Liberty Gold Corp. (TSX:LGD) (OTCQX: LGDTF) is pleased to report results from 14 large-diameter core holes at its Black Pine Oxide Gold Project in southeastern Idaho; one core hole, LBP511CA, with an exceptional intercept of 100.4 metres grading 1.38 grams per tonne gold was released previously. PQ holes were drilled throughout the target areas of Discovery, E, M, J, F, CD and Rangefront zones with core samples and technical information from these holes being used for further metallurgical testing, geotechnical studies, and geological modeling.

Reverse Circulation drilling is being carried out across these target areas in 2022 to facilitate discovery of near-surface mineralization and consolidation of zones into larger, continuous deposit areas. Liberty Gold is also pleased to report results from a series of RC holes testing historic waste rock storage and pit backfill areas, with gold mineralization identified in all areas.

Cal Everett, President and CEO for Liberty Gold said, “The 2022 exploration program is accelerating at Black Pine, with activity spread throughout the property and an additional RC drill was recently added to the project. The core drilling program was used to help design our exploration drilling this year and has already been a valuable tool in predicting the location of areas of higher-grade mineralization. Our present focus is on discovery of near-surface mineralization that will impact the early phases of a future mining operation.”

KEY POINTS

• Results from 14 PQ core holes for geometallurgical and geotechnical purposes met or exceeded expectations in all areas, including the Discovery, Rangefront, F, M, E, CD and J zones.
• Highlights include:
  • 3.98 g/t Au over 25.3 m including 8.55 g/t Au over 9.6 m in LBP 499C in North Tallman
  • 4.80 g/t Au over 21.2 m including 11.0 g/t Au over 7.5 m in LBP508C in F Zone
  • 1.09 g/t Au over 29.1 m in LBP530C in M Zone

• Composites from four core holes in the Rangefront Zone were shipped to Kappes Cassiday and Associates in Reno, Nevada for metallurgical column testing. Additional column testing is planned for later in the year.
• RC drilling in historic waste rock storage and pit backfill areas throughout the property reported gold above the reporting cut-off in all areas, suggesting that much of the surficial material presently classified as unmineralized waste rock may be reclassified as mineralized material in a future resource estimate. Results of metallurgical testing of material of this grade range and type are pending; further testing is planned for later in the year.
• RC drilling is presently focused on discovery of additional near-surface oxide mineralization, including targets in the F, M and Back Range zones, as well as expansion of the Rangefront Zone to the north.
• An access road is being constructed into the new South Rangefront target area to allow drilling to commence in this key target area in Q3.

RESULTS FROM LARGE DIAMETER CORE DRILLING PROGRAM

A total of 14 PQ core holes were drilled in support of geometallurgical and geotechnical programs. One hole in the Rangefront Zone (LBP511CA) was released previously on May 25, 2022. Results are in-line with expectations or in some cases exceeded them and provide valuable insights in the structural and stratigraphic controls on mineralization.

For a map showing locations of drill holes in this release click here:

https://libertygold.ca/images/news/2022/August/BlackPineCorePRmap.pdf

For a table showing complete drill results from the holes in this release, click here:

https://libertygold.ca/images/news/2022/August/BlackPineCurrentResults.pdf

TABLE 1: HIGHLIGHTS OF METALLURGICAL CORE DRILLING¹

¹Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 90% of true thickness. Gold grades are reported uncapped. For a full table of results for this release, please see the link above.
*Previously reported on May 25, 2022

RESULTS FROM RC DRILLING OF SURFICIAL MATERIALS

Thirty-three RC holes were drilled to test for mineralization in and under waste rock storage and pit backfill in the Tallman, CD-I and B pits, and the large waste rock stores between Tallman and CD pit and in the A Basin area north of the Discovery Zone. Drilling was encouraging in that it encountered significant areas above reporting cut-off grade mineralization and with most intervals exhibiting moderate to strong cyanide solubility. A notable exception is a portion of the old Tallman Pit backfill which returned high grades with poor cyanide solubility due to the presence of organic carbon. In particular, the A Basin waste rock storage area returned over 35 m of above reporting cut-off grade material in two holes. The results of this program suggest that much of the surficial
“waste” material that presently lies within the resource pit may be reclassified as mineralized material in a future resource estimate.

TABLE 2: HIGHLIGHTS OF WASTE DUMP AND BACKFILL DRILLING¹

¹Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 90% of true thickness. Gold grades are reported uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to gold by fire assay, expressed as percent. For a full table of results for this release, please see the link above.

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 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 60% to 80% 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 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 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

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 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.