PGS 798: 0.94 g/t Au over 59.4 m, including 1.30 g/t Au over 16.8 m

PGS 807: 0.64 g/t Au over 45.7 m, and 0.57 g/t Au over 36.6 m

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

This news release includes resource conversion drilling in the Main Zone which hosts greater than 75% of the current resource. This drilling further confirms two key features of the Goldstrike deposit: firstly, mineralization is near surface, emphasising the low strip nature of the orebody and secondly, the predictable lateral continuity of well-mineralized, high-grade corridors in the Main Zone, building confidence in the resource modeling of gold distribution in this area.

Additionally, step-out drilling in the Dip Slope Zone along the northern edge of the Main Zone, has delineated a significant down-dip extension of the shallow, mineralized zone, demonstrating further growth potential of the deposit in this area.

Cal Everett, President and CEO of Liberty Gold stated, “The +1 million ounce Goldstrike Deposit presents robust economics at today’s gold prices as illustrated in the 2018 PEA and is advancing quickly towards a prefeasibility study decision. Due to the market’s focus on the large-scale Black Pine Oxide Gold Deposit in southern Idaho, we are assessing several strategic alternatives available to Liberty Gold in order to accurately reflect Goldstrike’s market value.”

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/January/Goldstrike_NR01112022MapSection.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/January/GS_Intercepts01112022.pdf

MAIN ZONE – HAMBURG PIT HIGHLIGHTS

• The Main Zone – Hamburg Pit area continues to deliver thick zones of oxide gold mineralization at shallow depth.
• Excellent grades and high cyanide solubility are also a hallmark of mineralization in this area.
• Drilling continues to define corridors of gold mineralization associated with fault zones with higher grades and greater thicknesses.

MAIN ZONE – HAMBURG 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. 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.

MAIN ZONE – BASIN PIT HIGHLIGHTS

• The Main Zone – Basin Pit is located to the northwest of the Hamburg Pit across the Hamburg Fault Zone.
• Shallow gold mineralization is preserved in the pit highwalls and immediately beneath the pit floor.
• Many of the historic holes did not extend deep enough to test the entire thickness of mineralization, and large lateral gaps in drill coverage existed.
• The infill drilling has defined a previously unrecognized, structural control to high grade mineralization.

MAIN ZONE – BASIN PIT HIGHLIGHT TABLE*

MAIN ZONE – DIP SLOPE EXTENSION HIGHLIGHTS

• The Main Zone – Dip Slope is a zone of shallow mineralization that extends north of the Basin Pit.
• Six holes from three sites targeted the down-dip extension of the Dip Slope Zone to the north of any previous drilling. Gold mineralization was encountered in all of the holes.
• PGS 810 is the furthest step-out to the north and presented the longest and highest-grade intercepts. Additional drilling is warranted to address the extent of mineralization in this area.
• The presence of gold mineralization in this area demonstrates that the Goldstrike deposit is open for expansion to the north and west laterally along the unconformity.
• Drilling was recently completed in a new area along the east side of the deposit, with results pending.

DIP SLOPE EXTENSION HIGHLIGHT TABLE*

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 (“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 NPV at a 5% discount rate of US$129.5 million and an IRR 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 cut-offs of 0.15 g/t, 0.20 g/t and 1.00 g/t gold. 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.