Liberty Gold Drills Near-Surface Oxide Gold in the Main Zone, Goldstrike Deposit, Utah PGS 796: 0.82 g/t Au over 56.4 m, including 2.48 g/t Au over 10.7 m PGS 787: 0.75 g/t Au over 44.2 m
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News Release 21-24 November 18, 2021
Liberty Gold Drills Near-Surface Oxide Gold in the Main Zone, Goldstrike
Deposit, Utah
PGS 796: 0.82 g/t Au over 56.4 m, including 2.48 g/t Au over 10.7 m
PGS 787: 0.75 g/t Au over 44.2 m
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the
"Company") is pleased to announce additional results from its 2021 Reverse Circulation (“RC”) drill
program targeting the Main Zone, which includes 10 drill holes in the Hassayampa Pit area and 13
drill holes in the Hamburg Pit area at the Goldstrike Oxide Gold Project in Utah (“Goldstrike”).
Drilling in the Hassayampa Pit also encountered high gold grades in pit backfill at surface, currently
modelled as waste rock, including 1.14 grams per tonne gold (“g/t Au”) over 15.2 m eters (“m”) PGS
794 and 1.16 g/t Au over 7.6 m in PGS 797.
Drill results in the Hamburg Pit area directly to the south of Hassayampa continues to yield long
intervals of shallow oxide gold mineralization, further proof of the robust nature of mineralization
in the central part of the Main Zone, which carries greater than 60% of the Mineral Resource.
Cal Everett, President and CEO of Liberty Gold stated, “The Goldstrike Project continues to deliver
impressive, near-surface, high-grade oxide gold intercepts. The grades and widths at Goldstrike are
similar to that of the oxide gold intercepts at Black Pine in Idaho. At Hassayampa, mineralization is
located at or near surface after drilling through gold-bearing pit backfill material . Mineralized
backfill also covers a large portion of the Hassayampa pit and is classified as waste in the 2018 PEA.
This represents another avenue to improve the economics of th e project. Goldstrike remains an
important component of Liberty Gold’s development strategy in conjunction with Black Pine
looking ahead to 2022, as we maintain focus on de-risking our portfolio of run-of-mine heap leach
oxide gold deposits in the Great Basin.”
The 2021 Goldstrike drill program is focussed on conversion of tonnes from the “ inferred” to
“measured and indicated” category, with results continuing to confirm that the deposit remains
open laterally and to depth. The program is also focused on better defining the size, location, and
orientation of the higher-grade structural zones.
For a map and cross sections of the Goldstrike Property please click here:
https://libertygold.ca/images/news/2021/November/Goldstrike_NR11182021MapSection.pdf
For a complete tabl e of drill results from all Liberty Gold drill holes at Goldstrike, please click
here: https://libertygold.ca/images/news/2021/November/GS_Intercepts11182021.pdf
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KEY POINTS
• The majority of drill holes in the Main Zone encountered multiple intervals of oxide gold
mineralization with excellent cyanide solubility at shallow depths, supporting the continuity
of mineralization and increasing the confidence in the resource.
• High-grade, near-surface gold was encountered in backfilled area of the Hassayampa pit.
Results drilled directly from surface included:
o PGS 794: 1.14 g/t Au over 15.2 m
o PGS 796: 0.51 g/t Au over 16.8 m
o PGS 797: 1.16 g/t Au over 7.6 m
• High oxide gold grades in backfill are believed to be stockpiled above 0.8 g/t Au cut-off
material ( historical estimate: 18 million tonnes backfill). The 2018 Preliminary Economic
Assessment (“ PEA”) considered this material as waste. Backfill will now be included in a
future mine plan to optimize project economics.
• The near -surface nature of the Hassayampa area, with bedrock mineralization generally
starting at 30 m to 40 m down -hole, makes this higher-grade mineralization potentially an
important and valuable source of early ore feed in a future production profile.
• The Hassayampa Pit area forms the north portion of the Main Zone and is hosted on the
footwall side of the Hassayampa Fault, which represents an uplifted block of mineralization
roughly 500 m x150 m in size. The objective of 2021 drilling in the Hassayampa Zone is to
extend the resource pit to the west and north to merge with the Dip Slope Zone, where the
unconformity is consistently mineralized over a large area at shallow depth.
• Drilling in the Hamburg portion of the Main Zone continues to deliver higher grade near
surface mineralization increasing confidence in the resource and also defining zones of
mineralized backfill with potential to enhance project economics.
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MAIN ZONE - HASSAYAMPA HIGHLIGHT TABLE*
Hole ID (Az, Dip)
(degrees)
From
(m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target AuCN/AuF
A (%)
PGS788 (0, -90) 30.5 45.7 15.2 0.25 0.2 82%
and 62.5 91.4 29.0 0.33 0.15 90%
incl 62.5 88.4 25.9 0.35 0.2 92%
PGS790 (40, -50) 30.5 67.1 36.6 0.72 0.2 89%
also incl 36.6 38.1 1.5 1.24 68%
also incl 44.2 45.7 1.5 1.74 94%
also incl 50.3 51.8 1.5 1.40 94%
also incl 56.4 59.4 3.0 1.05 95%
also incl 61.0 65.5 4.6 1.35 91%
PGS793 (320, -62) 77.7 99.1 21.3 0.63 0.15 60%
incl 77.7 97.5 19.8 0.66 0.2 60%
also incl 79.2 82.3 3.0 1.92 1 45%
PGS794 (60, -65) 0.0 15.2 15.2 1.14 0.2 59%
also incl 0.0 9.1 9.1 1.66 1 67%
PGS795 (110, 60) 42.7 56.4 13.7 0.70 0.15 90%
incl 42.7 54.9 12.2 0.77 0.2 90%
also incl 44.2 47.2 3.0 1.88 1 96%
PGS796 (310, -65) 0.0 16.8 16.8 0.51 0.2 66%
incl 0.0 1.5 1.5 1.38 90%
incl 15.2 16.8 1.5 1.31 14%
and 51.8 65.5 13.7 0.77 0.2 76%
incl 54.9 56.4 1.5 1.29 85%
incl 61.0 64.0 3.0 1.31 90%
and 85.3 141.7 56.4 0.82 0.15 94%
incl 86.9 140.2 53.3 0.86 0.2 94%
also incl 91.4 102.1 10.7 2.48 1 98%
also incl 93.0 94.5 1.5 5.66 5 99%
also incl 112.8 114.3 1.5 1.26 85%
also incl 128.0 131.1 3.0 2.10 90%
and 150.9 164.6 13.7 0.42 0.2 67%
PGS797 (290, -80) 0.0 7.6 7.6 1.16 0.15 92%
incl 0.0 6.1 6.1 1.41 0.2 94%
also incl 0.0 1.5 1.5 4.00 1 98%
and 44.2 67.1 22.9 0.81 0.15 77%
incl 44.2 53.3 9.1 0.53 0.2 85%
also incl 47.2 48.8 1.5 1.06 1 83%
incl 59.4 67.1 7.6 1.73 0.2 75%
also incl 61.0 65.5 4.6 2.58 1 74%
also incl 61.0 62.5 1.5 5.06 5 66%
and 77.7 93.0 15.2 1.17 0.2 92%
incl 85.3 91.4 6.1 2.01 1 94%
and 103.6 117.3 13.7 0.56 0.15 90%
incl 105.2 117.3 12.2 0.61 0.2 90%
also incl 109.7 111.3 1.5 1.52 1 94%
132.6 Hassayampa
121.9 Hassayampa1
152.4 Hassayampa
138.7 Hassayampa
178.3 Hassayampa
172.2 Hassayampa
1
1
1
141.7 Hassayampa
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MAIN ZONE - HAMBURG HIGHLIGHT TABLE*
*Please refer to the full table at the link above 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 per cent.
Hole ID (Az, Dip)
(degrees)
From
(m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target AuCN/AuF
A (%)
PGS775 (350, -80) 9.1 15.2 6.1 2.72 1 54%
and 22.9 56.4 33.5 0.58 0.15 90%
incl 24.4 54.9 30.5 0.61 0.2 90%
also incl 24.4 25.9 1.5 1.17 89%
also incl 47.2 53.3 6.1 1.24 90%
PGS776 (290, -65) 21.3 53.3 32.0 0.35 0.15 82%
incl 38.1 53.3 15.2 0.54 0.2 92%
also incl 44.2 45.7 1.5 1.13 1 85%
PGS777 (250, -60) 35.1 45.7 10.7 0.42 0.15 51%
incl 35.1 41.1 6.1 0.62 0.2 52%
also incl 39.6 41.1 1.5 1.67 1 41%
and 48.8 57.9 9.1 0.25 0.15 69%
and 68.6 76.2 7.6 0.62 0.2 80%
also incl 71.6 74.7 3.0 1.08 1 88%
and 94.5 99.1 4.6 0.62 0.2 81%
PGS780 (80, -83) 10.7 19.8 9.1 2.21 0.2 18%
incl 12.2 18.3 6.1 3.06 1 13%
and 25.9 61.0 35.1 0.70 0.15 69%
incl 25.9 47.2 21.3 0.90 0.2 66%
also incl 25.9 32.0 6.1 1.82 1 50%
and 53.3 61.0 7.6 0.59 88%
and 83.8 91.4 7.6 0.83 73%
incl 83.8 89.9 6.1 0.98 0.2 73%
also incl 85.3 88.4 3.0 1.60 1 72%
PGS781 (60, -55) 13.7 27.4 13.7 0.94 0.15 73%
incl 13.7 25.9 12.2 1.04 0.2 74%
also incl 15.2 19.8 4.6 1.75 1 70%
and 48.8 53.3 4.6 0.45 0.2 94%
and 103.6 112.8 9.1 0.28 0.15 86%
incl 103.6 111.3 7.6 0.30 0.2 85%
PGS782 (187, -75) 7.6 54.9 47.2 0.56 0.15 88%
incl 9.1 53.3 44.2 0.59 0.2 88%
also incl 27.4 29.0 1.5 2.54 87%
also incl 42.7 44.2 1.5 1.64 88%
PGS783 (170, -55) 7.6 19.8 12.2 0.30 0.15 81%
and 30.5 47.2 16.8 0.83 0.2 91%
incl 32.0 42.7 10.7 1.10 1 90%
PGS784 (225, -40) 129.5 West Hamburg
PGS786 (135, -72) 62.5 97.5 35.1 0.76 0.15 90%
incl 62.5 82.3 19.8 1.05 0.2 92%
also incl 62.5 74.7 12.2 1.37 1 93%
PGS787 (70, -75) 70.1 114.3 44.2 0.75 0.15 83%
incl 70.1 111.3 41.1 0.80 0.2 84%
also incl 71.6 74.7 3.0 1.31 83%
also incl 89.9 94.5 4.6 1.05 90%
also incl 96.0 99.1 3.0 1.94 86%
121.9 Hamburg Pit
117.3 Hamburg Pit
1
99.1 Hamburg Pit
196.6 West Hamburg
1
138.7 Hamburg Pit
0.15
160.0 Hamburg Pit
141.7 Hamburg Pit
135.6 Hamburg Pit
No Significant Results
199.6 West Hamburg
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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 Ne vada 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 g/t Au and an
average recovery of approximately 75%. Liberty Gold carried out extensive compilation, drilling
and metallurgical work, re leasing a resource estimate and 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. Liberty Gold continue s to de -risk the Goldstrike deposit through concurrent
engineering, drilling, updated metallurgy, and procurement of process water , in line with all social
license obligations and considerations.
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
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using cut-offs of 0.15 g/t Au , 0.20 g/t Au, 1.00 g/t Au and 5.00 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 r ange 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
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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 Projec ts ("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 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 historic al 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 often, but not always, identified by
the use of word s 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 managem ent 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,
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 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 operat e as
anticipated; the failur e 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 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 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
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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 filed with
United States Securities and 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 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 the re 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 m ineral 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 m ineral 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 to 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 “infe rred 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 res erves” to be “substantially
similar” to the corresponding CIM definitions. United States investors are cautioned that a preliminary economic assessment c annot
support an estimate of either “proven mineral reserves” or “probable mineral reserves” and that n o feasibility studies have been
completed on the Company’s mineral properties.
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.