3.40 g/t Au over 32.0 m including 6.74 g/t Au over 9.1 m and 1.41 g/t Au over 22.9 m including 4.28 g/t Au over 6.1 m in the Back Range Zone

0.72 g/t Au over 48.8 m including 2.55 g/t Au over 7.6 m in the Discovery Zone

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to report the latest assay results from a further 22 holes drilled in the Back Range Zone and the Discovery Zone. These results form part of the ongoing 2023 Reverse Circulation drill exploration program at its Black Pine Oxide Gold Project in southeastern Idaho.

Exploration drilling continued in the third quarter with three RC rigs and one large diameter core rig active in the main target areas across the project. The key focus for the 2023 program is to add high-grade, near-surface ounces to the existing resource base, collect additional variability samples for metallurgical testwork and upgrade inferred resources to the indicated category, ahead of a pre-feasibility study. Drilling is on schedule for a fourth quarter completion of the approximately 30,000 meters planned for 2023.

BACK RANGE HIGHLIGHTS:

• 3.40 grams per tonne gold over 32.0 m, including 6.74g/t Au over 9.1 m beginning from 74.7 m downhole in hole LBP945.
• 1.41 g/t Au over 22.9 m, including 4.28 g/t Au over 6.1 m beginning from 79.3 m downhole in hole LBP943.

Drill results are reported from 15 additional RC drill holes completed in the Back Range Zone, leaving 20 holes with pending assay results. Results clearly demonstrate the strong lateral continuity of gold mineralization at Back Range, especially within the shallow, higher-grade oxide zones. These mineralized zones form a series of stacked subhorizontal lenses dipping slightly to the north.

In particular, results for drill hole LBP945, located in the western margin of the resource area represent one of the best holes drilled to date in the Back Range Zone, with 3.40 g/t Au intercepted over 32 metres an approximate true width of 27 metres. Notably, this intercept was immediately adjacent to the 2023 Resource Pit. Mineralization along the western margin of the Back Range Zone is currently open and additional drill holes to offset the mineralization encountered in hole LBP945 have been completed with assays pending.

Drill results from the northern Back Range Zone confirm the presence of a shallow, ~130 metre thick section of lower-grade oxide gold starting approximately 20 metres below surface. This intercept is open to the north and indicates the significant potential to grow the resource laterally.

Figure 1: Location plan of Back Range Drill holes

Jason Attew, President and CEO of Liberty Gold commented, “These new drill results from Back Range highlight the ongoing growth potential for Black Pine. The Back Range Zone continues to deliver shallow, higher-grade results and remains open in at least two directions. With each new drill program, we are growing our understanding of the geologic controls on the massive gold mineralizing system at Black Pine. Liberty Gold has also recently collared hole number 1,000 at Black Pine. It is a huge accomplishment to have safely and sustainably completed that number of holes since commencing our work in 2017.”

BACKRANGE HIGHLIGHT TABLE*

*Please refer to the full table at the link below 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. Back Range lies at the lowest structural level of the deposit such that carbonaceous material is frequently encountered at the base of the oxide zone leading to reduced cyanide solubility at depth.

DISCOVERY HIGHLIGHTS:

• 0.72 g/t Au over 48.8 m, including 2.55 g/t Au over 7.6 m in hole LBP929.

• 0.62 g/t Au over 30.5 m, and 0.92 g/t Au over 6.1 m in hole LBP944.

Drilling has been completed in the main Discovery Zone for the 2023 program and results are reported for the outstanding seven drillholes. The key focus for this drilling was to target gaps in the resource model ahead of the pre-feasibility study. Results clearly indicate that resource growth is achievable with targeted drilling in and around large blocks of well-drilled oxide gold mineralization.

DISCOVERY 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 approximately 50% to 90% of drilled thickness. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.

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

http://ml.globenewswire.com/Resource/Download/f3889a0a-454e-43ba-b58b-8560a2da0289

For a table showing complete drill results for current Liberty Gold drill results at Black Pine, click here:

http://ml.globenewswire.com/Resource/Download/4af957af-f414-4d1f-90df-d69c83f50241

KEY POINTS

• All the key resource areas continue to show strong growth through drilling and will contribute to an updated resource study commencing in late 2023.
• The 2023 drill program is primarily focused on resource conversion and adding ounces with a goal of defining more than three million ounces in an indicated category.
• The core rig is focused on deposit-wide PQ-sized core drilling to support a pre-feasibility level geotechnical study and a Phase 5 metallurgical study.

QUALIFIED PERSON

Peter Shabestari, P.Geo., Vice-President Exploration, 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 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.