0.77 g/t Au over 65.5 m including 2.47 g/t Au over 10.7 m in LBP932 from the Discovery Zone

1.41 g/t Au over 30.5 m including 1.83 g/t Au over 13.7 m in LBP926 from the Back Range Zone

0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m in LBP920 from the CD-Tallman Zone

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to report the latest assay results from the 2023 Reverse Circulation drill exploration program at its Black Pine Oxide Gold Project  in southeastern Idaho.

Liberty Gold continues to drill with three RC rigs in the main target areas and will be stepping out to outlying target areas in Rangefront South and west M Zone in the coming months. A core rig has been delivered to site and has begun drilling in the Back Range Zone as part of the ongoing Metallurgical and Geotechnical programs.

Drill results reported in this release include follow-up results for drill holes reported in a previous release (see release June 19, 2023). These new results include drill holes from the Discovery Zone, Back Range Zone, and the CD-Tallman corridor.

RANGEFRONT SOUTH DISCOVERY

This release presents drill results from a single hole drilled into a target approximately two kilometers south of the main Rangefront Zone. This hole was a stratigraphic test for the presence of the receptive host rocks, termed the “Middle Plate” at Black Pine, in an area where the current geologic model indicated this unit could be present, but had never been drilled. The Middle Plate rocks were encountered at approximately 750 feet downhole, shallower than anticipated and importantly were found to carry anomalous gold throughout the entire section including two reportable intercepts of oxide gold:

• 0.37 grams per tonne gold over 9.1 meters, and 0.31 g/t Au over 7.6 m in drill hole LBP931

The discovery of these gold mineralized Middle Plate rocks, far to the south of any known gold occurrence extends the gold system at Black Pine to a +8-kilometer strike length. This result has heightened the exploration potential of the approximate five square kilometer area between the furthest known extent of the Rangefront Zone and this new drill hole. Additional drilling is being planned in the area stepping south from the Rangefront deposit area.

Jason Attew, President and CEO of Liberty Gold commented, “This new set of drill results demonstrate a steadily growing resource base as well as significant upside exploration potential with the discovery of gold-bearing Middle Plate rocks in a previously untested area. This discovery extends the known mineralization far to the south and opens a large area for future drill testing in an area significantly greater in size to the current Rangefront Zone.”

DISCOVERY HIGHWALL ZONE HIGHLIGHTS:

• 0.97 g/t Au over 33.5 m, including 2.36 g/t Au over 10.7 m in LBP911;
• 0.77 g/t Au over 65.5 m including 2.47 g/t Au over 10.7 m in hole LBP932.

Assays from eight additional drill holes from the main Discovery Zone have been received. Ongoing evaluation of the current resource model and resource grade classes continues to drive the infill drill program in the Discovery Zone with a goal of converting ounces currently classified as inferred into the indicated category. Several areas for potentially adding ounces in the resource model gaps within and along the margins of the resource pits have also been identified.

Additional drilling is underway in the main Discovery Zone with one RC drill rig.

DISCOVERY 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.

BACK RANGE ZONE HIGHLIGHTS:

• 1.41 g/t Au over 30.5 m, including 1.83 g/t Au over 13.7 m in hole LBP926;
• 0.49 g/t Au over 30.5 and 0.65 g/t Au over 18.3 m including 1.60 g/t Au over 4.6 m in hole LBP928.

Drill results from three additional RC drill holes in the Back Range Zone have been received with results showing good lateral continuity of gold mineralization along the low angle structures that extend to the east, west and north. This oxide gold mineralization is at or near surface and occurs in multiple stacked zones, suggesting potential as early production feed to a future mining operation.

One RC drill rig and the core drill rig are currently operating in the Back Range Zone. Drilling is focused on extending zones of known gold mineralization and infilling gaps in the current resource block model.

BACK RANGE 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. 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.

CD-TALLMAN CORRIDOR HIGHLIGHTS:

• 0.86 g/t Au over 25.9 m including 1.80 g/t Au over 6.1 m beginning from surface in hole LBP920;
• 0.42 g/t Au over 36.6 m including 1.61 g/t Au over 3.0 m in hole LBP902.

Assay results have been received from 19 RC holes drilled in the CD – Tallman Corridor area, including shallow testing of the historic waste rock (dump) material covering the area. The presence of near/at surface, high-grade oxide gold inside these waste dumps, as demonstrated by the results for hole LBP920 above, indicate the potential for early free-dig feed to a future processing facility. Further, a number of holes drilled in the CD-Tallman area confirm the presence of mineralization extending beyond the current resource pit.

CD-TALLMAN CORRIDOR 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.

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

https://libertygold.ca/images/news/2023/July/BlackPineMap_Section07192023.pdf

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

https://libertygold.ca/images/news/2023/July/BlackPineCurrentDrillResults07192023.pdf

KEY POINTS

• The discovery of mineralized Middle Plate rocks significantly south of known mineralization, opens up the exploration potential of lands to the south of the project for future exploration, over an area several times greater in size than that of the current Rangefront Zone.
• Current drilling is primarily focused on resource conversion and adding ounces with a goal of defining more than three million ounces in an indicated category in an updated resource.
• Results to date have confirmed a high potential for adding new ounces within and peripheral to the current resource pits.
• A full update to the resource model grade shells will begin later in the year to support an updated resource model.

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 (“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.