Liberty Gold Announces Updated Mineral Resource Estimate for the Black Pine Oxide Gold Project, Idaho 4,882,000 Au oz Indicated and 1,050,000 Au oz Inferred
News Release
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Release ID: 26-03 February 10, 2026
Liberty Gold Announces Updated Mineral Resource Estimate for
the Black Pine Oxide Gold Project, Idaho
4,882,000 Au oz Indicated and 1,050,000 Au oz Inferred
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Goldˮ or the “Companyˮ) is
pleased to announce an update to the independent Mineral Resource Estimate (the “Resourceˮ or “MREˮ)
at its Black Pine Gold Project (“Black Pineˮ), located in southeastern Idaho, USA.
• The Resource is reported at a cut-off grade (“COGˮ) of 0.10 grams per tonne (“g/tˮ) gold (“Auˮ) and
consists of:
o Indicated Resource of 502.7 million tonnes (“Mtˮ) at an average grade of 0.30 g/t Au totalling
4,882,000 ounces (“ozˮ) Au; and
o Inferred Resource of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au.
• A high-grade subset of the Resource contained within the 0.10 g/t Au resource pit, applying a COG
of 0.50 g/t Au consists of:
o Indicated Resource of 60.1 Mt at an average grade of 0.99 g/t Au totalling 1,907,000 oz Au;
and
o Inferred Resource of 6.4 Mt at an average grade of 0.74 g/t Au totalling 152,000 oz Au.
The updated 202 6 MRE has an effective date of January 31, 2026 , and represents oxide-only Au
mineralization; there is no sulfide Au mineralization contained in the MRE . This update includes a 17%
increase of 719,000 oz Au in the indicated category, and a 47% increase of 338,000 oz Au in the inferred
category compared to the 2024 preliminary feasibility study (“PFSˮ) MRE (Figure 2 below, see press release
dated October 10, 2024). See Table 1 below for the updated Mineral Resource estimate by Zone.
For maps, cross sections and sensitivity analysis tables of the Black Pine Mineral Resource block model
and resource pits, use this link: https://libertygold.ca/wp-content/BP2026MineralResourceEstimate.pdf for
a 3D-enabled VRIFY version, use this link: https://vrify.com/decks/21397
Jon Gilligan, President and CEO of Liberty Gold stated, “This updated Mineral Resource Estimate has
achieved indicated resource growth and expanded the total resource footprint which are important steps
for the Black Pine project as we move closer to mine development. The addition of over 700,000 indicated
gold ounces, coupled with an expansion of 338,000 inferred gold ounces, as compared to the 2024 PFS
Resource, shows that 2025 drilling produced strong results. With totals of just under 5 million gold ounces
of resource in the indicated class, and just over 1 million gold ounces of inferred mineralization, Black Pine
is solidly positioned to deliver a Feasibility Study in the fourth quarter of this year. Building on our 2025
results, strategically planned drilling in 2026 has the potential to add robust near-term resource upgrades
and continue the expansion of oxide mineralization across the project.ˮ
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Figure 1: Plan map of the Black Pine Mineral Resource Pits
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Table 1: Black Pine Updated Mineral Resource Estimate by Zone
Zone Classification Tonnes
(Mt)
Avg Grade
(g/t Au)
Gold Ounces
(koz)1
% tonnes by
MRE class
% Indicated
MRE oz/area
DISCOVERY
ZONE
Indicated 189 0.35 2,109 84% 43%
Inferred 37 0.21 250 16%
RANGEFRONT
ZONE
Indicated 241 0.26 2,016 79% 41%
Inferred 65 0.19 401 21%
CDF ZONE
Indicated 44 0.28 403 71% 8%
Inferred 18 0.21 123 29%
M ZONE
Indicated 7 0.51 120 58% 3%
Inferred 5 0.21 36 42%
BACK RANGE
Indicated 8 0.44 114 63% 2%
Inferred 5 0.26 39 37%
E ZONE
Indicated 10 0.26 82 45% 2%
Inferred 12 0.22 82 55%
J ZONE
Indicated 4 0.33 38 19% 1%
Inferred 15 0.25 119 81%
Total
Resource
Indicated 503 0.30 4,882
Inferred 157 0.21 1,050
(1) koz = thousands of contained gold ounces
Table 1 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
0.10 g/t Au, using a long-term gold price of US$2,800 per ounce and a variable gold leach recovery
model derived from extensive metallurgical studies.
• Bulk density is variable by rock type.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• Mineral Resources are inclusive of Mineral Reserves
• Rounding as required by reporting guidelines may result in apparent discrepancies between
estimated tonnes, grades, and contained gold content.
• The effective date of the MRE is January 31, 2026.
The MRE was prepared by SLR Consulting (Canada) Ltd., Toronto, Canada (“SLRˮ). The Qualified
Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects
(“NI 43-101ˮ) responsible for the Mineral Resource estimate is Valerie Wilson, M.Sc., P.Geo., Principal
Resource Geologist, an employee of SLR and independent of Liberty Gold. The Qualified Person is not
aware of any environment, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant
factors that could materially affect the Mineral Resource estimate.
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Resource Estimate – Cut-off Grade Sensitivity
The average grade of the deposit within the limits of the 0.10 g/t Au resource pit shell reflects a wide range
of block grades. Table 2 below displays the robust nature of the deposit at successively higher cut-off
grades. At a block COG of 0.50 g/t Au, 1,907,000 Indicated ounces at an average grade of 0.99 g/t Au
represents approximately 40% of the indicated resource. This higher-grade core of mineralization has
grown with each successive drill program.
Table 2: Resource grade distribution at successively higher COGs within the 0.1 g/t Au reporting pit*
Block cut-off
grade Classification Tonnes
(Mt)
Average Grade
(g/t Au)
Gold Ounces
(koz)
Waste:Ind+Inf
Tonnes ratio
0.06 g/t Indicated 570 0.28 5,061 0.35 Inferred 284 0.15 1,360
0.10 g/t Indicated 503 0.30 4,882 0.75 Inferred 157 0.21 1,050
0.20 g/t Indicated 244 0.47 3,663 2.9 Inferred 53 0.34 577
0.31 g/t Indicated 128 0.67 2,748 6.8 Inferred 20 0.50 318
0.50 g/t Indicated 60 0.99 1,907 16 Inferred 6 0.74 152
1.00 g/t Indicated 18 1.72 980 61 Inferred 0.8 1.40 33
*Please refer to the Notes accompanying Table 1 for additional information. The Black Pine updated MRE
is bold and italicized.
Key Points
• The addition of drill results from 2024 and 2025 served to increase the MRE by 719,000 Indicated
Au oz compared to the 2024 MRE. The updated Indicated Resource totals 4,882,000 gold ounces
and will form the basis of the Feasibility Study (“FSˮ) currently being conducted on Black Pine. A
completed FS is expected early Q4 2026.
• The additional of 338,000 Au oz in the Inferred class brings the total to 1,050,000 Inferred Au oz,
which provides potential for resource classification upgrades. Any such upgrades would be subject
to future drilling and technical studies.
• The 2026 MRE includes 178 new Reverse Circulation (“RCˮ) drill holes totalling 39,520 meters (“mˮ)
drilled by Liberty Gold in 2024 and 2025. This additional drilling brings the total drilling defining the
Black Pine deposit to 462,662 m in 3,010 holes.
• Approximately 21,000 m of drilling in 93 drill holes completed in 2025 are not included in this MRE.
• The 2026 MRE is supported by metallurgical testing on 216 composites encompassing all ore types.
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Table 3: 2026 MRE compared to the 2024 PFS MRE
Classification Tonnes
(kt)1
Average Grade
(g/t Au)
Gold Ounces
(koz)
PFS 2024 Resource 2
Indicated 402,564 0.32 4,163
Inferred 97,680 0.23 712
2026 Resource 3
Indicated 502,680 0.30 4,882
Inferred 157,092 0.21 1,050
2026 compared to PFS 2024 Resource
∆ Tonnes ∆ Avg Grade ∆ Oz
Indicated 100,116 -0.018 719
Inferred 59,412 -0.022 338
∆ % Tonnes ∆ Avg Grade ∆ % Oz
Indicated 25% -6% 17%
Inferred 61% -10% 47%
(1) kt = thousand metric tonnes.
(2) The 2024 MRE was prepared by SLR and had an effective date of June 1, 2024. See the companyʼs news
release dated October 10, 2024 for additional disclosure regarding the 2024 MRE.
(3) Please refer to the Notes accompanying Table 1 for additional information regarding the 2026 MRE. The
Black Pine updated MRE is ǐ‱and gɿ a ǐ g gẉḅ .
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Figure 2: Indicated and Inferred Resource Conversion and Growth
This waterfall chart showing converted indicated ounce (349 koz), added indicated ounces (370 koz),
added Inferred ounces (687 koz), and residual inferred ounces from the PFS (363 koz), along with the new
2026 MRE totals. The addition of 719 koz to Indicated category is a 17% growth compared to the 2024 PFS
MRE, and the increase to 1,050 koz the Inferred category is a 47% increase compared to the 2024 MRE.
Estimation Methods
The resource estimate was prepared by Valerie Wilson, M.Sc., P.Geo., Principal Resource Geologist at SLR.
Ms. Wilson is an Independent Qualified Person as defined by NI 43 -101. The resource estimate was
prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIMˮ) 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:
o Developing a geological model, in Leapfrog Geo reflecting low -angle fault control and
stratigraphic control of mineralization hosted in receptive carbonate host rocks;
o Evaluating the drill data statistically;
4,163
349
370
4,882
712 363
363
687 1,050
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2024 Resource Converted Ind Ounces Added Ind & Inf Ounces Total 2026 Resource
Resource Ounces Converted & Added (koz)
Indicated Inferred - from PFS Inferred - Added
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o Interpreting medium- (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, and low-grade gold-domain buffer using Leapfrog Geo;
o Compositing data to 3.048 m (10 feet) within the gold domains;
o Coding a series of area specific block models comprised of 10 x 10 x 5 (x,y,z) m blocks and
sub-blocked to 2.5 x 2.5 x 1.25 m blocks to the domains.
o Analyzing the modeled mineralization geostatistically to aid in the establishment of
interpolation and classification parameters;
o 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;
o Stitching and unifying area block models to a regularized model of 10 x 10 x 5 m; and
o 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 US$2,800 per ounce and pit slopes ranging from 45 to 47 degrees. Mining costs of
$2.47 per tonne mined and heap leaching plus G&A costs of $2.76 per tonne processed, based on
an assumed processing rate of 18 Mt per year. Gold recoveries are based on equations derived from
metallurgical test work and vary by grade and rock unit.
• A 0.25% net smelter return royalty has been applied, reflecting the exercise of a buyback right.
• 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 Feasibility Technical Report
expected to be completed in Q4 2026.
ABOUT BLACK PINE
Black Pine is located in southeastern Idaho, near the Utah border, within the northern Great Basin of the
western United States. The project hosts a large, district-scale Carlin-style oxide gold system in a stable,
mining-friendly U.S. jurisdiction.
Black Pine is analogous in style to Nevadaʼs Carlin-type deposits, but occurs outside the main Carlin and
Cortez trends, highlighting the significant exploration potential of underexplored areas of the Great Basin.
The historical Black Pine Mine operated from 1992 to 1997 during a period of low gold prices, producing
approximately 435,000 ounces of gold from shallow open pits at an average grade of 0.63 g/t Au,
demonstrating the amenability of the mineralization to open-pit, oxide mining.
Gold mineralization is hosted within a thick sequence of receptive, faulted carbonate rocks of the
Pennsylvanian Oquirrh Formation and exhibits extensive decalcification and clay alteration typical of
Carlin-style systems. The mineralized system is strongly oxidized across the exposed footprint, supporting
the potential for efficient heap leach processing.
Metallurgical testing to date has demonstrated rapid gold recoveries with limited sensitivity to crush size,
supporting a simple, scalable, and low-cost processing approach.
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Black Pine is being advanced with a disciplined focus on technical rigor, permitting clarity, and long-term
value creation.
QUALIFIED PERSONS
Valerie Wilson, M.Sc., P.Geo, Principal Resource Geologist for SLR, has reviewed and approved the
updated Mineral Resource estimate and the technical information pertaining to it contained in the release
is accurate. 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 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.
All scientific and technical information contained in this new release, including the updated Mineral
Resource estimate, has been reviewed and approved by Owen Nicholls, P.Geo., Director of Technical
Services, an employee of Liberty Gold, who is for the purposes of this new release , the designated
Qualified Person within the meaning NI 43 -101 and has reviewed and validated that the information
contained in this news release is accurate. Mr. Nicholls has verified the data disclosed including sampling,
analytical, and test data underlying the drill results, using a variety of techniques including implementing
quality assurance/quality control (“QA/QCˮ) sampling measures, review and validation of the geological
models, and review of the geostatistical approaches in the Mineral Resource estimation.
ABOUT LIBERTY GOLD
Liberty Gold is a U.S. focused gold development company building and advancing a pipeline of gold assets
in the Great Basin, one of the worldʼs most productive and mining friendly gold regions. The Companyʼs
flagship asset is the 100% owned Black Pine Oxide Gold Project in southern Idaho, a large scale, past -
producing run-of-mine heap leach system being advanced through feasibility and permitting toward a
modern open-pit mining operation. Liberty Gold also controls the Goldstrike Project in Utah, which remains
an important part of the Companyʼs U.S. gold asset portfolio. The Companyʼs strategy is to responsibly
develop high quality, long-life gold projects in supportive jurisdictions, led by an experienced team with a
track record of discovery, development and delivering long term value.
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 news release contains “forward-looking informationˮ and “forward-looking statementsˮ 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; future updates to the mineral resource, the potential quantity, recoverability and/or grade of minerals; the potential size of a mineralized zone or potential expansion
of mineralization; potential additions to the resource through additional drill testing; potential upgrade of the mineral resources; proposed exploration and development of Liberty Goldʼs exploration property interests; the timing and
results of a feasibility study; the results of mineral resource estimates or mineral reserve estimates and preliminary feasibility studies; and the Companyʼs 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, timely receipt of governmental or regulatory approvals, including any stock exchange approvals; receipt of a
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, results or timing of any mineral resources,