Liberty Gold Completes 2021 Resource Upgrade Drilling in the Discovery Zone, Black Pine, Idaho LBP380: 1.52 g/t Au over 30.5 m and 2.44 g/t Au over 21.3 m LBP393: 0.56 g/t Au over 64.0 m including 0.89 g/t Au over 33.5 m
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News Release 21-26 December 6, 2021
Liberty Gold Completes 2021 Resource Upgrade Drilling in
the Discovery Zone, Black Pine, Idaho
LBP380: 1.52 g/t Au over 30.5 m and 2.44 g/t Au over 21.3 m
LBP393: 0.56 g/t Au over 64.0 m including 0.89 g/t Au over 33.5 m
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce that the 2021 reverse circulation (“RC”) drilling campaign in the
Discovery Zone (“DZ”) at the Black Pine Oxide Gold Deposit (“Black Pine”) was completed at the
end of November. The objective of the program is to upgrade inferred resources to indicated to be
included in a future prefeasibility study.
Assay r esults confirm the continuity of stacked moderate to high-grade zones of DZ gold
mineralization and support or exceed expectations within the targeted inferred blocks. Currently,
the DZ represents 78% of the indicated resource and 5 2% of the inferred resource at Black Pine.
Results will also be used to better define the extensive lower grade halo surrounding the high-grade
zones for inclusion in future economic studies.
The 70,000 metre (“m”) 2021 drill program, together with the Q1-2022 drilling focused entirely on
the Rangefront Focus Area , will be included in a new Black Pine mineral resource estimate and
Preliminary Economic Assessment (“PEA”) to be released in Q3-2022. Three drills are now defining
the limits of this new discovery, covering an initial one square kilometre (“km2”) target area, with
results pending.
Cal Everett, President and CEO of Liberty Gold stated, “While drilling continues in the Rangefront
Focus Area, an equally important component of our 2021 drill program involves resource upgrade
and step-out drilling around established zones of mineralization. We expect that resource upgrade
drilling in the Discovery Zone will convert most of the inferred ounces to indicated for use in a
prefeasibility study. Today’s results also demonstrate that the existing zones of mineralization in
the CD Zone are open to expansion. Given the +10 square kilometre scale of a single oxide gold
system it is a welcome task to properly drill off a gold district of this scale.”
Step-out drill results from the CD Zone, comprising the historic CD and I pits located approximately
500 m to the southwest of the D Z, are also included in this release . In the CD Zone, oxide gold
mineralization is confirmed beyond the current resource pits to the southwest, supporting our
geological modeling and indicating the potential for additional mineralization in this area.
For a map and cross sections of the CD and I pits and Discovery Zone, please click here:
https://libertygold.ca/images/news/2021/December/BlackPine_NR12062021MapSections.pdf
For a full table of results for this release, please click here:
https://libertygold.ca/images/news/2021/December/BlackPine_NR12062021Assays.pdf
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DISCOVERY ZONE RESOURCE UPGRADE DRILLING KEY POINTS:
• 2021 resource upgrade drilling, totalling 92 drill holes and 20,486 m to date in the DZ, has
targeted blocks of inferred gold mineralization for upgrade to indicated. The drilling is now
largely complete and will be included in a future prefeasibility study.
• Drilling targeted shallow zones of gold mineralization, deeper high-grade zones and the up-
dip extension of the DZ toward the west, with hole length dependent on target depth.
• Results confirm stacked moderate to high- grade zones within the DZ inferred blocks and
the extensive mineralized halo surrounding the high- grade zones for inclusion in future
economic studies. Total aggregate meters of above 0.15 grams per tonne (“g/t”) gold (“Au”)
cut-off grade intercepts include:
o LBP380: 182.9 m
o LBP386: 140.3 m
o LBP392: 105.1 m
• Geotechnical and additional metallurgical PQ core drilling has been completed in these
areas.
• The current DZ i ndicated resource is 77.1 million tonnes grading 0.54 g/t Au (1.34 million
ounces(“oz”)) and the inferred resource is 15. 6 million tonnes grading 0.38 g/t Au
(191,000 oz).
DISCOVERY ZONE RESOURCE UPGRADE HIGHLIGHT TABLE1
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target Comments
LBP380 (25, -60) 19.8 50.3 30.5 0.19 0.15
and 56.4 76.2 19.8 0.24 0.15
and 86.9 105.2 18.3 0.24 0.15
and 140.2 170.7 30.5 1.52 0.20
including 146.3 167.6 21.3 1.92 1.00
and including 164.6 166.1 1.5 5.79 5.00
and 239.3 257.6 18.3 0.35
and 263.7 285.0 21.3 2.44
including 265.2 283.5 18.3 2.73 1.00
and 286.5 326.1 39.6 0.85 0.15
including 296.6 303.3 10.7 2.08 1.00
LBP386 (235, -63) 16.8 22.9 6.1 0.35 0.15
and 79.3 91.4 12.2 0.48 0.15
including 80.8 89.9 9.1 0.58 0.20
and including 82.3 83.8 1.5 1.54 1.00
and 131.1 192.0 61.0 0.36 0.15
including 132.6 147.8 15.2 0.47
including 169.2 192.0 22.9 0.42
and including 176.8 178.3 1.5 1.24 1.00
and 249.9 288.0 38.1 0.63 0.15
including 249.9 278.9 29.0 0.78 0.20
and including 251.5 259.1 7.6 2.04 1.00
and 294.1 304.8 10.7 0.38 0.15
including 298.7 304.8 6.1 0.55 0.20
349.0 Discovery Zone Resource Upgrade
0.20
330.7 Discovery Zone Resource Upgrade0.20
Page 3 of 8
DISCOVERY ZONE RESOURCE UPGRADE HIGHLIGHT TABLE (Continued)1
LBP389 (340, -53) 22.9 39.6 16.8 0.39 0.15
including 24.4 36.6 12.2 0.48 0.20
and including 32.0 33.5 1.5 1.24 1.00
and 132.6 150.9 18.3 1.17 0.15
including 134.1 147.8 13.7 1.50 0.20
and including 135.6 146.3 10.7 1.73 1.00
and 166.1 178.3 12.2 0.35
and 187.5 190.5 3.0 0.72
and 196.6 202.7 6.1 0.31
LBP392 (15, -55) 27.4 47.2 19.8 0.29 0.15
including 32.0 47.2 15.2 0.33
and 73.2 85.3 12.2 0.48
including 83.8 85.3 1.5 1.56 1.00
and 105.2 138.7 33.5 0.42 0.15
including 105.2 137.2 32.0 0.43 0.20
and 178.3 217.9 39.6 0.26 0.15
LBP393 (120, -47) 99.1 163.1 64.0 0.56 0.15
including 129.5 163.1 33.5 0.89 0.20
and including 144.8 152.4 7.6 1.93 1.00
LBP394 (85, -53) 80.8 105.2 24.4 0.30 0.20
and 114.3 131.1 16.8 1.32 0.15
including 114.3 128.0 13.7 1.57 0.20
and including 120.4 128.0 7.6 2.62 1.00
and 160.0 173.7 13.7 0.38 0.15
LBP397 (45, -45) 64.0 106.7 42.7 0.28 0.15
including 67.1 100.6 33.5 0.31 0.20
and 109.7 125.0 15.2 0.66 0.15
including 118.9 123.4 4.6 1.84 0.20
and including 118.9 121.9 3.0 2.52 1.00
and 198.1 202.7 4.6 1.01 0.20
including 199.6 202.7 3.0 1.33 1.00
LBP401 (135, -70) 25.9 48.8 22.9 0.25 0.15
including 29.0 39.6 10.7 0.33 0.2
and 57.9 111.3 53.3 0.43 0.15
including 59.4 109.7 50.3 0.44 0.2
LBP406 (85, -55) 22.9 38.1 15.2 0.26 0.15
including 24.4 38.1 13.7 0.27 0.20
and 68.6 121.9 53.3 0.42 0.15
including 68.6 108.2 39.6 0.51 0.20
and including 88.4 93.0 4.6 1.12 1.00
LBP414 (105, -45) 123.4 146.3 22.9 0.53 0.15
including 125.0 144.8 19.8 0.59 0.20
and including 134.1 137.2 3.0 1.30 1.00
LBP415 (100, -45) 22.9 39.6 16.8 0.35 0.20
and 74.7 88.4 13.7 0.30 0.15
including 82.3 88.4 6.1 0.48 0.20
and 103.6 140.2 36.6 0.59 0.20
including 111.3 112.8 1.5 1.42
including 121.9 123.4 1.5 1.18
LBP421 (95, -75) 0.0 19.8 19.8 0.29 0.15
including 10.7 18.3 7.6 0.45 0.20
and 36.6 50.3 13.7 0.43 0.15
including 44.2 50.3 6.1 0.73 0.20
and including 45.7 48.8 3.0 1.13 1.00
LBP423 (120, -62) 16.8 25.9 9.1 0.43 0.20
and 51.8 74.7 22.9 0.50 0.15
including 51.8 71.6 19.8 0.55 0.20
and 82.3 112.8 30.5 0.19 0.15
and 166.1 192.0 25.9 0.20 0.15
and 193.5 202.7 9.2 0.20 0.15
121.9 Discovery Zone Resource Upgrade
202.7 Discovery Zone Resource Upgrade
182.9 Discovery Zone Resource Upgrade
1.00
221.0 Discovery Zone Resource Upgrade
251.5 Discovery Zone Resource Upgrade
153.9 Discovery Zone Resource Upgrade
251.5 Discovery Zone Resource Upgrade
208.8 Discovery Zone Resource Upgrade
221.0 Discovery Zone Resource Upgrade
269.7 Discovery Zone Resource Upgrade
0.20
233.2 Discovery Zone Resource Upgrade
0.20
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DISCOVERY ZONE RESOURCE UPGRADE HIGHLIGHT TABLE (Continued)1
1Liberty Gold has changed the reporting cut -offs to include a 0.15 g/t Au cut -off, to reflect the lower cut -offs used by most operating
oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval
using a 0.2 g/t Au cut-off. Downhole thickness are reported herein; true width varies depending on drill hole dip , but generally range
from 60% to 80% of true thickness. Gold grades are reported uncapped.
CD ZONE KEY POINTS:
• The historic CD and I -pit complex , collectively the CD Zone, contributed approximately
one-third of the gold ounces produced in the historic mining operation.
• The CD Zone contains 182,000 oz Au in indicated resource (15.05 million tonnes gra ding
0.38 g/t Au) and 12,000 oz Au in inferred resource (1.18 million tonnes grading 0.32 g/t Au)
in the July 2021 resource.
• Historical drilling was relatively shallow, and a large number of drill holes bottomed in gold
mineralization.
• Step-out drilling by Liberty Gold along the western margin of the CD Zone has confirmed
stacked horizons of oxide gold mineralization in a majority of holes, similar to the stacking
geometry observed in the DZ. Total aggregate meters of above 0.15 g/t Au cut -off grade
intercepts include:
o LBP374: 120.4 m
o LBP367: 102.0 m
o LBP376: 76.2 m
• Drilling along the west flank of the CD Zone identified mineralization lying outside of the
current resource pit
• Drilling under the historic I-pit identified additional mineralization at depth, immediately
below the pit floor.
• Geotechnical and metallurgical core drilling are underway in these areas.
LBP425 (145, -45) 93.0 106.7 13.7 0.46 0.15
including 94.5 106.7 12.2 0.49 0.20
and 112.8 169.2 56.4 0.34 0.15
including 114.3 146.3 32.0 0.46 0.20
and including 137.2 140.2 3.0 1.33 1.00
LBP431 (330, -77) 4.6 21.3 16.8 0.32 0.20
and 30.5 47.2 16.8 0.30 0.15
including 36.6 47.2 10.7 0.38
and 71.6 82.3 10.7 0.56
and 135.6 158.5 22.9 0.22
and 176.8 199.6 22.9 0.20
and 205.7 259.1 53.3 0.39
including 228.6 259.1 30.5 0.54
and including 231.7 233.2 1.5 1.32
and including 239.3 240.8 1.5 2.19
and 266.7 285.0 18.3 0.23 0.15
and 291.1 298.7 7.6 1.66 0.15
including 292.6 297.2 4.6 2.41 1.00
LBP436 (175, -45) 6.1 22.9 16.8 0.43 0.15
including 6.1 21.3 15.2 0.45 0.20
and 132.6 160.0 27.4 0.69 0.15
including 132.6 158.5 25.9 0.72 0.20
and including 134.1 137.2 3.0 3.34 1.00
and 192.0 205.7 13.7 0.50 0.15
including 193.6 205.7 12.2 0.54 0.20
and including 199.6 202.7 3.0 1.16 1.00
0.20
1.00
0.15
275.8 Discovery Zone Resource Upgrade
332.2 Discovery Zone Resource Upgrade
172.2 Discovery Zone Resource Upgrade
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CD ZONE STEP-OUT DRILLING HIGHLIGHT TABLE1
1Liberty Gold has changed the reporting cut -offs to include a 0.15 g/t Au cut -off, to reflect the lower cut -offs used by most operating
oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval
using a 0.2 g/t Au cut-off. Downhole thickness are reported herein; true width varies depending on drill hole dip , but generally range
from 60% to 80% of true thickness. Gold grades are reported uncapped.
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Cut-off
Au (g/t)
Hole
Length
(m)
Target Comments
LBP347 (45, -45) 61.0 90.0 29.0 0.52 0.15
including 67.1 88.4 21.3 0.64 0.20
and including 70.1 71.6 1.5 1.43
and including 80.8 82.3 1.5 1.45
LBP352 (120, -45) 10.7 22.9 12.2 0.40 0.15
including 13.7 21.3 7.6 0.52 0.20
and including 16.8 18.3 1.5 1.08 1.00
and 89.9 102.1 12.2 0.22 0.15
including 89.9 96.1 6.1 0.72 0.20
and 172.2 181.4 9.1 0.30 0.15
including 173.7 178.3 4.6 0.43 0.20
and 190.5 204.2 13.7 0.33 0.15
including 190.5 196.6 6.1 0.54 0.20
and including 192.0 193.6 1.5 1.06 1.00
LBP355 (120, -90) 7.6 13.7 6.1 0.38 0.15
including 9.1 13.7 4.6 0.46 0.20
and 35.05 41.15 6.1 0.27 0.15
including 35.1 39.6 4.6 0.32 0.20
and 160.0 166.1 6.1 0.35
and 176.8 205.7 29.0 0.50
including 179.8 204.2 24.4 0.56 0.20
and including 179.8 181.4 1.5 1.16
and including 196.6 198.1 1.5 1.93
LBP373 (0, -45) 16.8 71.6 54.9 0.61 0.20
including 19.8 24.4 4.6 1.34
including 29.0 32.0 3.0 1.04
including 38.1 41.2 3.0 2.18
LBP374 (45, -45) 27.4 126.5 99.1 0.37 0.15
including 30.5 118.9 88.4 0.39 0.20
and including 82.3 83.8 1.5 1.16 1.00
and 132.6 147.8 15.2 0.37 0.15
including 137.2 147.8 10.7 0.46 0.20
LBP376 (10, -45) 9.1 16.8 7.6 0.24
and 29.0 35.1 6.1 0.33
and 48.8 62.5 13.7 0.23
and 85.3 99.1 13.7 0.24
including 89.9 99.1 9.1 0.27 0.20
and 176.8 189.0 12.2 0.31 0.15
including 179.8 189.0 9.1 0.36 0.20
and 221.0 243.8 22.9 0.73 0.15
including 221.0 239.3 18.3 0.87 0.20
and including 222.5 231.7 9.1 1.32 1.00
0.15
0.15
1
196.6 I Pit Extension Step-Out1.00
152.4 I Pit Extension Step-Out
208.8 I Pit Extension Step-Out
222.5 CD Zone Extension Step-Out
1.00
318.5 CD Zone Extension Step Out
324.6 CD Zone Extension Step-Out
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2021 WORK PROGRAM
Drilling commenced April 1st and has been focused on upgrading inferred portions of the resource
to indicated, step -out drilling on defined targets and discovery drilling throughout the 1 2 km2
permitted drill area. The initial resource pit encompasses the Discovery Zone (D-1, D-2 and D -3
high-grade oxide gold zones) as well as smaller pits at the Rangefront, M, CD Pit, F, J, E Pit and Back
Range zones. The Black Pine mineral resource estimate released on July 13, 2021 (see below) does
not include any drilling conducted in 2021. Our present focus is on exploring the Rangefront Focus
Area, which will see drilling throughout the winter months, with a goal to define a large gold deposit
in this area.
ABOUT BLACK PINE
Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border.
It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s
Carlin trend. Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing
number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored
parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period
of historically low gold prices, with 435,000 ounces of gold prod uced from five composite, shallow
pits, with an average head grade of 0.63 g/t Au.
A Mineral Resource estimate containing an indicated mineral resource of 1,715,000 oz of gold at an
average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of
370,000 oz of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released
on July 13, with the resource technical report filed on SEDAR on August 19, 2021 and available on
the Liberty Gold website.
A virtual site tour and 3D model of Black Pine property, including details about the geology and
mineralization, is available on the homepage of the Company’s website: libertygold.ca
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using a cut -off of 0.20 g/t Au. Drill intersections are reported as
drilled thicknesses. True widths of the mineralized intervals vary between 30 % and 100% of the
reported lengths due to varying drill hole orientations but are typically in the range of 60 % to 80%
of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of
a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed
with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold
intersections. For any samples assaying over 0.10 ppm an additional cyanide leach analysis is done
where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the
final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC
for all drill samples consists of the insertion and continual monitoring of numerous standards and
blanks into the sample stream, and the collection of duplicate samples at random intervals within
each batch. Selected holes are also analyzed for a 51 multi -element geochemical suite by ICP-MS.
ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope
of accreditation.
Page 7 of 8
QUALIFIED PERSON
Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, Liberty Gold, is the
Company's designated Qualified Person for this news release within the meaning of National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed
and validated that the information contained in the release is accurate.
ABOUT LIBERTY GOLD
Liberty Gold is focused on exploring the Great Basin of the United States, home to large-scale gold
projects that are ideal for open- pit mining. This region is one of the most prolific gold -producing
regions in the world and stretches across Nevada and into Idaho and Utah. We know the Great
Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-
pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past -
producing open-pit mines, where previous operators only scratched the surface.
For more information, visit libertygold.ca or contact:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
All statements in this press release, other than statements of historical fact, are "forward -looking information" with respect to
Liberty Gold within the meaning of applicable securities laws, including statements that address potential quantity and/or grade
of minerals. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan",
"continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar
expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results " may",
"should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward -looking information is not a guarantee of
future performance and is based upon a number of estimates and assumptions of management at the date the statements are
made incl uding, 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 renewa ls for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in
market conditions, the impact from the pandemic of the novel coronavirus (COVID -19), availability of equipment, timing of the
publication of any updated mineral resources or PEAs, the availability of drill rigs, successful resolution of disputes and anticipated
costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and
there is no assurance they will prove to be correct.
Such forward -looking information, involves known and unknown risks, which may cause the actual results to be materially
different from any future results expressed or implied by such forward -looking information, in cluding, 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 ec onomic conditions; future prices of
commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of
equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration
activities generally; the timing of the publication of any PEAs ; delays in permitting; possible claims against the Company; labour
disputes and other risks of the mining industry, including impacts from the pandemic of the novel coronavirus (COVID-19); delays
in obtaining governmental approvals, financing or in the completion of exploration as well as those factors discussed in the Annual
Information Form of the Company dated March 26, 2021 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile
at www.sedar.com.
Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to diffe r
materially from those described in forward -looking information, there may be other factors that cause actions, events or results
Page 8 of 8
not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual
results and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or
obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Cautionary Note for United States Investors
The terms “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource”, are
Canadian mining terms as defined in, and required to be disclosed in accordance with, National Instrument 43 -101 – Standards
of Disclosure for Mineral Projects (“NI 43 -101”), which reference s the guidelines set out in the Canadian Institute of Mining,
Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves (“CIM Definition
Standards”), adopted by the CIM Council, as amended. However, these ter ms are not defined terms under SEC Industry Guide 7
(“SEC Industry Guide 7”) under the United States Securities Act of 1933, as amended, and normally are not permitted to be use d
in reports and registration statements filed with United States Securities an d Exchange Commission (the “SEC”). The SEC has
adopted amendments to its disclosure rules to modernize the mineral property disclosure requirements for issuers whose securities
are registered with the SEC under the United States Securities Exchange Act of 1934, as amended. These amendments became
effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on or after
January 1, 2021. The SEC Modernization Rules replace the historical disclosure re quirements for mining registrants that were
included in SEC Industry Guide 7. The Company does not file reports with the SEC and is not required to provide disclosure on its
mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43 -101 and the CIM
Definition Standards.