Liberty Gold Reports Results From Near-Surface Resource Expansion Drilling, Black Pine Deposit, Idaho 1.40 g/t Au over 57.9 m from ~40 m depth, including 2.92 g/t Au over 21.3 m
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News Release 22-24 November 8, 2022
Liberty Gold Reports Results From Near-Surface Resource Expansion
Drilling, Black Pine Deposit, Idaho
1.40 g/t Au over 57.9 m from ~40 m depth, including 2.92 g/t Au over 21.3 m
VANCOUVER, B.C. – Liberty Gold Corp. (TSX :LGD; OTCQX:LGDTF) (“Liberty Gold” or the
“Company”) is pleased to report Reverse Circulation (“RC”) drill results from the M Zone at its Black
Pine oxide gold project in southeastern Idaho. These results are part of an ongoing 65,000 metre
(“m”) drill program at Black Pine designed to:
• Upgrade the current resource and discover new oxide gold mineralization,
• Add to the endowment of near-surface, higher-grade, oxide gold mineralization potentially
accessible in the first one to three years of a future mining operation,
• Drill out gold mineralization between smaller resource pits , linking larger zones of
continuous oxide gold mineralization . This is expected to result in defining fewer, larger
resource pits and in doing so, improving the potential for future , bulk open pit mining
operations.
Three RC rigs are currently drilling on the property, focused on the Rangefront Zone, M Zone and
the Section 36 area (recently permitted). These efforts will continue through the end of the year,
and we expect to drill through the winter months, subject to weather conditions, to maximize drill
metres in the lower elevation areas at B lack Pine . The geological model will be updated
progressively over the remainder of 2022, with a new mineral resource estimate to be released in
Q1 2023.
“Drilling in the M Zone is part of a focused strategy to deliver a readily permittable, low initial capex,
high rate of return oxide gold mining project at Black Pine. We achieve this in part by the merging of
multiple smaller resource pits into fewer, larger pits, and by identifying and drilling areas of higher-grade,
near-surface gold mineralization that might be accessed in the early years of mining ,” stated Jason
Attew, the recently appointed President and CEO of Liberty Gold. “After demonstrating this
potential in the F Zone, our next target was the M Zone, where we have expanded near -surface, high-
grade gold mineralization between and beyond the resource pits . We are now well set up for a
substantive upgrade to the Black Pine Mineral Resource, planned for release in the first quarter 2023.”
For a map and section showing locations of drill holes in this release click here:
https://libertygold.ca/images/news/2022/November/BlackPine11082022Mzonemap.pdf
For a table showing complete drill results from the current release, click here:
https://libertygold.ca/images/news/2022/November/BlackPine11082022CurrentResults.pdf
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M ZONE EXPANSION
The M Zone lies along the eastern margin of the main gold system at Black Pine, adjacent to the
Rangefront fault and close to a potential location for future surface processing infrastructure. In
the July 2021 mineral resource estimate, the M Zone gold mineralization is represented by primarily
historic drill holes and sits inside two small resource pits.
Drilling by Liberty Gold in 2022 demonstrates the continuity of mineralization between the two pits,
establishing a zone of continuous mineralization over a distance exceeding 750 m which is currently
open in multiple directions. Gold grades in many of the intercepts are significantly higher than the
average grade of the deposit and the upper contact of the mineralization is located between 0 and
60 m below surface.
The geometry of this mineralized zone is striking ly similar to the F Zone ( see news release dated
August 30, 2022). Additional drilling is currently underway to complete resource delineation of the
zone.
M ZONE HIGHLIGHT TABLE*
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target Comments
LBP688 (30, -55) 79.2 115.8 36.6 1.53 0.20
including 80.8 85.3 4.6 3.03
including 97.5 108.2 10.7 2.89
and including 103.6 105.2 1.5 6.85 5.00
LBP691 (200, -45) 38.1 50.3 12.2 0.60 0.15
and 106.7 121.9 15.2 1.12 0.15
including 106.7 120.4 13.7 1.23 0.20
and including 111.3 118.9 7.6 1.72 1.00
LBP697 (335, -70) 44.2 65.5 21.3 0.58 0.15
including 44.2 54.9 10.7 0.98 0.20
and including 50.3 51.8 1.5 1.85 1.00
LBP699 (280, -65) 27.4 53.3 25.9 0.60 0.20
including 39.6 45.7 6.1 1.43 1.00
and 135.6 155.4 19.8 1.72 0.20
including 137.2 149.4 12.2 2.54 1.00
LBP705 (125, -50) 67.1 77.7 10.7 0.96 0.20
including 68.6 71.6 3.0 2.34 1.00
and 83.8 96.0 12.2 1.27 0.20
including 85.3 91.4 6.1 1.93 1.00
and 109.7 131.1 21.3 0.60 0.20
including 125.0 126.5 1.5 2.32 1.00
LBP707 (245, -55) 53.3 80.8 27.4 0.98 0.15
including 54.9 76.2 21.3 1.21 0.20
and including 64.0 71.6 7.6 2.44 1.00
129.5 M Zone Resource upgrade
166.1 M Zone Resource Upgrade
152.4 M Zone Resource Upgrade
178.3 M Zone Resource Upgrade
196.6 M Zone Resource Upgrade
1.00 172.2 M Zone
Resource Upgrade
Reduced cyanide solubility below
85.3 m
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M ZONE HIGHLIGHT TABLE*(continued)
*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. The M Zone is situated at
the lowest structural leve l of the deposit, such that carbonaceous material is frequently encountered at the base of the oxide zone,
leading to reduced cyanide solubility at depth.
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.
Hole ID (Az, Dip)
(degrees) From (m) To (m) Intercept
(m) Au (g/t) Au
Cut-Off
Hole
Length
(m)
Target Comments
LBP712 (115, -70) 56.4 67.1 10.7 1.10 0.15
including 56.4 62.5 6.1 1.81 0.20
and including 57.9 62.5 4.6 2.25 1.00
LBP713 (0, -70) 59.4 77.7 18.3 0.82 0.20
including 70.1 74.7 4.6 2.10 1.00
and 85.3 96.0 10.7 0.61 0.20
including 91.4 93.0 1.5 1.41 1.00
and 102.1 114.3 12.2 0.39 0.20
LBP715 (325, -50) 76.2 134.1 57.9 1.40 0.20
including 77.7 99.1 21.3 2.92 1.00
and including 94.5 97.5 3.0 8.36 5.00
including 108.2 109.7 1.5 1.65
including 114.3 117.3 3.0 1.39
LBP717 (270, -60) 89.9 105.2 15.2 2.46 0.15
including 91.4 105.2 13.7 2.72 0.20
and including 93.0 103.6 10.7 3.36 1.00
and including 94.5 96.0 1.5 7.05 5.00
LBP719 (150, -45) 76.2 111.3 35.1 0.38 0.15
including 76.2 96.0 19.8 0.44 0.20
and including 86.9 88.4 1.5 1.25 1.00
LBP727 (165, -70) 86.9 102.1 15.2 1.22 0.15
including 93.0 100.6 7.6 2.29 0.20
and including 93.0 96.0 3.0 5.13 1.00
and including 93.0 94.5 1.5 7.50 5.00
LBP733 (85, -60) 9.1 15.2 6.1 0.52 0.15
and 50.3 61.0 10.7 1.45 0.20
including 51.8 57.9 6.1 2.19 1.00
and 71.6 80.8 9.1 0.75 0.15
including 71.6 77.7 6.1 1.03 0.20
and including 73.2 76.2 3.0 1.72 1.00
172.2 M Zone Resource Expansion
190.5 M Zone Resource Expansion
208.8 M Zone Resource Expansion
190.5 M Zone Resource Expansion
221.0 M Zone
Resource Expansion
Reduced cyanide solubility below
108.2 m1.00
147.8 M Zone Resource Upgrade
152.4 M Zone Resource Upgrade
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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. 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 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 0.10 g/t Au. Drill intersections are reported as
drilled thicknesses. True widths of the mineralized intervals vary between 30% an d 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 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 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 samples consists of the insertion and continual m onitoring 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 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 grade of minerals. Forwa rd-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 va riation 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 t ime, 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, the timing of the publication of any updated resources, preliminary econo mic assessments or pre -
feasibility studies, 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 contra cted parties to
perform; the timing and success of exploration activities generally; delays in permitting; possible claims against the Company; labour disputes
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and other risks of the mining industry; the timing of the publication of any updated resources, any preliminary economic asse ssments or pre-
feasibility studies, successful, delays in obtaining governmental approvals, 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 SED AR 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 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. How ever, 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 used in reports and registration statements filed with United States Securities and Exch ange 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 a mended. These amendments became
effective February 25, 2019 (the “SEC Modernization Rules”) with compliance required for the first fiscal year beginning on o r after January 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.