7.07 g/t Au over 18.3 m in LBP813 – M Zone

1.17 g/t Au over 47.2 m in LBP736 – M Zone

3.10 g/t Au over 27.4 m in LBP796 – Back Range Zone

0.78 g/t Au over 115.8 m in LBP782 – Back Range Zone

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to report 34 additional Reverse Circulation drill results from the M and Back Range Zones at its Black Pine Oxide Gold Project in southeastern Idaho. The results are from holes drilled in 2022 designed to expand and upgrade the current Mineral Resource Estimate and discover new higher-grade, near-surface oxide gold mineralization.

M ZONE HIGHLIGHTS:

• 7.07 grams per tonne gold over 18.3 meters including 11.92 g/t Au over 10.7 m and including 46.7 g/t Au over 1.5 m in LBP813
• 1.17 g/t Au over 47.2 m from 54.9 m including 2.23 g/t Au over 15.2 m in LBP736
• 0.93 g/t Au over 38.1 m from 86.9 m including 2.35 g/t Au over 6.1 m in LBP823

Assay results from an additional 9 holes drilled in the M Zone in Q4 2022 include a high-grade intercept in LBP813, drilled near the western edge of the M Zone, which marks the potential discovery of a new, high-grade core within the mineralized zone. It includes a single 1.52 m interval of 46.7 g/t Au, which is the highest grade gold assay ever returned at Black Pine. This interval is a 100-metre step-out from previous drilling, well outside the MRE resource pit and is open to the west. These results are not included in the recently released MRE (see press release dated February 7, 2023). Additional offsets to this hole were drilled over the past 3 weeks and results are pending.

BACK RANGE

• 3.10 g/t Au over 27.4 m from 50.3 m including 4.33 g/t Au over 18.3 m in LBP796
• 1.36 g/t Au over 15.2 m from 120.4 m including 3.79 g/t Au over 3.0 m in LBP774
• 0.78 g/t Au over 115.8 m from 15.2 m including 1.29 g/t Au over 25.9 m in LBP782

The Back Range Zone is the furthest known northwest extension of the more than 7 kilometre – long Black Pine gold system. Assay results from 25 holes drilled in the Back Range Zone in 2022 have identified a new area of near-surface, high-grade oxide gold. Current extents of the Back Range mineralized zone are ~1 km² and the high-grade area is open to the east and west.

Jason Attew, President and CEO of Liberty Gold commented, “The highest-grade drill intercept ever reported at M Zone is notable as this zone is proximal to the potential mining infrastructure. The high-grade, near-surface characteristics of M Zone makes it an area of focus for 2023 as we believe M Zone has the grade, continuity, location, and scale for potential early cash flow generation as we work through pit optimization and mine scheduling studies. In addition, the encouraging Back Range results underpin our theory that the Back Range and Discovery Zones are linked for which we will test once we receive permits anticipated in late 2023. These recent results are a testament to the team’s ability to discover higher-grade material amongst an already very impressive mineral endowment.”

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

For a table of the top 25 unmined drill intercepts where hole LBP813 ranks in the top ten grade-thickness intervals, click here:

https://libertygold.ca/images/news/2023/February/Top25UnminedDrillIntercepts.pdf

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.
**These holes were finalized too late to be included in the MRE

Additional drill holes have already been completed in M Zone to offset the high-grade intercept in hole LBP813 and similar oxide alteration has been intersected in some holes. Additional drilling is being planned for Q2 2023 once assays are received for this zone. Focus will be on expansion/delineation of the high-grade zone with further step-out drilling to the west.

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 t (see press release dated February 7, 2023).

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.
**These holes were finalized too late to be included in the MRE

Additional drilling in this area is being planned for Q2 2023, targeting the structural controls to the high-grade zones. Focus will be on expansion/delineation of the high-grade core and conversion of inferred resources into indicted, ahead of a pre-feasibility study decision.

The work program will also include advancing ongoing permitting with United States Forest Service to include access to the undrilled one-kilometer-long gap between Back Range to the Discovery Zone. This area is considered to have high oxide gold discovery potential and permits may be received as early as H2 2023.

The Back Range Zone hosts an indicated resource of 32,000 ounces of oxide gold averaging 0.62 g/t Au in 1,584,000 t and an inferred resource of 77,000 ounces of oxide gold averaging 0.63 g/t Au in 3,783,000 t.

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.