Liberty Gold Expands Near-Surface Mineralization in M Zone and Completes 2021 Resource Upgrade and Step-Out Drilling at Discovery Zone, Black Pine M Zone: LBP564: 2.51 g/t Au over 15.2 m; LBP542: 0.56 g/t Au over 53.3 m
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News Release 22-10 April 20, 2022
Liberty Gold Expands Near-Surface Mineralization in M Zone and Completes
2021 Resource Upgrade and Step-Out Drilling at Discovery Zone, Black Pine
M Zone: LBP564: 2.51 g/t Au over 15.2 m; LBP542: 0.56 g/t Au over 53.3 m
Discovery Zone: LBP407: 0.49 g/t Au over 48.8 m, including 0.61 g/t Au over 35 m
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce results from the 2022 winter reverse circulation (“RC”) drill
program at the M Zone, and final results from the 2021 resource upgrade and step -out drilling
program at the Discovery Zone at the Black Pine oxide gold deposit in southern Idaho.
The M Zone, located east of Discovery Zone, is a focus of our 2022 drill program given the near -
surface mineralization and proximity to lower elevation areas to the east that might be suitable for
heap leach infrastructure. Results from the 2022 winter drill program d elivered relatively high -
grade oxide gold mineralization at shallow depths (~ 30 to 80 meters (“ m”) below surface) . The
current resource contains two pits in the M Zone and today’s resul ts target ed the 250 m gap
between these two pits, with the primary objective to link mineralization into a single larger deposit
over a 750 m length.
Drilling is currently underway to the southwest of the M Zone, testing a 650 m gap in bedrock
drilling overlain by a historic waste dump that potentially contains mineraliz ation between the
historic Tallman and CD pits, with the goal of linking mineralization within this entire corridor from
M Zone to CD Zone, a distance of over 2 kilometres (“km”).
At the Discovery Zone, i nfill drill results continue to confirm and increase confidence in the b road
continuity of oxide gold mineralization across the Discovery Zone, which hosts 74% of the current
Black Pine resource ounces. Step-out drilling in areas surrounding the Discovery Zone, suggests
that several of these zones can potentially be merged into a single, contiguous resource area
ultimately linking to the main Discovery Zone pit.
Liberty Gold continues to advance its 87,000 m drill program in 2022 and has delivered strong early
returns at both Rangefront and now at the M Zone. This illustrates the success this year’s program
has had so far in discovering, linking up and expanding mineralized areas across the entire deposit
and will continue to be a key focus of our exploration program this year.
Cal Everett , President and CEO of Liberty Gold stated, “ The 2021 drill campaign continued to
deliver strong results further demonstrating Black Pine as a large-scale gold deposit in the Great
Basin. The notable 2021 success was the Rangefront discovery, but step -out and in- fill results
within the Discovery Zone and surrounding areas also continue to add value to the deposit. By the
end of 2022 Liberty Gold will have completed approximately 150,000 additional metres of drilling
subsequent to our first resource estimate at Black Pine.”
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For a map of all drill collars in this release and cross sections, please click here:
https://libertygold.ca/images/news/2022/April/BlackPine_NR04202022MapSection.pdf
For a full table of Liberty Gold drill results for Black Pine, please click here:
https://libertygold.ca/images/news/2022/April/BlackPine_NR04202022AllAssays.pdf
M ZONE HIGHLIGHTS:
• The M Zone is located to the east of the Discovery Zone and consists of relatively high-grade
mineralization at shallow dept hs in two small resource pits, separated by a previously
undrilled, 250 m gap.
• Drilling in this area in early 2022 yielded shallow, relatively high-grade oxide gold intercepts
in the gap between the two resource pits, raising the possibility that the two pits might join
into a larger pit over a 750 m length.
• The M Zone is a focus of our 2022 drill program given the near -surface mineralization and
proximity to lower elevation areas to the east that might be suitable for heap leach
infrastructure.
M ZONE 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 thicknesses are reported herein; true width varies depending on drill hole dip, but generally ranges
from 60% to 80% of true thickness. Gold grades are reported uncapped Some deep intervals in this area report reduced cyanide solubility
resulting from the presence of organic carbon. For a full table of results for this release, please see the link above.
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Cut-off
Au (g/t)
Hole
Length
(m)
Target Comments
LBP537 (245, -45) 45.7 86.9 41.1 0.52 0.15
including 47.2 86.9 39.6 0.54 0.20
and 94.5 102.1 7.6 1.05 0.15
including 94.5 100.6 6.1 1.26 0.20
and including 97.5 100.6 3.0 1.64 1.00
LBP542 (350, -45) 93.0 146.3 53.3 0.56 0.15
including 93.0 144.8 51.8 0.57 0.20
and including 115.8 117.3 1.5 1.03 1.00
LBP550 (310, -45) 74.7 129.5 54.9 0.42 0.15
including 76.2 93.0 16.8 0.58 0.20
and including 77.7 80.8 3.0 1.13 1.00
including 99.1 108.2 9.1 0.93 0.20
and including 100.6 105.2 4.6 1.48 1.00
LBP562 (225, -45) 76.2 112.8 36.6 0.67 0.15
including 80.8 112.8 32.0 0.73 0.20
and including 86.9 97.5 10.7 1.29 1.00
LBP564 (0, -45) 53.3 61.0 7.6 0.64 0.20
including 53.3 54.9 1.5 1.04 1.00
and 80.8 96.0 15.2 2.51 0.20
including 83.8 94.5 10.7 3.40 1.00
and including 89.9 93.0 3.0 6.65 5.00
and 105.2 115.8 10.7 0.36 0.15
and 134.1 143.3 9.1 0.63 0.20
including 140.2 141.7 1.5 1.30 1.00
152.4 M Zone Step-out
147.8 M Zone Step-Out
152.4 M Zone Step-Out
129.5 M Zone Step-Out
123.4 M Zone Step-out
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DISCOVERY ZONE RESOURCE UPDGRADE HIGHLIGHTS:
• In 2021, Liberty Gold drilled a total of approximately 14,500 m in 72 holes in the Discovery
Zone, with the goal upgrade the 18% of the resource classified as inferred to indicated.
• A secondary purpose of the 2021 drilling was to gain a better understanding of the grade
distribution in the 0.1 grams per tonne gold (“g/t Au”) to 0.2 g/t Au range to choose a suitable
cut-off grade for future engineering studies.
• Infill drill results continue to confirm and increase confidence in the broad continuity of
oxide gold mineralization across the Discovery Zone.
• Results include near-surface drilling in shorter holes that was critical to fill-in previous gaps
within the resource model
DISCOVERY ZONE HIGHLIGHT TABLE1
Hole ID (Az, Dip)
(degrees)
From
(m) To (m) Intercept
(m)
Au
(g/t)
Cut-
off Au
(g/t)
Hole
Length
(m)
Target Comments
LBP375 (140, -45) 32.0 42.7 10.7 0.28 0.15
221.0 Discovery Zone Resource upgrade including 32.0 36.6 4.6 0.46 0.20
and 45.7 68.6 22.9 0.22 0.15
and 202.7 221.0 18.3 0.68 0.20
LBP403 (135, -45) 50.3 67.1 16.8 0.20 0.15
172.2 Discovery Zone Resource Upgrade and 82.3 135.6 53.3 0.41 0.15
including 100.6 102.1 1.5 1.10 1.00
LBP407 (52, -63) 16.8 29.0 12.2 0.31 0.15
306.3 Discovery Zone Resource Upgrade
including 22.9 29.0 6.1 0.45 0.20
and 68.6 117.4 48.8 0.49 0.15
including 68.6 103.6 35.1 0.61 0.20
and including 85.3 89.9 4.6 1.37 1.00
LBP410 (165, -45) 120.4 144.8 24.4 0.40 0.15
269.7 Discovery Zone Resource Upgrade and 164.6 202.7 38.1 0.40 0.15
including 166.1 193.6 27.4 0.48 0.20
and 211.8 230.1 18.3 0.29 0.15
LBP428 (0, -45) 38.1 64.0 25.9 0.31 0.15
274.3 Discovery Zone Resource Upgrade
including 42.7 64.0 21.3 0.34 0.20
and 141.7 157.0 15.2 0.27 0.15
including 141.7 155.5 13.7 0.28 0.20
and 233.2 248.4 15.2 0.30 0.15
including 239.3 245.4 6.1 0.48 0.20
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DISCOVERY ZONE HIGHLIGHT TABLE1 (continued)
Hole ID (Az, Dip)
(degrees)
From
(m) To (m) Intercept
(m)
Au
(g/t)
Cut-off
Au
(g/t)
Hole
Length
(m)
Target Comments
LBP431 (330, -77) 4.6 21.3 16.8 0.32 0.20
332.2 Discovery Zone Resource Upgrade
and 30.5 47.2 16.8 0.30 0.15
including 36.6 47.2 10.7 0.38 0.20 and 71.6 82.3 10.7 0.56
and 135.6 158.5 22.9 0.22
0.15 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 0.20
and including 231.7 233.2 1.5 1.32 1.00 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
and including 292.6 297.2 4.6 2.41 1.00
LBP436 (175, -45) 6.1 22.9 16.8 0.43 0.15
275.8 Discovery Zone Resource Upgrade
including 6.1 21.3 15.2 0.45 0.20
and 132.6 160.0 27.4 0.69 0.15
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
LBP442 (32, -68) 86.9 97.5 10.7 0.26 0.20
274.3 Discovery Zone Resource Upgrade
and 103.6 121.9 18.3 0.76
including 109.7 112.8 3.0 1.36 1.00
and 132.6 147.8 15.2 0.20 0.15
and 242.3 254.5 12.2 0.62 0.15
including 245.4 254.5 9.1 0.77 0.20
and including 249.9 254.5 4.5 1.17 1.00
and 262.1 274.3 12.2 0.38 0.15
including 262.1 272.8 10.7 0.41 0.20
LBP475 (190, -68) 64.0 89.9 25.9 0.23 0.15
257.6 Discovery Zone Resource Upgrade and 93.0 109.7 16.8 0.27 0.15
and 123.4 144.8 21.3 0.28 0.15
and 239.3 253.0 13.7 0.41 0.20
LBP479 (10, -45) 1.5 13.7 12.2 0.32 0.20
105.2 Discovery Zone Resource Upgrade and 19.8 32.0 12.2 0.31
and 36.6 73.2 36.6 0.46 0.15
and 80.8 94.5 13.7 0.20 0.15
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DISCOVERY ZONE HIGHLIGHT TABLE1 (continued)
LBP483 (15, -75) 137.2 146.3 9.1 0.63 0.20
336.8 Discovery Zone Resource Upgrade
including 140.1 143.3 3.0 1.05 1.00
and 199.6 210.3 10.7 0.98 0.15
including 199.6 208.8 9.1 1.12 0.20
and including 201.2 204.2 3.0 2.21 1.00
and 227.1 233.2 6.1 1.16 0.20
and 240.8 245.4 4.6 0.66 0.20
and 254.5 286.5 32.0 0.59 0.15
and including 281.9 283.5 1.5 1.49 1.00
LBP488 (350, -45) 65.5 77.7 12.2 1.28 0.15
202.7 Discovery Zone Resource Upgrade including 65.5 70.1 4.6 3.12 1.00
and including 67.1 68.6 1.5 6.40 5.00
and 185.9 202.7 16.8 0.20 0.15
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 thicknesses are reported herein; true width varies depending on drill hole dip, but generally ranges
from 60% to 80% of true thickness. Gold grades are reported uncapped . For a full table of results for this release, please see the link
above.
DISCOVERY ZONE STEP-OUT HIGHLIGHTS
• Step-out holes were drilled between the E Zone and Discovery Zone; to the southwest of
the Discovery Zone in the F Zone; and in the southern extension of the Discovery Zone into
the historic Tallman Pit area. The purpose of these holes was to expand known mineralized
centres and ascer tain if they will all coalesce in the future into a single, continuous
mineralized zone.
• Shallow gold mineralization was encountered in the area between the Discovery Zone and
E Pit, a distance of over 300 m, potentially linking these areas into a larger pit.
• The F Zone is defined by shallow gold oxide intercepts in widely spaced drilling, resulting in
several small resource pits. The current drilling reinforces the likely continuity of this zone,
with more drilling planned in the near future.
• Further dri lling in the vicinity of the historic Tallman Pit continues to add to the gold
endowment in that area.
• Step-out drilling around the Discovery Zone in three directions will be ongoing in 2022 and
shows encouraging indications that several smaller resource pits (E Zone, F Zone, etc.) may
eventually merge with the Discovery Zone to form a single, larger pit inclusive of more gold
mineralization
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DISCOVERY ZONE STEP-OUT 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 thicknesses are reported herein; true width varies depending on drill hole dip, but generally ranges
from 60% to 80% of true thickness. Gold grades are reported uncapped. For a full table of results for this release, please see the link
above.
2022 WORK PROGRAM
The 2022 exploration program at Black Pine commenced in January, with three RC and one core rig
active. Drilling through to the end of February focused on the lower-elevation RFA and M Zone with
the goal to continue resource expansion and conf irmation, with the core drill focused on
metallurgical testing. On March 1, two drills were moved to Goldstrike to commence engineering,
resource upgrade and metallurgical drilling, while two drills remain at Black Pine to focus on step -
out drilling and new target testing.
Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and
permitting programs and further de-risking activities, with the goal to provide an updated resource
estimate and Preliminary Economic Assessment in the second half of 2022, subject to exploration
success.
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 produced 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 ounces 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 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000
tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August
19, 2021, and available on the Liberty Gold website.
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Cut-off
Au (g/t)
Hole
Length
(m)
Target Comments
LBP467 (135, -50) 9.1 59.4 50.3 0.31 0.15
and 152.4 160.0 7.6 1.02 0.20
including 157.0 158.5 1.5 2.24 1.00
LBP509 (25, -45) 3.1 36.6 33.5 0.44 0.15
including 22.9 36.6 13.7 0.71 0.20
and 57.9 79.3 21.3 0.2 0.15
LBP495 (140, -45) 117.4 140.2 22.9 0.48 0.20
and 150.88 173.74 22.9 0.31 0.15
including 150.9 164.6 13.7 0.40 0.20
196.6 E-Discovery
Connector Step-Out
105.2 F Zone Step-Out
214.9 Tallman - D1
Southeast Step-Out
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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 cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 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.
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 gr ade
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", a nd 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
Page 8 of 8
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, the availability
of drill rigs, the timing of the publication of any updated resources, preliminary economic assessments or pre -feasibility studies,
successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events th at
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, including impacts from the pandemic of the novel coronavirus (COVID-19); the timing of the publication of any updated
resources, any prelim inary economic assessments or pre -feasibility studies, successful, 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 25, 2022 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 di ffer
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 193 3, 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 S EC 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.