Liberty Gold Secures Process Water Supply and Strategic Mineral Rights, Black Pine Oxide Gold Deposit, Idaho
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News Release 22-03 February 10, 2022
Liberty Gold Secures Process Water Supply and Strategic
Mineral Rights, Black Pine Oxide Gold Deposit, Idaho
VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the
“Company”) is pleased to announce that it has secured water rights in excess of 2,300 acre-feet per
annum (“AFA”) in the locality of Black Pine, intended for future use as process water supply. Liberty
Gold has also obtained a strategic mineral rights lease from the State of Idaho covering 2.6 square
kilometres ( km2) adjacent to the deposit , representing both an exploration opportunity and a
potential area for future heap leach infrastructure. These acquisitions continue to substantially de-
risk the property from a development perspective.
Preliminary engineering studies suggest that this water supply is sufficient to sustain up to a
~70,000 ore tonnes per day, r un-of-mine heap leach operation and associated infrastructure at
Black Pine. We are pursuing multiple strategies for procurement of additional water rights given
the potential scale of the new Rangefront discovery and to provide operational flexibility to a future
mining operation.
Liberty Gold has also acquired a lease for mineral rights from the State of Idaho on Section 36,
a 2.6 km2 (1 square mile) parcel of land located immediately east of the Black Pine deposit. Historic
drilling confirms that the Rangefront mineralization extend s northeast into this block . A Plan of
Operations (“PoO”) to conduct exploration and condemnation drilling on this land was submitted to
the Bureau of Land Management ("BLM”) in the third quarter of 2021.
An additional 0.54 km2 of ground has also been acquired by staking in this area. Total Liberty Gold
land holdings at Black Pine now aggregate 51.6 km2 of which 54% is subject to a 0.5% Net Smelter
Royalty and 41% is royalty free.
Jon Gilligan, Chief Operating Officer of Liberty Gold stated, “Key deliverables for the development
team have been securing a reliabl e and sustainable long -term water supply and identifying
additional land for the potential location of infrastructure for the future Black Pine mining
operation. We are delighted to be partnering with the State and local communities to achieve this
outcome. Liberty Gold will continue to conduct technical studies on this future ground water supply
to ensure we manage the water resources in the basin in a sustainable manner, minimising potential
impacts and maximizing benefits for stakeholders.”
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BLACK PINE MINERAL RIGHTS LOCATION MAP
ABOUT BLACK PINE
Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border.
It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s
Carlin trend. Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing
number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored
parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period
of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow
pits, with an average head grade of 0.63 grams per tonne of gold (“g/t Au”).
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A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold
at a n average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral
resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000
tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August
19, 2021, and available on the Liberty Gold website.
A virtual site tour and 3D model of Black Pine property, including details about the geology and
mineralization, is available on the Company’s website: libertygold.ca
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 larg e-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
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. 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", a nd 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, the availability
of drill rigs, accuracy of any engineering studies, successful acquisition of further water rights, successful resolution of disputes and
anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liber ty
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
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commodities; possible variations in grade or recovery rates; accuracy of any engineering studies, successful acquisition of further
water rights; 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; delays in permitting; possible
claims against the Company; labour disputes and other risks of the mining industry, including impacts from the pandemic of th e
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, 202 1 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 differ
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. 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 used
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
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.