Liberty Gold Confirms High-Grade Continuity Across the Main Zone, Goldstrike Oxide Gold Deposit, Utah PGS 798: 0.94 g/t Au over 59.4 m, including 1.30 g/t Au over 16.8 m PGS 807: 0.64 g/t Au over 45.7 m, and 0.57 g/t Au over 36.6 m
Page 1 of 8
News Release 22-01 January 11, 2022
Liberty Gold Confirms High-Grade Continuity Across the Main Zone,
Goldstrike Oxide Gold Deposit, Utah
PGS 798: 0.94 g/t Au over 59.4 m, including 1.30 g/t Au over 16.8 m
PGS 807: 0.64 g/t Au over 45.7 m, and 0.57 g/t Au over 36.6 m
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the
"Company") is pleased to announce additional results from the recently completed 2021 Reverse
Circulation (“RC”) drill program at the Goldstrike Oxide Gold Project in southwestern Utah
(“Goldstrike”).
This news release includes resource conversion drilling in the Main Zone which hosts greater than
75% of the current resource. This dr illing further confirm s two key features of the Goldstrike
deposit: firstly, mineralization is near surface, emphasising the low strip nature of the orebody and
secondly, the predictable lateral continuity of well-mineralized, high-grade corridors in the Main
Zone, building confidence in the resource modeling of gold distribution in this area.
Additionally, step-out drilling in the Dip Slope Zone along the northern edge of the Main Zone, has
delineated a significant down- dip extension of the shallow, mineralized zone, demonstrating
further growth potential of the deposit in this area.
Cal Everett, President and CEO of Liberty Gold stated, “ The +1 million ounce Goldstrike Deposit
presents robust economics at today’s gold prices as illustrated in the 2018 PEA and is advancing
quickly towards a p refeasibility study decision. Due to the market’s focus on the large-scale Black
Pine Oxide Gold Deposit in southern Idaho, we are assessin g several strategic alternatives
available to Liberty Gold in order to accurately reflect Goldstrike’s market value.”
For a map and cross sections of the Goldstrike Property, including drill collars and traces for the
current release, please click here:
https://libertygold.ca/images/news/2022/January/Goldstrike_NR01112022MapSection.pdf
For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click
here: https://libertygold.ca/images/news/2022/January/GS_Intercepts01112022.pdf
Page 2 of 8
MAIN ZONE – HAMBURG PIT HIGHLIGHTS
• The Main Zone - Hamburg Pit area continues to deliver thick zones of oxide gold
mineralization at shallow depth.
• Excellent grades and high cyanide solubility are also a hallmark of mineralization in this area.
• Drilling continues to define corridors of gold mineralization associated with fault zones with
higher grades and greater thicknesses.
MAIN ZONE – HAMBURG HIGHLIGHT TABLE*
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target AuCN/AuFA
(%)
PGS798 (225, -60) 33.5 93.0 59.4 0.94 0.15 88%
incl 41.1 93.0 51.8 1.05 0.2 88%
also incl 42.7 47.2 4.6 3.73 90%
also incl 53.3 70.1 16.8 1.30 87%
also incl 44.2 45.7 1.5 5.71 5 91%
PGS799 (0, -90) 53.3 79.2 25.9 0.53 0.15 82%
incl 56.4 77.7 21.3 0.61 0.2 82%
also incl 68.6 71.6 3.0 1.50 1 77%
PGS800 (203, -58) 41.1 85.3 44.2 0.72 0.2 79%
also incl 67.1 80.8 13.7 1.41 1 80%
PGS801 (200, -50) 45.7 86.9 41.1 0.31 0.15 90%
incl 51.8 74.7 22.9 0.39 0.2 96%
PGS802 (155, -45) 0.0 9.1 9.1 0.37 0.15 80%
incl 1.5 9.1 7.6 0.40 0.2 81%
and 64.0 106.7 42.7 0.59 0.15 87%
incl 64.0 105.2 41.1 0.61 0.2 87%
also incl 64.0 68.6 4.6 1.74 89%
also incl 99.1 102.1 3.0 1.61 93%
and 117.3 125.0 7.6 0.35 0.15 72%
incl 117.3 120.4 3.0 0.64 0.2 87%
PGS803 (155, -65) 0.0 4.6 4.6 0.48 0.15 76%
incl 0.0 1.5 1.5 1.07 1 73%
and 57.9 79.2 21.3 0.37 0.15 74%
incl 57.9 77.7 19.8 0.39 0.2 73%
and 97.5 131.1 33.5 0.57 0.15 93%
incl 97.5 123.4 25.9 0.69 0.2 95%
also incl 102.1 103.6 1.5 1.02 100%
also incl 117.3 123.4 6.1 1.13 93%
PGS804 (130, -75) 0.0 6.1 6.1 0.40 0.15 66%
incl 1.5 4.6 3.0 0.62 0.2 66%
and 80.8 106.7 25.9 0.28 0.15 72%
incl 80.8 89.9 9.1 0.39 0.2 82%
196.6 Hamburg1
152.4 Hamburg
152.4 Hamburg
137.2 Hamburg
144.8 Hamburg
1
160.0 Hamburg
1
152.4 Hamburg
Page 3 of 8
MAIN ZONE – HAMBURG HIGHLIGHT TABLE (Continued)*
*Please refer to the full table at the link below for complete results. Results are reported as drilled thicknesses, with true
thicknesses varying by hole orientation. True thicknesses are generally 60% to 90% of drilled thicknesses. Gold grades
are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the
method described in the Quality Assurance – Quality Control section below) to gold by fire assay, expressed as percent.
MAIN ZONE – BASIN PIT HIGHLIGHTS
• The Main Zone - Basin Pit is located to the northwest of the Hamburg Pit across the
Hamburg Fault Zone.
• Shallow gold mineralization is preserved in the pit highwalls and immediately beneath the
pit floor.
• Many of the historic holes did not extend deep enough to test the entire thickness of
mineralization, and large lateral gaps in drill coverage existed.
• The infill drilling has defined a previously unrecognized, structural control to high grade
mineralization.
PGS805 (60, -85) 73.2 97.5 24.4 0.30 0.15 88%
incl 76.2 88.4 12.2 0.42 96%
and 135.6 170.7 35.1 0.45 91%
also incl 163.1 164.6 1.5 1.09 1 100%
PGS806 (190, -80) 47.2 138.7 91.4 0.52 0.15 90%
incl 47.2 137.2 89.9 0.53 0.2 90%
also incl 70.1 71.6 1.5 1.32 89%
also incl 108.2 111.3 3.0 1.30 99%
also incl 125.0 126.5 1.5 1.53 100%
PGS807 (190, -63) 0.0 4.6 4.6 0.81 0.2 53%
incl 0.0 1.5 1.5 1.45 1 46%
and 44.2 89.9 45.7 0.64 0.2 85%
incl 45.7 48.8 3.0 2.08 95%
incl 57.9 62.5 4.6 1.43 82%
and 99.1 135.6 36.6 0.57 0.2 81%
incl 111.3 115.8 4.6 1.46 1 88%
172.2 Hamburg1
221.0 Hamburg0.2
213.4 Hamburg
Page 4 of 8
MAIN ZONE – BASIN PIT HIGHLIGHT TABLE*
MAIN ZONE - DIP SLOPE EXTENSION HIGHLIGHTS
• The Main Zone - Dip Slope is a zone of shallow mineralization that extends north of the
Basin Pit.
• Six holes from three sites targeted the down-dip extension of the Dip Slope Zone to the
north of any previous drilling. Gold mineralization was encountered in all of the holes.
• PGS 810 is the furthest step-out to the north and presented the longest and highest-grade
intercepts. Additional drilling is warranted to address the extent of mineralization in this
area.
• The presence of gold mineralization in this area demonstrates that the Goldstrike deposit
is open for expansion to the north and west laterally along the unconformity.
• Drilling was recently completed in a new area along the east side of the deposit, with
results pending.
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target AuCN/AuFA
(%)
PGS815 (310, -70) 12.2 27.4 15.2 0.64 60%
incl 13.7 25.9 12.2 0.75 0.2 60%
also incl 13.7 18.3 4.6 1.39 1 56%
and 56.4 64.0 7.6 0.36 0.15 59%
incl 57.9 62.5 4.6 0.50 0.2 59%
and 71.6 79.2 7.6 0.39 0.15 67%
incl 73.2 79.2 6.1 0.45 0.2 71%
PGS816 (250, -70) 27.4 36.6 9.1 0.73 0.15 88%
also incl 33.5 36.6 3.0 1.88 1 92%
PGS819 (120, -50) 4.6 9.1 4.6 0.36 0.15 89%
incl 4.6 7.6 3.0 0.45 0.2 90%
and 18.3 36.6 18.3 1.02 0.15 88%
incl 18.3 35.1 16.8 1.10 0.2 88%
also incl 24.4 33.5 9.1 1.71 1 88%
PGS820 (0, -90) 39.6 62.5 22.9 0.45 0.2 77%
incl 51.8 53.3 1.5 1.08 1 83%
and 68.6 80.8 12.2 0.61 0.15 82%
incl 70.1 80.8 10.7 0.67 0.2 82%
also incl 74.7 76.2 1.5 1.18 1 82%
PGS821 (60, -50) 61.0 80.8 19.8 0.52 0.15 83%
incl 61.0 79.2 18.3 0.55 0.2 83%
also incl 68.6 71.6 3.0 1.34 1 92%
208.8 Basin
152.4 Basin
141.7 Basin
152.4 Basin
121.9 Basin
Page 5 of 8
DIP SLOPE EXTENSION HIGHLIGHT TABLE*
ABOUT GOLDSTRIKE
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 Black Pine and Nevada Gold Mines 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.
Goldstrike is a past -producing, open-pit run of mine heap-leach operation that produced 209,000
ounces (“oz”) of gold and 197,000 oz of silver between 1988 and 1994 during a period of historically
low gold prices . Ore was mined from 12 shallow pits, at an average grade of 1.2 grams per tonne
gold (“g/t Au”) and an average recovery of approximately 75%. Liberty Gold carried out extensive
compilation, d rilling and metallurgical work, rel easing a resource estimate and Preliminary
Economic Assessment (“ PEA”) in 2018. The resource includes an Indicated 925,000 oz of gold
grading 0.50 g/t Au (57,846,000 tonnes) and an Inferred 296,000 oz of gold grading 0.47 g/t Au
(19,603,000 tonnes), backed by over 1,700 drill holes. The PEA mines 915,516 oz of gold at a life of
mine all in sustaining costs of US$793/oz, returning a NPV at a 5% discount rate of US$129.5 million
and an IRR of 29.4% at US$1,300/oz gold prices . A sensitivity analysis using US $1,700/oz gold
returns an NPV5% of US$291.7 million and an IRR of 52.4% representing strong economic returns
at current gold prices.
The 2021 drilling campaign is designed to convert areas of inferred resource to indicated resource
in support of a Prefeasibility Study decision and will also test for extensions to mineralization in
several areas.
A virtual site tour and 3D model of the Goldstrike property, including details about the geology and
mineralization, is available on the Company’s website: libertygold.ca
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target AuCN/AuFA
(%)
PGS809 (90, -60) 149.4 164.6 15.2 0.46 0.15 92%
incl 149.4 160.0 10.7 0.57 0.2 91%
also incl 150.9 152.4 1.5 1.53 1 97%
PGS810 (0, -65) 182.9 208.8 25.9 0.78 0.2 6%
incl 198.1 205.7 7.6 1.46 1 5%
and 243.8 263.7 19.8 0.62 0.2 4%
incl 249.9 254.5 4.6 1.26 1 5%
PGS812 (70, -50) 80.8 86.9 6.1 0.24 78%
and 126.5 129.5 3.0 1.24 36%
inc 126.5 128.0 1.5 2.23 1 35%
274.3 Dip Slope Extension
0.2 144.8 Dip Slope Extension
201.2 Dip Slope Extension
Page 6 of 8
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using cut -offs of 0.15 g/t, 0.20 g/t and 1 .00 g/t gold. 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 0.200
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 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.
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 sc enarios. 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 www.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 rel ease, 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, , drill results demonstrating the presence of continuous and well-mineralized corridors in the Main
Zone area and building confidence in the resource modeling, plans with respect to exploration and development plans of Goldstrike and
the timing thereof, the objectives of the drilling program, the potential upgrade of inferred mineral resources to measured and indicated
mineral resources and plans for any Prefeasibility Study decisions. Forward-looking information is ofte n, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "t argeting",
"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
Page 7 of 8
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,
the impact from the pandemic of the novel coronavirus (COVID-19), availability of equipment, timing of the publication of any 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 result s 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 ope rate 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 or pre-feasibilities; 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 A nnual 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 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 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 references 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 terms 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 used in reports and registration statements f iled with
United States Securities and Exchange Commission (the “ SEC”). The SEC has adopted amendments to its dis closure 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 requirements 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.
United States investors are cautioned that there are differences in the definitions under the SEC Modernization Rules and the CIM
Definition Standards. There is no assurance any mineral resources that the Company may report as “measured mineral resources” ,
“indicated mineral resources” and “inferred mineral resources” under NI 43 - 101 would be the same had the Company prepared the
resource estimates under the standards adopted under the SEC Modernization Rules. United States investors are also cautioned that
while the SEC will now recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources”,
investors should not assume that any part or all of the mineralization in these categories will ever be converted into a higher category of
mineral resources or into mineral reserves. Mineralization described using these terms has a greater amount of uncertainty as t o their
existence and feasibility than mineralization that has been characterized as reserves. Accordingly, investors are cautioned not to assume
that any “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” that the Company reports are or
will be economically or legally mineable. Further, “inferred mineral resources” have a greater amount of uncertainty as to their existence
and as to whether they can be mined legally or economically. Therefore, United States investors are also cautioned not to ass ume that
all or any part of the “inferred mineral resources” exist. In accordance with Canadian securities laws, estimates of “inferred mineral
resources” cannot form the basis of feasibility or other economic studies, except in limited circumstances where permitted under NI 43-
101. In addition, the SEC has amended its definitions of “proven mineral reserves” and “probable mineral reserves” to be “substantially
similar” to the corresponding CIM definitions. United States investors are cautioned that a preliminary economic assessment cannot
support an estimate of either “proven mineral reserves” or “probab le mineral reserves” and that no feasibility studies have been
completed on the Company’s mineral properties.
Page 8 of 8
Accordingly, information contained herein describing the Company’s mineral deposits may not be comparable to similar informat ion
made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and
the rules and regulations thereunder.