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VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce it has signed a share purchase agreement (the “Agreement”) for the sale of its interest in the TV Tower copper gold project (“TV Tower” or the “Project”), located in Biga Province, northwest Türkiye, to a foreign mining company.

Pursuant to the terms of the Agreement, Liberty Gold has agreed to sell its 72.1% interest in the company that holds the Project for gross proceeds to the Company of US$8.3 million in cash, to be paid in three stages over a two-year period (the “Transaction”).

Cal Everett, CEO and Director of Liberty Gold commented, “The sale of TV Tower strengthens Liberty Gold’s treasury position without diluting shareholder’s exposure to our flagship Black Pine project in Southern Idaho while also removing annual carrying costs related to the project. Liberty Gold will now be 100% Great Basin focused advancing two Carlin-style gold deposits.”

TERMS OF THE AGREEMENT:

Closing of the Transaction is subject to customary conditions including the approval of the local mining authorities.

Liberty Gold’s share of the US$11.5 million in gross proceeds (US$8.3 million) will be paid in three stages as follows:

  • US$3.6 million on the closing date.
  • US$2.2 million on the first anniversary of the closing date.
  • US$2.5 million on the second anniversary of the closing date.

ABOUT LIBERTY GOLD

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

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 the satisfaction of the closing conditions of the Transaction, including the approval of the Ministry, the payment of gross proceeds of the Transaction, the exploration and development of open pit oxide deposits in the Great Basin, and the discovery and advancement of gold deposits in the Great Basin. 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", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, the availability of drill rigs, 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 updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration well as those factors discussed in the Annual Information Form of the Company dated March 28, 2024 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca. 

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

Cautionary Note for United States Investors 

The information in this 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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VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”), is pleased to announce its financial and operating results for the fiscal year ended December 31, 2023. All amounts are presented in United States dollars unless otherwise stated.

2023 AND RECENT HIGHLIGHTS
  • On September 15, 2023, closed a non-brokered private placement raising proceeds of $5.7 million, anchored by a $5.0 million strategic investment by Wheaton Precious Metals Corp. (“Wheaton”)[1].
  • On September 5, 2023, published second annual Environmental, Social and Governance report: Developing Gold Deposits in a Responsible and Sustainable Manner[2].
  • On November 8, 2023, announced the appointment of Cal Everett as Chief Executive Officer and Jon Gilligan as President, effective November 10, 2023[3].

At the Black Pine project (“Black Pine”),

  • On February 15, 2024, announced an update to the independent mineral resource that was originally published on February 7 2023[4] (the “Updated Resource”). The new Updated Resource[5] is reported using a $1,800 USD constraining resource pit at a cut-off grade (“COG”) of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of:
    • An indicated resource of 3,206,000 ounces (“oz”) of oxide gold at an average grade of 0.49 g/t Au and totalling 203.8 million tonnes (“Mt”); and
    • An inferred resource of 325,000 oz of oxide gold at an average grade of 0.42 g/t Au and totalling 24.1 Mt.

A high-grade subset of the Updated Resource contained within the 0.2 g/t Au resource pit, applying a COG of 0.5 g/t Au and consists of:

  • Indicated resources of 1,765,000 oz Au at an average grade of 1.01 g/t Au and totalling 54.2 Mt; and
  • Inferred resources of 143,000 oz Au at an average grade of 0.91 g/t Au and totalling 4.9 Mt.
  • On September 11, 2023, announced the purchase of the existing 0.5% Net Smelter Royalty (“NSR”) at Black Pine from a private company, and the sale of a new 0.5% NSR to an affiliate of Wheaton, including an option to repurchase 50% of the royalty for US$3.6 million at any point in time up to the earlier of commercial production at Black Pine, or January 1, 2030, which would reduce the NSR to 0.25%1.
  • On September 6, 2023, announced the submission of a Mining Pre-Plan of Operations to US Federal Agencies, and the selection of M3 Engineering & Technology as lead engineer for the pre-feasibility study[6].
  • Completed 2023 RC exploration drilling program as of December 31, 2023, for a total of 27,461 meters drilled. The drill program targeted resource upgrade and expansion over several areas of the deposit, as well as some reconnaissance drilling in new areas along the eastern and southern margins of Rangefront and the northern margin of Back Range.
  • On July 24, 2023, announced a new discovery area “Rangefront South” located approximately two kilometres to the south of the main Rangefront Zone, with two reportable intercepts of oxide gold: 0.37 g/t Au over 9.1 m, and 0.31 g/t Au over 7.6 m in drill hole LBP931[7].
  • Reported weighted average 86.9% gold extraction[8] from 24 Phase 4A metallurgical column leach tests on Rangefront Zone oxide gold mineralization, showing that the Rangefront Zone comprises the most leach-amenable oxide material at Black Pine.

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, 2023, as prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

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

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

 

 

Year ended December 31,

      

 

 2023

 2022

 2021

Attributable to shareholders:

       

Loss for the period

 

$(20,191)

$(21,101)

$(29,743)

Loss and comprehensive loss for the period

 

$(19,815)

$(23,483)

$(29,589)

Basic and diluted loss per share

 

$(0.06)

$(0.07)

$(0.11)

             
 

As at December 31,

     2023

     2022

     2021

Cash and short-term investments

$9,082

$19,813

$17,255

Working capital

$7,648

$17,668

$13,691

Total assets

$35,337

$47,954

$53,329

Current liabilities

$1,750

$2,543

$9,885

Non-current liabilities

$3,180

$2,812

$3,116

Shareholders’ equity

$27,636

$38,949

$32,800

ABOUT LIBERTY GOLD                                                                                                         

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

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.

Peter Shabestari, P.Geo., Vice-President Exploration, 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.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements or information concerning, future financial or operating performance of Liberty Gold and its business, operations, properties and condition; planned de-risking activities at Liberty Gold’s mineral properties; the potential quantity, recoverability and/or grade of minerals; the potential size of a mineralized zone or potential expansion of mineralization; proposed exploration and development of Liberty Gold’s exploration property interests; the results of mineral resource estimates and timing of pre-feasibility studies; and the Company’s anticipated expenditures.

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

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources , pre-feasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2024, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

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 MD&A, 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”. These terms are Canadian mining terms as defined in, and required to be disclosed in accordance with, 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 Reserves (“CIM Definition Standards”), adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral property disclosure requirements of the United States Securities and Exchange Commission (the “SEC”) in Regulation S-K Subpart 1300 (the “SEC Modernization Rules”) under the United States Securities Act of 1934, as amended. 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.

 

[1] See press releases dated September 11, and September 18, 2023

[2] See press release dated September 5, 2023

[3] See press release dated November 8, 2023

[4] See press releases dated February 7, 2023 and March 21, 2023 and “Technical Report on the Updated Mineral Resource Estimate at the Black Pine Gold Project, Cassia and Oneida Counties, Idaho, USA”, effective January 21, 2023, and signed March 10, 2023, prepared by Ryan Rodney, C.P.G of SLR Consulting (Canada) Ltd; Gary L. Simmons of GL Simmons Consulting LLC of Larkspur, Colorado, both independent Qualified Persons under National Instrument 43-101; and Moira Smith Ph.D., P.Geo.,  of Liberty Gold Corp;

[5] See press release dated February 15, 2024

[6] See press release dated September 6, 2023

[7] See press release dated July 24, 2023

[8] 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 24 column tests is 76%.

 

84.2% weighted average gold extraction1 from 36 column leach tests

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VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to report results from Phase 4B and 4C metallurgical bottle roll and column testing of gold mineralization in 36 variability composites taken from the Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. Additionally, final assay results are released on the remaining 4 metallurgical core holes drilled in 2023 to provide samples for the Phase 5 metallurgical test program.

HIGHLIGHTS

  • 36 variability composites from the Phase 4B and 4C test programs were selected from large-diameter (”PQ”) drill core from Discovery Zone, F Zone, Tallman, M Zone, and C/D Zone, representing a range of sample types across lithology and gold (“Au”) grade.

  • Key results include:

    • 84.2% weighted average gold extraction1 from column leach tests for the 31 oxide composites.

    • Gold extractions ranged from 52.7% to 94.2% for the oxide composites.

    • >80% of leachable gold extracted within 10 days.

  • Metallurgical testwork results on 149 composites and six bulk samples over five years are highly consistent, showing rapid leach kinetics, predictable grade-recovery and size-recovery relationships.

  • Phase 5 composite selection and sample preparation is under way on an additional 25 variability composites from previously untested areas.

Jon Gilligan, President & Chief Operating Officer for Liberty Gold said, “The results of this latest phase of metallurgical column testwork add key infill data to the gold recovery model at Black Pine. The consistency of results across all phases of test work is encouraging and demonstrates the predictable nature of gold recovery across this extensive Carlin-style oxide gold system. With more than 150 columns completed the test results provide a strong level of confidence for the proposed run of mine heap leach processing approach.”

BLACK PINE METALLURGICAL TEST WORK

Liberty Gold has completed multiple phases of metallurgical testing at Black Pine including:

  • Bulk sample column tests

    • Phase 1A2 (6 x 300 kilogram surface bulk samples):

      • 78.9% weighted average gold extraction, ranging up to 92.8%

  • Variability composite column tests (149 composites from PQ drill core)

    • Phase 1B3(29 composites):

      • 82.9% weighted average gold extraction, ranging up to 94.5%

    • Phase 24(45 composites):

      • 80.8% weighted average gold extraction, ranging up to 94.8%

    • Phase 3 (15 low-grade composites):

      • 65.2% weighted average gold extraction ranging up to 80.8% (see press release dated October 27, 2021)

    • Phase 4A (24 composites):

      • 86.9% weighted average gold extraction, ranging up to 95.8% (see press release dated March 22, 2023)

    • Phase 4B and 4C (36 composites):

      • 84.2% weighted average gold extraction, ranging up to 94.2%.

Phase 4B and 4C composites and the pending Phase 5 variability test program filled gaps in the Black Pine resource metallurgical database. The Phase 4B and 4C data have updated the metallurgical recovery equations supporting the deposit-wide gold recovery model. Phase 5 initial results are expected in Q2 2024 and will support the on-going pre-feasibility engineering and economic study at Black Pine.

1Weighted 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 for composites defined as “Oxide” mineralization having a cyanide gold solubility greater than 65%. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites.  The arithmetic extraction average of the 36 column tests is 74.1%.

Phase 4B Test Results

Phase 4B focused on gap filling in Discovery Zone, E-Pit, F Zone, Tallman, I-Pit and M Zone, sampling across rock types, gold grades and geo-metallurgical zones with 25 composites taken. Twenty (20) of these composites represent typical oxide (database Au cyanide solubility > 65%) material at Black Pine, while 5 additional composites were made up to test leach recoveries in lower gold solubility oxide materials (Au Cyanide solubility between 25% and 65%). Bottle roll and column leach test results are in linked table below.

Phase 4B column tests produced the following results:

  • Oxide material produced a weighted average 86.1% gold extraction, with a range from 56.9% to 94.2% gold extraction.

Phase 4C Test Results

Phase 4C focused exclusively on the C/D Pit area with 11 composites of oxide gold mineralization taken. Bottle roll and column leach test results are in linked table below.

Phase 4C column tests produced the following results:

  • A weighted average 73.4% gold extraction, with a range from 52.7% to 89.8% gold extraction.

2 Previously referred to as “Phase 1” – see press release dated June 16, 2020

3 Previously referred to as “Phase 2” – see press release dated August 18, 2020

4 Previously referred to as “Phase 3” – see press release dated October 27, 2021

For a graph of results of the Liberty Gold Phase 4B and 4C oxide variability composite results compared to previous test work, see Figure 1 below.

Figure 1: Black Pine Oxide Column Test Results – All Phases

 figure1

*Data from columns of lower gold solubility are not shown in the above graph

For a table of laboratory test results of the Phase 4B and 4C variability composites click hereimages/news/2024/March14/Table_of_laboratory_test_results_of_the_Phase_4B_and_4C_variability_composite.pdf

Gold extraction was rapid, with >80% of the leachable gold extracted within the first 10 days of column leaching for both phases of testing.

Five composites of lower gold solubility oxide materials were also tested and are not included in these results and are highlighted in orange in the table.

For graphs of results of the Phase 4B and 4C variability composite leach curves click here:images/news/2024/March14/Graphs_of_results_of_the_Liberty_Gold_Phase_4B_and_4C_variability_composite_leach_curves.pdf

Laboratory Test Program

Samples for Phase 4B and 4C test work were obtained through drilling PQ core holes. Composites were selected through consideration of rock type, alteration, and gold grade to achieve a wide range of geo-metallurgical types. 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, load-permeability tests and environmental chemistry.

For a map showing locations of all Black Pine bulk samples and core drill holes used for metallurgical testing, including Phase 4B and 4C, plus the upcoming Phase 5 test work see Figure 2, below.

Figure 2: Map of all Black Pine Bulk Sample and Metallurgical Core Locations

 figure2

Program details included:

  • Direct Leach (“DL”) and Carbon-in-Leach (“CIL”) coarse bottle roll tests (target of 80% passing 10 mesh or 1.7 millimeter (“mm”) particle size)

  • DL and CIL fine bottle roll tests (target of 80% passing 200 mesh or 75 micron particle size)

  • The DL 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 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.

  • Column composites were leached in 10.2 mm and 15.2 mm (four and six inch) diameter columns between 93 and 107 days. And were leached with low strength (0,50 g/l) NaCN solution. Gold and silver were recovered from column leach pregnant solutions by passing it through a small (separate) column containing activated carbon.

BLACK PINE METALLURGICAL DRILL CORE – PHASE 5

Results for the final four core holes from the 2023 PQ drill program are summarized in Table 1 below:

Table 1: Core Drilling Results from the 2023 PQ Drill Program*

 table1

* Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold; m=meters.

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

QUALIFIED PERSON

Peter Shabestari, P.Geo., Vice-President Exploration, Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

ABOUT LIBERTY GOLD

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

For more information, visit libertygold.ca or contact:

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

QUALITY ASSURANCE – QUALITY CONTROL

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

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, the potential recovery in a future mine at Black Pine, the proposed timing of exploration and development plans, the expansion and future resource growth expected at Black Pine, 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 potential for future additions to the current mineral resource estimate, the 2023 work program and the results thereof, 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, 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; the timing of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

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

Cautionary Note for United States Investors

The information in this 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.

 

3,206,000 Indicated and 325,000 Inferred Gold Ounces

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VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce an update to the independent Mineral Resource Estimate (the “Resource” or “MRE”) at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.

  • The Resource is reported at a cut-off grade (“COG”) of 0.2 grams per tonne (“g/t”) gold (“Au”) and consists of:

    • Indicated resources of 3,206,000 oz Au at an average grade of 0.49 g/t Au and totalling 203.8 million tonnes (“Mt”); and

    • Inferred resources of 325,000 oz Au at an average grade of 0.42 g/t Au and totalling 24.1 Mt.

  • A high-grade subset of the Resource contained within the 0.2 g/t Au resource pit, applying a COG of 0.5 g/t Au and consists of:

    • Indicated resources of 1,765,000 oz Au at an average grade of 1.01 g/t Au and totalling 54.2 Mt; and

    • Inferred resources of 143,000 oz Au at an average grade of 0.91 g/t Au and totalling 4.9 Mt.

The updated MRE represents an increase of 593,000 Indicated gold ounces from the 2023 estimate (see press release dated February 7, 2023).

Jon Gilligan, President and COO of Liberty Gold stated, “This updated Mineral Resource Estimate represents an important milestone for the Black Pine project, passing 3 million gold ounces in the Indicated class. The new resource solidly underpins the Pre-Feasibility Study, which is on track for completion in the third quarter 2024”.

For maps, cross sections and a sensitivity analysis table of the Black Pine Mineral Resource block model, please click here: images/news/2024/Feb15/BlackPineMapSectionSensitivityAnalysis02152024.pdf

Image 1: Map of the Black Pine Mineral Resource Block Model

Image1

TABLE 1: BLACK PINE UPDATED MINERAL RESOURCE ESTIMATE BY ZONE

table1

Notes:

  • CIM (2014) definitions were followed for Mineral Resources.

  • Mineral Resources are reported within conceptual open pits estimated at a gold cut-off grade of 0.20 g/t, using a long-term gold price of US$1,800 per ounce and a variable gold leach recovery model derived from extensive metallurgical studies.

  • Bulk density is variable by rock type.

  • There are no Mineral Reserves.

  • Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

  • 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 February 15, 2024.

  • The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

  • The MRE was prepared by SLR Consulting (Canada) Ltd., Toronto, Canada (“SLR”).

RESOURCE ESTIMATE – CUT-OFF GRADE SENSITIVITY

The average grade of the deposit within the limits of the 0.20 g/t Au resource pit shell reflects a wide range of block grades. At successively higher cut-off grades, a sizeable portion of the deposit remains (Table 2). At a block COG of 0.50 g/t Au, 1,765,000 Indicated ounces at an average grade of 1.01 g/t Au and 143,000 Inferred ounces at an average grade of 0.91 g/t Au remain. This higher-grade core of the mineralization continues to grow with additional drilling.

TABLE 2: RESOURCE GRADE DISTRIBUTION AT SUCCESSIVELY HIGHER CUT-OFF GRADES WITHIN THE 0.2 G/T AU REPORTING PIT*

 table2

*Please refer to the notes accompanying Table 1, above, for additional information. The Black Pine updated MRE is shown in bold and italic font.

TABLE 3: SENSITIVITY ANALYSIS USING LOWER CUT-OFF GRADES*

table3

*Please refer to notes accompanying Table 1, above. The reporting MRE is shown in bold and italic font. Tonnes, grade and ounces are expressed within a series of nested pit shells generated at USD$1800/ounce gold whereby only the material above each cut-off grade is processed.

KEY POINTS

  • The 2023 work program resulted in a MRE increase of 593,000 Indicated gold ounces from the 2023 mineral resource estimate. The updated Indicated resource of 3,206,000 gold ounces will form the basis of the on-going Pre-Feasibility Study (“PFS”) being conducted on Black Pine. Work is progressing on track for a Q3, 2024 release.

  • An analysis of the mineralization at lower cut-off grades, suggests that significant upside potential exists for recovery of additional ounces in a future mine at Black Pine by applying operational cut-off grades similar to run-of-mine oxide operations in the Great Basin.

  • This Mineral Resource Update includes an additional 199 Reverse Circulation (“RC”) totaling 39,426 metres (“m”) drilled by Liberty Gold in late 2022 and in 2023. Combining historic and Liberty Gold drilling results in a total of 2,821 drill holes representing 422,142 m of drilling contributing to the new resource.

  • Based on exploration drilling costs for 2023, additional ounces added in this Mineral Resource update reflect a <$10/ounce discovery cost.

  • The updated MRE is supported by extensive metallurgical testing on 124 variability composites completed. (See press release dated March 22, 2023).

 

ESTIMATION METHODS

The resource estimate was completed by Valerie Wilson, M.Sc., P.Geo., Principal Resource Geologist at SLR. Ms. Wilson is an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). The resource estimate was prepared 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.  Estimation methods are summarized below:

  • The gold mineral resources at the Black Pine Project were modeled and estimated by:

  • Developing a geological model, in Leapfrog Geo reflecting low-angle fault control and stratigraphic control of mineralization hosted in receptive carbonate host rocks;

  • Evaluating the drill data statistically;

  • Interpreting low (0.1 g/t Au) and high-grade (0.3 g/t Au for Rangefront and 0.5 g/t Au for all other areas) gold-domains using Leapfrog Geo;

  • Compositing data to 3.048 metres (10 feet) within the gold domains;

  • Coding a unified block model comprised of 10 x 10 x 5 (x, y, z) metre blocks from seven 2.5 x 2.5 x 1.25 sub-blocked models;

  • Analyzing the modeled mineralization geostatistically to aid in the establishment of interpolation and classification parameters;

  • Interpolating gold grades using inverse distance cubed (ID3) and a three-pass interpolation strategy into the model blocks in Leapfrog Edge using the mineral domain coding to explicitly constrain the gold grade estimations; and,

  • Evaluating, statistically and visually, the resulting model in detail prior to finalizing the mineral resource estimation.

  • The Black Pine Deposit mineral resource has been constrained by optimized pit shells created using a gold price of USD$1,800/ounce and pit slopes ranging from 45 to 47 degrees. Additional inputs for the pit-optimizations include: Mining - $2.35/tonne mined, heap leaching - $2.00/tonne processed; and G&A cost of $0.80/tonne processed 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 0.5% net smelter return royalty was also applied.

  • The Company has concluded that a Technical Report update is not required with this new Mineral Resource and will include the resource estimate update into the Pre-feasibility Technical Report expected to be completed in Q3 2024.

The technical information contained in this news release has been reviewed and approved by Valerie Wilson, M.Sc., P.Geo, Principal Resource Geologist for SLR Consulting, an Independent Qualified Person as defined by NI 43-101. Ms. Wilson has verified the data disclosed including sampling, analytical, and test data underlying the drill results, using a variety of techniques including comparison against independently sourced assay certificates, site visit investigations, and digital based verification tests, and she consents to the inclusion in this release of said data in the form and context in which it appears. Ms. Wilson experienced no limitations with respect to data verification activities related to the Black Pine project.

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 Mine’s Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in under-explored 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 100 to 500 m-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 test results received to date indicate rapid gold recoveries, relatively insensitive to crush size, which support a simple, low-cost process.

QUALIFIED PERSON

Peter Shabestari, P.Geo., Vice-President Exploration, Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

 

ABOUT LIBERTY GOLD

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

For more information, visit libertygold.ca or contact:

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

QUALITY ASSURANCE – QUALITY CONTROL

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

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, the proposed timing of exploration and development plans, proposed timing of a PFS, the expansion and future resource growth expected at Black Pine, 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 potential for future additions to the current mineral resource estimate, the 2024 work program and the results thereof, the timing and results of any resource updates 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, 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; the timing of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.

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

Cautionary Note for United States Investors

The information in this 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.

 

0.74 g/t Au over 40.3 m including 1.06 g/t Au over 10.1 m

0.51 g/t Au over 58.4 m and 0.85 g/t Au over 22.7 m
 

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VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to report assay results from an additional four core holes from the 11 hole, property-wide 2023 core drill program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. Drill results released herein include core drilling from the Discovery Zone and surrounding areas.

Cal Everett, CEO and Director of Liberty Gold commented, These latest core drill results from 2023 drilling returned better than expected grades and widths and continue to increase our confidence in the oxide gold deposit at Black Pine.

Four core holes were drilled along the main resource periphery in J Zone (north), Tallman (east), and F Zone (south) and one hole in the center of the Discovery Zone.

  • J Zone – The first ever core hole drilled in J Zone, LBP1010C, was planned to add metallurgical data for this area and hit a thicker intercept than expected at 0.63 grams per tonne (“g/t”) gold (“Au”) over 46.3 meters (“m”) beginning at 6.2 m depth. Initial cyanide solubility data indicate this hole is oxide with recoveries similar to other areas already tested at Black Pine. J Zone is a sparsely drilled resource area that has significant growth potential to the north, east and west.

  • Tallman – One vertical hole was drilled in this large, near surface resource area to confirm other nearby metallurgical results and hit better than expected grades and widths of 0.51 g/t Au over 58.4 m and 0.85 g/t Au over 22.7 m including 1.83 g/t Au over 5.1 m. Overall this zone represents a near surface, 81.1 m thick interval with cyanide solubility data indicating this zone will also have high recoveries similar to other areas at Black Pine.

  • F Zone – F Zone is a higher grade, near surface zone of mineralization extending 700 meters south from the Main Discovery Zone toward the CD Pit area. The core hole drilled here returned 0.74 g/t Au over 40.3 m starting from surface, which is a slightly better intercept than a nearby Reverse Circulation hole (LBP660). Additional drilling in 2024 will be targeting infill and extensions to this zone.

  • Discovery Main – One core hole (LBP1011C) was drilled in the central Discovery Zone and hit a near continuous zone of mineralized material from surface to the end of hole at 350 m. Drill intersection highlights from this drilling are included in the table below.

DRILL HOLE MAP:

1 DRILL HOLE MAP

For the map showing locations of drill holes in this release, click here:

https://libertygold.ca/images/news/2024/Feb7/BlackPineMap02072024.pdf 

DRILL RESULTS TABLE*

2 DRILL RESULTS TABLE

* Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Some intercepts have zones of reduced cyanide solubility. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.

2024 WORK PLAN

  • The permit amendment Plan of Operations (“PoO”) #4 for the expanded exploration area on United States Forest Service (“USFS”) lands is expected to be received in Q2 2024.

  • An exploration drill program is being planned for new discovery in the currently permitted lands as well as throughout this new expanded permit area.

  • Final work is being completed on an update to the mineral resource that is expected to be released in Q1 2024.

  • A Phase 5 Metallurgical program is expected to begin on core samples from 2023

  • Work is well underway on the Pre-Feasibility Study for the Black Pine with results expected in Q3 2024.

QUALIFIED PERSON

Peter Shabestari, P.Geo., Vice-President Exploration, Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

ABOUT LIBERTY GOLD

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

For more information, visit libertygold.ca or contact:

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

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t 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 parts per million 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. All holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, the proposed timing of exploration and development plans, the timing of metallurgical program, the timing of the receipt of any PoO, the expansion and future resource growth expected at Black Pine, 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 potential for future additions to the current mineral resource estimate, the 2024 work program and the results thereof, the timing and results of any resource updates 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, 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; the timing of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.
Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Cautionary Note for United States Investors
The information in this 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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VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to report assay results from the 2023 core drill program at the Back Range Zone at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. Results released herein are from the first three drill holes of the 11 hole, property-wide core program.

BACK RANGE ZONE HIGHLIGHTS:

Drill results from the three core drill holes that were completed in the Back Range Zone have been received with results confirming the strong grades and near-surface mineralization. These core holes were drilled for a Phase 5 metallurgical program projected to begin in 2024 and to gain insights into the complex structural controls in this area.

Drill holes LBP956C and LBP968C were the second and third best holes drilled to date at the Back Range Zone on a grams per tonne x meter (“g/t x m”) basis and intersected strong grades of oxide gold mineralization, with the cyanide soluble assays showing an average of 74% and 87% recovery respectively. These drill results come from a highly deformed, strongly decalcified package of structurally thickened middle plate siltstones. Drill hole LBP969C was drilled for metallurgical testing purposes and hit as-expected results.

Cal Everett, CEO and Director of Liberty Gold commented, “The high grade, oxide gold intercepts from the recent core holes in the Back Range Zone are an important beginning for Liberty Gold this year. The resource grade of Back Range is approximately 20% higher than the average grade of the rest of the Black Pine resource areas discovered to date.

Liberty Gold anticipates approval of the fourth Plan of Operations by mid year that will allow us to drill test the 800 meter long gap between Back Range and the main Discovery area. An updated resource estimate is being completed, which will be the basis for the Pre-feasibility Study due in H2 2024. While these new results will not be included in the new resource estimate, they will be included in future resource updates. Additional core holes in the Discovery area, Tallman and M Zones are pending final analysis.

BACK RANGE ZONE DRILL TABLE*

BACK RANGE ZONE DRILL TABL

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

Based on these results and reverse circulation drilling in 2023, additional drilling is warranted in Back Range in 2024. New insights on structural controls at Back Range show strong targets to the west, southeast and northeast where the middle plate rocks are largely untested.

Also, the permit amendment Plan of Operations (“PoO”) #4, is expected to be received in H1 2024. This permit will increase our drillable target area by 36% to cover a 40 square kilometer area, adding another 7 large target areas and will allow access to the high priority target area located in between the Back Range Zone and the Main Discovery area. This target encompasses an area of approximately 1.5 square kilometers that has only seen sparse, shallow historic drilling.

For a map showing the permit amendment, click here: https://libertygold.ca/images/news/2024/Jan/Black_Pine_Oxide_Gold_Permit_Expansion_Area_01182024.pdf

BACK RANGE ZONE:

The Back Range Zone hosts an indicated resource of 32,000 ounces of oxide gold averaging 0.62 grams per tonne of gold (“g/t Au”) in 1,584,000 tonnes (“t”) and an inferred resource of 77,000 ounces of oxide gold averaging 0.63 g/t Au in 3,783,000 t. (see press release dated February 7, 2023)

During 2023, 38 holes were drilled in the Back Range Zone totaling 5,307 meters (“m”). This new drilling and a new structural model will be included in an updated resource study projected to be completed in H1 2024.

Previously released highlight assays from holes drilled at Back Range in 2023 include:

· 3.10 g/t Au over 27.4 m from 50.3 m depth including 4.33 g/t Au over 18.3 m in LBP796

· 0.78 g/t Au over 115.8 m from 15.2 m depth including 1.29 g/t Au over 25.9 m in LBP782 (see press release dated February 21, 2023)

· 3.40 g/t Au over 32.0 m, from 74.7 m depth including 6.74 g/t Au over 9.1 m in LBP945

· 1.41 g/t Au over 22.9 m, from 79.3 m depth including 4.28 g/t Au over 6.1 m in LBP943. (see press release dated September 5, 2023)

Figure 1: Core Drill Hole Locations

Figure 1 Core Drill Hole Locations

For the map and cross section showing locations of drill holes in this release, click here: https://libertygold.ca/images/news/2024/Jan/BlackPineMap_Section_01182024.pdf

QUALIFIED PERSON

Peter Shabestari, P.Geo., Vice-President Exploration, Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

ABOUT LIBERTY GOLD

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

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using a cut-off of 0.15 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 50% to 90% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t 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 parts per million 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. All holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade of minerals, the potential size of the mineralized zone, the proposed timing of exploration and development plans, the timing of metallurgical program, the timing of the receipt of any PoO, the expansion and future resource growth expected at Black Pine, 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 potential for future additions to the current mineral resource estimate, the 2024 work program and the results thereof, the timing and results of any resource updates 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, 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; the timing of the publication of any updated resources; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2023 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile at www.sedar.com.
Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Cautionary Note for United States Investors
The information in this 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.