Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to report initial assay results from the 2024 reverse circulation exploration drill program at its Black Pine Oxide Gold Project in southeastern Idaho. These results are from step-out drilling around the Rangefront deposit area, one of seven key targets defined in the expanded exploration permit area at Black Pine (see press release dated June 11, 2024). This first phase of feasibility drilling at Rangefront is targeting zones of open oxide gold mineralization in all directions from the main deposit area, as well as upgrading zones of inferred resources to the indicated category.

KEY POINTS

• Results from drilling have significantly expanded the footprint of the mineralized zone at Rangefront to the east, west and north.
• Drilling has also discovered a new shallow zone of oxide mineralization, this zone represents the highest grade thickness drilled in upper plate rocks at Rangefront to date. See Figure 1 below.
• Mineralization at Rangefront remains open and will be targeted in additional drilling starting in 2025.

FIGURE 1: RANGEFRONT ZONE CROSS SECTION

RANGEFRONT

Assays from the first 11 drill holes received from the western margin of Rangefront confirm that the known zone of oxide mineralization remains open to the west, with strong gold grades and good cyanide solubility similar to that seen throughout the Rangefront zone. These results have extended the western Rangefront mineralization over an area of approximately 250 meters north-south and 130 m east-west. Importantly, 2024 drilling has defined a new, near-surface zone of higher-grade oxide gold mineralization in what was previously classified in the Black Pine Preliminary Feasibility Study¹ as non-mineralized material and treated as waste rock in the PFS mine plan. This zone is open to the west and east extending back into the reserve pit area. It is anticipated that a conversion of this area into the mineral resource would have a positive impact on the Mine Plan. The 2024 drilling has now concluded, and results are pending from an additional twelve drill holes in Rangefront as well as 18 drill holes from lower Burnt Basin, CD Pit, A Pit and M Zone.

RANGEFRONT HIGHLIGHT TABLE*

*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.

Drilling along the east flank of Rangefront was successful in extending mineralization both towards the east and northeast. In the eastern areas oxide gold mineralization is near surface with a thin cover of alluvium. Additional drilling along the eastern margin of the Rangefront resource area has extended oxide gold mineralization up to 50 m from modeled mineralized zones and also remains open to the east. A single drill hole targeting the northern extent of Rangefront mineralization was successful in identifying additional oxide gold mineralization up to 100 m northeast of the current block model.

Fifteen holes drilled south of Rangefront intersected scattered anomalous gold and pathfinder elements, with no reportable intercepts. The upper plate cover sandstone sequence appears thicker than expected in this area and receptive host rocks would be present at depth. Additional work targeting uplifted blocks of middle plate has commenced and drilling in 2025 is warranted in the large, untested areas further south.

DRILL RESULTS MAP

For a table showing complete drill results for the current release, see this link: https://libertygold.ca/images/news/2024/December/BP_Intercepts12042024.pdf

These positive drill results support Liberty Gold’s strategy to optimize the Black Pine project, potentially expanding the current +1 million ounce gold resource base at Rangefront¹, which would add to the 4.1 million ounce gold indicated resource¹ at Black Pine.

A second phase, follow-up drill program across the Black Pine project is anticipated in early 2025 to bring in additional mineralization to the feasibility resource estimate, expected in the second half of 2025, ahead of the commencement of feasibility engineering studies. The results align well with the Company’s recently released PFS which outlined the strong economics of the Black Pine project, with significant upside potential.

Pete Shabestari, VP of Exploration at Liberty Gold, commented: “The results from our 2024 drill holes in Rangefront are highly encouraging as they show we are still not done at Rangefront, and the deposit shows potential to grow. With the drill program continuing to yield positive results, we are optimistic about the resource expansion opportunities as we move toward a full feasibility resource model in 2025.”

The Company is also proceeding with the preparations for submission of the Mine Plan of Operations at Black Pine and anticipates filing with Federal and State Agencies by the end of the year.

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 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.