Liberty Gold Extends Goldstrike Deposit Trend 300 Metres to the Southwest 0.72 g/t Au over 76.2 m including 1.26 g/t Au over 6.1 m 0.98 g/t Au over 15.2 m and 0.81 g/t Au over 27.4 m
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NEWS RELEASE 18-22 November 5, 2018
Liberty Gold Extends Goldstrike Deposit Trend 300 Metres to the Southwest
0.72 g/t Au over 76.2 m including 1.26 g/t Au over 6.1 m
0.98 g/t Au over 15.2 m and 0.81 g/t Au over 27.4 m
VANCOUVER, B.C. – Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased
to announce results from its ongoing Reverse Circulation (RC) drilling at the Goldstrike Project, the
flagship of its three principal gold projects located in the prolific Great Basin of the United States.
Located in southwestern Utah, Goldstrike is a past-producing, oxide-heap leach gold mine that
contains a large, shallow, district-scale, Carlin-style gold system.
In 2018, The Southwest Goldstrike Trend (Beavertail Area) was drill-tested both within and
outside of gold resources1 contained within the Preliminary Economic Assessment2 (“PEA”) pit.
Results have been received for 19 holes to date, with additional results pending.
To the west of the resource area and PEA pit, drilling targeted a large area with surface gold-in-soil
anomalies and associated jasperoid alteration (West Beavertail). Shallow oxide gold
mineralization was encountered in multiple drill holes, extending drill-tested gold
mineralization over 300 metres from the Main Beavertail area. The mineralized zone remains
open for extension to the south and west. Future drilling will focus on bringing the new extension
into the existing resource model.
Drill Highlights include:
GOLDSTRIKE DEPOSIT (BEAVERTAIL MAIN) – INFILL AND STEP-OUT WITHIN AND
ADJACENT TO CURRENT RESOURCE AREA
Hole ID (Az, Dip)
(degrees)
From
(m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target Comments g/t x m
PGS589 (230, -65) 7.6 36.6 29.0 0.56
0.2 202.7 Western Beavertail 30.2 and 48.8 54.9 6.1 0.36
and 89.9 103.6 13.7 0.85
PGS591 (145, -65) 0.0 76.2 76.2 0.72 0.2 135.6 Western Beavertail 55.1
incl 15.2 21.3 6.1 1.26 1
PGS594 (40, -70) 9.1 24.4 15.2 0.98 0.2 105.2 Western Beavertail 37.3
and 35.1 62.5 27.4 0.81
PGS596 (60, -55) 0.0 21.3 21.3 0.79
0.2 196.6 Western Beavertail 26.5 and 32.0 42.7 10.7 0.26
and 68.6 77.7 9.1 0.52
and 93.0 100.6 7.6 0.28
1 See press release dated February 8, 2018
2 See press release dated July 16, 2018
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Hole ID (Az, Dip)
(degrees)
From
(m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target Comments g/t x m
PGS655 (325, -69) 3.0 35.1 32.0 0.44 0.2 141.7 Western Beavertail 32.6
and 42.7 70.1 27.4 0.68
PGS656 (67, -65) 3.0 15.2 12.2 0.35
0.2 147.8 Western Beavertail 29.0
and 29.0 61.0 32.0 0.37
and 68.6 70.1 1.5 0.42
and 86.9 89.9 3.0 1.03
and 100.6 115.8 15.2 0.60
PGS657 (235, -65) 0.0 27.4 27.4 0.38
0.2 105.2 Western Beavertail 26.1 and 33.5 42.7 9.1 0.31
and 48.8 54.9 6.1 0.57
and 61.0 79.2 18.3 0.51
PGS660 (180, -50) 0.0 15.2 15.2 0.39 0.2
129.5 Western Beavertail 42.6 and 16.8 50.3 33.5 0.88 0.2
incl 33.5 44.2 10.7 1.47 1
and 85.3 89.9 4.6 1.51 0.2
PGS661 (65, -45) 0.0 13.7 13.7 0.49
0.2 99.1 Western Beavertail 37.5 and 19.8 56.4 36.6 0.80
and 64.0 67.1 3.0 0.46
Defined terms: grams per tonne (“g/t”), gold (“Au”), Azimuth (“Az”), metres (“m”)
WEST BEAVERTAIL
Hole ID (Az, Dip)
(degrees)
From
(m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target Comments g/t x m
PGS648 (0, -65) 7.6 27.4 19.8 0.46 0.2 138.7 Western West Beavertail 9.2
PGS649 (180, -65) 0.0 10.7 10.7 0.40
0.2 134.1 Western West Beavertail 12.5 and 21.3 29.0 7.6 0.96
and 39.6 42.7 3.0 0.31
PGS650 (180, -65) 6.1 24.4 18.3 1.24
0.2 123.4 Western West Beavertail 26.8
and 44.2 47.2 3.0 0.44
and 50.3 54.9 4.6 0.25
and 57.9 61.0 3.0 0.44
SOUTHWEST EXTENSION (BEAVERTAIL AND WEST BEAVERTAIL) KEY POINTS
• The Goldstrike Resource in the Beavertail area is characterized by a contiguous body of
mineralization that starts at surface and was partially mined by the historic operators
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• Infill and step out drilling by Liberty Gold demonstrates that mineralization extends laterally
beyond as well as below the limit of historic drilling.
• Liberty Gold discovered a new zone of mineralization extending to the west of the
Goldstrike deposit (West Beavertail). It has been tested by 19 holes to date, with assays
pending for 12 additional holes. The zone extends westward from the historic pit at least
300 m and is open to the south and west.
• The zone lies on surface at the collars of holes PGS646, PGS648 and PGS650, which are
spaced approximately 100 m apart, and is marked by abundant jasperoid float.
• Unlike other areas of the Goldstrike deposit, mineralization in this area is entirely hosted in
Upper Paleozoic carbonate rocks. This is the first significant “stand alone” test of carbonate
rocks by Liberty Gold. With roughly half the property underlain by Paleozoic carbonate
strata at surface, the potential for additional mineralization hosted in this rock type is
significant.
• Pending holes test areas to the south and up to 100 metres west of the holes reported in
this release. All contain zones of jasperoid alteration similar to alteration in the highlighted
holes.
GOLDSTRIKE GRABEN (CONDEMNATION DRILLING FOR HEAP LEACH PAD SITE)
The Goldstrike Graben area in the Western Zone was subject to condemnation drilling to assess
suitability for location of a heap leach pad. Results ranged from No Significant Results to a high of
0.35 g/t Au over 6.1 m and 1.03 g/t Au over 3.0 m and 0.39 g/t Au over 3.0 m in PGS606.
Combined with drilling from previous years, it is clear that there may be areas of gold
mineralization inside the proposed PEA heap leach pad footprint that could warrant some follow-up
work but, at present, most of the area appears to be better suited for location of infrastructure.
For a complete table of drill results from the current holes, please click
here: http://libertygold.ca/images/sites/default/files/GS_Intercepts11052018.pdf
For a map of drill collars and traces for the current release, please click
here: http://libertygold.ca/images/sites/default/files/Goldstrike11052018.pdf
Liberty Gold continues to meet its project enhancement goals in 2018, commencing with a maiden
resource estimate released in February3. The PEA 4, published in July 2018, is based on a
resource that includes drill results through the end of 2017 (1730 holes). 2018 drilling was
focused on 1) infill and expansion of the resource; 2) testing of the historic heap-leach, stockpile
and waste dump areas that are largely situated within the PEA pit and counted as waste in the
PEA pit model (see August 16, 2018 press release); and 3) testing of new targets property-wide.
An amendment to the current Plan of Operations to grant access to an additional >878 acres in
and adjacent to the resource area is expected in the final quarter of 2018.
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
3 See press release dated February 8, 2018
4 See press release dated July 16, 2018
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Nevada’s Carlin trend. Like Kinsley Mountain and Newmont’s 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. The historic Goldstrike Mine produced
gold at an average head grade of 1.2 g/t Au and an average recovery of approximately 75%.
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 AAS. 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
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, expected capital costs at Goldstrike, expected gold and silver recoveries
from the Goldstrike mineralized material, potential additions to the resource through additional drill testing, potential upgrade of inferred mineral
resources to measured and indicated mineral resources, the potential for silver resources at Goldstrike and intentions to pursue a silver resource
study and beliefs regarding gold resources being contained within a larger property area. 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 26, 2018 in the section entitled "Risk Factors", under Liberty Gold’s SEDAR profile
at www.sedar.com.
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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