Liberty Gold Reports Infill and Step-out Drill Results at the Black Pine Gold Project, Idaho 0.86 g/t Au over 123.4 meters, including 2.45 g/t Au over 24.4 meters in LBP1197 0.67 g/t Au over 61.0 meters in LBP1213, a 175-meter step-out at Rangefront Zone
News Release
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Release ID: 26-02 January 22, 2026
Liberty Gold Reports Infill and Step-out Drill Results at the Black
Pine Gold Project, Idaho
0.86 g/t Au over 123.4 meters, including 2.45 g/t Au over 24.4 meters in LBP1197
0.67 g/t Au over 61.0 meters in LBP1213, a 175-meter step-out at Rangefront Zone
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is
pleased to report additional reverse circulation (“RC”) and core drill results from the 2025 drilling program
at the Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho, USA. The results reflect infill and
targeted step-out drilling designed to validate geological continuity, improve confidence in the spatial
distribution of mineralized domains and expand the resource ahead of the upcoming feasibility study.
Drilling at the Discovery Zone (“Discovery”) continues to confirm expected continuity of oxide gold
mineralization within areas of historically sparse drilling. Results from the Rangefront Zone (“Rangefront”)
continue to exceed expectations both within the core of the ore body and expanding mineralization on the
margins. The majority of the reported holes are located within or immediately adjacent to existing pit
designs and are intended to tighten classification confidence and convert waste blocks into resource where
drilling was sparse.
Highlights*
• Drilling at Rangefront continues to highlight the growth potential of this increasingly important area
with:
o The high-grade core of Rangefront continues to deliver >100 gram-meter intercepts with drill
hole LBP1197 returning 0.86 grams per tonne gold (“g/t Au ”) over 123.4 meters (“m”)
including 2.45 g/t Au over 24.4 m.
o A new high-grade discovery, extending 300 m to the northeast of the Rangefront resource
pit has been further defined by drill holes LBP1213 (0.67 g/t Au over 61.0 m ) and LBP1201
(0.45 g/t Au over 68.6 m) and remains open (see Figure 1 below).
o New drilling at Rangefront has defined s hallow zones of new oxide gold mineralizatio n,
which are expected to convert previously modeled waste blocks to resource on the western,
northwestern and southeast margins in drillholes LBP1211, LBP1217 and LBP1198,
respectively (see Interval Highlights table below).
• Infill drilling is expected to primarily support conversion of Inferred material to Indicated
classification, while also increasing total resource ounces in what were areas of low-density drill
spacing.
* Results are reported as drilled thickness, true thickness is approximately 70 -100% of drilled thickness. Please refer to the
full table at the link below for complete results
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“These results continue to demonstrate the remarkable continuity of the Black Pine mineralized system
and its ability to surprise with continued growth and new high-grade zones,” said Pete Shabestari, Vice
President of Exploration . “The infill drilling is confirming what we already know – we are tightening our
geological model ahead of feasibility where historical drill coverage was low and in the higher grade
domains. This past year’s drilling has also confirmed that Rangefront remains wide open for expansion,
with a current footprint of 1500 meters by 1000 meters, and based on this year’s results, we still have a lot
of work to do”.
Figure 1: Cross Section through the Rangefront Zone
Highlight Intervals from Rangefront Drilling*
Hole ID (Az, Dip)
(degrees)
From
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Au Cut-
Off Comments
LBP1165C (210, -65) 137.5 164.9 27.4 0.23 0.10
Geotech Core Hole
and 222.8 292.3 69.5 0.70
including 257.9 265.2 7.3 3.16 1.00
and 297.5 329.2 31.7 0.46 0.10
Including 317.3 321.6 4.3 1.50 1.00
LBP1188 (0, -90) 13.7 18.3 4.6 0.47
0.10
Eastern Infill
and 39.6 100.6 61.0 0.25
and 115.8 135.6 19.8 0.29
and 140.2 192.0 51.8 0.49
incl 161.5 167.6 6.1 1.19 1.00
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LBP1197 (240, -77) 166.1 172.2 6.1 0.40
0.10 High Grade Core and 184.4 307.8 123.4 0.86
and 225.5 249.9 24.4 2.45
and 310.9 317.0 6.1 0.67
LBP1198 (190, -60) 53.3 85.3 32.0 0.53 0.10 Southwest Ext
LBP1201 (315, -60) 190.5 259.1 68.6 0.45 0.10
Northeast Ext
including 240.8 246.9 6.1 1.30 1.00
LBP1205 (255, -55) 193.5 274.3 80.8 0.35 0.1 Northeast Ext
Including 257.6 262.1 4.6 1.53 1.0
LBP1211 (240, -73) 33.5 45.7 12.2 0.40
0.10 Western Shallow and 48.8 73.2 24.4 0.26
and 178.3 231.6 53.3 0.26
LBP1213 (0, -90) 175.3 236.2 61.0 0.67 0.10 Northeast Ext
Including 217.9 231.6 13.7 1.35 1.00
LBP1217 (333, -65) 97.5 114.3 16.8 0.24 0.10 New Northwest Ext
LBP1227 (180, -78) 41.1 47.2 6.1 0.19
0.10 Southern Ext
and 61.0 96.0 35.1 0.21
* Results are reported as drilled thickness, true thickness is approximately 70 -100% of drilled thickness. Please refer to the full table at the link
below for complete results.
For a table showing complete drill results for the current release, see this link: https://libertygold.ca/wp-
content/uploads/BP_Intercepts_20260122.pdf
Drilling in 2025 included infill/offset RC drilling, geotechnical and metallurgical core drilling, sonic drilling
in the historic heap leach pad and the installation of a network of new water monitoring wells. No
exploration drilling on the numerous outlying and internal target areas was conducted in 2025, and these
areas are expected to be drill tested systematically as the project progresses through the mine planning
and the permitting process.
The 2025 drilling program, completed at the end of December, totaled approximately 40,000 m. Assay
results for 50 drill holes are still pending, with delivery expected through February. Feasibility resource
modelling is near completion and will incorporate approximately 60,000 m of new drilling in 250 drill holes,
with completion targeted for Q1 2026.
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Figure 2: Map of drill hole locations and highlights at Black Pine
ABOUT LIBERTY GOLD
Liberty Gold is a U.S. focused gold development company building and advancing a pipeline of gold assets
in the Great Basin, one of the world’s most productive and mining friendly gold regions. The Company’s
flagship asset is the 100% owned Black Pine Oxid e Gold Project in southern Idaho, a large scale, past -
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producing run-of-mine heap leach system being advanced through feasibility and permitting toward a
modern open-pit mining operation. Liberty Gold also controls the Goldstrike Project in Utah, which remains
an important part of the Company’s U.S. gold asset portfolio. The Company’s strategy is to responsibly
develop high quality, long-life gold projects in supportive jurisdictions, led by an experienced team with a
track record of discovery, development and delivering long term value.
For more information, visit libertygold.ca or contact:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
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.
QUALITY ASSURANCE – QUALITY CONTROL
Drill composites were calculated using a cut-off of 0.10 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 50% and
100% of the reported lengths due to varying drill hole orientations but are typically in the range of 70% 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 a nd rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectrosc opy.
QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the samp le 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.
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements or information
concerning, future financial or operating performance of Liberty Gold and its bu siness, operations, properties and condition; planned de-risking activities at Liberty Gold’s mineral
properties; future updates to the mineral resource, the potential quantity, recoverability and/or grade of minerals; the potential size of a mineralized zone or potential expansion of
mineralization; proposed exploration and development of Liberty Gold’s exploration property interests; the results of mineral resource estimates or mineral reserve estimates and
preliminary feasibility studies; and the Company’s anticipated expenditures.
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 fu ture performance and is based
upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumpt ions about future prices of gold, and other
metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, timely receipt of governmental or regulatory approvals, including any
stock exchange approvals; receipt of a 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, results or timing of any mineral resources, resource conversion, pre -feasibility study, mineral reserves, or feasibility study; 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 interpretati on 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 ope rate as anticipated; the failure of contracted parties
to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources, mineral reserves or feasibility studies; delays
in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing, timing of the
completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 20 25, in the section entitled "Risk Factors", under
Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.
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 in tention or obligation to
News Release
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update or revise any forward -looking information, whether as a result of new information, future events or otherwise, except for material differences betw een actual results and
previously disclosed material forward-looking information, or as otherwise required by law.
Except for statements of historical fact, information contained herein or incorporated by reference herein constitutes forward-looking statements and forward-looking information.
Readers should not place undue reliance on forward -looking information. All forward-looking statements and forward-looking information attributable to us is expressly qualified
by these cautionary statements.
Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The information, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities
concerning mineral properties have been prepared in accordance 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 “mineral reserves”. These terms are Canadian
mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (the “CIM”) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mine ral property disclosure
requirements of the United States Securities and Exchange Commission (the “SEC”) in Regulation S -K Subpart 1300 (the “SEC Modernization Rules”) under the United States
Securities Act of 1934, as amended. 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.
Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “mineral reserves”. These terms are Canadian
mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum (the “CIM”) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mine ral property disclosure
requirements of the United States Securities and Exchange Commission (the “SEC”) in Regulation S -K Subpart 1300 (the “SEC Modernization Rules”) under the United States
Securities Act of 1934, as amended. 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.