Liberty Gold Reports Additional Drill Results at the Black Pine Oxide Gold Project, Idaho 0.42 g/t Au over 68.6 m including 1.08 g/t Au over 3.0 m at Back Range Zone 0.50 g/t Au over 32.0 m including 1.26 g/t Au over 3.0 m at
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News Release 23-22 October 31, 2023
Liberty Gold Reports Additional Drill Results at the Black Pine
Oxide Gold Project, Idaho
0.42 g/t Au over 68.6 m including 1.08 g/t Au over 3.0 m at
Back Range Zone
0.50 g/t Au over 32.0 m including 1.26 g/t Au over 3.0 m at
Rangefront Zone
0.63 g/t Au over 18.3 m including 1.24 g/t Au over 6.1 m at
M Zone
VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report additional assay results from the reverse circulation (“RC”)
exploration drill program at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.
Results released herein are from 39 drill holes, located in the Back Range Zone, Rangefront Zone
and M Zone areas.
Jason Attew, President and CEO of Liberty Gold commented, “We are very pleased with these assay
results as they highlight the size and continuity of the oxide gold mineralizing system at Black Pine and
confirm our views on tremendous growth potential for the deposit. We are further encou raged as the
majority of t hese holes demonstrate mineralization at or near surface which was consistent with the
design of our 2023 drilling program. These results should have a positive impact on the economics of
the pending pre-feasibility study in 2024.”
BACK RANGE ZONE HIGHLIGHTS:
Drill results from 16 additional RC drill holes completed in the Back Range Zone have been
received with results confirming the known mineralization and opening up potential new zones of
mineralization to the north and west. Notably a thick zone of mineralization defined by hole
LBP1005 begins at surface and extends down to 100 metres (“m”) depth. This is the northernmost
hole drilled in the Back Range Zone and this new zone of mineralization is open for extension and
expansion through additional drill testing in 2024.
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Figure 1: Back Range Zone and M Zone Drill Hole Locations
BACK RANGE ZONE DRILL HIGHLIGHT TABLE*
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
LBP972 (140, -45) 57.9 74.7 16.8 0.42 0.15
LBP993 (268, -70) 9.1 30.5 21.3 0.41 0.15
including 24.4 25.9 1.5 2.23 1.00
and 149.4 161.5 12.2 0.66 0.15
including 158.5 160.0 1.5 3.11 1.00
LBP1005 (15, -45) 0.0 68.6 68.6 0.42 0.15
including 9.1 12.2 3.0 1.08 1.00
and 76.2 108.2 32.0 0.37 0.15
including 100.6 102.1 1.5 1.26 1.00
* Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Some intercepts
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have zones of reduced cyanide solubility, p lease refer to the full table at the link above for complete results. Gold grades are
uncapped. Au (g/t) = grams per tonne of gold.
RANGEFRONT ZONE HIGHLIGHTS:
Drill results from 15 additional RC drill holes completed in the Rangefront Zone have been
received with results confirming that the newly discovered extension to high-grade mineralization
shows strong lateral continuity over a large area. These in-fill holes were drilled to convert
currently classified inferred resource blocks to indicated resource blocks and to further define the
thick, near surface zones of oxide gold mineralization discovered on the eastern margin of the
Rangefront Zone earlier in the year (see press release dated September 7, 2023). This area remains
open and is a key target for the next phase of resource expansion drilling in 2024.
Figure 2: Rangefront Zone Drill Hole Locations
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RANGEFRONT ZONE DRILL HIGHLIGHT TABLE*
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
LBP964 (230, -75) 61.0 100.6 39.6 0.40 0.15
including 74.7 76.2 1.5 1.34 1.00
and 160.0 199.6 39.6 0.39 0.15
including 189.0 192.0 3.0 1.33 1.00
LBP970 (285, -45) 80.8 128.0 47.2 0.37 0.15
including 85.3 88.4 3.0 1.09 1.00
and 146.3 176.8 30.5 0.29 0.15 and 181.4 228.6 47.2 0.44
including 216.4 217.9 1.5 1.28 1.00
LBP981 (120, -50) 35.1 86.9 51.8 0.40 0.15
including 44.2 48.8 4.6 1.16 1.00
and 172.2 190.5 18.3 0.29 0.15
LBP986 (175, -47) 57.9 89.9 32.0 0.50 0.15
including 74.7 77.7 3.0 1.26 1.00
and 169.2 190.5 21.3 0.28
0.15 and 193.5 248.4 54.9 0.25
and 266.7 277.4 10.7 0.30
LBP1007 (50, -45) 80.8 115.8 35.1 0.48 0.15
including 91.4 93.0 1.5 2.23 1.00
* Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Some intercepts
have zones of reduced cyanide solubility, p lease refer to the full table at the link above for complete results. Gold grades are
uncapped. Au (g/t) = grams per tonne of gold.
M ZONE HIGHLIGHTS:
Drill results for an additional 8 holes drilled in the M Zone have been received. Holes were drilled
for infill/resource conversion and to expand mineralization adjacent to the two new discoveries
made in the M Zone earlier in the year (see press release dated February 21, 2023) ; two holes
were drilled as RC pre- collars for metallurgical core holes. These r esults now confirm that the
M Zone mineralization has a minimum footprint of 800 m long by 400 m wide and remains open
to the north and west. Mineralization continues to exhibit gold grades above the resource average,
which combined with its location close to a preferred site for a future heap leach pad, make the
M Zone a strong candidate for early metal production in a future oxide gold mining operation. For
a map showing the location of M Zone Drill Hole Highlights, refer to Figure 1 above.
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M ZONE DRILL HIGHLIGHT TABLE*
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
LBP974 (190, -55) 77.7 85.3 7.6 0.41 0.15
including 80.8 82.3 1.5 1.23 1.00
and 150.9 161.5 10.7 1.14 0.15
including 153.9 157.0 3.0 2.75 1.00 including 158.5 160.0 1.5 1.45
and 164.6 170.7 6.1 0.17 0.15
LBP982 (135, -45) 138.7 169.2 30.5 0.62 0.15
including 161.5 163.1 1.5 1.23 1.00 including 166.1 167.6 1.5 1.14
LBP987 (140, -55) 100.6 103.6 3.0 0.90 0.15
including 102.1 103.6 1.5 1.46 1.00
and 114.3 132.6 18.3 0.63 0.15
including 114.3 120.4 6.1 1.24 1.00
LBP995 (310, -55) 13.7 91.4 77.7 0.24 0.15
* Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Some intercepts
have zones of reduced cyanide solubility, p lease refer to the full table at the link above for complete results. Gold grades are
uncapped. Au (g/t) = grams per tonne of gold.
For the maps and cross sections showing locations of drill holes in this release click here:
http://ml.globenewswire.com/Resource/Download/508d0180-edfb-4107-9d5d-
a83b6e909452
For a table showing complete drill results for the current release click here:
http://ml.globenewswire.com/Resource/Download/4192bdac-d161-4379-8969-
1c17d57c083c
QUALIFIED PERSON
Peter Shabestari, P.Geo., Vice- President Exploration, 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 revie wed and validated that
the information contained in the release is accurate.
ABOUT LIBERTY GOLD
Liberty Gold is focused on exploring for and developing open pit oxide deposits in 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.
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For more information, visit libertygold.ca or contact:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using a cut-off of 0.15 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 50% to 90%
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 parts per million 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 samp les 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. All 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 and Twin Falls prep lab listed on the scope of accreditation.
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 gra de of minerals, the potential
size of the mineralized zone, the proposed timing of exploration and development plans, the expansion and future resource growth expected
at Black Pine, expected capital costs at Black Pine, expected gold recoveries from the Black Pine mineralized material, the potential upgrade of
inferred mineral resources to measured and indicated mineral resources, the potential for future additions to the current mineral resource
estimate, the 2023 work program and the results thereof, the timing and results of any resource updates, pre-feasibility study and the planned
development work at Black Pine. Forward -looking information is often, but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "plann ed", "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 o thers, 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, 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 operate as anticipated; the failure of
contracted parties to perform; the timing and success of exploration activities generally; the timing of the publication of any updated resources;
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 28, 2023 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 diffe r 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.
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Cautionary Note for United States Investors
The information in this news release, including any information incorporated by reference, and disclosure documents of Libert y Gold that are
filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordanc e with the requirements
of securities laws in effect in Canada, which differ from the requirements of United States securities laws.
Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable
mineral reserves”. Shareholders in the United States are advised that, while such terms are defined in and required by Canadian securities laws,
the United States Securities and Exchange Commission (the “SEC”) does not recognize them. Under United States standards, mineralization
may not be classified as a reserve unless the determination has been made that the mineralization could be economically and legally produced
or extracted at the time the reserve determination is made. United States investors are cautioned not to assume that all or any part of measured
or indicated resources will ever be converted into reserves. Further, inferred resources have a great amount of uncertainty as to their existence
and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resour ces will ever be
upgraded to a higher resour ce category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility,
pre-feasibility or other technical reports or studies, except in rare cases. Therefore, United States investors are also cautioned not to assu me
that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of contained ounces is permitted
disclosure under Canadian regulations; however, the SEC normally only permits issuers to report resource s as in place tonnage and grade
without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in these
documents may not be comparable to information made public by United States companies su bject to the reporting and disclosure
requirements of the SEC.