PGS 754: 3.60 g/t Au over 15.2 m including 7.75 g/t Au over 6.1 m PGS 753: 1.19 g/t Au over 39.6 m including 1.89 g/t Au over 10.7 m

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to announce the first results of the 2021 Reverse Circulation drill program at the Goldstrike Oxide Gold Project in southwestern Utah.

A 15,000 metre RC drill program at Goldstrike commenced June 2021, focused on resource conversion from inferred to indicated and testing areas where the deposit remains open laterally and to depth. Drill results in this release include 17 holes for 2,216 m, drilled in two areas: the historic Hamburg Pit, part of the Main Zone where the majority of the gold ounces discovered to date are located; and the Beavertail deposit located to the southwest.

Cal Everett, President and CEO of Liberty Gold stated, “Today’s drill results continue to demonstrate that Goldstrike remains a high-quality PEA stage development project with upside, and compelling economic returns at current gold prices. Although our primary focus has been on advancing Black Pine for the last two years, we have returned to Goldstrike this year with a modest budget to continue de-risking the project in parallel with Black Pine. These early drill results indicate progress towards our goal of converting inferred blocks to indicated and provide potential to increase the grade in some parts of the resource.”

HIGHLIGHTS

• Drill results confirm and extend upon the previous resource, consistently returning intercepts of shallow (0-100 m), high-grade mineralization, particularly in areas down-dip on fault zones, which remained open following previous drill programs.
• Main Zone – Hamburg Pit results include:
  • PGS 748: 2.09 grams per tonne gold over 22.9 m, including 4.36 g/t Au over 9.1m
  • PGS 754: 3.60 g/t Au over 15.2 m, including 7.75 g/t Au over 6.1 m
  • PGS 753: 1.19 g/t Au over 39.6 m including 1.89 g/t Au over 10.7 m
• Beavertail, results include:
  • PGS 739: 1.02 g/t Au over 12.2 m, including 6.01 g/t Au over 1.5 m
• Down-dip and lateral extensions to oxide gold mineralization have been identified in both the Hamburg and Beavertail areas.
• Based on results to date, trenching of surficial deposits, additional metallurgical drilling and testing, and initiation of baseline studies have been approved for execution this year, to further advance the project.
• Drilling continues in Main Zone with a primary focus on in-fill with the testing of one new target on the north side of the deposit.

MAIN ZONE – HAMBURG PIT

Main Zone drilling to date has focused on the historic Hamburg Pit area, including inferred resource blocks located adjacent to and beneath the indicated portion of the resource. Of note are the high-grade results in PGS754, with a 1.52 m-long interval grading 18.3 g/t Au, (within the interval grading 9.98 g/t Au over 4.6 m as shown in the highlight table) across the Hamburg fault zone, a regional structural control on the distribution of gold mineralization. Drilling is on-going in this area and further results are expected during Q4.

MAIN ZONE HIGHLIGHT 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.}

BEAVERTAIL (WEST GOLDSTRIKE ZONE) DRILLING

Drilling in the Beavertail deposit area has confirmed the presence of shallow oxide mineralization in areas of inferred resource. Drilling successfully targeted gold mineralization in inferred resource blocks.

BEAVERTAIL (WEST GOLDSTRIKE ZONE) HIGHLIGHT 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.}

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/2021/September/Goldstrike_NR09082021MapSections.pdf

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

https://libertygold.ca/images/news/2021/September/GS_Intercepts09082021.pdf

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 g/t Au 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.

The 2021 drilling campaign is designed to convert areas of inferred resource to indicated resource in support of a Prefeasibility Study decision and will also test for extensions to mineralization in several areas.

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 a cut-off of 0.20 g/t. 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) (“g/t”) charge with an AA finish, or if over 5.0 g/t 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 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.