47.4 m, including 12.5 g/t Au over 5.8 m in LBP214C.
    • 3.62 g/t Au over 8.1 m and 1.27 g/t Au over 54.2 m, including 2.51 g/t Au over 17.0 m in LBP222C.
    • 1.12 g/t Au over 13.4 m and 3.16 g/t Au over 32.0 m in LBP207C.
    • 1.44 g/t Au over 16.5 m and 1.36 g/t Au over 15.2 m and 1.23 g/t Au over 7.6 m in LBP197C.
  • At TV Tower we announced maiden resource estimates for five gold and copper depositsmore than tripling the resource endowment. For more details see the news release titled “Liberty Gold Announces Maiden Resource Estimates for Five Gold and Copper Deposits at the TV Tower Project, Turkeydated April 6, 2021.

1 See news release dated April 26, 2021
2 See press release dated February 18, 2021.
3 See press release dated January 12, 2021

SELECTED FINANCIAL DATA

The following selected financial data is derived from our unaudited condensed interim financial statements and related notes thereto (the “Interim Financial Statements”) for the three months ended 

March 31, 2021 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:

13MayLibertyGoldnews

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 www.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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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, including any impacts due to the recent pandemic of the novel coronavirus (COVID-19), obtaining governmental approvals and any 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, accuracy of any mineral resources, the availability of drill rigs, the accuracy of a preliminary economic assessment, 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; including any restrictions due to the recent pandemic of the novel coronavirus (COVID-19), 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 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 unless required by law.

Cautionary Note for United States Investors

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 Announces Final 2020 Results from Metallurgical Core Drilling at Black Pine, Idaho: 0.77 g/t Au over 10.8 m and 1.23 g/t Au over 24.1 m and 0.75 g/t over 21.5 m in LBP231C

Black Pine First Resource Estimate and PEA Initiated

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce drill results from the five final metallurgical diamond drill holes at its Carlin-style Black Pine oxide gold property (“Black Pine”) in southern Idaho, USA.  These holes complete the 2020 core drilling program, composed primarily of large diameter holes to be used for metallurgical column testing.  Significant oxide gold intercepts were obtained from the D-2, D-3, and historical CD Pit and E Pit areas. Drilling in the vicinity of the historic pits will significantly expand the scope of metallurgical column testing at Black Pine. 

The E Pit hole is the first test by Liberty Gold along the west edge of the permitted exploration area.

Highlights include1:

Screenshot 2021 04 23 123923m = metres, Au (g/t) = grams per tonne gold, FA = Fire Assay, AuCN = cyanide soluble gold,

1A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.
2The cause of reduced cyanide solubility in these intercepts is under review.

“We are happy to have all the results in from our 2020 core drilling program, so that we can proceed with the rest of our Phase 3 metallurgical testing,” commented Cal Everett, President and CEO of Liberty Gold. “The first modern resource estimate at Black Pine is in process and a preliminary economic assessment (“PEA”) has been initiated concurrently, in order to accelerate our development timeline. Our objective is to fast-track Black Pine with key deliverables forthcoming by mid-year.”

KEY POINTS:

  • Core holes in the D-2 and D-3 zones complete the metallurgical drilling in the Discovery Focus Area. Forty-three new column tests will be completed, which will inform a Prefeasibility decision in Q3, 2021.
  • Core holes in the E Pit and CD Pit areas represent the first core drilling in these areas and will add to the geographical distribution of composites critical to characterizing the overall metallurgical variability of the Black Pine gold system.
  • Cyanide-soluble assays for the highlight intervals (as reported in the table above) in LBP231C returned weighted averages of 92% and 72% of fire assay. The highlight intervals in LBP242C returned weighted averages of 88% and 89% of fire assay, both attesting to the thoroughly oxidized nature of gold mineralization.
  • Composites from the holes in this press release will be added to those already in the lab undergoing metallurgical column testing at KCA Laboratory, Reno, Nevada.
  • Mine Development Associates, a division of RESPEC Company LLC. in Reno, Nevada, has been retained for the resource estimate.  SLR Consulting Ltd. (“SLR”) of Toronto, Ontario, will audit the resource.
  • SLR is the lead consulting group for the PEA, with contributions from Golder Associates Inc., KCA, Stantec Inc. and other consultants.

For a map and cross sections of the Black Pine Property, including drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2021/April/BlackPine_NR04262021MapandCS.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2021/April/BP_Intercepts04262021.pdf

Drilling and assaying of all RC and core holes from the 2020 season is now complete. The 2021 reverse circulation (“RC”) drilling season commenced on April 1, 2021.  Five drill holes have been completed, three to extend the D-3 discovery to the south and two as a first test of the large area between the Rangefront Zone and the main area of oxide gold mineralization to the west.

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 Newmont’s 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.

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: www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. 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 0.200 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.

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 www.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 of the publication of any 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; the timing of the publication of any mineral resources; 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 unless required by law.

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Liberty Gold Announces Maiden Resource Estimates for Five Gold and Copper Deposits at the TV Tower Project, Türkiye

New Resources Triple Gold and Copper Endowment at TV Tower; Multiple Undrilled Targets Remaining to be Tested

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the "Company") is pleased to announce maiden independent Mineral Resource Estimates at its 92 square kilometer (“km2”), 62.9% owned and operated TV Tower Property (“TV Tower” or “the Property”) in western Türkiye. The resources encompass two primarily gold oxide deposits and three primarily gold-copper porphyry deposits.  On a gold equivalent basis, these estimates more than triple the existing resource base at TV Tower, adding to that previously estimated for the KCD gold-silver-copper (“Au-Ag-Cu”) deposit, the third largest silver deposit in Türkiye1. In addition, the TV Tower Property contains a large number of undrilled gold, copper and silver targets. All dollar amounts are in US dollars.

The TV Tower Property is located in the Biga Peninsula, home to numerous epithermal gold and silver and gold-copper porphyry deposits, mines and development projects. The project is road accessible year-round and close to power generation facilities and deep-water ports.

Table 1 is a summary of the mineral resource endowment for the TV Tower Property, with an additional breakdown of resource subsets in subsequent tables. 

The TV Tower Property is divided into South (“South TVT”) and North (“North TVT”) resource areas.  The South TVT resource area contains four geographically separate deposits (Kayalı and Yumrudağ oxide gold deposits and Hilltop and Valley Au-Cu porphyry deposits), all located within a 4 km2 area.

The North TVT resource area, located approximately 7 km north of the South TVT resource area, hosts two deposits: the Columbaz Au-Cu porphyry and the Küçükdağ high sulphidation epithermal (“HSE”) Au-Ag-Cu deposit (“North TVT KCD”).  The former is comprised of two resource zones based on mineralogy and anticipated milling technique: North TVT Au-Cu Porphyry and North TVT Oxidized Porphyry. KCD was the subject of a 2014 resource estimate that is still current. 

All deposits are open for extension laterally and to depth.

For maps and sections of the TV Tower Property and resource areas, please click here:https://libertygold.ca/images/news/2021/April/TVTower_NR040621MapandCS.pdf

1 Pirajno, F., Unlu, T, Donmez, C and Sahin, M.B., eds. (2019): Mineral Resources of Türkiye. Springer International Publishing, 749 p.

TABLE 1: TV Tower Resource Estimate Summary

table1

1Current mineral resource estimate in 2014; details provided in the 2014 Technical Report filed under Liberty Gold’s profile on www.sedar.com
2Gold Equivalent (“AuEq”) for 2021 resource calculated using the following equation: Gold (“Au”) in grams per tonne (“g/t”) + Cu %  / 0.6686 x 1.338. The gold equivalent formula was based on the following parameters: Cu price $3.40/lb, Au $1600/oz, Cu recovery: 87%, Au recovery:65%.

3AuEq calculated in 2014 using a ratio of Au:Ag of $1200:$20 at 75% recovery and Cu at $3.00/lb at 70% recovery.
For more details regarding the resource estimation, see below and notes under Table 3.

“While we are primarily focusing our pre-development efforts on oxide gold at Black Pine and Goldstrike in the Great Basin, it was deemed appropriate to raise the profile of the TV Tower Property now. Multiple gold, copper and silver deposits occur within this large land package,” commented Cal Everett, President and CEO of Liberty Gold.  “The six deposits discovered to date remain open for extension laterally and to depth. When the discoveries were made, drilling stayed focused until another deposit was identified and drill tested. TV Tower is still in the early stages of exploration and discovery. We are now assessing our options to crystallize value for our shareholders.”

Moira Smith, V.P. Exploration and Geoscience for Liberty Gold, commented, “When we resumed operatorship of the TV Tower Property in 2012, it was with a vision that the property’s massive alteration zones contained multiple centres of epithermal gold and silver mineralization and porphyry Au-Cu mineralization that could give rise to multiple millions of gold-equivalent ounces.  Today, we can provide proof of concept, and with multiple untested targets, we are confident that the resource endowment at TV Tower will continue to grow.”


MINERAL RESOURCE ESTIMATES FOR TV TOWER DEPOSITS

TV Tower is underlain by intermediate volcanic rocks and intrusive bodies.  The highest elevations of the property are host to residual quartz ledges and ribs with oxidized HSE gold mineralization and/or unoxidized gold-silver-copper mineralization. Gold-copper porphyry systems lie immediately under or adjacent to the oxidized gold zones, often with a zone of supergene copper mineralization at the interface. 

The four South TV Tower deposits 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.

TABLE 2: Mineralization at TV Tower by Deposit and Resource Subset

table2

1Current mineral resource estimate in 2014; details provided in the 2014 Technical Report filed under Liberty Gold’s profile on www.sedar.com
2AuEq for 2021 resource calculated using the following equation: Au g/t + Cu % / 0.6686 x 1.338. The gold equivalent formula was based on the following parameters: Cu price $3.40/lb, Au $1600/oz, Cu recovery: 87%, Au recovery:65%.
3AuEq calculated in 2014 using a ratio of Au:Ag of $1200:$20 at 75% recovery and Cu at $3.00/lb at 70% recovery.
For more details regarding the resource estimation, see below and notes under Table 3.

 The resource estimate (other than that with respect to KCD) has an effective date of February 9, 2021, and was completed by DAMA Mühendislik A.Ş. of Ankara, Türkiye, under the supervision of Mr. Mehmet Ali Akbaba, P. Geo., an independent Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). An updated technical report (“the TV Tower Technical Report”) on the initial resource estimate will be prepared in accordance with NI43-101 and filed within 45 days of this news release on Liberty Gold’s issuer profile on SEDAR at www.sedar.com. Coauthors of the TVT Technical Report are Mehmet Ali Akbaba, P. Geo., Mustafa Atalay, MSc, P.Geo. and Fatih Uysal, MSc, P.Geo., James N. Gray (Advantage Geoservices) and Gary Simmons (G.L. Simmons Consulting LLC). Mr. Gray and Mr. Simmons are both Independent Q.P.s under NI 43-101 and authors of the 2014 Technical Report.

The KCD Mineral Resource Estimate was completed in 2014 by James N. Gray of Advantage Geoservices, Osoyoos, Canada, and will remain current by inclusion in the revised TV Tower Technical Report.  The technical report containing the KCD resource estimate, entitled “Independent Technical Report for the TV Tower Exploration Property, Çanakkale, Western Türkiye” with an effective date of January 21, 2014 (the “2014 Technical Report”) was authored by SRK Consulting (Canada) Inc. is available at www.sedar.com under Liberty Gold’s profile and on Liberty Gold’s website.

SOUTH TV TOWER OXIDE GOLD RESOURCE

The Kayalı and Yumrudağ gold oxide deposits are located at either end of a 4 km-long ridge in the southern portion of the TV Tower Property.  Both deposits are open in several directions, and the Yumrudağ deposit in particular has seen relatively little drilling to date.  The deposits comprise elemental gold with iron oxides in a matrix of vuggy quartz replacing intermediate volcanic rocks and are interpreted to represent oxidized high sulphidation epithermal gold systems. 

In the central, lower-elevation portion of the ridge, the upper portion of the Hilltop gold-copper porphyry deposit is exposed and oxidized, leaving a shallow blanket of oxidized gold-only mineralization.  This mineralization was also included in the estimate.

TABLE 3: South TV Tower Oxide Gold Resource Estimate

table3

 

  1. The Qualified Person for the estimate is Mr. Mehmet Ali Akbaba, AIPG, P.Geo. of DAMA Mühendislik A.Ş.
  2. The Effective Date of the mineral resource estimate is February 9, 2021.
  3. The volume for each contiguous zone of above cut-off mineralization was defined by wireframing in 3D space and was used to constrain mineralization.
  4. Metal assays were capped where appropriate using statistical methods.
  5. Grade was interpolated by domain using Ordinary Kriging.
  6. Density values were assigned by domain using density data derived from wax-dip immersion of core samples.
  7. Mineral resources are reported within an optimized conceptual Micromine pit that uses the following input parameters: Au price: US$ 1600 /oz, Cu price: US$3.40 /lb; mining cost: US$1.00/t mined; processing cost: US$5.00/t ore processed by heap leach (including G&A) for oxide zone, US$12.35/t ore processed by flotation (including G&A); Recoveries are 91% Au for Yumrudağ-Hilltop oxide and 76% Au for Kayalı Oxide materials; 65% Au and 87%Cu for sulphide/supergene materials from the all prospects studied. The pit slope angle was 50°.
  8. AuEq for sulphide/supergene ore types calculated using the following equation: Au (g/t) + Cu(%) / 0.6686 x 1.338. The gold equivalent formula was based on the following parameters: Cu price $3.40/lb,Au $1600/oz, Cu recovery: 87%, Au recovery:65%.
  9. All figures rounded to reflect the relative accuracy of the estimate; this may result in apparent differences between tonnes, grade and contained metal content.
  10. The Mineral Resources have been classified as Indicated and Inferred under the guidelines of the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council, and procedures for classifying the reported Mineral Resources were undertaken within the context of the Canadian Securities Administration National Instrument 43-101.
  11. No mining or metallurgical factors were applied to the block model grade estimates except gold and copper recovery used for cut-off determination.
  12. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Mineral Reserves. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The quantity and grade of reported Inferred Mineral Resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as an Indicated Mineral Resource and it is uncertain if further exploration will result in upgrading them to an Indicated Mineral Resource category.
  13. Additional details are provided at the end of this news release. The TV Tower Technical Report on the initial resource estimate will be prepared in accordance with NI 43-101 and filed within 45 days of this news release on Liberty Gold’s issuer profile on SEDAR at www.sedar.com

KEY POINTS

  • The Kayalı and Yumrudağ gold oxide deposits and Hilltop Porphyry shallow gold oxide zones are located along a 4 km long ridge and contain oxide gold on surface and at shallow depth. 
  • Column testing by Liberty Gold suggests that Kayalı and Yumrudağ are amendable to heap leaching, with 70 – 90% extraction achieved in four column tests using 0.5 inch crush size. Additional details of the column testing program are provided below, with a full description to be provided in the TV Tower Technical Report.
  • Kayalı is open for expansion to the northwest and southeast. Yumrudağ is open in all directions.


SOUTH TV TOWER SUPERGENE COPPER RESOURCE

The Kayalı deposit oxide gold zone is underlain by a relatively flat-lying blanket of disseminated chalcocite. The potential significance of the copper zone was recognized late in the drilling process, is relatively untested, and potentially open in several directions.

Copper was likely originally part of the unoxidized gold deposit, but was leached and redeposited as chalcocite at the base of the oxidized gold zone. Chalcocite in similar settings is amenable to recovery by conventional flotation.

TABLE 4: South TV Tower Kayalı Supergene Copper Resource1

table4

 1See notes below Table 3 and in the Resource Estimation section of this press release for estimation parameters and other information about estimation procedures.

KEY POINTS

  • Supergene copper as a potentially economic mineralization type has not been fully explored at TV Tower, with a density of drilling sufficient to estimate a resource only realized at Kayalı.
  • The primary copper mineral is chalcocite, which is readily amenable to recovery by flotation and concentration.
  • Supergene chalcocite is recognized beneath the oxide zone at Hilltop Porphyry, the lower portion of the Yumrudağ deposit and other areas where oxidized HSE mineralization is present.

SOUTH TV TOWER AU-CU PORPHYRY DEPOSITS: HILLTOP, VALLEY AND YUMRUDAĞ

Hilltop and Valley are Au-Cu porphyry deposits, characterized by the presence of free gold and copper in chalcopyrite and lesser bornite and chalcocite.  Preliminary concentrate testing by Liberty Gold and a previous operator suggest the amenability of both deposits to recovery of copper and gold to a concentrate (see below for more information regarding the metallurgical program). 

The Valley porphyry deposit represents the deeper portion of a porphyry system, characterized by the presence of strong quartz stockwork veining, potassium feldspar and magnetite alteration hosted in quartz monzonite.  The Hilltop porphyry represents the higher levels of a porphyry system, characterized by free gold and copper in chalcopyrite and chalcocite in sericite and biotite altered quartz monzonite porphyry.  The Hilltop deposit remains open in several directions.

Gold-copper mineralization located immediately beneath the Yumrudağ gold oxide zone includes areas of chalcocite mineralization likely representing a supergene copper blanket, superimposed on a weakly-developed Au-Cu porphyry system. The difference in style of mineralization would account for the relatively high ratio of copper to gold in this deposit relative to Hilltop and Valley. It is relatively sparsely drilled, with more drilling necessary to fully define the system, which is open in all directions.

TABLE 5: South TV Tower Au-Cu Porphyry Resource1

table5

 1See notes below Table 3 and in the Resource Estimation section of this press release for estimation parameters and other information about estimation procedures.

KEY POINTS

  • The Hilltop Au-Cu porphyry deposit lies 3 km to the northeast of the Valley Au-Cu porphyry deposit, and immediately east of the Yumrudağ Cu-Au zone.  All three zones of mineralization would logically be processed at a central mill facility.
  • The Hilltop and Yumrudağ mineralized zones are open to expansion in several directions.
  • Preliminary metallurgical testing by Liberty Gold suggests that the Valley porphyry deposit would be amenable to producing a high-grade concentrate using a flow-sheet similar to the nearby Halilağa Au-Cu porphyry deposit, with concentrate grades after 2 cleaner stages ranging from 32.0% Cu to 44.2% Cu and from 44.7 g/t Au to 84.5 g/t Au.
  • Preliminary metallurgical testing at the Hilltop porphyry deposit by a previous operator produced acceptable results using rougher flotation, but cleaner recoveries were poor due to no regrind, so more testing is needed to optimize results. See below for more information regarding the metallurgical programs at TV Tower.
  • No metallurgical testing has been carried out at Yumrudağ, but the presence of free gold and copper in chalcocite and chalcopyrite suggest conventional Cu flotation should perform well. 
  • The South TV Tower Au-Cu porphyry deposits are located approximately 15 km west of the Halilağa Au-Cu porphyry deposit, currently in development.

 

NORTH TV TOWER DEPOSITS

The northeast portion of the TV Tower Property hosts two deposits: The Columbaz deposit comprising a Au-Cu porphyry system cut by low sulphidation Au-Ag quartz veins and the KCD high sulphidation Au-Ag-Cu deposit, lying 1.5 km to the north of Columbaz.

Columbaz Au-Cu Porphyry Deposit

The Columbaz Au-Cu porphyry system was discovered in 2014 when core drilling targeting LSE Au-Ag quartz veins intersected the top of a porphyry system at shallow depth (see press releases dated 22 October, 2014 and 06 February, 2015).  A total of 5 holes intersected the porphyry system.  A deep induced polarization (“IP”) survey over the area showed that a large chargeability high covered upwards of 0.6 km2, within a 2 km2 area with multiple chargeability highs, an area much larger than had been drill tested.  Five additional holes were drilled to the north and south of the original drill holes in late 2020, showing that mineralization continued to the north and south, and to a depth of at least 740 m (Table 6). 

The Columbaz porphyry Au-Cu system consists of copper as chalcopyrite and free gold in phyllic, potassic and magnetite altered volcanic rocks, phreatic breccias and polyphase quartz monzonite porphyry of Eocene age.  Mineralization extends from surface to over 740 m, and includes a small amount of oxidized, gold-only material. Portions of the system are cut by gold- and silver-bearing, LSE quartz veins.  The Columbaz porphyry system has a strong magnetic and IP chargeability signature.  The roughly coincident magnetic and IP chargeability anomaly covers several square km extending to the north of the Columbaz resource area, and only a small portion of it has been drill tested to date.

The Columbaz porphyry resource estimate is shown below in Table 7. 

For a map of the Columbaz area, IP anomaly and drill collars, please click here:https://libertygold.ca/images/news/2021/April/TVTower_NR040621ColumbazMap.pdf

KEY POINTS

  • The Columbaz porphyry system has been intersected by a total of only 11 drill holes, with Au-Cu mineralization extending to a depth of at least 740 m.
  • The drill density is sufficient to estimate inferred resources, but the deposit requires more infill and step-out drilling to test the extents of mineralization and estimate indicated resources.
  • Drilling to date has tested only a small portion of a much larger IP and magnetic anomaly that extends northward from the Columbaz deposit over an area of approximately 2 km2.
  • No metallurgical testing has been carried out at Columbaz. However, the mineralogy is very similar to the Hilltop deposit, for which metallurgical testing indicates that it is amenable to recovery of copper and gold by flotation.
  • Permitting is underway to gain access to and test the large, undrilled IP anomaly.

TABLE 6: 2014 and 2020 Drill Highlights1, Columbaz Porphyry Deposit

table6

1Drill holes through CD0012 were drilled in 2014. For complete results, see press releases dated 22 October, 2014 and 06 February, 2015. CD0013 to CD0017 were drilled in 2020. The deposit shape is still relatively poorly understood, such that the above are drilled thicknesses, thought to represent between 30 and 90% of true thickness. CD0014 did not contain significant mineralization. Some smaller or lower grade intervals omitted.
2AuEq based on $1600/oz Au and $3.40/lb Cu, using the equation AuEq = [Au, g/t] + [Cu,%*1.457] and assuming 100% recovery.

TABLE 7: North TV Tower Porphyry Resource Estimate1

table7

1See notes below Table 3 and in the Resource Estimation section of this press release for estimation parameters and other information about estimation procedures.

KCD HSE Au-Ag-Cu Deposit

The KCD deposit is a high-sulphidation system characterized by a zone of gold and copper mineralization overlain by a zone of predominantly silver mineralization. KCD was the subject of an intensive drill program in 2012 and 2013, with a maiden resource estimate in 2014. Mineralogically, the gold zone contains largely enargite, silver sulphosalts and gold in association with arsenian pyrite and enargite, while the overlying silver zone contains abundant pyrite with very fine-grained silver minerals. It also contains an average of 18 ppm tellurium in the gold zone.

The resource estimate is still current and will be included in the TV Tower Technical Report. For full details, please see the full 2014 Technical Report available on Liberty Gold’s website or under Liberty Gold’s profile on www.sedar.com.

TABLE 8: KCD Mineral Resource Estimate1

table8

1The Classified Mineral Resource estimate is quoted at a cut-off grade of 0.50 g/t AuEq. At a 0.50 g/t AuEq cut-off, the strip ratio is 1.47:1. Gold equivalence was calculated using a ratio of Au:Ag of $1200:$20, at 75% recovery and copper (“Cu”) at $3/lb at 70% recovery. Additional details are available in the 2014 Technical Report on Liberty Gold’s website or under Liberty Gold’s profile on www.sedar.com

UNDRILLED TARGETS

In addition to the six drilled deposits with resource estimates and possible extensions to these deposits, several other undrilled targets remain on the property.  These include:

  • Gümüşlük, a gold-copper-silver target hosted in metamorphic rocks suspected to be a listwaenite lode-gold system. The target is a strong copper-gold-silver soil anomaly measuring over 1 km long by 400 m wide, with individual soil samples returning assays up to 6 g/t Au and 92 g/t Ag and rock samples up to 9 g/t Au.
  • Tesbihçukuru, an Au-Cu porphyry target located approximately 4 km north of the Hilltop porphyry deposit and 4 km south-southwest of the Columbaz porphyry deposit, characterized by:
    • Outcropping, oxidized porphyry-style quartz-stockwork alteration.
    • Au up to 0.6 g/t and Cu up to 0.27% in channel samples.
    • A large IP chargeability anomaly.
  • Kestanecik, 1 km x 1 km zone of strong argillic alteration with LSE quartz veins containing gold and silver.
  • Kartaldağ West, a 1 km-long, oxidized HSE gold target located 1.5 km northeast of Gümüşlük.

RESOURCE ESTIMATION (OTHER THAN KCD)

The resource estimate was completed by Mr. Mehmet Ali Akbaba, P. Geo., AIPG, an Independent Qualified Person as defined by NI 43-101, in accordance with the CIM Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended.  Estimation methods are summarized below. Further details of the estimation methods and procedures will be available in the TV Tower Technical Report, authored by DAMA Mühendislik A.Ş., that will be filed within 45 days of the date of this press release, and which will be available on SEDAR (www.sedar.com) and on Liberty Gold’s website.  

The resource estimate is based on results from 30,055.2 metres of drilling in 122 drill holes (113 core and nine reverse circulation) for the deposits (i.e., Hilltop, Yumrudağ, Valley and Kayalı) in the TV Tower South area and 8,353.1 meters of drilling in 11 drill holes for the Columbaz prospect in the TV Tower North area.

Quality-control data generated for the various drill programs were independently verified by DAMA as part of the project review. The resource model consists of a detailed three-dimensional geological model including lithological and grade domains. These, in turn, were used to constrain the interpolation of gold and copper grades.  Block grades were estimated by ordinary kriging.

Blocks sizes are 10 x 10 x 5 meters for the South TV Tower deposits and 20 x 20 x10 meters the North TV Tower (Columbaz) deposit.  In the South TV Tower database, a total of 9,981 individual assay intervals averaging 1.47 m in length were composited into a total of 7,753 composite intervals of 2.00 m length, while a total of 2,771 individual assay intervals with an average length of 1.42 m in the Columbaz deposit at the North TV Tower sector were composited into a total of 1,978 composite intervals of 2.00 m length.

Gold and copper assay data were reviewed statistically to determine appropriate grade capping levels by domain.  A total of 95 gold assays and 51 copper assays in the South TV Tower database and a total of 14 gold assays in the North TV Tower database were capped prior to compositing.

All North TV Tower mineralization (i.e., Columbaz) within the pit shell was classified as Inferred. For the South TV Tower deposits, Mineral Resources estimated with a minimum of two holes and 4 composites within 50 m were classified as Indicated, while all other above cut-off material within the pit shell was classified as Inferred.

The mineral resources are confined within a Micromine pit shell generated by DAMA to ensure reasonable prospects of economic extraction. The pit shell was based on the following parameters: Au: $1,600/oz; Cu: $3.40/lb; Mining cost $1.00/t; processing and G &A (oxide) $5.00/t; processing and G&A $12.35 (sulphide); Recovery: Au (oxide) = 91%; Cu(oxide) = 76%; Au(sulphide) = 65%; Cu (sulphide and supergene) = 87%; Overall pit slope: 50o. Tonnage estimates are based on 1,878 density measurements from the TV Tower South and 642 density measurements from the TV Tower North, which were used to assign average values to lithologic domains of the block model.

METALLURGICAL TESTING

Metallurgical testing was carried out on oxide and hypogene sulphide material from the Kayalı, Yumrudağ, Hilltop, Valley and KCD deposits.  KCD metallurgical testing is described in the 2014 Technical Report. 

In 2015, three master composites from oxide material in five drill holes at Kayalı (Kayalı-1, Kayalı-2 and Kayalı-3) and one composite from one hole at Yumrudağ (Yum-1) were prepared from drill core and shipped to McClelland Laboratory in Reno, Nevada, USA for a preliminary heap leach amenability study, under the supervision of G.L. Simmons Consulting LLC.  Scope of work included:

  1. Composite preparation and feed analysis
  2. Detailed comminution test work (Kayalı-1 and Yum-1 only)
  3. Bottle roll tests (BT) on P801.7mm (168 hour leach) and P8075μm feed sizes
  4. Head screen analysis
  5. Column percolation leach tests (CT) on P8012.5mm feeds
  6. Tail screen analyses on CT leached/rinsed residues

Results show that composites are amenable to cyanidation processing. Highest gold extractions were achieved from P8075μm feeds showing that milling will liberate Au for dissolution by cyanide. Overall, results show that composites Kayalı-1, Kayalı-2 and Kayalı-3 and Yum-1 are potentially amenable to heap leach processing at the P8012.5mm crush size. Respective gold extractions were 84.2, 71.1, 73.6 and 90.6 percent in 80 to 120 days of leaching and rinsing.

In 2014, five master composites (VPMC-1 to VPMC-5) were generated from drill core from the Valley Porphyry deposit and subjected to laboratory flotation testing conducted by John Gathje Consulting, LLC, an independent consultant, using the facilities and support provided by Hazen Research, Inc. (Golden, Colorado). Samples were subject to a primary grind P80 of 140μm followed by rougher flotation using lime to adjust to ±pH 9 and potassium amyl xanthate (PAX) as the collector. The rougher concentrate was reground to a P80 of 20μm and two or three stages of cleaning were used to produce a final copper concentrate product. The pH during cleaning is maintained at ~11 to 11.5 (using lime) to reject pyrite.

For VPMC-1 to VPMC-4 two cleaner stages produced copper concentrates with grades >25% Cu. The average copper concentrate grade from a single cleaner stage for VPMC-1 to 4 was 30.2% Cu with a recovery of 87.0%. The copper grades ranged from 23.2% Cu for VPMC-4 to 37.1% Cu for VPMC-3. The copper recoveries ranged from 85.3% to 89.0%. For VPMC-5 the first stage of cleaner flotation produced a good copper grade of 29.6% Cu but only 58.1% recovery. The low copper recovery is a response that correlates well with its designation as being a transition ore type. The gold values show a concentrate grade of 37.4 g/t Au and 47.5% recovery; again typical of a transition ore type.  Further optimization and testing of lower grade material is needed in order to better characterize metallurgical response.

At the Hilltop deposit in 2012, previous owner Chesser Resources Limited commissioned Ausenco and ALS Metallurgy of Balcatta, WA, Australia to carry out preliminary rougher and cleaner floatation testing, which was carried out on three samples from drill hole KAD-02. The samples had a range of Cu grades from 0.3 to 0.4% and gold grades from 0.1 to 0.4 g/t Au. Rougher flotation tests showed that nearly all the sulphides could report to a bulk concentrate with high recoveries of copper and gold. Cleaner flotation tests conducted without regrinding returned poor grades due to incomplete mineral liberation in the rougher concentrate. Flotation performance based on the rougher and cleaner flotation tests, and incorporating an appropriate plant recovery discount, gave estimated recovery performance to final concentrate of 80% Cu and 58% Au.   Further optimization is needed to confirm that fine regrinding of rougher concentrates can produce an acceptable grade of final concentrate.

Full details of the metallurgical testing programs at TV Tower will be disclosed in the TV Tower Technical Report.

QUALIFIED PERSONS

The technical information contained in this news release has been reviewed and approved by Mehmet Ali Akbaba, P.Geo. of DAMA Mühendislik A.Ş., Ankara, Türkiye, and independent Qualified Person as defined by NI 43-101 and responsible for the resource estimates disclosed herein. He is independent Qualified Persons within the meaning of NI 43-101 and has reviewed and validated that the information contained in the release is accurate.

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 NI 43-101 and has reviewed and validated that the information contained in the release is accurate.  Drill samples from 2008 – 2015 programs were assayed by AcmeLabs, an independent laboratory in Ankara, Türkiye and Vancouver, B.C. for gold by Fire Assay of a 30 gram (1 assay ton) charge with ICP-ES or AAS finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. Ag and Cu were determined by aqua regia ICP-MS, with overlimits (>100 ppm Ag or >10,000 ppm Cu) completed by fire assay with gravimetric finish (Ag) or 4-acid digestion with ICP-ES (Cu). Five holes drilled in the Columbaz deposit in 2020 were assayed by ALS Laboratories, and independent laboratory in Izmir, Türkiye and Vancouver, B.C., using a 30 gram fire assay with AA finish for gold and 4 acid digest and ICP-ES for copper and silver.  QA/QC included 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. 

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.  We are now assessing options at our TV Tower Property in Türkiye in order to crystallize value for shareholders.

For more information, visit www.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 and the potential expansion and development of the TV Tower Project. 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 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; the timing of the publication of any mineral resources; 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 unless required by law.

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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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 year ended December 31, 2020. All amounts are presented in United States dollars (“USD”) unless otherwise stated.

Liberty Gold is focused on advancing a pipeline of Carlin-Style gold deposits in the Great Basin, U.S.A., a mining-friendly jurisdiction that is home to large-scale oxide gold systems ideal for open-pit heap leach mining. The Great Basin covers portions of the states of Nevada, Utah and Idaho. The Company has a proven track-record in discovery and building value in this region.

HIGHLIGHTS FROM 2020 AND SUBSEQUENT EVENTS:

We have monetized a number of our non-core assets through sale or option1:

  • Halilağa: We closed the sale of the Halilağa porphyry copper gold deposit in Turkey and received the first of the three staged payments of $6.0 million. A further two $6.0 million installments are bank guaranteed and will be received on August 15, 2021 and August 15, 2022, respectively.
  • Kinsley: We received 8,844,124 common shares in New Placer Dome Gold Corp (TSXV:NGLD) (“New Placer Dome”) and $1.25 million as the initial option payment, on the option of the Kinsley Mountain gold deposit (“Kinsley”). Under the terms of the option agreement, a further $2.5 million is expected in June 2021, and a further $2.5 million in common shares of New Placer Dome is expected in June 2022.
  • Baxter Spring: Pursuant to a purchase-option agreement, we received $0.25 million in cash and 14,986,890 common shares in Huntsman Exploration Inc. (TSXV:HMAN) (“Huntsman”) equal to 19.5% of the issued and outstanding shares in Huntsman. A further $250,000 is due on November 12, 2021.
  • Regent: In March 2020, we sold our 15% net profit interest (“NPI”) in the Regent property in Nevada to Ely Gold Royalties Inc. (TSXV:ELY) (“Ely”) for a total consideration of $0.80 million and 2,000,000 warrants to purchase common shares in Ely (“Ely Warrants”). The Ely Warrants are each exercisable for C$0.43 and expire on December 18, 2021.
  • Portfolio Properties: On March 3, 2021 we closed the sale of three of our 100% owned portfolio properties, consisting of Anchor, Stateline and Sandy, as well as three of our 49% owned properties (Brik, Easter and Viper), to Raindrop Ventures Inc. (CSE:RAYN) (“Raindrop”) for a total consideration of $0.05 million and 4,013,406 common shares of Raindrop, representing 9.9% of Raindrop’s issued and outstanding common shares. We retained a 1.5% net smelter return (“NSR”) on Anchor, Stateline and Sandy.

We have received a total of C$8.1 million from the exercise of  all 12,469,212 Liberty Gold common share purchase warrants  (“Warrants”) issued pursuant to the bought deal financing that closed on January 26, 2018; the Warrants were each exercisable for C$0.652. C$5.05 million was received during 2020, and C$2.8 million received during 2021.

At Black Pine we:

  • Increased our strategic land holding by staking 201 new claims covering a total of 16.5 square kilometres (“km2”), increasing the size of the core claim block as well as adding a new area to the west of the original claims for a total of 47.8 km2.3
  • Received approval of an amendment to our Plan of Operations allowing us to access to an additional 4.6 km2 including key strategic drill targets, as well as an easement to a water well.4
  • Reported weighted average 82.1% gold extraction in phase 2 of metallurgical column testing, with a range up to 94.5% gold extraction.5
  • Discovered or confirmed six new mineralised zones. The most significant new discovery is the D-3 zone, situated immediately west of and under the D-1 zone.
  • Released further results from drilling on a newly-defined portion of the D-1 and new D-3 and F zones. Highlights include6:
    • D-3 zone:
      • 1.98 grams per tonne of gold (“g/t Au”) over 33.5 m, including 3.93 g/t Au over 15.2 m, and 1.11 g/t Au over 30.5 m in LBP127.
      • 1.44 g/t Au over 96.0 m, including 1.95 g/t Au over 32.0 m and including 5.31 g/t Au over 1.5 m and 1.86 g/t Au over 29.0 m in LBP152
      • 1.43 g/t Au over 9.1 m and 1.20 g/t Au over 67.1 m, including 2.57 g/t Au over 16.8 m and including 8.51 g/t Au over 3.0 m in LBP138.
      • 1.50 g/t Au over 27.4 m and 0.62 g/t Au over 7.6 m in LBP203.
      • 1.01 g/t Au over 62.5 m, including 1.94 g/t Au over 25.9 m in LBP189.
      • 0.98 g/t Au over 80.8 m, including 2.32 g/t Au over 18.3 m and 2.19 g/t Au over 7.6 m in LBP169.
    • D-1 Southeast Extension zone:
      • 4.34 g/t Au over 22.9 m, including 10.8 g/t Au over 6.1 m in LBP258.
      • 1.26 g/t Au over 10.7 m, including 1.59 g/t Au over 7.6 m in LBP176.
      • 1.18 g/t Au over 16.8 m, including 1.82 g/t Au over 7.6 m in LBP173.
      • 1.06 g/t Au over 32.0 m, including 2.34 g/t Au over 10.7 m in LBP168.
    • F zone:
      • 2.21 g/t Au over 22.9 m, including 7.42 g/t Au over 4.6 m in LBP149.
      • 0.43 g/t Au over 74.7 m, including in LBP227.
      • 0.64 g/t Au over 62.5 m, including 1.33 g/t Au over 10.7 m in LBP229.
    • M zone:
      • 1.26 g/t Au over 38.1 m, including 1.74 g/t Au over 22.9 m in LBP256.

  • Released results from five large diameter core holes drilled to support phase 3 metallurgical column testing from the D-1, D-2 and D-3 zones include7:
    • 3.32 g/t Au over 47.4 m, including 12.5 g/t Au over 5.8 m in LBP214C.
    • 3.62 g/t Au over 8.1 m and 1.27 g/t Au over 54.2 m, including 2.51 g/t Au over 17.0 m in LBP222C.
    • 1.12 g/t Au over 13.4 m and 3.16 g/t Au over 32.0 m in LBP207C.
    • 1.44 g/t Au over 16.5 m and 1.36 g/t Au over 15.2 m and 1.23 g/t Au over 7.6 m in LBP197C.

1 See press releases dated August 12, 2020; June 2, 2020; August 28, 2020 and March 12, 2020.
See press release dated January 28, 2021.
3 See press release dated June 10, 2020.
4 See press release dated February 18, 2021.
5 See press release dated August 18, 2020
6 See press releases dated: June 23, 2020; July 14, 2020; July 28, 2020; September 29,2020; November 10, 2020; December 22, 2020 and March 24, 2020.
7 See press release dated January 12, 2021

 

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, 2020 as prepared in accordance with International Accounting Standards. 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 2021 03 26 135233

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 www.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, potential size and expansion of a mineralized zone, proposed timing of exploration and development plans. 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, including any impacts due to the recent pandemic of the novel coronavirus (COVID-19), obtaining governmental approvals and any financing on time, the receipt of future staged payments relating to the option on Baxter Spring and on the sale of Halilağa, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, accuracy of any mineral resources, the availability of drill rigs, the accuracy of a preliminary economic assessment, 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; including any restrictions due to the recent pandemic of the novel coronavirus (COVID-19), 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 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 unless required by law.

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Liberty Gold Announces Final Results from Reverse Circulation Drilling at Black Pine, Idaho: 4.34 g/t Oxide Gold over 22.9 m including 10.8 g/t Au over 6.1 m in LBP258; 1.14 g/t Oxide Gold over 44.2 m in LBP259

Maiden Resource Estimate Underway

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce drill results from the remaining 35 Reverse Circulation (“RC”) drill holes at its Carlin-style Black Pine oxide gold property (“Black Pine”) in southern Idaho, USA.  Significant oxide gold intercepts were obtained from the D-2, D-3, D-1 Southeast Extension, M Zone and Rangefront Zone. With the completion of assaying from the 2020 drill program, work has commenced on a maiden mineral resource estimate, with completion expected in Q2, 2021.  The resource estimate will be carried out by RESPEC Company LLC (formerly Mine Development Associates Inc.) of Reno, Nevada, with an audit by SLR Consulting Ltd. (formerly RPA Inc.) of Toronto, Ontario.

“We are happy to finalize all of the RC drilling from the 2020 program, which was highly successful by any measure,” commented Cal Everett, President and CEO of Liberty Gold. “The 2020 program resulted in a significant new discovery at the D-3 zone, and virtually all of the regional targets returned mineralized intercepts. With the results in, we have begun work on a long-anticipated resource estimate, a major milestone on the road to advancing Black Pine as a development project.”

For a map and cross sections of the Black Pine Property, including drill collars and traces for the current release, please click here: https://libertygold.ca/images/news/2021/March/BlackPine_NR03242021MapandCS.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2021/March/BP_Intercepts03242021.pdf

D-3 ZONE

The high-grade D-3 Zone comprises a large, north-trending, moderately to shallowly east-dipping lens of primarily oxide gold mineralization that bounds the Discovery Focus Area to the west and along its base.  Recent drilling has focused on infill and extension of the zone along strike to the south and beneath the Discovery Focus Area to the east.  Infill and step out drilling on this zone will continue in 2021.

Highlights from the D-3 Zone Include1:

METALLURGICAL CORE DRILL HIGHLIGHTS1A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link above for complete results.
2Reduced cyanide solubility in this interval, primarily related to the presence of organic carbon.
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.

KEY POINTS:

  • The D-3 Zone underlies an area up to 500 m long in a north-south direction and up to 300 m wide in an east-west direction.
  • The D-3 Zone is linked to the rest of the Discovery Focus Area by a halo of above cut-off grade gold mineralization which is standard in the Discovery Focus Area.
  • The D-3 Zone continues to grow in size through step-out drilling to the south, toward the F Zone that lies 700 m to the south, and to the east, under the D-1 Zone.

3-D Geologic modeling of the Black Pine gold system, based on over 90,000 m of drilling in 2019 and 2020 suggested that the D-1 and D-2 high grade gold zones are located in the hangingwall of a single listric normal fault system that strikes northwest-southeast and dips moderately to shallowly to the northeast.  The southern portion of this system includes the D-1 Southeast Extension and areas to the south of the D-2 Zone tested in 2019.  Both areas are open down dip to the east and will be a target of step-out drilling in 2021.

Highlights from the D-1 Southeast Extension and D-2 South Areas Include1:

highlights from the D 1 and D2 Zone1A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.
2Reduced cyanide solubility in this interval, primarily related to the presence of organic carbon.
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.

KEY POINTS:

  • The D-1 Southeast Extension area between the historic Tallman and B pits continues to expand down-dip under and to the north of the historic Tallman pit. It is still open in several directions.
  • The D-2 South area, lying northeast of the D-1 Southeast Extension, was tested with several drill holes and is open down-dip to the south.
  • The two areas may eventually merge with further drilling.

 

M ZONE AND RANGEFRONT ZONE

The M and Rangefront Zones lie along the eastern Black Pine Range front. Both have been tested with historic drill holes and Liberty Gold drilling (see press release dated December 22, 2020), which returned shallow oxide gold intercepts.  Further step-out drilling in both areas revealed that gold mineralization is still open to expansion.

Highlights from the M and Rangefront Zones Include:1

highlights from the D 1 and D2 Zone1A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.
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.

KEY POINTS:

  • The M Zone continues to yield shallow oxide gold in step out drilling to the southwest. The M Zone will continue to be a target of step out drilling in 2021.
  • Additional holes in the Rangefront Zone to the southwest and northeast also yielded shallow intervals of oxide gold.
  • The distance between the Rangefront Zone and the main area of surface mineralization at Black Pine is 1.5 km and is undrilled. Our recent permit amendment grants access to this area, which is expected to be a primary focus of exploration drilling in 2021.

2020 RC drilling at Black Pine comprised 43,875 m in 160 holes and concluded on December 17, 2020. Assays are pending from five diamond core holes from the 2020 season. The 2021 RC and core drilling season commences on April 1, 2021.    

Liberty Gold recently received an amendment to their Plan of Operations, expanding the drill permit area to access an additional 4.6 square kilometres (“km2”) of the Black Pine gold system, with the total permit area now encompassing 11.9 km2.  Undrilled targets on this new ground will be a major focus in 2021.

OTC Markets Group Welcomes Liberty Gold to OTCQX

OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced Liberty Gold, has qualified to trade on the OTCQX® Best Market. Liberty Gold upgraded to OTCQX from the Pink® market.

Liberty Gold begins trading today on OTCQX under the symbol “LGDTF”.  U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.  For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

Troutman Pepper Hamilton Sanders LLP acted as the company’s OTCQX sponsor.

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 Newmont’s 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.

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:  www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. 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 0.200 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.

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 www.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 of the publication of any 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; the timing of the publication of any mineral resources; 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, 2020 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.                                                                                    

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 mineral resources or PEA; 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, 2020 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 Announces Approval of Plan of Operations Amendment, Black Pine Project, Great Basin, USA

Permit Amendment adds an Additional 4.6 km2 to the Project Area, Amalgamating and Increasing Access to 11.9 km2 of High Priority Drill Targets

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce the receipt of approval of an amendment to its Plan of Operations at the Black Pine Project. Located in southern Idaho, Black Pine is a past-producing, run-of-mine, oxide-heap leach gold mine that contains a large, shallow, district-scale, Carlin-style sedimentary rock-hosted gold system.

The amended Plan of Operations grants Liberty Gold1:

  • Comprehensive access to an additional 4.6 square kilometers (“km2”) of an expansive gold system, bringing the total number of km2 under the Plan of Operations to 11.9 km2
  • A total of up to 50.7 additional acres of disturbance, bringing the total to 224.8 acres.
  • An additional 15.3 miles of new roads, for a total of 56.7 miles.
  • An additional 154 drill pads, subject to a staged annual reclamation plan, bringing the total to 596 sites. 
  • Access to a water well that was used for the historic mine operation, which can now be used to support exploration efforts at Black Pine.
  • Access to areas between the Rangefront and M Zones to the east and the Discovery Focus Area, F and J zones to the west, linking the entire Black Pine Oxide Gold system together on a district scale.

1Totals include the 2019 Plan of Operations, amended Plan of Operations, and an older Plan of Operations obtained by the previous operator.

To view a map of the amended Plan of Operations, please click here:  https://libertygold.ca/images/sites/default/files/BP_PoO_2021.pdf

“This important milestone permits access to the largest undrilled target area in the Black Pine gold system, covering several square kilometres of high-conviction ground,” said Cal Everett, President and CEO of Liberty Gold. “It is nice have so much elbow room.”

“Throughout the many challenges presented by the year that was 2020, we worked with the US Forest Service and Bureau of Land Management to produce the Environmental Assessment and met all of the timelines and milestones necessary to expand the footprint of this project,” commented Moira Smith, Vice President of Exploration and Geoscience for Liberty Gold. “We appreciate their professionalism and thoroughness and look forward to working with them into the future as we advance the project toward the development stage.”

 2021 BLACK PINE PROJECT ACTIVITIES

  • Maiden Mineral Resource Estimate expected mid Q2.
  • Q1 release of backlog of pending drill results.
  • Drill start-up April 1, with up to 3 reverse circulation rigs and 1 core rig.
  • 48,000 m of reverse circulation drilling and 8,000 m of diamond core drilling in 200 holes.
  • Option to double shift drills to accelerate the drill program.
  • Commencement of a Preliminary Economic Assessment following release of the resource estimate.
  • Phase 3 metallurgical program underway with results expected in Q3 with up to 50 columns.
  • Accelerated baseline environmental studies.
  • Procurement of private land, process water and other de-risking activities.

BLACK PINE PERMIT AMENDMENT TIMELINE

In February 2020, Liberty Gold submitted an application to the US Forest Service (“USFS”) Sawtooth National Forest - Minidoka Ranger District and US Bureau of Land Management (“BLM”) Pocatello Field Office to amend the 2019 Plan of Operations, and worked diligently with these agencies, Stantec Consulting Services, Inc. and Donahoe HydroGeo to complete wildlife, archaeological, hydrologic and other surveys to assist in producing a comprehensive Environmental Assessment.  The Plan of Operations and draft Environmental Assessment were subject to rigorous inter-agency and public review.  The BLM issued a Finding of No Significant Impact (“FONSI”) and approval of Plan of Operations IDI-39132 for the portion of the permit on BLM land on December 23, 2020. The USFS issued a Draft FONSI on December 21, 2020, and final approval of the amendment to Plan of Operations POO-2017-072046 on February 17, 2021.

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 Newmont’s 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.

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: www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.pdf

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 www.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 of the publication of any 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; the timing of the publication of any mineral resources; 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, 2020 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 Announces All Common Share Purchase Warrants Issued as Part of the January 26, 2018 Private Placement Have Been Exercised

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce that all warrants issued in the private placement of January 26, 2018 (the “Warrants”) have been exercised for total proceeds of CDN $8,104,988 (the “Proceeds”).

Beginning in October 2019, pursuant to the exercise of the Warrants, the Company issued a total of 12,469,212 common shares in Liberty Gold at a price of $0.65 per share. A total of $868,875 was received in Q4 2019, $5,050,598 was received during 2020 and $2,815,515 was received in January 2021.

The Proceeds will enable the Company to continue exploration and drilling programs, to finalize a maiden resource estimate for the Black Pine Project, and to fund working capital needs.

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 www.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 of the publication of any 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; the timing of the publication of any mineral resources; 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, 2020 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 Announces Results from Metallurgical Core Drilling at Black Pine, Idaho -
3.32 g/t Au over 47.4 m Including 12.5 g/t over 5.8 m in LBP214C

Infill Core Drilling Strengthens Oxide Gold Model and Initiates Phase 3 Metallurgical Testing

VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce drill results from five large diameter core holes at its Carlin-style Black Pine oxide gold property (“Black Pine”) in southern Idaho, USA. An additional five holes are pending.

Highlights include:

  • 3.32 grams per tonne (“g/t”) gold (“Au”) over 47.4 metres (“m”), including 12.5 g/t Au over 5.8 m in LBP214C
  • 3.62 g/t Au over 8.1 m and 1.27 g/t Au over 54.2 m, including 2.51 g/t Au over 17.0 m in LBP222C
  • 1.12 g/t Au over 13.4 m and 3.16 g/t Au over 32.0 m in LBP207C
  • 1.44 g/t Au over 16.5 m and 1.36 g/t Au over 15.2 m and 1.23 g/t Au over 7.6 m in LBP197C

The core holes will support Phase 3 metallurgical column testing over a larger area, including the CD and E historic pits, and will encompass more potential ore types than Phase 2 testing. They will also provide a valuable comparison to reverse circulation (“RC”) drill holes in the same areas and provide material for specific gravity testing. Included in this release are holes from the D-1 Southeast Extension, D-2 and D-3 mineralized zones in the Discovery Focus Area.

KEY POINTS:

  • Large diameter core drilling yielded outstanding results in three zones, including two that were newly identified in 2020.
  • The drill core will provide valuable material for metallurgical testing, specific gravity measurements and other testing pursuant to a maiden resource and Preliminary Economic Assessment (“PEA”) later in the year.
  • Results are similar to those returned in nearby RC holes, providing further validation for using RC drilling.
  • Cyanide-soluble assays for the highlight intervals (as reported in the bullet points above) in LBP214C returned weighted averages of 91% and 99% of fire assay. The highlight intervals in LBP222C returned weighted averages of >100%, 94% and 96% of fire assay, both attesting to the thoroughly oxidized nature of gold mineralization.

METALLURGICAL CORE DRILL HIGHLIGHTS INCLUDE1:

METALLURGICAL CORE DRILL HIGHLIGHTS
1A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results.
2Cyanide solubility ratios >100% can result from the small sample sizes and corresponding low precision of this method. “FA” = Fire Assay.
3Reduced cyanide solubility due to the presence of organic carbon.

“We are pleased to see the outstanding results in these large diameter core holes, including long runs of very high grades in oxide gold mineralization than can potentially be recovered using simple, low-cost, open-pit mining and heap leaching,” commented Cal Everett, President and CEO of Liberty Gold. “These holes, including two from zones of oxide gold mineralization newly identified in our 2020 drill program, will help accelerate our project into the resource and development phase by providing material for Phase 3 metallurgy and other necessary data to move forward in 2021. We look forward to releasing additional drill results, a maiden resource and our plans for 2021 in the coming months.”

High-grade oxide-gold mineralization in drill holes from all three areas is associated with variably brecciated, decalcified, calcareous siltstone that forms large, fault bounded lenses in the mineralized zones.  For a map, core photos, cross sections and top 25 assay intervals of the Black Pine Property, including drill collars and traces for the current release, please click here:
https://libertygold.ca/images/news/2021/january/BlackPine_NR01122021MapCorePhotosCSandTop25.pdf

For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click here: https://libertygold.ca/images/news/2021/january/BP_Intercepts01122021.pdf

Assay results were also received from two RC drill holes in the D-3 Zone, including LBP211, which returned 0.76 g/t Au over 16.8 m and 0.68 g/t Au over 10.7 m.

2020 RC drilling at Black Pine concluded on December 17, with assays pending from 35 holes.  The core drilling program, focused primarily on obtaining large-diameter core for metallurgical testing, was completed on November 7, 2020, with assays pending from five holes. Liberty Gold drilled a total of 46,227 m in 170 holes in 2020, including 43,875 m of RC and 2,342 m of core drilling. 

In addition to RC drilling, Liberty Gold is expanding the drill permit area to access an additional 4.6 km2 of the Black Pine gold system.

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 Newmont’s 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.

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:  www.libertygold.ca.

A Technical Report is also available on the Company website: https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.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. Drill composites were calculated using a cut-off of 0.20 g/t. 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 0.200 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.

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 www.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 of the publication of any mineral resources or PEA, 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 mineral resources or PEA; 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, 2020 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.