1.66 g/t Au over 43.0 m including 4.04 g/t Au over 12.4 m

3.74 g/t Au over 22.9 m including 6.36 g/t Au over 5.4 m

Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to report assay results from the 2023 core drill program at the Back Range Zone at its Black Pine Oxide Gold Project in southeastern Idaho. Results released herein are from the first three drill holes of the 11 hole, property-wide core program.

BACK RANGE ZONE HIGHLIGHTS:

Drill results from the three core drill holes that were completed in the Back Range Zone have been received with results confirming the strong grades and near-surface mineralization. These core holes were drilled for a Phase 5 metallurgical program projected to begin in 2024 and to gain insights into the complex structural controls in this area.

Drill holes LBP956C and LBP968C were the second and third best holes drilled to date at the Back Range Zone on a grams per tonne x meter (“g/t x m”) basis and intersected strong grades of oxide gold mineralization, with the cyanide soluble assays showing an average of 74% and 87% recovery respectively. These drill results come from a highly deformed, strongly decalcified package of structurally thickened middle plate siltstones. Drill hole LBP969C was drilled for metallurgical testing purposes and hit as-expected results.

Cal Everett, CEO and Director of Liberty Gold commented, “The high grade, oxide gold intercepts from the recent core holes in the Back Range Zone are an important beginning for Liberty Gold this year.  The resource grade of Back Range is approximately 20% higher than the average grade of the rest of the Black Pine resource areas discovered to date.

Liberty Gold anticipates approval of the fourth Plan of Operations by mid year that will allow us to drill test the 800 meter long gap between Back Range and the main Discovery area.   An updated resource estimate is being completed, which will be the basis for the Pre-feasibility Study due in H2 2024. While these new results will not be included in the new resource estimate, they will be included in future resource updates.  Additional core holes in the Discovery area, Tallman and M Zones are pending final analysis.”

BACK RANGE ZONE DRILL TABLE*

* Results are reported as drilled thicknesses, with true thicknesses approximately 50% to 90% of drilled thickness. Some intercepts have zones of reduced cyanide solubility, please refer to the full table at the link above for complete results. Gold grades are uncapped. Au (g/t) = grams per tonne of gold.

Based on these results and reverse circulation drilling in 2023, additional drilling is warranted in Back Range in 2024. New insights on structural controls at Back Range show strong targets to the west, southeast and northeast where the middle plate rocks are largely untested.

Also, the permit amendment Plan of Operations (“PoO”) #4, is expected to be received in H1 2024. This permit will increase our drillable target area by 36% to cover a 40 square kilometer area, adding another 7 large target areas and will allow access to the high priority target area located in between the Back Range Zone and the Main Discovery area. This target encompasses an area of approximately 1.5 square kilometers that has only seen sparse, shallow historic drilling.

For a map showing the permit amendment, click here: http://ml.globenewswire.com/Resource/Download/ee54d398-40f4-4212-91c4-3c8ca34e6b64

BACK RANGE ZONE:

The Back Range Zone hosts an indicated resource of 32,000 ounces of oxide gold averaging 0.62 grams per tonne of gold (“g/t Au”) in 1,584,000 tonnes (“t”) and an inferred resource of 77,000 ounces of oxide gold averaging 0.63 g/t Au in 3,783,000 t. (see press release dated February 7, 2023)

During 2023, 38 holes were drilled in the Back Range Zone totaling 5,307 meters (“m”). This new drilling and a new structural model will be included in an updated resource study projected to be completed in H1 2024.

Previously released highlight assays from holes drilled at Back Range in 2023 include:

• 3.10 g/t Au over 27.4 m from 50.3 m depth including 4.33 g/t Au over 18.3 m in LBP796
• 0.78 g/t Au over 115.8 m from 15.2 m depth including 1.29 g/t Au over 25.9 m in LBP782  (see press release dated February 21, 2023)

• 3.40 g/t Au over 32.0 m, from 74.7 m depth including 6.74 g/t Au over 9.1 m in LBP945
• 1.41 g/t Au over 22.9 m, from 79.3 m depth including 4.28 g/t Au over 6.1 m in LBP943. (see press release dated September 5, 2023)

Figure 1: Core Drill Hole Locations

 For the map and cross section showing locations of drill holes in this release, click here:

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.