PGS 796: 0.82 g/t Au over 56.4 m, including 2.48 g/t Au over 10.7 m

PGS 787: 0.75 g/t Au over 44.2 m

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to announce additional results from its 2021 Reverse Circulation drill program targeting the Main Zone, which includes 10 drill holes in the Hassayampa Pit area and 13 drill holes in the Hamburg Pit area at the Goldstrike Oxide Gold Project in Utah.

Drilling in the Hassayampa Pit also encountered high gold grades in pit backfill at surface, currently modelled as waste rock, including 1.14 grams per tonne gold over 15.2 meters PGS 794 and 1.16 g/t Au over 7.6 m in PGS 797.

Drill results in the Hamburg Pit area directly to the south of Hassayampa continues to yield long intervals of shallow oxide gold mineralization, further proof of the robust nature of mineralization in the central part of the Main Zone, which carries greater than 60% of the Mineral Resource.

Cal Everett, President and CEO of Liberty Gold stated, “The Goldstrike Project continues to deliver impressive, near-surface, high-grade oxide gold intercepts. The grades and widths at Goldstrike are similar to that of the oxide gold intercepts at Black Pine in Idaho. At Hassayampa, mineralization is located at or near surface after drilling through gold-bearing pit backfill material. Mineralized backfill also covers a large portion of the Hassayampa pit and is classified as waste in the 2018 PEA. This represents another avenue to improve the economics of the project. Goldstrike remains an important component of Liberty Gold’s development strategy in conjunction with Black Pine looking ahead to 2022, as we maintain focus on de-risking our portfolio of run-of-mine heap leach oxide gold deposits in the Great Basin.”

The 2021 Goldstrike drill program is focussed on conversion of tonnes from the “inferred” to “measured and indicated” category, with results continuing to confirm that the deposit remains open laterally and to depth. The program is also focused on better defining the size, location, and orientation of the higher-grade structural zones.

For a map and cross sections of the Goldstrike Property please click here:

https://libertygold.ca/images/news/2021/November/Goldstrike_NR11182021MapSection.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/November/GS_Intercepts11182021.pdf

KEY POINTS

• The majority of drill holes in the Main Zone encountered multiple intervals of oxide gold mineralization with excellent cyanide solubility at shallow depths, supporting the continuity of mineralization and increasing the confidence in the resource.
• High-grade, near-surface gold was encountered in backfilled area of the Hassayampa pit. Results drilled directly from surface included:
  • PGS 794: 1.14 g/t Au over 15.2 m
  • PGS 796: 0.51 g/t Au over 16.8 m
  • PGS 797: 1.16 g/t Au over 7.6 m
• High oxide gold grades in backfill are believed to be stockpiled above 0.8 g/t Au cut-off material (historical estimate: 18 million tonnes backfill). The 2018 Preliminary Economic Assessment (“PEA”) considered this material as waste. Backfill will now be included in a future mine plan to optimize project economics.
• The near-surface nature of the Hassayampa area, with bedrock mineralization generally starting at 30 m to 40 m down-hole, makes this higher-grade mineralization potentially an important and valuable source of early ore feed in a future production profile.
• The Hassayampa Pit area forms the north portion of the Main Zone and is hosted on the footwall side of the Hassayampa Fault, which represents an uplifted block of mineralization roughly 500 m x150 m in size. The objective of 2021 drilling in the Hassayampa Zone is to extend the resource pit to the west and north to merge with the Dip Slope Zone, where the unconformity is consistently mineralized over a large area at shallow depth.
• Drilling in the Hamburg portion of the Main Zone continues to deliver higher grade near surface mineralization increasing confidence in the resource and also defining zones of mineralized backfill with potential to enhance project economics.

_{*Please refer to the full table at the link above 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 per cent.}

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 (“oz) 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 PEA 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. Liberty Gold continues to de-risk the Goldstrike deposit through concurrent engineering, drilling, updated metallurgy, and procurement of process water, in line with all social license obligations and considerations.

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, 1.00 g/t Au and 5.00 g/t 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 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.