Liberty Gold Continues to Expand Thick Zone of High-Grade Carlin-Style Gold Mineralization at the Black Pine Project, Idaho, USA, With 3.40 g/t Oxide Gold over 62.5 Metres Including 6.21 g/t Gold over 21.3 Metres Drilling Links the Discovery 2 and 3 Zones
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NEWS RELEASE 19-20 November 5, 2019
Liberty Gold Continues to Expand Thick Zone of High-Grade Carlin-Style Gold
Mineralization at the Black Pine Project, Idaho, USA, With 3.40 g/t Oxide Gold over 62.5
Metres Including 6.21 g/t Gold over 21.3 Metres
Drilling Links the Discovery 2 and 3 Zones
VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased
to announce additional drill results from its Carlin-style Black Pine Property in southern Idaho,
USA. Reverse Circulation (“RC”) drilling at Black Pine continues to return thick, high-grade
intervals of Carlin-style oxide gold mineralization. New results from the Discovery 2/3 Zones (now
Discovery 2 Zone) expand the footprint of mineralization, linking them together with a combined
width of 400 metres (“m”), and a strike length of approximately 300 m. The zone remains open for
extension in all directions.
DISCOVERY 2 ZONE DRILL HIGHLIGHTS INCLUDE1:
Hole ID (Az, Dip)
(degrees)
From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Au
Cut-Off
(g/t)
Hole
Length
(m)
Comments
LBP064 (110, -70) 112.8 175.3 62.5 3.40 0.2
including 141.7 175.3 33.5 5.01 1
and including 146.3 167.6 21.3 6.21 5
LBP066 (86, -60) 131.1 146.3 15.2 0.46
and 164.6 167.6 3.0 1.94
and 173.7 243.8 70.1 1.15
Including 175.3 190.5 15.2 2.92 1
and including 181.4 182.9 1.5 14.7 5
LBP068 (360, -75) 96.0 143.3 47.2 0.41
and 172.2 184.4 12.2 0.78
and 228.6 249.9 21.3 2.38
including 237.7 246.9 9.1 4.89 1
and including 239.3 245.4 6.1 5.93 5
and 266.7 301.8 35.1 0.63 0.2
LBP069 (74, -78) 70.1 86.9 16.8 0.32
and 160.0 217.9 57.9 1.52
including 173.7 182.9 9.1 7.42 1
and including 176.8 181.4 4.6 12.2 5
and 219.5 228.6 9.1 2.91 0.2
including 219.5 224.0 4.6 5.38 1
and 271.3 285.0 13.7 1.96 0.2
including 271.3 281.9 10.7 2.30 1
0.2
303.3
0.2
318.5
227.1 Poor recovery at
base of intercept
0.2
243.8 Hole ended in grade
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1A number of mineralized intervals were omitted from this table for brevity. Please refer to the full table at the link below for complete results. Grams per Tonne Gold
abbreviated as “g/t Au”.
For a cross section of drill collars and traces for the current release, please click
here: https://libertygold.ca/images/news/2019/november/BlackPine_NR11052019CS.pdf
For a map of drill collars and traces for the current release, please click
here: https://libertygold.ca/images/news/2019/november/BlackPine_NR11052019Map.pdf
For a complete table of drill results from all Liberty Gold drill holes at Black Pine, please click
here: https://libertygold.ca/images/news/2019/november/BP_Intercepts11052019.pdf
The Discovery 2 Zone continues to deliver high grades along a north -striking feeder fault corridor,
as well as long intervals of gold mineralization in the footwall area to the east. Liberty Gold believes
that the area tested to date represents a small portion of the total strike length of the Discovery 2
Zone, with drillin g currently focused on extending the strike length through the 300 m -long gap
between the Discovery 2 zone and mineralization associated with the historical B Pit to the south .
The Discovery 1 and Discovery 2 Zones are now projected to converge near the northern margin of
and below the historic B Pit, with an average historical mined grade of 1.38 g/t Au.
Key Points
• The Discovery 2 Zone remains open in all directions, and continues to deliver thick,
high-grade oxide gold intercepts in drill holes.
• Most highlight intercepts to date are oxide. Weighted average cyanide solubility for
the primary high-grade interval in LBP064 is 97%, for LBP066, 90%, and for LBP068,
between 72 and 85%.
• The highlight intervals in LBP064, LBP066 and LBP069 link together:
o LBP0622, which returned 3.14 g/t Au over 44.2 m;
o LBP0513, which returned 2.51 g/t Au over 41.1 m; and
o LBP0523, which returned 0.61 g/t Au over 21.3 m and 0.77 g/t Au over 39.6 m;
all on the same section and within the target stratigraphic interval.
• The new drilling links gold mineralization in the Discovery 2 zone with mineralization
in the Discovery 3 zone over a distance of 400 m.
• Approximately 30% of the high-grade target stratigraphic horizon in the initial 1
square kilometer (“km2”) Focus Area (the “Focus Area”) has been drill tested to date.
The target horizon extends throughout most areas of the 12 km2 gold system and
awaits testing by Liberty Gold.
• Eight of the top 10 unmined intercepts on the Black Pine Property have been drilled
by Liberty Gold including the top six.
2See press release dated October 15, 2019
3See press release dated October 1, 2019
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“Black Pine continues to deliver intercepts of high-grade oxide gold mineralization over impressive
widths. These intercepts are all the more impressive in the context of their setting, lying below
thick intervals of moderate grade mineralization, and the likelihood, based on past mining, that the
gold can be recovered using low-cost, open pit mining and heap leaching. The results to date,
combined with modeling of historic results, continue to support our premise that Black Pine hosts a
multi-million ounce gold system,” stated Cal Everett, President and CEO of Liberty Gold.
Click here for a list of the top 500 unmined gold intercepts at Black Pine:
https://libertygold.ca/images/news/2019/november/BlackPine_NR11052019Unmined.pdf
Core drilling at Black Pine commenced on September 24, 2019. The large-diameter core program
is obtaining material to fulfill several goals, including: Phase 1 metallurgical column testing; specific
gravity measurements; gold deportment studies; validation of RC drilling data; and collection of
structural, stratigraphic and alteration information. Assays are pending from four holes drilled to
date.
RC drilling continues with two RC drill rigs in a 1km2 Focus Area between the historic A Pit, B Pit
and A Basin target.
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 locate d along Nevada’s
Carlin trend. Like Newmont’s 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 produced from five composite, shallow pits, at an
average grade of 0.63 g/t Au and average recovery of approximately 65%.
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, www.libertygold.ca.
A Technical Report is also available on the Company website:
https://libertygold.ca/images/pdf/BlackPine_NI43-101_2018.pdf
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
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 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.
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
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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 Goldstrike, Black Pine and Kinsley Mountain, all of
which are 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 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, 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, 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, availability of equipment, accuracy of any mineral resources, the
availability of drill rigs, the accuracy of a preliminary economic assessment, 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
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 27, 2019 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile
at www.sedar.com.
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 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 unless required by law.