CEO.CA Chairman's Briefing

VANCOUVER, British Columbia, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the successful completion of a first pass field sampling program at the Antimony Ridge discovery, part of the Company’s Goldstrike Oxide Gold Project (“Goldstrike”) in southwestern Utah. Following a strategic staking program that added 3.2 square kilometers to the Goldstrike claim block in September (see press release dated September 5, 2024), recent field work has confirmed the presence of significant high-grade antimony and gold oxide mineralization at surface. A follow-up detailed surface sampling and mapping program has been initiated to better define the key target areas and exploration drill testing is being planned for 2025.

Pete Shabestari, Vice President, Exploration for Liberty Gold, commented: “Our successful fieldwork at Antimony Ridge confirms the high-grade potential of this discovery, not only for antimony but for gold as well. This program demonstrates our commitment to unlocking value from all parts of the Goldstrike project. We look forward to advancing Antimony Ridge into the next phase of exploration with an expanded field program and preparation for drilling in 2025.”

Key Sampling Results and Discoveries

Liberty Gold’s recent fieldwork has significantly increased the size and grade of the identified antimony mineralized zone at Goldstrike, with new sampling returning values of up to 5.7% (57,000 parts per million (“ppm”)) antimony (“Sb”) and 3.94 grams per tonne (“g/t”) gold (“Au”), surpassing previous high-grade results of 2.0% antimony and 0.84 g/t gold. A total of 112 surface samples were taken from across the 6 square kilometer target area. The known high-grade mineralized zone is hosted within a laterally extensive jasperoid breccia body. The known mineralized zone spans greater than 450 meters along strike length and is five to locally over 10 meters thick. Sampling has been focused on areas of good exposure and regionally, the jasperoid is present throughout the eastern area at the contact between Eocene sediments and Miocene volcanics and dips 20-25 degrees to the northeast.

In addition to mapping and sampling at the main antimony and gold zone, the field program discovered a 300 meter exposure of mineralized jasperoid breccia area 1,500 meters to the east, along the same contact. See Figure 1 below:

FIGURE 1: ANTIMONY RIDGE AREA SAMPLING MAP

TABLE 1: HIGHLIGHT ASSAY RESULTS FOR GOLD AND ANTIMONY¹

¹Assay results from surface rock sample have been analyzed at ALS Labs in Reno, Nevada for assay using a fire assay for gold and silver and aqua regia ICP-MS for Antimony with over-limit results re-run using a KClO3/HCl digestion. 10,000 ppm = 1%; “fe-ox”=iron oxide

The mineralization at Antimony Ridge occurs as large, bladed to massive disseminated stibiconite in a multi-phase jasperoid breccia with gold. Stibiconite, is an antimony oxide formed from the in-situ oxidation of stibnite, the primary antimony sulfide mineral. The stibiconite occurs in a large, bedding-parallel jasperoid breccia. This same jasperoid breccia has also been identified at multiple locations throughout the property. We would expect for the near-surface antimony oxide mineralization to transition into primary antimony sulfide mineralization down dip, below the limit of oxidation.

The Antimony Ridge mineralization occurs in the younger stratigraphy, along an easily traceable contact. See Figure 2 below:

FIGURE 2: ANTIMONY RIDGE GEOLOGIC CROSS SECTION

Antimony Ridge Phase 2 Exploration Program

Building on these positive results, Liberty Gold intends to initiate a second-phase work program designed to further expand and refine the high-grade zones, along with the following next steps:

• Focused Rock Sampling: Conduct detailed sampling to extend the high-grade antimony and gold zones, with a focus on northeast continuity under thin volcanic cover.
• Drill Program Development: Initiate planning for a drill program, including preparation for a "Notice of Intent" permit application, to evaluate the mineralized zones further and at depth.
• Geological Mapping: Refine existing geologic mapping to better define the structural controls and mineralized trends of the antimony system.
  

Update on Process Water Supply for Goldstrike

In support of advancing Goldstrike, Liberty Gold has completed a hydrological desk study in collaboration with Loughlin and Associates and LRE Water, identifying potential water sources within the sub-basin. The findings of this study are commercial-in-confidence, and as such, the report has not been released. The Company is actively engaged in discussions with the Washington County Water Conservancy District to establish a collaborative approach to new water exploration and permitting in the Goldstrike project area. Securing a sustainable water supply for Goldstrike is a key priority as we continue to de-risk and advance the project.

QUALIFIED PERSON

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.

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.  We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. 

For more information, visit libertygold.ca or contact:
Susie Bell, Manager, Investor Relations
Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@libertygold.ca

All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to Liberty Gold within the meaning of applicable securities laws, and the potential quantity and/or grade of minerals and Liberty Gold’s 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”, “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, obtaining governmental approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the timing and success of future plans and objectives in the areas of sustainable development, health, safety, environment, community development; successful resolution of disputes and anticipated costs and expenditures and the timing of regulatory approvals. 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; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals, the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2024 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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/d4c3df62-b0c1-41b8-94f9-c5fc9198cd85

https://www.globenewswire.com/NewsRoom/AttachmentNg/58b6cd94-9a86-49d3-89d8-b366f03dc17a

FIGURE 1

ANTIMONY RIDGE AREA SAMPLING MAP

FIGURE 2

ANTIMONY RIDGE GEOLOGIC CROSS SECTION