Mr. Jason Attew reports

LIBERTY GOLD REPORTS ON PROGRESS AT THE GOLDSTRIKE OXIDE GOLD PROJECT, UTAH

Liberty Gold Corp. has provided a progress update on activities related to process water supply, lands exchange and assessing gold recovery potential from the historic leach pads at its Goldstrike oxide gold project in southwestern Utah.

Highlights

Process water supply

• Liberty Gold has retained Loughlin Associates and LRE Water, both experienced water exploration and evaluation consultant groups in the Great Basin, to design and execute a hydrological evaluation of potential water sources in the region.
• Desktop studies have commenced and fieldwork is anticipated to start in July.
• Water supply requirements for a future mining operation range from 1,000 to 1,200 acres feet per annum (AFA); or about 39 to 47 litres per second (l/s), with an upper limit of 1,500 AFA (59 l/s).

Potential land exchange

• A block of land surrounding the Goldstrike deposit has been included in a proposed land exchange between the United States Bureau of Land Management land exchange with the Utah School and Institutional Trust Lands Administration.
• The Utah School and Institutional Trust Lands Exchange Act of 2023, Senate Bill 1405, was presented to the U.S. Congress in May and is currently in the committee stage in both the House and the Senate.
• The company continues to monitor progress of this legislation through the approvals process.

Metallurgical testwork

• Metallurgical studies at Goldstrike are testing the amenability of heap leaching the historically mined materials thus potentially providing an opportunity to process this early in a future heap leach mining operation, increasing mine life and improving the project economics.
• Sonic drilling in the Hamburg/Main/Hassayampa area generated four composites of previously leached oxide ore from the two historic leach pads, two composites of pad backfill (material underlying the leach pads, filling previously mined open pits) and two composites of waste rock materials.
• Metallurgical column leach testing was completed with key results including:
  • Leach pad material:
    • Weighted average gold extraction1 from column leach tests:
      • Leach pad 1 (run of mine) 62.0 per cent;
      • Leach pad 2 (negative-four-inch crush/agglomerate) 39.5 per cent.
  • Backfill (material underlying the leach pads):
    • Pad backfill -- high grade 70.5 per cent;
    • Pad backfill -- low grade 81.7 per cent.
  • Waste rock material:
    • Main dump 91.2 per cent;
    • Hamburg North dump 71.7 per cent.
• Historic production records report that about 7.25 million tonnes (Mt) of oxide gold ore at an average grade of about 1.2 grams per tonne gold (g/t Au) was leached on the two pads during prior mining operations (1988 to 1994). Based on historic recoveries this indicates that there may be up to 70,000 ounces of gold remaining in the now closed and remediated historic heaps. Test results herein indicate that a portion of this gold could be amenable to extraction using conventional heap leaching.
• Leach pads 1 and 2 and the underlying backfill are located directly over the Main/Hassayampa/Hamburg oxide gold resource and would need to be stripped in a potential future open pit mining operation to access the underlying oxide gold resource.

Jason Attew, president and chief executive officer for Liberty Gold, said: "Since announcing the results of the Sonic drill program last August, we have made significant progress at our Goldstrike project. Recent metallurgical test results indicate that the historically mined ore, which contains residual oxide gold, performs well under conventional oxide heap leach conditions. These materials could potentially add significant early value to a future leach operation at Goldstrike. As we bring key activities on water, land and metallurgical testwork to a close over the second half of 2023, we expect to position the project favourably for a decision on the next phase of development."

Metallurgical test results -- phase 3a

Historic leach pad material (column leach test results):

• Results of metallurgical column testing at Goldstrike on leach pad material (greater than 0.20 g/t Au) produced a column leach weighted average gold extraction of 49.3 per cent, at an average gold grade of 0.58 g/t Au.
• Gold extraction was rapid, with greater than 80 per cent of the leachable gold extracted within the first 10 days.
• Reagent consumptions were low at 0.33 kilogram/tonne (kg/t) CN and 0.50 kg/t lime.
• Cement consumption was high and averaged 5.5 kg/t.
• Mineralized material (greater than 0.20 g/t Au) tested came from a total of 348 metres (m) of sonic drilling in 21 sonic drill holes from leach pads 1 and 2.
• Based on historic records, the heaps were not adequately leached due to poor irrigation practices.
• Pad 1 was a run-of-mine heap, whereas pad 2 was a negative-four-inch crush/agglomerate heap.
• Significant gold grades encountered in the sonic drilling (see press release dated Aug. 9, 2022) suggest incomplete gold leaching occurred throughout the historic heaps and the results herein indicate that the residual gold remains readily soluble under heap leach conditions.
• Sonic drilling on the historic leach pads provided sufficient drill hole assay coverage to allow the potential inclusion of this material in a future mineral resource estimate.
• Testing is under way to characterize historic Leach Pad material crushed and screened at plus 12.5 millimeters (mm). It is anticipated that the plus 12.5 mm material could be used for new pad overliner and gravel drains, adding early ounces to the production profile.

Backfill material

• Results of phase 3a metallurgical column testing at Goldstrike on pits backfill material, underlying the leach pads produced are shown in the attached table.
• Leach kinetics are similar to in situ material tested.
• Sonic drill testing of the backfill material ranged from five to 26 metres below the historic pad and averaged 10 metres in thickness. Current drill density suggests that the oxide gold mineralization is widely distributed above resource cut-off grades.

Waste rock material

• Results of phase 3a metallurgical column testing at Goldstrike on historic surficial waste rock from the Main and Hamburg North areas are shown in the attached table.
• Drill testing of this material indicates oxide gold mineralization is widely distributed above resource cut-off grades.

For a table of results of the Goldstrike phase 3a variability composite test results, see the attached table.

Metallurgical test program

The metallurgical evaluation of the Goldstrike oxide gold mineralization consists of multiple phases of testwork including:

• Variability composite column tests from PQ drill core:
  • Phase 13 (20 composites):
    • 85.9 per cent weighted average gold extraction, ranging from 55.0 to 97.0 per cent.
  • Phase 24 (29 composites):
    • 84.2 per cent weighted average gold extraction, ranging from 46.4 to 95.0 per cent.
  • Phase 3a (eight composites):
    • Results released herein.
  • Phase 3c (22 composites):
    • Taken from PQ drill core drilled in 2022, these composites are currently in preparation for column testing. Infill drill holes cover Hamburg, Basin and Padre areas.
• Bulk samples
  • Phase 3B:
    • Comprising 11, 300 to 1,000 kilogram, bulk samples taken from outcropping oxide gold mineralization is under leach in the lab with final results expected in early Q3.

Composites for all phases of testwork were selected through consideration of alteration and gold grade and gold cyanide solubility to achieve a range of geometallurgical types. Composites were assembled in Elko, Nev., by Liberty Gold staff, utilizing one-half or three-quarter sawed PQ core or sonic samples, then shipped to Kappes, Cassiday and Associates in Reno, Nev., for metallurgical testing, comprising bottle rolls, column testing and geometallurgical characterization, including gold and silver assays, cyanide solubility, sulphur and carbon speciation, preg-robbing analysis, ICP geochemical assays, whole rock analysis, QXRD, load-permeability tests, modified SMC comminution testing, bond abrasion (Ai) testing, and environmental chemistry.

All metallurgical work at Goldstrike has been supervised by Gary Simmons, MMSA, formerly the director of metallurgy and technology for Newmont Mining Corp. Mr. Simmons has managed or supervised many metallurgical testing programs on similar Carlin-style sedimentary rock-hosted oxide gold deposits throughout the Great Basin.

Metallurgical testwork to be completed by year end on Goldstrike is anticipated to exceed prefeasibility requirements. It is anticipated that one further phase of testwork is required to meet feasibility standards on current resources. Results continue to support a technically simple, low initial capital, low operating cost, combination of crush/agglomeration and ROM heap leach processing routes for oxide mineralization.

Qualified person

Peter Shabestari, PGeo, vice-president of 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 and has reviewed and validated that the information contained in the release is accurate.

About Liberty Gold Corp.

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. The company knows the Great Basin and is driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.

Quality assurance/quality control

Drill composites were calculated using a cut-off of 0.10 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30 per cent and 100 per cent of the reported lengths due to varying drill hole orientations but are typically in the range of 50 per cent to 90 per cent of true width. Drill samples were assayed by ALS Ltd. in Reno, Nev., for gold by fire assay of a 30-gram (one assay ton) charge with an AA finish, or if over 5.0 g/t Au were reassayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. For any samples assaying over 0.10 parts per million an additional cyanide leach analysis is done where the sample is treated with a 0.25 per cent 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 multielement geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

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