Discovery Of Third High Grade Oxide Gold Zone At Black Pine Project

VANCOUVER - Liberty Gold Corp. reported drill results from the 2020 drill program at its Black Pine property in southern Idaho. A third high grade oxide gold discovery (D-3 Zone) has been discovered in close proximity to the D-1 and D-2 zone discoveries made in 2019. The D-3 zone lies beneath the limit of shallow historical drilling in a stratigraphic unit that is modeled to underlie at least the southern two thirds of the Black Pine gold system. This stratigraphic horizon, the lowest in the 400 meter (“m”)-thick carbonate sequence that hosts gold mineralization at Black Pine, is the primary host for gold mined in the historic CD pit, but has only been tested by shallow drill holes in two other locations on the property.

Reverse Circulation (RC) drilling to the west of the now-amalgamated Discovery 1 and 2 zones (“D-1” and “D-2”) encountered a thick zone of high-grade oxide gold in hole LBP127 below and laterally adjacent to the historic B pit, where outcropping gold mineralization was mined at a 1.38 grams per tonne gold (“g/t Au”). LBP127 bottomed in grade, with the last five, 5-foot sample intervals grading greater than 2 g/t Au. LBP129, drilled 215 m to the north, returned 1.60 g/t Au over 29.0 m, including 2.09 g/t Au over 19.8 m at the same vertical elevation.

In addition, new drilling in the D-1 / D-2 zones: Confirms the extension of oxide gold mineralization at shallow depth in the 400 m-long gap between the southeast end of the D-1 zone and the Tallman Pit; Confirms the presence of oxide gold in a sparsely-drilled area at the transition between D-1 and D-2: & Extends the D-1 zone an additional 40 m further to the west.

A third drill has been mobilized to the Black Pine Project, and the current exploration program has been increased from 28,000 m to 46,000 m, exclusive of a core drilling program planned for later in the season. Liberty Gold is well funded to continue to accelerate its exploration efforts.

“The new D-3 discovery will be drill-defined in the same manner as the D-1 and D-2 discoveries in 2019,” said Cal Everett, President and CEO. The intercept in LBP127 is the 9th best drill hole that Liberty Gold has drilled to date on a top-to-bottom, grade-times-thickness basis. The combination of several high-grade oxide gold discoveries in close proximity to each other, and in association with recently released excellent metallurgy elevates the value of the Black Pine project. Liberty Gold has increased its land holdings in the project area and have protected our interests on a district scale. Intercepts like we encountered in LBP127 never tend to occur in isolation and we are looking forward to drill-testing this new stratigraphic horizon in the D-3 discovery. Two drills are currently focused on and will not wander away from D-3, with a third drill exploring new targets.”