PGS 773: 0.81 g/t Au over 61.0 m, including 1.48 g/t Au over 15.2 m

PGS 759: 0.61 g/t Au over 70.1 m

Liberty Gold Corp. (TSX: LGD) (OTCQX: LGDTF) is pleased to announce additional results from its 2021 Reverse Circulation drill program at the Goldstrike Oxide Gold Project in southwestern Utah.

A 15,000 metre RC drill program at Goldstrike commenced June 2021, focused on resource conversion from “Inferred” to “Measured and Indicated” and testing areas where the deposit remains open laterally and to depth. Drill results in this news release are from the Hamburg Pit area, part of the Main Zone, which hosts greater than 65% of the resource. The drill results to date continue to demonstrate the presence of continuous, well-mineralized corridors in the Main Zone area, building confidence in the resource modeling.

Goldstrike is a past-producing, oxide, heap leach gold mine that contains a large, shallow, district–scale, Carlin-style gold system. It follows a 7 kilometre-long, north-dipping unconformity with higher-grade gold intervals located along west-northwest-striking faults. In 2018, a Preliminary Economic Assessment¹ was completed at Goldstrike which returned a Net Present Value at a 5% discount rate of US$129.5 million and an Internal Rate of Return of 29.4% at US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz gold returns an NPV5% of US$291.7 million and an IRR of 52.4% representing strong economic returns at current gold prices.

Cal Everett, President and CEO of Liberty Gold stated, “The Goldstrike Project in southwest Utah, coupled with Black Pine in southeastern Idaho, represent two high-quality, oxide gold development assets in the Great Basin, USA. While our focus has been on Black Pine for the last two years, with the rise in gold price and increased market recognition of Goldstrike, we have returned to the project this year to continue de-risking the asset towards a pre-feasibility study decision. The objective of the 2021 drill program is to continue to push the pit constrained, 925,000 oz Indicated Resource outwards and downwards with the goal to upgrade the 296,000 oz Inferred Resource.”

KEY POINTS: MAIN ZONE – HAMBURG PIT

• Main Zone drilling to date has focused on the historic Hamburg Pit area, including Inferred Resource blocks located adjacent to and beneath the well-drilled Indicated portion of the Mineral Resource.
  • 40% of the Main Zone is located on private patented lands, a favourable permitting consideration.
  • Approximately 75% of the Goldstrike resource is in the Indicated category.
  • Drilling is encountering long intervals of oxide gold mineralization with excellent cyanide solubility at shallow depths, increasing the confidence in historic drilling and supporting the continuity of mineralization in corridors throughout the Main Zone.
  • Liberty Gold will continue to de-risk the Goldstrike Deposit through concurrent engineering, drilling, updated metallurgy and procurement of process water in line with all social license obligations and considerations.
  • Total meterage drilled at Goldstrike to mid-October 2021 is 11,544 m in 80 holes, of which 2,546 m in 19 holes are reported herein.

MAIN ZONE HIGHLIGHT TABLE*

*Please refer to the full table at the link below for complete results. Results are reported as drilled thicknesses, with true thicknesses varying by hole orientation. True thicknesses are generally 60% to 90% of drilled thicknesses. Gold grades are uncapped. Au (g/t) = grams per tonne of gold. “AuCN/AuFA” is the ratio of cyanide soluble gold (recovered using the method described in the Quality Assurance – Quality Control section below) to gold by fire assay, expressed as per cent.

For a map and cross sections of the Goldstrike Property, including drill collars and traces for the current release, please click here:

https://libertygold.ca/images/news/2021/October/Goldstrike_NR10202021MapSection.pdf

For a complete table of drill results from all Liberty Gold drill holes at Goldstrike, please click here:

https://libertygold.ca/images/news/2021/October/GS_Intercepts10202021.pdf

ABOUT GOLDSTRIKE

Goldstrike is located in the eastern Great Basin, immediately adjacent to the Utah/Nevada border, and is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada’s Carlin trend. Like Black Pine and Nevada Gold Mines Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin.

Goldstrike is a past-producing, open-pit run of mine heap-leach operation that produced 209,000 ounces of gold and 197,000 oz of silver between 1988 and 1994 during a period of historically low gold prices. Ore was mined from 12 shallow pits, at an average grade of 1.2 g/t Au and an average recovery of approximately 75%. Liberty Gold carried out extensive compilation, drilling and metallurgical work, releasing a resource estimate and PEA in 2018. The resource includes an Indicated 925,000 oz of gold grading 0.50 g/t Au (57,846,000 tonnes) and an Inferred 296,000 oz of gold grading 0.47 g/t Au (19,603,000 tonnes), backed by over 1,700 drill holes. The PEA mines 915,516 oz of gold at a life of mine all in sustaining costs of US$793/oz, returning a NPV at a 5% discount rate of US$129.5 million and an IRR of 29.4% at US$1,300/oz gold prices. A sensitivity analysis using US$1,700/oz gold returns an NPV5% of US$291.7 million and an IRR of 52.4% representing strong economic returns at current gold prices.

The 2021 drilling campaign is designed to convert areas of inferred resource to indicated resource in support of a Prefeasibility Study decision and will also test for extensions to mineralization in several areas.

A virtual site tour and 3D model of the Goldstrike property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALITY ASSURANCE – QUALITY CONTROL

Drill composites were calculated using cut-offs of 0.15 g/t, 0.20 g/t and 1.00 g/t gold. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width. Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.200 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% NaCN solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by Atomic Absorption Spectroscopy. QA/QC for all drill samples consists of the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 51 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, 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 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. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past- producing open-pit mines, where previous operators only scratched the surface.