Liberty Gold Commences 40,000 Meter Feasibility Drill Program and Bulk Metallurgical Sampling at the Black Pine Oxide Gold Project, Idaho

VANCOUVER, British Columbia, May 13, 2025 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”), has commenced feasibility fieldwork at its Black Pine Oxide Gold Project (“Black Pine”) in southeastern Idaho. This program confirms initiation of a formal feasibility study on Black Pine. Technical data collected will support feasibility-level engineering studies, planned to begin in Q4 2025. In parallel, baseline studies are underway to complete the Company’s extensive environmental dataset, which will underpin preparation of the draft Environmental Impact Statement (“EIS”) for Black Pine, also beginning in Q4 2025.

2025 WORKPLAN HIGHLIGHTS

• One reverse circulation (“RC”) exploration drill is currently active, with a second RC drill rig scheduled to arrive by the end of May. The ~40,000-meters (“m”) drill program is focused on resource upgrade and extensions to mineralization in the Discovery, Rangefront, CD and M Zone areas (See Figure 1: Planned Drillhole Locations). Key objectives include:
  • Drilling for near surface oxide gold mineralization in the Rangefront zone (>1 million ounce resource¹) which remains open in all directions. (See Figure 2: Rangefront zone Section)
  • Infill drilling in the main Discovery zone to convert ounces to the measured category and to confirm geo-metallurgical domain modelling.
  • Drilling along the CD to F Zones for resource conversion to the indicated category and to further delineate the extent of mineralization to the southeast and northwest where it remains open.
• A Sonic drill rig has begun a comprehensive drill test of the legacy Heap Leach Pad (“HLP”) to define the characteristics of the material and assess remnant ounces of gold to add to the current mine plan. This program is expected to be approximately 1,200 m over 20 holes, to be completed in two increments, to allow for assay results in advance of drill hole planning for the second part of the study.
• Two phases of metallurgical studies are planned: Phase 6 is a surface bulk sampling program to support large diameter column testing and Phase 7 is metallurgical studies including material from a lower grade set of oxide composites to assess recoveries in an eventual mining scenario.
• Hydrologic study work which includes additional monitoring wells and large scale aquifer pump testing to determine hydraulic conductivity of both the local bedrock aquifer and alluvial aquifer, as well as potential degree of connectivity.
• An extensive site investigation into the soils and bedrock properties on the proposed infrastructure locations and potential borrow sites.

FIGURE 1: PLANNED DRILLHOLE LOCATIONS

Jon Gilligan, President and COO of Liberty Gold: “We are thrilled to be starting this year of fully funded work at Black Pine with our target of delivering an updated Feasibility level resource towards the end of the year and a Feasibility Study in the second half of 2026. Black Pine continues to impress with the extent of the gold system and this year should highlight the project as the premier gold development project in the Great Basin. In parallel, we are well underway with the mine permitting process having submitted our draft Mine Plan of Operations earlier this year and preparing to commence work on the draft EIS in close collaboration with Federal and state regulators.”

FIGURE 2: RANGEFRONT ZONE SECTION

ABOUT LIBERTY GOLD

Liberty Gold is focused on exploring for and developing open pit oxide deposits in the Great Basin of the United States, home to large-scale gold projects that are ideal for open-pit mining. This region is one of the most prolific gold-producing regions in the world and stretches across Nevada and into Idaho and Utah. The Company is advancing the Black Pine Project in southeastern Idaho, a past-producing, Carlin-style gold system with a large, growing resource and strong economic potential. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios and in an environmentally responsible manner.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
[email protected]

Peter Shabestari, P.Geo., Vice-President Exploration, Liberty Gold, is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements or information concerning, future financial or operating performance of Liberty Gold and its business, operations, properties and condition; planned de-risking activities at Liberty Gold’s mineral properties; the potential quantity, recoverability and/or grade of minerals; the potential size of a mineralized zone or potential expansion of mineralization; proposed exploration and development of Liberty Gold’s exploration property interests; the results of mineral resource estimates or mineral reserve estimates and preliminary feasibility studies; and the Company’s anticipated expenditures.

Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "planned", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made including, among others, assumptions about future prices of gold, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, timely receipt of governmental or regulatory approvals, including any stock exchange approvals; receipt of a financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, availability of equipment, results or timing of any mineral resources, feasibility study, EIS, mineral reserves, or pre-feasibility study; the availability of drill rigs, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there is no assurance they will prove to be correct.

Such forward-looking information, involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the interpretation of results and/or the reliance on technical information provided by third parties as related to the Company’s mineral property interests; changes in project parameters as plans continue to be refined; current economic conditions; future prices of commodities; possible variations in grade or recovery rates; the costs and timing of the development of new deposits; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; the timing and success of exploration activities generally; the timing or results of the publication of any mineral resources, mineral reserves EIS or feasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, financing, timing of the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 25, 2025, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.

Although Liberty Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Liberty Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except for material differences between actual results and previously disclosed material forward-looking information, or as otherwise required by law.

Except for statements of historical fact, information contained herein or incorporated by reference herein constitutes forward-looking statements and forward-looking information. Readers should not place undue reliance on forward-looking information. All forward-looking statements and forward-looking information attributable to us is expressly qualified by these cautionary statements.

Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The information, including any information incorporated by reference, and disclosure documents of Liberty Gold that are filed with Canadian securities regulatory authorities concerning mineral properties have been prepared in accordance with the requirements of securities laws in effect in Canada, which differ from the requirements of United States securities laws.

Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “mineral reserves”. These terms are Canadian mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards, adopted by the CIM Council, as amended. However, these standards differ significantly from the mineral property disclosure requirements of the United States Securities and Exchange Commission (the “SEC”) in Regulation S-K Subpart 1300 (the “SEC Modernization Rules”) under the United States Securities Act of 1934, as amended. The Company does not file reports with the SEC and is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Definition Standards.

¹ See technical report “Black Pine Project NI 43-101 Technical Report, Oneida County, Idaho, USA”, effective June 1, 2024, and dated November 21, 2024, prepared by Valerie Wilson, P.Geo. SLR Consulting Ltd.; Todd Carstensen, RM-SME AGP Mining Consultants Inc.; Gary Simmons, MMSA GL Simmons Consulting, LLC; Nicholas T. Rocco, Ph.D., P.E. NewFields Companies LLC; Benjamin Bermudez, P.E. M3 Engineering & Technology Corp.; Matthew Sletten, P.E. M3 Engineering & Technology Corp.; John Rupp, P.E. Piteau Associates Ltd. ; Daniel Yang, P.Eng., P.E. Knight Piésold Ltd.; Richard DeLong, M.Sc. Westland Engineering & Environmental Services Inc. on the Company’s profile on SEDAR+ at www.sedarplus.ca and press release dated October 10, 2024.

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