Liberty Gold Corp. (TSX-LGD) (OTCQX-LGDTF) is pleased to report Reverse Circulation drill results from the F Zone target at its Black Pine Oxide Gold Project in southeastern Idaho.

Results from 17 new RC holes in the F Zone confirm that the CD and Discovery zones, the two largest deposits in the 2021 Mineral Resource, are linked by a continuous, north-trending zone of near-surface oxide gold mineralization over a distance of approximately 750 metres. Oxide gold mineralization starts from surface or at shallow depth in all holes. This drilling links several resource pits and demonstrates that as drill information increases, gold mineralization at Black Pine tends to coalesce into larger, continuous mineralized zones, with potentially greater amenability to bulk mining.

Highlights from the current holes include¹:

• 0.95 grams per tonne gold over 18.3 m including 1.03 g/t Au over 16.8 m from surface in LBP657
• 0.74 g/t Au over 38.1 m including 0.87 g/t Au over 30.5 m from surface in LBP660
• 0.84 g/t Au over 36.6 m including 0.97 g/t Au over 30.5 m from surface in LBP662
• 1.01 g/t Au over 19.8 m including 2.07 g/t Au over 7.6 m from near surface in LBP666
• 0.48 g/t Au over 45.7 m including 1.11 g/t Au over 12.2 m and 1.56 g/t Au over 7.6 m from near surface in LBP672
• F Zone drilling is part of a broader, deposit-wide exploration strategy to:
  • Add to the endowment of near-surface, above-average grade gold mineralization that can be mined in the first 2 to 3 years of a potential mining operation. This focus also includes extensions of the E Zone, M Zone, and Back Range Zone, all currently being drilled.
  • Link smaller resource pits into larger zones of continuous oxide gold mineralization, defining fewer, larger resource pits and in doing so, improving the potential for future bulk open pit mining operations.

1. ^{Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness.}

“As we put considerable management focus into our de-risking strategy for the Black Pine project, these results show that it is still very much an exploration property, with large, undrilled targets and opportunities for adding ounces between targets, in virtually every direction,” stated Cal Everett, President and CEO of Liberty Gold. “Our drilling at F Zone is exactly the kind of thing we are looking for – shallow, oxide mineralization with above-average grade that continues to merge current resource pits into larger pits. As this drilling progresses in the second half of 2022, we will progressively update geological and resource models to understand the broader engineering impact of these expanded mineralized areas. We are getting close to having drillhole coverage that complements our in-depth geological understanding of the gold mineralization and suitably dimensions the size of the investment opportunity at Black Pine.”

For a map and section showing locations of drill holes in this release click here:

https://libertygold.ca/images/news/2022/August/BlackPine08302022map.pdf

For a table showing complete drill results from the holes in this release, click here:

https://libertygold.ca/images/news/2022/August/BlackPine08302022CurrentResults.pdf

Up to four RC drills will be utilized for resource drilling for the remainder of the year, with a target of 70,000 m of drilling for 2022. The Black Pine resource model will be updated progressively over the remainder of 2022 in preparation for a major update to the 2021 Mineral Resource Estimate, to include all the drilling since March 2021 (predicted to be approximately 500 holes) and the recently-discovered Rangefront Zone.

F ZONE KEY POINTS

• Liberty Gold drilling in 17 holes returned oxide gold mineralization in all drill holes, with mineralization starting at surface or at shallow depth.
• Half of the reported drill holes contain a second oxide gold-bearing zone.
• The drilling followed surface sampling that returned 0.55 g/t Au over 100.5 m in 34 continuous roadcut chip samples as well as modeling of widely-spaced historic and Liberty Gold drill holes.
• The new drilling confirms that the two of the largest zones of mineralization at Black Pine, the Discovery and CD zones, are linked by a 750 m-long, north-trending zone of mineralization.
• The F Zone is still open for expansion to the east and west, and more drilling is being planned for the near future.

F ZONE HIGHLIGHT TABLE*

*Please refer to the full table at the link above for complete results. Results are reported as drilled thicknesses, with true thicknesses approximately 50 to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.

F ZONE

The F Zone is located between the north end of the CD Zone and historic open pit and the southwest end of the Discovery Zone. The F Zone is believed to be related to a single low-angle normal fault that traverses the southwestern edge of the Discovery Zone, the F Zone, and CD Zone. Liberty Gold is targeting a suspected offset of this structure across the Rangefront Fault in the South Rangefront target, which is currently being drill tested.

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 for and developing open pit oxide deposits in 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.