Mr. Jason Attew reports

LIBERTY GOLD REPORTS ADDITIONAL HIGH-GRADE DRILL RESULTS FROM THE BLACK PINE OXIDE GOLD PROJECT, IDAHO

Liberty Gold Corp. has released new assay results from drilling completed under the 2023 reverse circulation (RC) exploration program at its Black Pine oxide gold project in southeastern Idaho.

Liberty Gold has now completed approximately 15,000 metres (m) of the planned 32,000 m of RC drilling for the year. A third RC rig was added in June to accelerate drill results through the second half of the year, in anticipation of an updated mineral resource estimate to support a prefeasibility study (PFS).

Recent drilling has been focused on the Back Range zone, Discovery zone, M zone West and the CD-Tallman corridor, including testing of the historic surface waste rock dumps along this connection.

Jason Attew, president and chief executive officer of Liberty Gold, commented: "We are excited to have found high-grade mineralization in a sparsely drilled area within our resource model, which has implications for resource expansion across the project area. We are working hard on the modeling in anticipation of a further resource update at the end of this year."

Discovery zone highlights:

• 3.74 grams per tonne gold (g/t Au) over 21.3 metres including 15.85 g/t Au over 3.0 m in LBP906.

Assays for LBP906 in the Discovery zone have returned impressive oxide gold results from an area that is modelled as waste rock in the current resource (see press release dated Feb. 7, 2023) and results are pending for another four holes drilled in this area.

The 2023 infill drill program is focused on converting ounces currently classified as inferred into the indicated category and ensuring no gaps in drill coverage along the margins of the resource pits. There is one drill focused on additional holes in an area adjacent to the Discovery zone, where there appears to be an extensive gap in drill coverage at depth. Early visuals from this drilling are encouraging and assays are pending.

CD-Tallman corridor highlights:

• 0.74 g/t Au over 45.7 m, including 2.17 g/t Au over 9.1 m in LBP892;
• 3.28 g/t Au over 10.7 m including 8.58 g/t Au over 1.5 m, and 0.52 g/t Au over 51.8 m in LBP893.

Assay results have been received from 18 RC holes drilled in the CD-Tallman Corridor area, including testing of the historic waste rock material covering the corridor. Initial drill results indicate a large portion of the waste backfill material, on surface, is carrying gold above a 0.1 g/t Au cut-off with localized zones found running as high as 8.58 g/t Au of oxide material in hole LBP893.

Additional drilling has been completed in this area to better define the gold grade distribution in the waste rock material and infill drill gaps in the underlying bedrock mineralization; assays are pending.

M zone highlights:

• 0.80 g/t Au over 29.0 m, including 3.33 g/t Au over 1.5 m in hole LBP884;
• 0.51 g/t Au over 13.7 m in hole LBP887.

Drill results from seven additional RC drill holes in the western M zone target area have been received with results from holes LBP884 and LBP887 extending the oxide mineralized zone 80 m to the west and 120 m to the north. The high-grade zone encountered previously (see press releases dated Feb. 21, 2023, and April 19, 2023), which was the target of this stepout drilling, has an apparent north-northwesterly trend. Additional drill roads and pads are currently being built to test the projection of this trend. M zone mineralization remains open to the west and to the north with widely spaced drill holes indicating a broader extension of the gold mineralizing system across this zone. Drilling will resume in the M zone in Q3.

Key points

• Current drilling is largely focused on resource conversion to support an update to the mineral resource model at the end of 2023, which will feed into the proposed prefeasibility study. Results to date have confirmed the potential value-add of this strategy, with the drill out of additional gold mineralization both within and peripheral to the current resource pits.
• Additionally, one drill rig is being used for exploration stepout and new target evaluation within the currently permitted area. This includes testing of the Rangefront South target area, which is currently being drilled in the southeast corner of the project. This zone is modelled as the SE faulted extension of the large CDF mineral trend and has only one drill hole, LBP708, (51.8 m at 0.57 g/t Au) into the zone to date (see press release dated Dec. 13, 2022).
• The amendment to the existing plan of operations continues in the evaluation process with the federal and state agencies. Once approved, this amendment would allow the company to conduct broad stepout and new-target exploration drilling across a large area surrounding the current permit area.

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 0.15 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 part 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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