Liberty Gold Announces Initial Assay Results from Rangefront Step-out Exploration Drilling at Black Pine Oxide Gold Project, Idaho 1.44 g/t Au over 30.5 m including 3.25 g/t Au over 9.1 m 0.61 g/t Au over 77.7 m including 2.15 g/t Au over 4.6 m
Page 1 of 5
News Release 24-26 December 4, 2024
Liberty Gold Announces Initial Assay Results from Rangefront Step-out
Exploration Drilling at Black Pine Oxide Gold Project, Idaho
1.44 g/t Au over 30.5 m including 3.25 g/t Au over 9.1 m
0.61 g/t Au over 77.7 m including 2.15 g/t Au over 4.6 m
VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ( “Liberty Gold ” or the
“Company”) is pleased to report initial assay results from the 2024 reverse circulation (“RC”)
exploration drill program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.
These results are from step-out drilling around the Ra ngefront deposit area, one of seven key
targets defined in the expanded exploration permit area at Black Pine (see press release dated
June 11, 2024). This first phase of feasibility drilling at Rangefront is targeting zones of open oxide
gold mineralization in all directions from the main deposit area, as well as upgrading zones of
inferred resources to the indicated category.
KEY POINTS
• Results from drilling have significantly expanded the footprint of the mineralized zone at
Rangefront to the east, west and north.
• Drilling has also discovered a new shallow zone of oxide mineralization, this zone
represents the highest grade thickness drilled in upper plate rocks at Rangefront to date.
See Figure 1 below.
• Mineralization at Rangefront remains open and will be targeted in additional drilling
starting in 2025.
FIGURE 1: RANGEFRONT ZONE CROSS SECTION
Page 2 of 5
RANGEFRONT
Assays from the first 11 drill holes received from the western margin of Rangefront confirm that
the known zone of oxide mineralization remains open to the west , with strong gold grades and
good cyanide solubility similar to that seen throughout the Rangefront zone. These results have
extended the western Rangefront mineralization over an area of approximately 250 meters (“m”)
north-south and 130 m east-west. Importantly, 2024 drilling has defined a new, near-surface zone
of higher-grade oxide gold mineralization in what was previously classified in the Black Pine
Preliminary Feasibility Study1 (“PFS”) as non-mineralized material and treated as waste rock in the
PFS mine plan (“Mine Plan”). This zone is open to the west and east extending back into the reserve
pit area. It is anticipated that a conversion of this area into the mineral resource would have a
positive impact on the M ine Plan. The 2024 drilling has now concluded, and results are pending
from an additional twelve drill holes in Rangefront as well as 18 drill holes from lower Burnt Basin,
CD Pit, A Pit and M Zone.
RANGEFRONT HIGHLIGHT TABLE*
Hole ID (Az, Dip) (degrees) From (m) To (m) Intercept (m) Au (g/t) Au Cut-Off
LBP1025 (265, -58) 202.7 280.4 77.7 0.61 0.15
incl 236.2 240.8 4.6 2.15 1.00
LBP1029 (285, -48) 254.5 285.0 30.5 1.44 0.15
incl 271.3 280.4 9.1 3.25 1.00
LBP1039 (120, -70) 62.5 74.7 12.2 0.29
0.15 and 79.2 94.5 15.2 0.42
and 210.3 230.1 19.8 0.33
LBP1058 (0,-90) 59.4 88.4 29.0 0.53
0.2 and 217.9 242.3 24.4 0.43
and 249.9 263.7 13.7 0.23
and 277.4 281.9 4.6 0.23
LBP1059 (325,-70) 59.4 80.8 21.3 0.70
0.15 and 99.1 100.6 1.5 0.79
and 202.7 207.3 4.6 0.41
*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.
Drilling along the east flank of Rangefront was successful in extending mineralization both towards
the east and northeast. In the eastern areas oxide gold mineralization is near surface with a thin
cover of alluvium. Additional drilling along the eastern margin of the Rangefront resource area has
extended oxide gold mineralization up to 50 m from modeled mineralized zones and also remains
open to the east . A single drill hole targeting the northern extent of Rangefront mineralization
1 See technical report “Black Pine Project NI 43-101 Technical Report, Oneida County, Idaho, USA”, effective June 1, 2024, and dated
November 21, 2024, prepared by Valerie Wilson, P.Geo. SLR Consulting Ltd.; Todd Carstensen, RM-SME AGP Mining Consultants Inc.;
Gary Simmons, MMSA GL Simmons Consulting, LLC; Nicholas T. Rocco, Ph.D., P.E. NewFields Companies LLC; Benjamin Bermudez,
P.E. M3 Engineering & Technology Corp.; Matthew Sletten, P.E. M3 Engineering & Technology Corp.; John Rupp, P.E. Piteau Associates
Ltd. ; Daniel Yang, P.Eng., P.E. Knight Piésold Ltd.; Richard DeLong, M.Sc. Westland Engineering & Environmental Services Inc. on the
Company’s profile on SEDAR+ at www.sedarplus.ca and press release dated October 10, 2024.
Page 3 of 5
was successful in identifyin g additional oxide gold mineralization up to 100 m northeast of the
current block model.
Fifteen holes drilled south of Rangefront intersected scattered anomalous gold and pathfinder
elements, with no reportable intercepts . The upper plate cover sandstone sequence appears
thicker than expected in this area and receptive host rocks would be present at depth. Additional
work targeting uplifted blocks of middle plate has commenced and drilling in 2025 is warranted in
the large, untested areas further south.
DRILL RESULTS MAP
For a table showing complete drill results for the current release, see this link:
https://libertygold.ca/images/news/2024/December/BP_Intercepts12042024.pdf
Page 4 of 5
These positive drill results support Liberty Gold’s strategy to optimize the Black Pine project,
potentially expanding the current +1 million ounce gold resource base at Rangefront1, which would
add to the 4.1 million ounce gold indicated resource1 at Black Pine.
A second phase, follow-up drill program across the Black Pine project is anticipated in early 2025
to bring in additional mineralization to the feasibility resource estimate, expected in the second
half of 2025, ahead of the commencement of feasibility engineering studies. The results align well
with the Company’s recently released PFS which outlined the strong economics of the Black Pine
project, with significant upside potential.
Pete Shabestari, VP of Exploration at Liberty Gold, commented: "The results from our 2024 drill
holes in Rangefront are highly encouraging as they show we are still not done at Rangefront , and the
deposit shows potential to grow . With the drill program continuing to yield positive results, we are
optimistic about the resource expansion opportunities as we move toward a full feasibility resource
model in 2025."
The Company is also proceeding with the preparations for submission of the Mine Plan of
Operations at Black Pine and anticipates filing with Federal and State Agencies by the end of the
year.
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 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
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
Page 5 of 5
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 samp les consists of the insertion and continual
monitoring of numerous standards a nd 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, potential size
and expansion of a mineralized zone, proposed timing of exploration and development plans, expected capital costs at Black Pi ne, expected
gold and silver recoveries from the Black Pine mineralized material, potential additions to the resource through additional drill testing, potential
upgrade of inferred mineral resources to measured and indicated mineral resources, the potential for silver resources at Blac k Pine and
intentions to pursue a silver resource study and beliefs regarding gold resources being contained within a larger property area. 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, occ ur 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 go ld, 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 require d licenses and permits, labour stability, stability in market
conditions, availability of equipment, accuracy of any mineral resources and mineral reserves, the availability of drill rigs , the accuracy of the
PFS, 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 interpretati on of results and/or the
reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes i n 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; 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 .
The Mineral Resource estimates referenced in this press release use the terms "Indicated Mineral Resources" and "Inferred Mineral Resources."
While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities
and Exchange Commission ("SEC"). "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry
Guide 7 compliant "reserves" as in -place tonnage and grade without reference to unit measures. U.S. investors are cautioned not to assume
that any part or all of mineral deposits in these categories will ever be converted into reserves. Liberty Gold is not an SEC registered company.
Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to diffe r 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 futur e 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.