Liberty Gold sees recovery upside at Black Pine heap

Executive Summary

• Liberty Gold completed a 24‑hole, 1,400 m sonic drilling program on the 31‑million‑tonne legacy heap leach pad (L‑HLP) at Black Pine, confirming residual cyanide‑soluble gold grades ranging from 0.06 to 1.18 g/t Au.
• The results support a dual opportunity: reprocessing the legacy heap for additional gold recovery and repurposing the material as an over‑liner for the new heap leach pad (N‑HLP), potentially reducing construction capital.
• Relocating the L‑HLP could eliminate the 50 m setback in the Rangefront open‑pit design, unlocking access to ~250,000 oz of oxide gold resource on the deposit’s northern margin and creating near‑pit exploration upside.

Key Details

• Drilling Program: 24 holes, total length 1,400 m across the legacy heap; covers the entire 31‑million‑tonne L‑HLP.
• Assay Results: Residual gold grades from 0.06 g/t to 1.18 g/t Au; highest grades near the surface.
• Economic Implication: Grades deemed sufficient to cover rehandling and reprocessing costs, indicating a potentially economic incremental recovery stream.
• Capital Savings: Reuse of L‑HLP material as an over‑liner for N‑HLP could lower construction capital by eliminating the need for separate liner material.
• Resource Impact: Removal of the 50 m setback may provide mining access to ~250,000 oz of oxide gold currently defined as resource on the northern margin of the Rangefront deposit.
• Exploration Upside: Historic drilling suggests additional oxide mineralization beneath the legacy heap; relocation creates a near‑pit exploration target.
• Next Steps – Resource Estimation: Preliminary work underway to incorporate L‑HLP material into a new resource estimate.
• Next Steps – Metallurgical Testwork: Ongoing testing to determine leach‑recoverable gold and geotechnical suitability of the heap as an over‑liner.
• Mine Planning: Post‑test, pit design will be updated to remove setback; mine plans will evaluate various mining/processing rates, costs, and production schedules for L‑HLP integration.
• Permitting & Regulatory: Continued discussions with state and federal agencies regarding relocation, processing, and eventual reclamation of the L‑HLP material.

Notable Quotes

“The results confirm the opportunity to turn a legacy mining feature into a strategic win for Liberty Gold… there is sufficient recoverable gold to cover the costs of rehandling and reprocessing, which makes this a strong value proposition as we move the heap to unlock the resource and reserve potential below.” – Jon Gilligan, President & CEO.