Rangefront Zone Major Gold Discovery At Black Pine Oxide Gold Deposit

VANCOUVER - Liberty Gold Corp. reported that follow-up reverse circulation (RC) drilling at the D-4 discovery at Rangefront confirms the presence of a major new mineralized zone at its Black Pine Oxide Gold Project, southeast Idaho. This area, located to the southeast of Rangefront fault, is being re-named Rangefront Focus Area (RFA), as its scale is potentially similar to the Discovery Zone, where three-quarters of the Black Pine resource is located. Drilling to date has expanded this broad mineralized zone 1,000 meters (“m”) in a north-south direction, with potential to expand at least 800 m in an east-west direction. The RFA remains open to extension in all directions outward from the initial D-4 discovery area, with assay results from 25 additional holes pending as of the date of this release. Two drills are now focused exclusively on the RFA to sequentially drill off the discovery for incorporation into an updated resource estimate. A third drill will be moved to this area with drilling continuing through the winter months.

The confirmed scale of the RFA discovery, coupled with recently identified value-enhancing cut-off grade and Run-of-Mine (ROM) processing optimizations, has led the Company to expand the scope of the Preliminary Economic Assessment (PEA) in progress on Black Pine. It is targeting an updated mineral resource estimate and PEA, which will now include the RFA, in Q3 2022.

Cal Everett, President and CEO, said, “Our drilling has now confirmed that the Rangefront D-4 discovery is not an isolated occurrence and is part of a much larger oxide gold system that currently extends over one kilometer to the north, merging with shallow mineralization identified in historical drilling.  As well, there are indications that D-4 mineralization extends to the east and may merge with the Rangefront resource pits, over an aggregate distance of 800 m. As we continue to aggressively drill this one square kilometer area centered on the D-4 discovery, we foresee the area growing into another large open-pit gold deposit, potentially rivaling the Discovery Zone in size. Importantly, the RFA represents only a portion of a district-scale oxide gold system that covers more than 10 square kilometers.”