1.19 g/t Au over 33.5 m in LBP809

2.13 g/t Au over 18.3 m in LBP793

1.03 g/t Au over 13.7 m in LBP815

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to report further Reverse Circulation drill results from the Rangefront Zone at its Black Pine Oxide Gold Project in southeastern Idaho. The results are from the recently completed 324 hole, 67,000 metre 2022 drill program at Black Pine that was designed to expand and upgrade the current Mineral Resource Estimate and discover new oxide gold mineralization. Results will be released in the near future from 73 additional holes drilled in 2022, including 27 that were unavailable for inclusion in the MRE and an additional 16 holes drilled to date in 2023.

The Rangefront Zone was discovered in mid-2021 and now contributes 27% of the ounces to the updated MRE, comprising an indicated resource of 2,613,000 ounces of oxide gold averaging 0.52 grams per tonne (g/t Au) in 157,267,000 tonnes (“t”) and an inferred resource of 483,000 ounces of oxide gold averaging 0.43 g/t Au in 35,150,000 t (see press release dated February 7, 2023).

Drill results announced today have identified additional high-grade oxide gold mineralization along the western margin of the Rangefront Zone, which is still open to the west:

• 2.13 g/t Au over 18.3 m including 10.3 g/t Au over 1.5 m in LBP793
• 1.19 g/t Au over 33.5 m including 3.33 g/t Au over 4.6 m in LBP809
• 0.69 g/t Au over 64.0 m including 1.38 g/t Au over 12.2 m in LBP815
• 0.58 g/t Au over 120.4 m including 0.77 g/t Au over 74.7 m in LBP820.

Jason Attew, President and CEO of Liberty Gold commented, “Black Pine is unique in that we can access and drill the deposit 12 months a year. The drill program this year builds on the tremendous success of our recently released MRE which expanded the resource by 52% in the indicated category and 31% in the inferred category. With a strong treasury, our 2023 work program comprising of a minimum of 32,000 m of drilling and a series of de-risking engineering studies, is well-funded to execute on the Black Pine exploration and development strategy to year end. We still have almost 90 drill holes in the queue for release, so we expect steady news flow throughout the year and anticipate progressive growth in resource ounces at our next update.”

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

https://libertygold.ca/images/news/2023/February/BlackPinemap_sections.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/February/BlackPineCurrentDrillResults.pdf

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.
**The base of the zone is situated 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.
***Hole that was not finalized by the effective date of the resource estimate.

RANGEFRONT ZONE EXPLORATION

Drilling in the Rangefront Zone continues to expand the limits of the high-grade gold oxide zone to the west and east and upgrade other areas with mineralization drilled at lower drill densities. Drilling will continue throughout the winter months, specifically targeting the upgrade of the 118,000 ounces in the inferred resource (see press release dated February 7, 2023), into the indicated category for inclusion in subsequent engineering studies. The Company will further drill test the extents of the gold system into newly permitted areas of BLM/State of Idaho land to the east and northeast at Rangefront.

Additionally, exploration drilling in the Rangefront area in 2023 will also focus on a new discovery located 500 m to the south in LBP708 (0.57 g/t Au over 51.8 m; see press release dated December 13, 2022). This isolated drill hole demonstrates that the Black Pine gold mineralizing system is present well to the south of any previous drilling and in a similar geologic environment, with room to discover a new, significant zone of oxide gold mineralization within the Black Pine system.

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.