Liberty Gold : Reports Completion of the 2022 Exploration Program and Results


News Release 22-28

November 28, 2022

Liberty Gold Purchases Historic Black Pine Mine Water Rights, Securing an

Additional Water Supply and Further De-Risking its

Black Pine Oxide Gold Deposit, Idaho

VANCOUVER, B.C. – Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that it has purchased and obtained registered title to two historical Black Pine Mine water rights totalling 868.5 acre feet per annum (“AFA”) (~1 million cubic

meters per year “m3/yr”). Both rights are registered to the Black Pine Mine Well immediately adjacent to the potential site of a future heap leach pad. Liberty Gold has now secured, through

a combination of purchase and long-term lease, an aggregate of 3,202 AFA (~4 million m3/yr) of process water supply, sufficient for any future large-scale mining operation envisioned at Black Pine. This final piece in the Company’s proactive, early-stage water acquisition strategy materially de-risks the Black Pine project from a development perspective and also provides the Company with sufficient upside capacity in the event the deposit and current target areas continue to grow in scale.

The Company has also secured access to two other wells in the basin close to potential mining and processing operations, allowing it to manage the aquifer for a long-term, sustainable water supply. At mine closure, leased water rights would be returned to the owners, with the Black Pine Mine Well water rights available for future lease or sale to other potential users.

Jason Attew, President and CEO of Liberty Gold stated, “In this part of the world, I don’t think it is possible to overemphasize the importance of securing water rights pursuant to the future permitting and operation of a mine. The team has worked diligently over the last two years to acquire water rights, secure land and mineral rights and advance power agreements, which have significantly de-risked Black Pine’s future operations.

In other de-risking activities, the Company has received a positive initial system impact study from Idaho Power Distribution Company on the supply of up to 10 megawatts of electrical power along a 25-kilovolt distribution line provided by Raft River Rural Electric Co-op Inc. that terminates at the Black Pine Mine gate. Further studies are on-going to refine transmission bottlenecks, system design constraints and cost estimates.

In parallel with the water rights acquisition, the Company has completed a property-scale ground gravity survey focused over the western margin of the basin along the eastern edge of the Black Pine deposit. The survey pin-pointed the location of basin-bounding faults that likely control sub- surface water storage and flow. The gravity survey also identified uplifted blocks of potentially mineralized basement rocks as a future target of exploration drilling. These data will support future hydrologic modelling of the aquifer and will also allow us to refine exploration and condemnation

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drilling in the area. Drilling has commenced to test the geophysical interpretations and explore for gold beyond the eastern margin of the drill-defined Black Pine gold system.

To facilitate the next stage of exploration activities the Company has submitted an application to the United States Forest Service (“USFS”) for a modification to its existing USFS Plan of Operations. This proposal would add peripheral drill sites to and expand the existing permit area, allowing the Company to test surrounding high-prioritystep-out and reconnaissance targets.

BLACK PINE ‘DE-RISKING’ LOCATION MAP

Claims & Permitting

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Gravity-Vertical Derivative

For a link to these maps, click here: https://libertygold.ca/images/news/2022/November/BlackPine11282022LocationMap.pdf

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and…



Read More: Liberty Gold : Reports Completion of the 2022 Exploration Program and Results

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