Liberty Gold Reports Final Drill Results From 2021 Program, Commences 2022 Program at the Goldstrike Oxide Gold Deposit, Utah PGS 826: 0.61 g/t Au over 50.3 m, including 1.03 g/t Au over 18.3 m PGS 828: 0.89 g/t Au over 30.5 m
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News Release 22-04 February 15, 2022
Liberty Gold Reports Final Drill Results From 2021 Program,
Commences 2022 Program at the Goldstrike Oxide Gold Deposit, Utah
PGS 826: 0.61 g/t Au over 50.3 m, including 1.03 g/t Au over 18.3 m
PGS 828: 0.89 g/t Au over 30.5 m
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) ("Liberty Gold" or the
"Company") is pleased to announce the final set of drill results from the 2021 Reverse Circulation
(“RC”) drill program at the Goldstrike Oxide Gold Project in southwestern Utah (“Goldstrike”).
Results continue to demonstrate the continuity, predictability, and strong mineralized thicknesses
of the Goldstrike deposit. Drilling will resume with one RC rig and one core rig in March 2022.
Liberty Gold completed 15,574 metres (“m”) of RC drilling in 108 holes at Goldstrike in 2021,
primarily to upgrade portions of the resource from Inferred to Indicated for use in future economic
and engineering studies. A second objective was to test gaps in the Main Zone mineralization and
down-dip extension around the margins of the deposit. A ll assay data have been received and are
being incorporated into an updated mineralization model, and de- risking activities around land,
water, engineering, and baseline studies are underway.
Drill results in this release include the area around the south, west and north side of the Basin Pit
portion of the Main Zone, where a large gap in the drill pattern was tested for the first tim e. These
results indicate the presence of a new zone of oxide gold mineralization along the projection of the
Eocene unconformity, which hosts most of the gold mineralization at Goldstrike . Drilling in the
historic Hassayampa Pit area followed up on previous drill intercepts, which revealed the presence
of unconsolidated surficial material with high oxide gold grades. Hole PGS 844 in this area returned
15.2 m grading 0.84 grams per tonne gold (“g/t Au”) from surface.
Cal Everett, President and CEO of Liberty Gold stated , “We are pleased to wrap up last year’s
exploration program on a high note, with excellent results from an undrilled part of the Main Zone.
The gold mineralization we encountered is consistently shallow and high- grade, with exceptional
cyanide solubility. The resource model, updated with tighter drilling, will serve as a solid foundation
on which to base a prefeasibility study decision. Drilling will recommence in a few weeks to continue
the same systematic exploration approach as last year.”
For a map and cross sections of the Goldstrike Property, including drill collars and traces for the
current release, please click here:
https://libertygold.ca/images/news/2022/February/Goldstrike_NR02152022MapSection.pdf
For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click
here: https://libertygold.ca/images/news/2022/February/GS_Intercepts02152022.pdf
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MAIN ZONE HIGHLIGHTS:
• All assays have been received from the 15,574 m, 2021 resource upgrade program.
• Assay results from the historic Basin Pit area of the Main Zone show consistent thick zones
of better than average grade material at shallow depth.
• An additional hole in the historic Hassayampa pit area confirms the presence of high grade
oxide gold surficial material.
• We will commence 2022 on -site exploration activities starting the first week of March,
including further resource upgrade drilling, condemnation drilling and continued testing of
areas open to resource expansion. Additionally, we will conduct metallurgical and
geotechnical core drilling.
MAIN ZONE HIGHLIGHTS TABLE*
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target AuCN/AuFA
(%)
PGS822 (20, -50) 44.2 73.2 29.0 0.72 0.2 84%
incl 45.7 48.8 3.0 3.09 1 96%
incl 65.5 67.1 1.5 1.14 1 32%
PGS825 (110, -45) 68.6 93.0 24.4 0.76 0.2 90%
incl 73.2 77.7 4.6 1.64 1 86%
PGS826 (335, -65) 30.5 80.8 50.3 0.61 0.15 89%
incl 39.6 41.1 1.5 1.60 1 91%
incl 62.5 80.8 18.3 1.03 0.2 94%
also incl 70.1 74.7 4.6 2.86 1 96%
PGS827 (0, -90) 85.3 120.4 35.1 0.70 0.2 75%
incl 111.3 117.3 6.1 1.27 1 98%
PGS828 (20, -75) 97.5 128.0 30.5 0.89 0.2 54%
incl 97.5 102.1 4.6 1.23 2%
incl 114.3 117.3 3.0 2.00 95%
PGS829 (300, -77) 106.7 126.5 19.8 0.74 0.15 94%
incl 108.2 126.5 18.3 0.78 0.2 94%
also incl 111.3 112.8 1.5 1.19 1 84%
also incl 117.3 120.4 3.0 1.19 1 92%
PGS832 (90, -70) 135.6 158.5 22.9 0.60 0.15 67%
incl 137.2 157.0 19.8 0.66 0.2 66%
also incl 146.3 147.8 1.5 2.09 1 50%
also incl 149.4 153.9 4.6 1.05 1 68%
PGS839 (135, -40) 3.0 30.5 27.4 0.64 0.2 99%
also incl 21.3 24.4 3.0 1.54 100%
also incl 25.9 27.4 1.5 1.24 96%
208.8 Basin
Dipslope1 65.5
166.1 Basin
182.9 Basin
163.1 Basin
141.7 Basin1
172.2
138.7 Basin
Basin
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MAIN ZONE HIGHLIGHTS TABLE*(continued)
*Please refer to the full table at the link below 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 percent.
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 Nevada 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 grams per tonne
gold (“g/t Au”) and an average recovery of approximately 75%. Liberty Gold carried out extensive
compilation, drilling and metallurgical work, rel easing a resource estimate and Preliminary
Economic Assessment (“ 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, returni ng a Net Present Value at a 5% discount rate
(“NPV5%”) of US$129.5 million and an Internal Rate of Return (“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.
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 and 1.00 g/t gold 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
PGS840 (0, -90) 1.5 21.3 19.8 0.88 0.2 94%
also incl 9.1 16.8 7.6 1.25 1 93%
PGS844 (275, -55) 0.0 15.2 15.2 0.84 0.15 68%
incl 0.0 13.7 13.7 0.91 0.2 69%
also incl 0.0 4.6 4.6 1.30 1 86%
and 51.8 64.0 12.2 0.21 0.15 60%
incl 51.8 56.4 4.6 0.30 0.2 71%
PGS845 (290, -80) 120.4 141.7 21.3 0.59 0.2 81%
also incl 126.5 129.5 3.0 1.28 1 86%182.9 Hamburg
169.164 Hassayampa
61.0 Dipslope
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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 0.200
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 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. Selected holes are also analyzed for a
51 multi -element geochemic al 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 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 f act, 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 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,
the impact from the pandemic of the novel coronavirus (COVID -19), availability of equipment, accuracy of any PEAs, the availability of
drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors a nd events
that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.
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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 failure of contracted parties to perfo rm; the timing and success of exploration activities generally; the accuracy of any
PEAs; 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 sect ion
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 forw ard-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 1933, as amended, and normally are not permitted to be use d 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 Ja nuary 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 there 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 mineral resources” under NI 43 - 101 would be the same had the Company p repared 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 mineral 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 am ount 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 assume that
all or any part of the “inferred mineral resources” exist. In accordance with Canadian securities laws, estimates of “inferred 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 reserves” to be “sub stantially
similar” to the corresponding CIM definitions. United States investors are cautioned that a preliminary economic assessment cannot
support an estimate of either “proven mineral reserves” or “probable mineral reserves” and that no feasibility studies have b een
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.