LBP554: 1.49 g/t Au over 54.9 m from ~80 m below surface

LBP565: 0.34 g/t Au over 115.8 m from ~40 m below surface

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to announce the first tranche of reverse circulation drill results from the 2022 winter program in the Rangefront Focus Area at the Black Pine oxide gold deposit in southern Idaho. The winter program in the RFA focused on both step-out and resource definition drilling. An additional 23 RFA drill holes are pending.

Today’s drill results further define and expand the higher-grade core zone within the RFA to an area of approximately 500 meters by 1 kilometer with high-grade drill intercepts ranging from 20 to 115 m in length. The mineralization trends shallower as drilling expands the footprint east toward the current Rangefront resource pits and to the north towards the historic heap leach pad. The lower-grade mineralized envelope surrounding the high-grade core is also closer to surface. This should have a positive impact on strip ratio in a future mining scenario.

Resource definition drilling exceeded expectations in delivering additional high-grade oxide gold intercepts at shallow depths and confirmed multiple zones of greater than 100 m intercepts of continuous mineralization. Today’s results from step-out drilling suggest that gold mineralization is open to the north and west. Results are pending from step-out drilling to the northeast. Additionally, shallow historic drilling indicates that mineralization is open to the east, where an expansion to the Plan of Operations is underway to facilitate access for drilling later in the year.

Cal Everett, President and CEO for Liberty Gold stated, “Favourable weather conditions and a mild winter season at Black Pine led to an efficient drill campaign through the early part of the year, with 12,400 m drilled in 42 holes in the RFA in January and February. Drill results continue to encounter multiple thick intercepts of oxide gold in virtually every hole as we increase our confidence and extend the size of this new discovery. RFA mineralization also continues to migrate closer to surface as the high-grade core zone extends to the east and to the north. On completion of the recent C$30M financing, Liberty has a strong treasury to support our exploration and development efforts on both Black Pine and Goldstrike. Four drills are currently operating split between the two deposits.”

For a map and a cross sections of the RFA, please click here:

https://libertygold.ca/images/news/2022/April/BlackPine_NR04122022MapSection.pdf

For a full table of results for this release, please click here:

https://libertygold.ca/images/news/2022/April/BlackPine_NR04122022CurrentAssays.pdf

RANGEFRONT FOCUS AREA HIGHLIGHTS:

• Winter drilling in the RFA focused on resource definition in the central part of the zone and step-out drilling, particularly to the northwest and northeast.
• Drill results exceeded expectations in delivering additional high-grade oxide gold intercepts at relatively shallow depths and multiple +100 m intercepts of continuous mineralization.
• The core zone within the RFA now encompasses an area of approximately 500 m x 1 km.
• The core zone has been extended to the east, as evidenced by LBP554 which delivered a long interval of high-grade gold mineralization starting from a projected depth of 80 m.
• LBP565 continued to expand the core zone to the north towards the historic heap leach pad, with mineralization starting at a projected depth of 40 m.
• LBP539 (18.3 m grading 1.53 grams per tonne gold (“g/t Au”)) and LBP557 (16.8 m grading 1.34 g/t Au) extend high-grade mineralization in a north-westerly direction, with mineralization open to the west and northwest
• Results are pending in a north-easterly direction. An amendment to the Plan of Operations is pending to allow further access in this direction, as well as along the eastern edge of the RFA where historic shallow drill holes bottom in mineralization.
• Assay results for a further 23 holes within the RFA drilled in Q1-2022 are pending.
• Drilling continues at Black Pine with 2 drills currently focused on a new area between the historic Tallman and CD pits.

RANGEFRONT FOCUS AREA HIGHLIGHT TABLE¹

¹Liberty Gold has changed the reporting cut-offs to include a 0.15 g/t Au cut-off, to reflect the lower cut-offs used by most operating oxide heap-leach mines in the Great Basin. The 0.15 g/t Au cut off is not shown in the table if it is identical to the corresponding interval using a 0.2 g/t Au cut-off.   Downhole thickness are reported herein; true width varies depending on drill hole dip, but generally ranges from 60% to 80% of true thickness. Gold grades are reported uncapped Some oxide intervals report reduced cyanide solubility; a full investigation is underway. For a full table of results for the 19 new holes in this release, please see the link above.

2022 WORK PROGRAM

The 2022 exploration program at Black Pine commenced in January, with three RC and one core rig active. Drilling through to the end of February focused on the lower-elevation RFA and M Zone with the goal to continue resource expansion and confirmation, with the core drill focused on metallurgical testing. On March 1, two drills were moved to Goldstrike to commence engineering, resource upgrade and metallurgical drilling, while two drills remain at Black Pine to focus on step-out drilling and new target testing.

Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further de-risking activities, with the goal to provide an updated resource estimate and Preliminary Economic Assessment in the second half of 2022, subject to further positive drill results.

ABOUT BLACK PINE

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend.  Like Nevada Gold Mines’ Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine Mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, with an average head grade of 0.63 g/t Au.

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the homepage of 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, 1.0 g/t Au and 5.0 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 0.10 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.