Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to report Reverse Circulation drill results from the M Zone at its Black Pine oxide gold project in southeastern Idaho.   These results are part of an ongoing 65,000 metre drill program at Black Pine designed to:

• Upgrade the current resource and discover new oxide gold mineralization,
• Add to the endowment of near-surface, higher-grade, oxide gold mineralization potentially accessible in the first one to three years of a future mining operation,
• Drill out gold mineralization between smaller resource pits, linking larger zones of continuous oxide gold mineralization. This is expected to result in defining fewer, larger resource pits and in doing so, improving the potential for future, bulk open pit mining operations.

Three RC rigs are currently drilling on the property, focused on the Rangefront Zone, M Zone and the Section 36 area (recently permitted). These efforts will continue through the end of the year, and we expect to drill through the winter months, subject to weather conditions, to maximize drill metres in the lower elevation areas at Black Pine. The geological model will be updated progressively over the remainder of 2022, with a new mineral resource estimate to be released in Q1 2023.

“Drilling in the M Zone is part of a focused strategy to deliver a readily permittable, low initial capex, high rate of return oxide gold mining project at Black Pine. We achieve this in part by the merging of multiple smaller resource pits into fewer, larger pits, and by identifying and drilling areas of higher-grade, near-surface gold mineralization that might be accessed in the early years of mining,” stated Jason Attew, the recently appointed President and CEO of Liberty Gold. “After demonstrating this potential in the F Zone, our next target was the M Zone, where we have expanded near-surface, high-grade gold mineralization between and beyond the resource pits. We are now well set up for a substantive upgrade to the Black Pine Mineral Resource, planned for release in the first quarter 2023.”

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

https://libertygold.ca/images/news/2022/November/BlackPine11082022Mzonemap.pdf

For a table showing complete drill results from the current release, click here:

https://libertygold.ca/images/news/2022/November/BlackPine11082022CurrentResults.pdf

M ZONE EXPANSION

The M Zone lies along the eastern margin of the main gold system at Black Pine, adjacent to the Rangefront fault and close to a potential location for future surface processing infrastructure. In the July 2021 mineral resource estimate, the M Zone gold mineralization is represented by primarily historic drill holes and sits inside two small resource pits.

Drilling by Liberty Gold in 2022 demonstrates the continuity of mineralization between the two pits, establishing a zone of continuous mineralization over a distance exceeding 750 m which is currently open in multiple directions. Gold grades in many of the intercepts are significantly higher than the average grade of the deposit and the upper contact of the mineralization is located between 0 and 60 m below surface.

The geometry of this mineralized zone is strikingly similar to the F Zone (see news release dated August 30, 2022). Additional drilling is currently underway to complete resource delineation of the zone.

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. The M 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.

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 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. 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.