Liberty Gold Announces Results from Mineral Mountain Target at Goldstrike Project in Utah 67.1 m grading 1.78 g/t Au including 32.0 m grading 3.14 g/t Au from surface
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NEWS RELEASE 17-14 July 31, 2017
Liberty Gold Announces Results from Mineral Mountain Target at Goldstrike Project in Utah
67.1 m grading 1.78 g/t Au including 32.0 m grading 3.14 g/t Au from surface
VANCOUVER, B.C. – Liberty Gold Inc. (LGD - TSX) ("Liberty Gold" or the "Company") is pleased to announce
initial drill results from the Mineral Mountain Target at the 100% controlled Go ldstrike Oxide Gold Project in
southwestern Utah.
Mineral Mountain is located in the northwest corner of the project area, approximately 6 km from the Main
Zone. The Company has and continues to focus its exploration attention at the Main Zone in order to define a
district-scale, oxide gold system. Results have been received from the first Liberty Gold drill hole program at
Mineral Mountain, where historical drill results indicated the presence of gold mineralization.
Highlights from the Mineral Mountain Target include;
- 1.02 grams per tonne gold (g/t Au) over 13.7 metres (m) and 0.74 g/t Au over 10.7 m in PGS253
- 1.16 g/t Au over 25.9 m including 3.48 g/t Au over 4.6 m in PGS255
- 0.58 g/t Au over 6.1 m and 0.51 g/t Au over 7.6 m in PGS264
- 0.79 g/t Au over 29.0 m including 1.97 g/t Au over 4.6 m in PGS265
- 0.39 g/t Au over 19.8 m and 0.53 g/t over 6.1 m in PGS268
- 0.53 g/t Au over 10.7 m in PGS273
- 1.78 g/t Au over 67.1 m including 3.14 g/t Au over 32.0 m in PGS277
Additional field and geophysical work will be carried out in order to fully understand this area before resuming
drilling.
Key Points:
- The 13-drill hole program is spread out along 1 km of strike of exposed Claron Formation and felsic
intrusive rocks. Additional drill results are pending.
- The interpretative model at Mineral Mountain is similar to the rest of the Goldstrike project area.
- Mineralization starts at surface in holes PGS 255 and PGS 277. The mineralized zone in these holes is
open to depth and to the south.
- The Mineral Mountain target is located 1.5 km south of a granitoid intrusion, with a skarn and hornfelsed
aurole extending up to 1.5 to 2 km from the intrusion margin.
- The higher-grade intercepts are partially hosted within felsic dykes related to the intrusion.
- Areas of oxidized jasperoid marginal to the dykes, in association with the preferred Claron Formation, also
contain gold.
- The Mineral Mountain intrusion, or buried intrusions related to it, may be drivers of gold mineralization on
a region-wide scale, as a source of heat and hydrothermal fluids.
- Liberty Gold has staked additional claims to the southeast of the intrusion to link the Live Oak target (see
below) to the contiguous Goldstrike Property.
Several other targets with gold mineralization are located in the vicinity of Mineral Mountain, including Black
Canyon, a 2 km by 500 m northwest - southeast target area with gold-bearing Claron Formation jasperoid at
surface, and the Live Oak target, 2 km to the north of the Mineral Mountain gold target and immediately south
east of the intrusion, which contains gold-bearing skarn alteration on surface and in historical drill holes. The Live
Oak area is marked by 2 x 1 km gold in soil anomaly, and was tested by a few gold-bearing historic drill holes.
Field work and geochemical sampling will be carried out in these areas prior to further drill testing. Induced
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Polarization (IP) geophysical surveys, currently in progress in the Main Zone, will be extended into this area later
in the year.
Both Mineral Mountain and Black Canyon are covered under the Goldstrike Plan of Operations received in June
2017.
For a complete table of drill results for the current holes, please click here:
http://libertygold.ca/sites/default/files/GS_Intercepts07272017.pdf
For a complete table of results for all drilling by Liberty Gold at Goldstrike in 2015, 2016 and to date in 2017,
please click here: http://libertygold.ca/sites/default/files/GS_Intercepts2015to07272017.pdf
For a map of the current drill target areas, please click here:
http://libertygold.ca/sites/default/files/Goldstrike_NR201714.jpg
For a map of drill collars and traces for the current release, please click here:
http://libertygold.ca/sites/default/files/Goldstrike_NR201714MM.jpg
Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-
style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Kinsley
Mountain and Newmont’s Long Canyon deposit, Goldstrike represents part of a growing number of Carlin -style
gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The
historic Goldstrike Mine operated from 1988 to 1994, with 209,000 ounces of gold produced from 12 shallow pits,
at an average grade of 1.2 g/t Au.
Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the Company's designated Qualified
Person for this news release within the meaning of National Instrument 43 -101 Standards of Disclosure for Mineral Projects
("NI 43-101") and has reviewed and validated that the information contained in the release is accurate. Drill composites were
calculated using a cut -off of 0.20 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized
intervals vary between 30 % and 100% of the reported lengths due to varying drill hole orie ntations, but are typically in the
range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a
30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re -assayed and completed wit h a gravimetric finish.
For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200
ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an
hour. An aliquot of the final leach solution is then centrifuged and analyzed by AAS. M etallic screen techniques may be
employed where the presence of coarse free gold is suspected. Approximately 1000 grams of coarse reject material are
pulverized and screened. Two splits of the fine fraction are assayed, as well as all material that does not pass through the
screen (the coarse fraction). The final gold assay reported is a weighted average of the coarse and fine fractions. QA/QC for
all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream,
and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51
multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab
listed on the scope of accreditation.
Goldstrike is an early -stage exploration project and does not contain any mineral resource estimates as defined by NI 43-
101. The potential quantities and grades disclosed herein are conceptual in nature and there has been insufficient exploration
to define a mineral resource for the targets disclosed herein. It is uncertain if further exploration will result in these targets
being delineated as a mineral resource. Further information on Goldstrike is available in the technical report entitled
"Technical Report on the Goldstrike Project, Washington County, Utah, U.S.A.", effective April 1, 2016 and dated October 7,
2016, prepared by Michael M. Gustin, C.P.G. and Moira Smith, Ph.D., P.Geo. found at the top of this page or under Liberty
Gold's issuer profile in SEDAR (www.sedar.com).
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ABOUT LIBERTY GOLD
Liberty Gold is led by a proven technical and capital markets team that continues to discover and define high -
quality assets. Our flagship property is the Goldstrike Oxide Gold Project in Utah. Liberty also has a pipeline of
projects, including Black Pine in Idaho and Kinsley Mountain in Nevada, providing a solid platform for future
growth. Over the past 5 years, there have been 8 new open -pit, heap leach gold mines built around the world
and the management team and/or directors of Liberty Gold are respon sible for discovering, developing and/or
building, two of them. Long Canyon in Nevada (Fronteer Gold) and Karma in Burkina Faso (True Gold) , both
reached commercial production in 2016.
For more information, visit www.libertygold.ca or contact:
Evelyn Cox, Director Corporate Communications
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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 gra de of minerals, potential size and expansion of a mineralized
zone, proposed timing of exploration and development plans. Forward -looking information is often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar
expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would",
"might" or "will" be taken, occur or be achieved. Forward -looking information is not a guarantee of future performance and is based upon a number of
estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and
other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaini ng governmental approvals and
financing on time, obtaining renewals for existing licences and permits and obtaining required licences and permits, labour stability, stability in market
conditions, availability of equipment, accuracy of any mineral resources, timing and likelihood of deployment of additional drill rigs, successful completion of
geophysical work, the release of an initial resource report, 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 cont inue to be refi ned; 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,
2017 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 r esults 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 f rom 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.