Liberty Gold Announces Approval of Fourth Amendment to the Black Pine Oxide Gold Project, Idaho

Authorized exploration area increases by 51% to 37.3 km² drilling is expected to begin in mid-June 2024 on seven high priority targets

VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) — Liberty Gold Corp. (TSX: LGD; OTCQX: LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce that it has received final approval from the United States Forest Service (“USFS”) for a amendment to the current plan of exploration operations (“POO”) at the Black Pine Oxide Gold Project, Idaho (“Black Pine”). This approval authorizes exploration activities on USFS lands. where the company holds a mining title but was not previously authorized to drill. Additionally, the company added a Director of Regulatory Affairs and Sustainability to advance mining permitting from federal and state agencies.

Operations plan and expansion of land position

This new USFS permit amendment expands the current authorized exploration area by 24.7 square kilometers (“km²“) by 51% at 37.3 km² (see Figure 1 below). This will allow the Company to explore seven new target areas where the prospective and permissive sequence of gold-bearing country rock carbonates (“Middle Plate”) is known to occur at shallow depth beneath the sandstone cover rock (“Upper Plate”) ).

Additionally, the amended OOP further directs the Bureau of Land Management (“BLM”) to begin the process of issuing a Hardrock Prospector Permit (“HPP”) over contiguous and highly prospective areas. The HPP would open an additional 7.1 km² of land for approved exploration activities.

The Company has further staked 46 unpatented mining claims in the southwest of the project area, totaling 3.3 km.². These claims are contiguous to the existing project area and cover the projected southern extension of the potential midplate host rock carbonate sequence, identified by structural and field mapping and soil geochemistry. The newly acquired land expands the total project area to 69.3 km².

Pete Shabestari, Vice President of Exploration, commented: “We would like to thank the United States Forest Service for processing this amendment diligently and efficiently. Approval of the amendment reflects the collaborative relationship established with the agencies over the past seven years and the simple, well-managed nature of permitting at Black Pine. With this new approval, we can now direct exploration drilling rigs towards the discovery of gold in these highly prospective target areas..”

FIGURE 1 – BLACK PINE PROJECT AND MAP OF THE AUTHORIZED ZONE

For a map showing the Black Pine Project and permitting area, click here: https://www.globenewswire.com/NewsRoom/AttachmentNg/1e509dc9-5811-4b4b-b8ba-deca82cbdbaf

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Field Operations 2024

Field operations have begun in earnest at Black Pine, with the first reverse circulation (“RC”) drill rig expected to arrive in mid-June and a second in mid-July. The first phase of planned exploration drilling is budgeted at 20,000 meters (“m”) and will focus on new discoveries in the seven outlying target areas with the key objective of increasing the current resource base of black pine which already exceeds 3 million ounces. (see press release of February 15, 2024)

Appointment of Matt Zietlow as Director, Regulatory Affairs and Sustainable Development

The Company is also pleased to announce that Matthew Zietlow has joined Liberty Gold as Director of Regulatory Affairs and Sustainability, based in Idaho. He will be responsible for leading the mining permitting process at Black Pine, with the goal of submitting the Mine Operations Plan (“MPO”) to the respective regulatory agencies by Q4 2024.

Mr. Zietlow has over 30 years of experience in mining permitting, operational compliance, reclamation and closure of multiple active and inactive sites in the Western United States . He has held leadership positions in community affairs, media relations, and university advisory boards related to mining, and also served as state chair of the Nevada Mining Association Executive Environmental Committee.

ABOUT FREEDOM GOLD

Liberty Gold is focused on the exploration and development of open-pit oxide deposits in the Great Basin of the United States, which hosts large-scale gold projects ideal for surface mining. This region is one of the most prolific gold producing regions in the world and stretches from Nevada to Idaho and Utah. We know the Great Basin and are committed to discovering and advancing significant gold deposits that can be profitably mined in open pit scenarios.

For more information, visit libertygold.ca or contact:

Susie Bell, Director, Investor Relations
Telephone: 604-632-4677 or toll free 1-877-632-4677
[email protected]

All statements contained in this press release, other than statements of historical fact, constitute “forward-looking information” regarding Liberty Gold within the meaning of applicable securities laws, the use of proceeds from the offering, the timing and carrying out the preliminary feasibility study. Study, timing and completion of formal mining permits, and the potential quantity and/or quality of Liberty Gold’s minerals and mineral resources. 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”, “target”, “intends”, “believe”, “potential” and similar expressions, or describes an “objective”, or a variation of these words and expressions or states that certain actions, events or results “may”, “should”, “could”, “would”, “could” or “will” be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based on a number of management’s estimates and assumptions as of the date the statements are made, including, among other things, assumptions regarding future prices gold and other metals, exchange rates. and interest rates, favorable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewal of existing licenses and permits and obtaining required licenses and permits, stability of the workforce, stability of market conditions, timing and success of future plans and objectives. in the areas of sustainable development, health, safety, environment, community development; the successful resolution of disputes, anticipated costs and expenses, and timing of regulatory approvals. Many assumptions are based on factors and events that are not within the control of Liberty Gold and there can be no assurance that they will prove to be accurate.

Such forward-looking information involves known and unknown risks, which may cause actual results to be materially different from any future results expressed or implied by such forward-looking information, including risks relating to the interpretation of results and/or the reliability of this information. on technical information provided by third parties regarding interests in the Company’s mineral properties; changes in project parameters as plans continue to be refined; current economic conditions; future commodity prices; possible variations in grade or recovery rates; the costs and timing of developing new deposits; failure of equipment or processes to perform as intended; failure of contracting parties to perform their tasks; the timing and success of exploration activities generally; delays in obtaining permits; possible claims against the Company; labor disputes and other mining industry risks; delays in obtaining government approvals, the completion of exploration as well as the factors discussed in the Company’s annual information form dated March 28, 2024 in the section entitled “Risk Factors”, under Liberty Gold’s SEDAR+ profile at the address 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 are not those 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.