Reverse Circulation Results At Black Pine Oxide Gold Property

VANCOUVER - Liberty Gold Corp. reported additional reverse circulation (RC) drill results from the 2020 drill program at its Carlin-style Black Pine oxide gold property in southern Idaho.  Liberty Gold identified nine regional oxide gold targets over a 7.3 square kilometer (km2) permit area. To date, six targets have been tested, with assay results received from four, resulting in the D-1 Southeast Extension, D-1 Northwest Extension, D-3, and F Zone discoveries. Results from the M, Southwest Extension, J and CD targets are pending. Liberty Gold continues to define the D-1 and D-3 zones on 35 to 50 meter (m) centers and test regional targets in a systematic manner.

“The D-3 Zone has grown from a single discovery hole to a well-established oxide gold zone in under 6 months,” said Cal Everett, President and CEO. “It now measures 400 m long in a north-south direction and extends at least 250 m in an east-west direction, extending under the historic B Pit and the D-1 Zone. Results continue to support the concept that the Black Pine mineralized system consists of a series of stacked high grade oxide gold zones separated by a halo of mineralized material above a projected 0.2 gram cutoff grade, in the 0.2 to 0.5 grams per tonne of gold (g/t Au) range. Definition drilling on tight drill centers will support a maiden, pit-constrained resource estimate to be completed in late Q1, 2021”.

Liberty Gold’s third high-grade oxide gold discovery (the “D-3 Zone”) continues to deliver multiple thick intervals of oxide gold mineralization. D-3 is approximately parallel to and lies to the west of and beneath the D-1 Zone in a stratigraphic unit that is modeled to underlie the southern two-thirds of the Black Pine gold system. This stratigraphic unit has only been tested in a few locations to date and is modeled to extend over an approximate 4.5 km2 area that is permitted to drill.

D-3 drill holes in this release are located in the southeastern portion of the Zone, extending mineralization from original drilling along a 150 m-wide, moderately east-dipping fault, eastward an additional 100 m along a stratigraphic horizon that extends under the historic B pit. RC drilling is ongoing at Black Pine, with three RC drill rigs testing new targets, extending newly identified targets, and expanding on the focused drilling carried out in 2019. The core drilling program, focused primarily on obtaining large-diameter core for metallurgical testing, was completed.

At present, two RC drills are carrying out regional drilling, as part of Liberty Gold’s commitment to a comprehensive test of the 7.3 km2 permitted area of the Black Pine gold system in 2020. A number of targets are simultaneously being evaluated in order to complete a regional oxide gold assessment in the most efficient way possible and not over-drill them prior to receipt of assay results.

Six holes tested a large area southwest of the historic CD Pit (Southwest Extension), with results pending. The Southwest Extension contains a large gold-in-soil anomaly, measuring over 1 km2 in size, which has never had a drill test. Portions of the holes drilled to date contain decalcified siltstone, breccias and iron oxide, which are indicators of gold mineralization elsewhere at Black Pine. Two holes tested the M Zone in the northeastern portion of the gold system, with results pending. Historic intercepts in shallow holes in the M zone include 1.70 g/t Au over 15.2 m in 93BX-82, and 1.33 g/t Au over 10.7 m and 0.98 g/t Au over 10.7 m in 93BX-36 (unpublished historical drill hole results), with a number of holes bottoming in gold mineralization. On the basis of visual inspection of the drill chips, additional holes will be added before year end.

Holes were drilled around the J anomaly north of the historic A Pit, to the west of the D-3 Zone and in the north end of the D-1 Zone. Assays are pending for all of these areas. One RC rig is testing the Rangefront Zone, where gold was encountered in historic shallow drill holes. One diamond core hole was drilled in this zone in late 2019, returning 0.49 g/t Au over 55.3 m.