Liberty Gold Announces Approval of Plan of Operations Amendment, Black Pine Project, Great Basin, USA - Seite 2

2021 BLACK PINE PROJECT ACTIVITIES

• Maiden Mineral Resource Estimate expected mid Q2.
• Q1 release of backlog of pending drill results.
• Drill start-up April 1, with up to 3 reverse circulation rigs and 1 core rig.
• 48,000 m of reverse circulation drilling and 8,000 m of diamond core drilling in 200 holes.
• Option to double shift drills to accelerate the drill program.
• Commencement of a Preliminary Economic Assessment following release of the resource estimate.
• Phase 3 metallurgical program underway with results expected in Q3 with up to 50 columns.
• Accelerated baseline environmental studies.
• Procurement of private land, process water and other de-risking activities.
  

BLACK PINE PERMIT AMENDMENT TIMELINE

In February 2020, Liberty Gold submitted an application to the US Forest Service (“USFS”) Sawtooth National Forest - Minidoka Ranger District and US Bureau of Land Management (“BLM”) Pocatello Field Office to amend the 2019 Plan of Operations, and worked diligently with these agencies, Stantec Consulting Services, Inc. and Donahoe HydroGeo to complete wildlife, archaeological, hydrologic and other surveys to assist in producing a comprehensive Environmental Assessment.  The Plan of Operations and draft Environmental Assessment were subject to rigorous inter-agency and public review.  The BLM issued a Finding of No Significant Impact (“FONSI”) and approval of Plan of Operations IDI-39132 for the portion of the permit on BLM land on December 23, 2020. The USFS issued a Draft FONSI on December 21, 2020, and final approval of the amendment to Plan of Operations POO-2017-072046 on February 17, 2021.

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 Newmont’s Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.  The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits.