2.13 g/t Au over 21.3 m in LBP864 – M Zone

0.72 g/t Au over 35.1 m in LBP861 – Rangefront Zone

0.86 g/t Au over 25.9 m in LBP800 – Rangefront Zone

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to report first results from the 2023 Reverse Circulation exploration drill program at its Black Pine Oxide Gold Project in southeastern Idaho. These results are from holes drilled in the first quarter of 2023, designed to follow up on a newly discovered high-grade, near-surface zone of gold mineralization in the western M Zone and to expand and upgrade the current mineral resource estimate in the Rangefront Zone.

M ZONE HIGHLIGHTS:

• 2.83 grams per tonne gold over 25.9 metres, including 7.88 g/t Au over 3.0 m in LBP849;
• 2.13 g/t Au over 21.3 m, including 8.67 g/t Au over 4.6 m in LBP864.

Assay results have been received from an additional 14 holes drilled in the western M Zone including drill holes offsetting the high-grade intercept of 7.07 g/t Au over 18.3 m in hole LBP813 (see press release dated February 21, 2023). Several holes have been completed to the west of this drill hole targeting a W-NW trend to the mineralization. The same tenor of mineralization was encountered in drill hole LBP864, with a high-grade intercept of 19.2 g/t Au over 1.5 m. This result points to the potential for a larger, more continuous zone of high-grade mineralization in this area. One RC drill is presently active in this part of the M Zone, following up with multiple step out holes and similar oxide alteration has been intersected in some holes; assays are pending.

RANGEFRONT HIGHLIGHTS:

• 0.72 g/t Au over 35.1 m, including 1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in LBP861;
• 0.86 g/t Au over 25.9 m, including 2.26 g/t Au over 6.1 m in LBP800;
• 0.71 g/t Au over 18.3 m starting from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in LBP872.

Assay results have been received from an additional 39 resource infill and offset holes in the Rangefront Zone, with a focus on the northeast margin of the known mineralization. These were designed to upgrade inferred resource to the indicated class, ahead of a planned economic study later in the year. The near-surface, higher-grade mineralization in hole LBP872 is at present an isolated result, and further drilling is planned for the second half of 2023 to expand on Rangefront Zone margins, where they are still open to the west, northeast, east and south.

Jason Attew, President and CEO of Liberty Gold commented, “We are excited to be adding a second rig to the program as weather conditions improve and access to permit area opens. These early results from M Zone and the Rangefront Zone are intriguing and point to the potential for the discovery of more higher-grade zones and near-surface mineralization. With multiple target areas remaining untested, funding for a further 20,000 metres of drilling in 2023 and an evolving story at the M Zone, we look forward to another year of unlocking Black Pine’s full oxide gold potential.”

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

https://libertygold.ca/images/news/2023/April/BlackPinemap_sections04192023.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/April/BlackPineCurrentDrillResults04192023.pdf

ADDITIONAL KEY POINTS:

• The mineralization of M Zone has an emerging geochemical signature suggesting that it has been the focus of multiple mineralizing events with the main gold mineralization phase occurring within a base metal event (high silver, zinc and lead). This is commonly seen in many Carlin-type deposits and is indicative of a long-lived and robust mineral system. The same high-grade gold 21.3 m interval reported in drill hole LBP864 also reported ICP geochemistry results of 67.7 parts per million silver, 0.67% lead and 2.9% zinc within a larger envelope of highly anomalous base metal mineralization. This base metal signature has been noted in several drill holes in M Zone and elsewhere at Black Pine.
• A second RC drill rig has been added to the 2023 program to allow a focus on drilling in the new expanded M Zone, while the first rig continues to expand mineralization in the Discovery and CDF Zones, and other priority targets.
• The M Zone hosts an indicated resource of 120,000 ounces of oxide gold averaging 0.71 g/t Au in 5,255,000 tonnes and an inferred resource of 11,000 ounces of oxide gold averaging 0.45 g/t Au in 762,000 tonnes (see press release dated February 7, 2023). The zone hosts oxide mineralization with a significantly higher average grade than the rest of the Black Pine deposit, except for the Backrange Zone.
• The Rangefront Zone hosts an indicated resource of 732,000 ounces averaging 0.49 g/t Au in 46,581,000 tonnes and an inferred resource of 118,000 ounces averaging 0.46 g/t Au in 7,913,000 tonnes (see press release dated February 7, 2023).

M 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. M Zone 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.

RANGEFRONT 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.

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.