PGS 826: 0.61 g/t Au over 50.3 m, including 1.03 g/t Au over 18.3 m PGS 828: 0.89 g/t Au over 30.5 m

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to announce the final set of drill results from the 2021 Reverse Circulation drill program at the Goldstrike Oxide Gold Project in southwestern Utah. Results continue to demonstrate the continuity, predictability, and strong mineralized thicknesses of the Goldstrike deposit. Drilling will resume with one RC rig and one core rig in March 2022.

Liberty Gold completed 15,574 metres of RC drilling in 108 holes at Goldstrike in 2021, primarily to upgrade portions of the resource from Inferred to Indicated for use in future economic and engineering studies. A second objective was to test gaps in the Main Zone mineralization and down-dip extension around the margins of the deposit. All assay data have been received and are being incorporated into an updated mineralization model, and de-risking activities around land, water, engineering, and baseline studies are underway.

Drill results in this release include the area around the south, west and north side of the Basin Pit portion of the Main Zone, where a large gap in the drill pattern was tested for the first time. These results indicate the presence of a new zone of oxide gold mineralization along the projection of the Eocene unconformity, which hosts most of the gold mineralization at Goldstrike. Drilling in the historic Hassayampa Pit area followed up on previous drill intercepts, which revealed the presence of unconsolidated surficial material with high oxide gold grades. Hole PGS 844 in this area returned 15.2 m grading 0.84 grams per tonne gold from surface.

Cal Everett, President and CEO of Liberty Gold stated, “We are pleased to wrap up last year’s exploration program on a high note, with excellent results from an undrilled part of the Main Zone. The gold mineralization we encountered is consistently shallow and high-grade, with exceptional cyanide solubility. The resource model, updated with tighter drilling, will serve as a solid foundation on which to base a prefeasibility study decision. Drilling will recommence in a few weeks to continue the same systematic exploration approach as last year.”

For a map and cross sections of the Goldstrike Property, including drill collars and traces for the current release, please click here:

https://libertygold.ca/images/news/2022/February/Goldstrike_NR02152022MapSection.pdf

For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click here:

https://libertygold.ca/images/news/2022/February/GS_Intercepts02152022.pdf

MAIN ZONE HIGHLIGHTS:

• All assays have been received from the 15,574 m, 2021 resource upgrade program.
• Assay results from the historic Basin Pit area of the Main Zone show consistent thick zones of better than average grade material at shallow depth.
• An additional hole in the historic Hassayampa pit area confirms the presence of high grade oxide gold surficial material.
• We will commence 2022 on-site exploration activities starting the first week of March, including further resource upgrade drilling, condemnation drilling and continued testing of areas open to resource expansion. Additionally, we will conduct metallurgical and geotechnical core drilling.

MAIN ZONE HIGHLIGHTS TABLE*

*Please refer to the full table at the link below for complete results. Results are reported as drilled thicknesses, with true thicknesses varying by hole orientation. True thicknesses are generally 60% to 90% of drilled thicknesses. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to gold by fire assay, expressed as percent.

ABOUT GOLDSTRIKE

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Black Pine and Nevada Gold Mines Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.

Goldstrike is a past-producing, open-pit run of mine heap-leach operation that produced 209,000 ounces of gold and 197,000 oz of silver between 1988 and 1994 during a period of historically low gold prices. Ore was mined from 12 shallow pits, at an average grade of 1.2 grams per tonne gold and an average recovery of approximately 75%. Liberty Gold carried out extensive compilation, drilling and metallurgical work, releasing a resource estimate and Preliminary Economic Assessment in 2018. The resource includes an Indicated 925,000 oz of gold grading 0.50 g/t Au (57,846,000 tonnes) and an Inferred 296,000 oz of gold grading 0.47 g/t Au (19,603,000 tonnes), backed by over 1,700 drill holes. The PEA mines 915,516 oz of gold at a life of mine all in sustaining costs of US$793/oz, returning a Net Present Value at a 5% discount rate of US$129.5 million and an Internal Rate of Return of 29.4% at US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz gold returns an NPV5% of US$291.7 million and an IRR of 52.4% representing strong economic returns at current gold prices.

A virtual site tour and 3D model of the Goldstrike property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au and 1.00 g/t gold Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, 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 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. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.