Liberty Gold Reports Impressive High-Grade Results from M and Back Range Zones including the Highest Grade Intercept Drilled to Date at the Black Pine Oxide Gold Deposit, Idaho 7.07 g/t Au over 18.3 m in LBP813 – M Zone
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News Release 23-04 February 21, 2023
Liberty Gold Reports Impressive High-Grade Results from M and
Back Range Zones including the Highest Grade Intercept Drilled to
Date at the Black Pine Oxide Gold Deposit, Idaho
7.07 g/t Au over 18.3 m in LBP813 – M Zone
1.17 g/t Au over 47.2 m in LBP736 – M Zone
3.10 g/t Au over 27.4 m in LBP796 – Back Range Zone
0.78 g/t Au over 115.8 m in LBP782 – Back Range Zone
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report 34 additional Reverse Circulation (“RC”) drill results from the M
and Back Range Zones at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho.
The results are from holes drilled in 2022 designed to expand and upgrade the current Mineral
Resource Estimate (“MRE”) and discover new higher-grade, near-surface oxide gold mineralization.
M ZONE HIGHLIGHTS:
• 7.07 grams per tonne g old (“g/t Au”) over 18.3 meters (“m”) including 11.92 g/t Au over
10.7 m and including 46.7 g/t Au over 1.5 m in LBP813
• 1.17 g/t Au over 47.2 m from 54.9 m including 2.23 g/t Au over 15.2 m in LBP736
• 0.93 g/t Au over 38.1 m from 86.9 m including 2.35 g/t Au over 6.1 m in LBP823
Assay results from an add itional 9 holes drilled in the M Zone in Q4 2022 include a high-grade
intercept in LBP813, drilled near the western edge of the M Zone , which marks the potential
discovery of a new, high-grade core within the mineralized zone. It includes a single 1.52 m interval
of 46.7 g/t Au, which is the highest grade gold assay ever returned at Black Pine. This interval is a
100-metre step-out from previous drilling, well outside the MRE resource pit and is open to the
west. These results are not included in the recently released MRE (see press release dated
February 7, 2023). Additional offsets to this hole were drilled over the past 3 weeks and results
are pending.
BACK RANGE
• 3.10 g/t Au over 27.4 m from 50.3 m including 4.33 g/t Au over 18.3 m in LBP796
• 1.36 g/t Au over 15.2 m from 120.4 m including 3.79 g/t Au over 3.0 m in LBP774
• 0.78 g/t Au over 115.8 m from 15.2 m including 1.29 g/t Au over 25.9 m in LBP782
The Back Range Zone is the furthest known northwest extension of the more than 7 k ilometre
(“km”)-long Black Pine gold system. Assay results from 25 holes drilled in the Back Range Zone in
2022 have identified a new area of near-surface, high-grade oxide gold . Current extents of the
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Back Range mineralized zone are ~1 km2 and the high-grade area is open to the east and west.
Jason Attew, President and CEO of Liberty Gold commented, “The highest-grade drill intercept ever
reported at M Zone is notable as this zone is proximal to the potential mining infrastructure. The high-
grade, near-surface characteristics of M Zone makes it an area of focus for 2023 as we believe M Zone
has the grade, continuity, location, and scale for potential early cash flow generation as we work through
pit optimization and mine scheduling studies. In addition, the encouraging Back Range results underpin
our theory that the Back Range and Discovery Zones are linked for which we will test once we receive
permits anticipated in late 2023. These recent results are a testament to the team’s ability to discover
higher-grade material amongst an already very impressive mineral endowment.”
For a map and cross sections showing locations of drill holes in this release click here:
https://libertygold.ca/images/news/2023/February/BlackPinemap_sections.pdf
For a table showing complete drill results for current Lib erty Gold drill results at Black Pine,
click here:
https://libertygold.ca/images/news/2023/February/BlackPineCurrentDrillResults.pdf
For a table of the top 25 unmined drill intercepts where hole LBP813 ranks in the top ten
grade-thickness intervals, click here:
https://libertygold.ca/images/news/2023/February/Top25UnminedDrillIntercepts.pdf
M ZONE HIGHLIGHT TABLE*
*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses
approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.
**These holes were finalized too late to be included in the MRE
Additional drill holes have already been completed in M Zone to offset the high-grade intercept in
hole LBP813 and similar oxide alteration has been intersected in some holes. Additional drilling is
being planned for Q 2 2023 once assays are received for this zone . Focus will be on
expansion/delineation of the high-grade zone with further step-out drilling to the west.
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m
)
Target
LBP736 (120, -55) 29.0 3 2.0 3.0 0.41
and 54.9 102.1 47.2 1.17
including 77.7 93.0 15.2 2.23 1.00
and including 88.4 89.9 1.5 5.58 5.00
and 118.9 134.1 15.2 0.51 0.15
LBP813 (310, -75)** 111.3 129.5 18.3 7.07 0.15
including 111.3 121.9 10.7 11.9 1.00
including 117.3 121.9 4.6 24.7 5.00
and 144.8 150.9 6.1 1.45 0.15
including 144.8 147.8 3.0 2.55 1.00
LBP823 (270, -45)** 86.9 125.0 38.1 0.93
including 108.2 114.3 6.1 2.35
0.15
184.40 M Zone
182.88 M Zone
0.15 227.08 M Zone
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The M Zone hosts an indicated resource of 120,000 ounces of oxide gold averaging 0.71 g/t Au
in 5,255,000 tonnes (“t”) and an inferred resource of 11,000 ounces of oxide gold averaging 0.45
g/t Au in 762,000 t (see press release dated February 7, 2023).
BACK RANGE ZONE HIGHLIGHT TABLE*
*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses
approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.
**These holes were finalized too late to be included in the MRE
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au Cut-Off Hole Length
(m) Target
LBP731 (280, -50) 89.9 108. 2 18.3 0.54 0.15
including 102.1 106.7 4.6 1.30 1.00
and 115.8 118.9 3.0 1.13
and 125.0 129.5 4.6 0.22
and 164.6 167.6 3.0 0.88
and 185.9 190.5 4.6 0.75
LBP743 (180, -60) 32.0 35.1 3.0 0.51
and 115.8 146.3 30.5 0.47
and 173.7 189.0 15.2 0.66
including 173.7 178.3 4.6 1.70 1.00
and 190.5 193.5 3.0 0.50
and 199.6 202.7 3.0 0.50
LBP774 (225, -45) 6.1 29.0 22.9 0.30
and 54.9 67.1 12.2 0.41
and 73.2 76.2 3.0 0.41
and 102.1 106.7 4.6 1.46
including 103.6 106.7 3.0 1.79 1.00
and 120.4 135.6 15.2 1.36 0.15
including 131.1 134.1 3.0 3.79 1.00
and 167.6 169.2 1.5 0.86 0.15
LBP782 (320, -55) 15.2 131.1 115.8 0.78 0.15
including 93.0 100.6 7.6 1.96 1.00
and 173.7 182.9 9.1 0.19 0.15
LBP796 (300, -45)** 27.4 33.5 6.1 0.50
and 50.3 77.7 27.4 3.10
including 54.9 73.2 18.3 4.33 1.00
and including 61.0 65.5 4.6 5.90 5.00
and 179.8 187.5 7.6 0.23
and 236.2 239.3 3.0 0.36
LBP805 (45, -45)** 54.9 59.4 4.6 0.35
and 67.1 112.8 45.7 0.44
including 67.1 68.6 1.5 1.44 1.00
0.15
239.3 Ba ck
Range
0.15
213.36 Ba ck
Range
0.15
0.15
239.3 Ba ck
Range
0.15
0.15
204.2 Ba ck
Range
190.5 Ba ck
Range
0.15
117.3 Ba ck
Range
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Additional drilling in this area is being planned for Q2 2023, targeting the structural controls to
the high-grade zones. Focus will be on expansion/delineation of the high- grade core and
conversion of inferred resources into indicted, ahead of a pre-feasibility study decision.
The work program will also include advancing ongoing permitting with United States Forest
Service to include access to the undrilled one-kilometer-long gap between Back R ange to the
Discovery Zone. This area is considered to have high oxide gold discovery potential and permits
may be received as early as H2 2023.
The Back Range Zone hosts an indicated resource of 32,000 ounces of oxide gold averaging 0.62
g/t Au in 1,584,000 t and an inferred resource of 77,000 ounces of oxide gold averaging 0.63 g/t
Au in 3,783,000 t.
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 reviewed 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.
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 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
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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 pres s 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, 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 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", "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, an d other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtai ning
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 resol ution of disputes and
anticipated costs and expenditures. Many assumptions are based on factors and events that a re 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 exp ressed 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 i n proje ct
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 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 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.
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. Un der 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 resources will ever be
upgraded to a higher resource 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 assume
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 resources as in place tonnage and grade
without reference to unit measures. Accordingly, information concerning descriptions of min eralization and resources contained in these
documents may not be comparable to information made public by United States companies subject to the reporting and disclosure
requirements of the SEC.