Liberty Gold Corp. [TSX: LGD; OTCQX: LGDTF] provided an update to the independent Mineral Resource Estimate (MRE) at its Black Pine Gold Project in southeastern Idaho, USA.

The Resource is reported at a cut-off grade (COG) of 0.10 g/t gold and consists of Indicated Resource of 502.7 million tonnes (Mt) at an average grade of 0.30 g/t Au totalling 4,882,000 ounces Au; and Inferred Resources of 157.1 Mt at an average grade of 0.21 g/t Au totalling 1,050,000 oz Au.

A high-grade subset of the Resource contained within the 0.10 g/t Au resource pit, applying a COG of 0.50 g/t Au consists of Indicated Resource of 60.1 Mt at an average grade of 0.99 g/t Au totalling 1,907,000 oz Au and Inferred Resource of 6.4 Mt at an average grade of 0.74 g/t Au totalling 152,000 oz Au.

The updated 2026 MRE has an effective date of January 31, 2026, and represents oxide-only Au mineralization; there is no sulfide Au mineralization contained in the MRE. This update includes a 17% increase of 719,000 oz Au in the indicated category, and a 47% increase of 338,000 oz Au in the inferred category compared to the 2024 preliminary feasibility study (PFS) MRE.

Jon Gilligan, President and CEO of Liberty Gold stated, “This updated Mineral Resource Estimate has achieved indicated resource growth and expanded the total resource footprint which are important steps for the Black Pine project as we move closer to mine development. The addition of over 700,000 indicated gold ounces, coupled with an expansion of 338,000 inferred gold ounces, as compared to the 2024 PFS Resource, shows that 2025 drilling produced strong results.

“With totals of just under 5 million gold ounces of resource in the indicated class, and just over 1 million gold ounces of inferred mineralization, Black Pine is solidly positioned to deliver a Feasibility Study in the fourth quarter of this year. Building on our 2025 results, strategically planned drilling in 2026 has the potential to add robust near-term resource upgrades and continue the expansion of oxide mineralization across the project.”

The MRE was prepared by SLR Consulting (Canada) Ltd., Toronto, Canada (SLR) at NI 43-101 Standards.

The average grade of the deposit within the limits of the 0.10 g/t Au resource pit shell reflects a wide range of block grades. At a block COG of 0.50 g/t Au, 1,907,000 Indicated ounces at an average grade of 0.99 g/t Au represents approximately 40% of the indicated resource. This higher-grade core of mineralization has grown with each successive drill program.

The addition of drill results from 2024 and 2025 served to increase the MRE by 719,000 Indicated Au oz compared to the 2024 MRE. The updated Indicated Resource totals 4,882,000 gold ounces and will form the basis of the Feasibility Study (FS) currently being conducted on Black Pine. A completed FS is expected early Q4 2026.

The additional of 338,000 Au oz in the Inferred class brings the total to 1,050,000 Inferred Au oz, which provides potential for resource classification upgrades. Any such upgrades would be subject to future drilling and technical studies.

The 2026 MRE includes 178 new Reverse Circulation (RC) drill holes totalling 39,520 metres drilled by Liberty Gold in 2024 and 2025. This additional drilling brings the total drilling defining the Black Pine deposit to 462,662 metres in 3,010 holes.

Approximately 21,000 metres of drilling in 93 drill holes completed in 2025 are not included in this MRE. The 2026 MRE is supported by metallurgical testing on 216 composites encompassing all ore types.

The Black Pine Deposit mineral resource has been constrained by optimized pit shells created using a gold price of US$2,800/oz and pit slopes ranging from 45 to 47 degrees. Mining costs of $2.47 per tonne mined and heap leaching plus G&A costs of $2.76 per tonne processed, based on an assumed processing rate of 18 Mt per year. Gold recoveries are based on equations derived from metallurgical test work and vary by grade and rock unit.

A 0.25% net smelter return royalty has been applied, reflecting the exercise of a buyback right. The company has concluded that a Technical Report update is not required with this new Mineral Resource and will include the resource estimate update into the Feasibility Technical Report expected to be completed in Q4 2026.

Black Pine is located in southeastern Idaho, near the Utah border, within the northern Great Basin of the western United States. The project hosts a large, district-scale Carlin-style oxide gold system in a stable, mining-friendly U.S. jurisdiction.

Black Pine is analogous in style to Nevada’s Carlin-type deposits, but occurs outside the main Carlin and Cortez trends, highlighting the significant exploration potential of underexplored areas of the Great Basin. The historical Black Pine Mine operated from 1992 to 1997 during a period of low gold prices, producing approximately 435,000 oz gold from shallow open pits at an average grade of 0.63 g/t Au, demonstrating the amenability of the mineralization to open-pit, oxide mining.

Metallurgical testing to date has demonstrated rapid gold recoveries with limited sensitivity to crush size, supporting a simple, scalable, and low-cost heap leach processing approach.

Liberty Gold is a U.S. focused gold development company building and advancing a pipeline of gold assets in the Great Basin. The company’s flagship asset is the 100%-owned Black Pine Oxide Gold Project in southern Idaho, a large scale, past-producing run-of-mine heap leach system being advanced through feasibility and permitting toward a modern open-pit mining operation.

Liberty Gold also controls the Goldstrike Project in Utah, which remains an important part of the company’s U.S. gold asset portfolio.

Source: Resource World Magazine – Read More