First Resource Estimate For Black Pine Oxide Gold Deposit

VANCOUVER - Liberty Gold Corp. reported the first modern independent resource estimate at its Black Pine Oxide Gold deposit in southeastern Idaho (the “Mineral Resource”). This resource estimate crystallizes the results from two years of drilling and is a strong initial foundation on which to layer our upcoming Preliminary Economic Assessment (“PEA”) and ongoing successful expansion drilling program.  It is one of Liberty Gold’s two advanced-staged, Carlin-style oxide gold development projects in the Great Basin.

The Mineral Resource is reported in a pit shell at a cut-off grade of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of: An indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totaling 105,075,000 tonnes; and An inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totaling 31,211,000 tonnes; A high-grade subset of the Mineral Resource using a cut-off grade of 0.5 g/t Au consists of: An indicated mineral resource of 1,020,000 ounces of gold at an average grade of 1.04 g/t Au and totaling 30,520,000 tonnes; and An inferred mineral resource of 134,000 ounces of gold at an average grade of 0.94 g/t Au and totaling 4,440,000 tonnes.

Seventy-four percent of the resource ounces are located in the Discovery Zone, centered on the high-grade oxide gold D-1, D-2 and D-3 discoveries. In this area in particular, a higher-grade 0.5 g/t Au cut-off resource subset of approximately 1 g/t Au will be material to enhancing project economics for the upcoming PEA. In addition, Liberty Gold’s 2021 exploration program is focused on drilling this area to extend the current pit constrained resource outward in four directions, and upgrade Inferred resource to Indicated for use in future economic studies.

Liberty Gold’s drilling in the Discovery Zone has added significant new high-grade ounces around historic mining and exploration. This initial resource estimate also includes seven additional zones outside the Discovery Zone that have not yet been subject to a similar concentrated drill program by Liberty Gold. These resource areas are largely comprised of historical drilling, and most are open to extension in all directions and to depth. These zones provide further evidence that Black Pine is a large, district-scale mineralized system over a 14 square kilometer (“km2”) area. Some of these areas have the potential to link together into larger pits or in some instances join the Discovery Zone.

Cal Everett, President and CEO, said, “We are thrilled to release a significant first resource estimate for our flagship Black Pine Oxide Gold Deposit, a tremendous accomplishment over such a short, two-year period. This resource estimate is a major catalyst for Liberty Gold, as we advance Black Pine toward a modern, low-cost, large-scale, multi-million-ounce heap-leach project. Importantly, over half of the Black Pine deposit averages 1.0 grams per tonne of gold and with minimal royalty burden overall, should drive strong economics, to be outlined with the release of the upcoming PEA. Coupled with Goldstrike, our second oxide gold project located in southwestern Utah, Liberty Gold is in a unique position to have two development-stage oxide gold projects in a favorable jurisdiction.

“Black Pine is one of the few oxidized Carlin-style deposits of this size and scale remaining in the Great Basin. The ultimate gold endowment at Black Pine remains unknown, given the 14 km2, drill-confirmed scale of the system to date, of which only a small portion is covered in this first resource estimate.”