Liberty Gold Receives Hardrock Prospector Permit at Black Pine Oxide Gold Project, Idaho

Rhea-AI Summary

Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) has received a Hardrock Prospector Permit (HPP) for four areas adjacent to its Black Pine Oxide Gold Project in Idaho. This permit adds 7.1 square kilometres of exploration ground, increasing the project area by 10% to a total of 69.3 km2. The newly permitted areas are administered by the US Government under the Weeks Act and are not eligible for unpatented mineral claims.

The company has already received approval to explore 3.4 km2 of these new HPP areas through a recent amendment to the Black Pine Plan of Operations. Initial drilling is expected to commence in Q4 2024. These permits will allow Liberty Gold to explore the southern extension area of Black Pine, which will be the focus of exploration in the coming years.

Positive

• Expansion of exploration area by 7.1 km2, increasing total project area to 69.3 km2
• Approval to explore 3.4 km2 of new HPP areas
• Initial drilling expected to commence in Q4 2024
• Potential for discovering additional gold oxide resources in the southern extension area

Negative

• None.

Permitted Exploration Area Increases to 40.6 km²

VANCOUVER, British Columbia, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) (“Liberty Gold” or the “Company”) is pleased to announce the receipt of a Hardrock Prospector Permit (“HPP”) covering four areas located directly adjacent to the Company’s Black Pine Oxide Gold Project (“Black Pine”).

The newly permitted areas are administered by the United States Government under the Weeks Act (1911) and as such are not eligible for unpatented mineral claims. Mineral prospecting can be licenced under the Mineral Leasing Act for Acquired Lands (1947), through a Hardrock Prospector Permit, which provides exclusive right to prospect and explore for leasable mineral deposits. Mineral discovery can lead to a mineral lease to enable future mining. After an extensive process of engagement with the United States Forest Service (“USFS”) and the Bureau of Land Management (“BLM”), the Company is delighted to receive approval to explore these areas.

The four HPP areas add 7.1 square kilometres (“km²”) of key exploration and development ground in the centre and south of the known mineralized area, expanding the Black Pine project area by 10% to a total of 69.3 km². (See FIGURE 1 below)

The recently received fourth amendment to the Black Pine Plan of Operations (see press release dated June 11, 2024) has approved exploration drill access to 3.4 km² of these new HPP areas. It is anticipated that initial drilling will commence in Q4 2024.

These permits pave the way for continued exploration opportunities in the prospective southern extension area at Black Pine that will be the focus of exploration over the next few years. Further amendments to the exploration Plan of Operations will allow access for drilling on the areas not included in the current approval.

Pete Shabestari, Vice President Exploration for Liberty Gold stated, ”We wish to acknowledge the extensive efforts made by the USFS and the BLM to support Liberty Gold in the permitting process for Black Pine. Hardrock Prospector Permits are not a typical mineral right in the Great Basin and achieving this important outcome required a cooperative and a collaborative approach. Having these new areas available to the exploration team is key for uncovering the extensions to the mineralized system at Black Pine and discovering additional gold oxide resources.”  

FIGURE 1 – BLACK PINE PROJECT AND PERMITTING AREA MAP

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, including statements or information concerning; the expansion of the mineralized system at Black Pine, the potential discovery of additional gold ounces, approvals for future amendments to any plans of operations, the timing and location of any exploration drilling, 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.

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/df78db7a-3ed5-4a83-becc-c721cf133d8b

FAQ

What is the new total exploration area for Liberty Gold's Black Pine project after receiving the Hardrock Prospector Permit?

After receiving the Hardrock Prospector Permit, Liberty Gold's Black Pine project total exploration area has increased to 69.3 square kilometres.

When is Liberty Gold (LGDTF) expected to begin drilling in the newly permitted areas at Black Pine?

Liberty Gold (LGDTF) is expected to commence initial drilling in the newly permitted areas at Black Pine in Q4 2024.

How much additional exploration ground did Liberty Gold (LGDTF) gain with the new Hardrock Prospector Permit at Black Pine?

Liberty Gold (LGDTF) gained 7.1 square kilometres of additional exploration ground with the new Hardrock Prospector Permit at Black Pine.

What percentage increase in project area did Liberty Gold (LGDTF) achieve with the new Hardrock Prospector Permit at Black Pine?

Liberty Gold (LGDTF) achieved a 10% increase in project area at Black Pine with the new Hardrock Prospector Permit.