Liberty Gold Announces Updated Resource Estimate for the Black Pine Oxide Gold Deposit, Idaho
2,613,000 Indicated and 483,000 Inferred Oxide Gold Ounces 52% Increase in Indicated and 31% Increase in Inferred Ounces
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VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce an update to the independent Mineral Resource Estimate (the “Resource” or “MRE”) at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. The updated Resource builds on the maiden resource released on July 13, 2021[1], and includes an additional 528 Reverse Circulation (“RC”) and core holes (126,726 metres) drilled by Liberty Gold between April 2021 and October 2022.

The MRE has an effective date of January 21, 2023, is reported using a constraining resource pit at a cut-off grade (“COG”) of 0.20 grams per tonne (“g/t”) gold (“Au”) and consists of:

An indicated resource of 2,613,000 ounces of oxide gold at an average grade of 0.52 g/t Au and totalling 157,267,000 tonnes (“t”); and
An inferred resource of 483,000 ounces of oxide gold at an average grade of 0.43 g/t Au and totalling 35,150,000 t.
A high-grade subset of the MRE within the 0.20 g/t Au resource pit using a COG of 0.50 g/t Au consists of:
An indicated 1,548,000 ounces of gold at an average grade of 1.02 g/t Au and totalling 47,391,000 t; and
An inferred 219,000 ounces of gold at an average grade of 0.93 g/t Au and totalling 7,315,000 t.
In total, using the same COG as the previous resource estimate, the updated MRE represents a 52% increase in indicated ounces and a 31% increase in inferred ounces over the maiden resource released just 18 months ago (see press release dated July 13, 2021). Within the higher-grade subset (0.50 g/t Au COG within the 0.20 g/t Au resource pit), 528,000 indicated ounces were added relative to the 2021 maiden resource estimate, a 52% increase. The significant increase in ounces can be attributed to:

The discovery (see press release dated September 1, 2021) and subsequent intensive drilling of 154 holes included in the resource in the Rangefront Zone beginning in July 2021 over a 15 month period.
Expansion and/or amalgamation of several existing zones, including the CDF, E, and M zones and discovery of the Bobcat Zone, a southern extension of the CDF Zone (see press released dated December 13, 2022).
Drill testing and drill definition of surficial waste rock storage and pit backfill.
Definition drilling in previously-defined areas of inferred mineralization.
The MRE was completed by SLR Consulting (Canada) Ltd., Toronto, Canada (“SLR”). SLR is a highly respected engineering company with extensive experience in resource estimation and audit of the largest Carlin-style gold systems in the Great Basin.

Jason Attew, President and CEO of Liberty Gold stated, “This updated Mineral Resource Estimate for our flagship Black Pine project represents a major milestone for Liberty Gold and a major accomplishment for our exploration team, who spent the last year and a half with a singular focus on expanding and upgrading the resource endowment at Black Pine. The team has delivered impressive results. Compared to the July 2021 resource estimate, tonnes are up significantly while grade has improved using conservative input assumptions, positioning Black Pine in the rarified territory of an oxide resource with more than 2.6 million indicated ounces and a further half a million ounces inferred. Moreover, we are encouraged that Black Pine continues to expand in all directions with future resource growth expected as drill results continue to impress.”

For maps and cross sections of the Black Pine Mineral Resource block model, please click here: https://libertygold.ca/images/news/2023/February/BlackPine_ResourceUpdate.pdf

TABLE 1: BLACK PINE UPDATED MINERAL RESOURCE ESTIMATE

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