High-Grade Mineralized Core Defined At Rangefront Focus Area, Black Pine Oxide Gold Deposit

VANCOUVER - Liberty Gold Corp. reported additional reverse circulation (RC) results from the 2021 drill program in the Rangefront Focus Area (RFA) at the Black Pine oxide gold deposit, Idaho.  The RFA is host to a major new oxide gold discovery in the down-faulted southeast portion of the Black Pine gold system and has been a focus of our drill campaign since it was discovered in Q3 2021. Results to-date confirm the RFA discovery is quickly expanding, with gold mineralization extending over an area of approximately one square kilometer (km2) and it remains open for extension in all directions.

Liberty Gold has continued to expand on the D-4 Discovery area within the RFA, adding drill sites to the north, south and east, toward the original Rangefront deposit defined by shallow historical drilling. Notably, a NW-SE-trending, high-grade mineralized core has now been delineated over a 300 x 400-meter (m) area that remains open along trend to the NW and SE. Additionally, of the 46 holes drilled and assayed in the RFA since Q3 2021, virtually all have returned multiple, relatively flat zones of oxide gold mineralization from near-surface to a depth of up to 400 m.

Cal Everett, President and CEO, said, “RFA drilling continues to deliver significant oxide gold intercepts in multiple zones over a large surface area. With a high-grade core now defined and open for expansion along trend, we expect a significant upgrade to the mineral resource estimate in 2022.”

Moira Smith, VP Exploration and Geoscience, said, “The results are so compelling, we have decided to forgo the typical winter drill shut-down and work through the winter with three RC and one core drill focused on the RFA. The geometry and scope of mineralization at Rangefront looks very similar in many ways to the Discovery Zone after only four months of drilling, with several stacked, low-angle zones of structurally and stratigraphically controlled mineralization around a high-grade core. This similarity continues to reinforce our hypothesis that the RFA represents the down-faulted southeast portion of the Black Pine gold system. The current success at the RFA is exciting and there remain several square kilometers of un-drilled prospective ground.”

The 2022 exploration program at Black Pine commenced at the beginning of January, with three RC and one core rig active. Drilling through to the end of February will focus on the lower-elevation RFA to provide data for resource estimation and metallurgical testing. The current RFA drill campaign will end in late February, and the drillhole database and geological model will be updated for the upcoming mineral resource estimate. The drills will then move off in the interim to continue both in-fill and step-out drilling at other prospective areas on the Black Pine deposit.

Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further de-risking activities, with the goal to provide an updated resource estimate and Preliminary Economic Assessment in Q3 2022 and reach a prefeasibility decision by Q4 2022.