Mr. Jason Attew reports

LIBERTY GOLD REPORTS ADDITIONAL HIGH-GRADE DRILL RESULTS, INCLUDING A NEW DISCOVERY AT ITS BLACK PINE OXIDE GOLD PROJECT, IDAHO

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

Liberty Gold continues to drill with three RC rigs in the main target areas and will be stepping out to outlying target areas in Rangefront South and the western M zone in the coming months. A core rig has been delivered to site and has begun drilling in the Back Range zone as part of the continuing metallurgical and geotechnical programs.

Drill results reported in this release include follow-up results for drill holes reported in a previous release (see release dated June 19, 2023). These new results include drill holes from the Discovery zone, the Back Range zone and the CD-Tallman corridor.

Rangefront South discovery

This release presents drill results from a single hole drilled into a target approximately two kilometres south of the main Rangefront zone. This hole was a stratigraphic test for the presence of the receptive host rocks, termed the middle plate, at Black Pine, in an area where the current geologic model indicated this unit could be present, but had never been drilled. The middle-plate rocks were encountered at approximately 750 feet down hole, shallower than anticipated, and, importantly, were found to carry anomalous gold throughout the entire section, including two reportable intercepts of oxide gold:

• 0.37 gram per tonne gold over 9.1 metres and 0.31 g/t Au over 7.6 m in drill hole LBP931.

The discovery of these gold-mineralized middle-plate rocks, far to the south of any known gold occurrence, extends the gold system at Black Pine to a greater-than-eight-kilometre strike length. This result has heightened the exploration potential of the approximate five-square-kilometre area between the farthest known extent of the Rangefront zone and this new drill hole. Additional drilling is being planned in the area stepping south from the Rangefront deposit area.

Jason Attew, president and chief executive officer of Liberty Gold, commented: "This new set of drill results demonstrate a steadily growing resource base as well as significant upside exploration potential with the discovery of gold-bearing middle-plate rocks in a previously untested area. This discovery extends the known mineralization far to the south and opens a large area for future drill testing in an area significantly greater in size to the current Rangefront zone."

Discovery Highwall zone highlights:

• 0.97 g/t Au over 33.5 m, including 2.36 g/t Au over 10.7 m, in LBP911;
• 0.77 g/t Au over 65.5 m, including 2.47 g/t Au over 10.7 m, in hole LBP932.

Assays from eight additional drill holes from the main Discovery zone have been received. Continuing evaluation of the current resource model and resource grade classes continues to drive the infill drill program in the Discovery zone, with a goal of converting ounces currently classified as inferred into the indicated category. Several areas for potentially adding ounces in the resource model gaps within and along the margins of the resource pits have also been identified.

Additional drilling is under way in the main Discovery zone with one RC drill rig.

Back Range zone highlights:

• 1.41 g/t Au over 30.5 m, including 1.83 g/t Au over 13.7 m, in hole LBP926;
• 0.49 g/t Au over 30.5 and 0.65 g/t Au over 18.3 m, including 1.60 g/t Au over 4.6 m, in hole LBP928.

Drill results from three additional RC drill holes in the Back Range zone have been received, with results showing good lateral continuity of gold mineralization along the low-angle structures that extend to the east, west and north. This oxide gold mineralization is at or near surface and occurs in multiple stacked zones, suggesting potential as early production feed to a future mining operation.

One RC drill rig and the core drill rig are currently operating in the Back Range zone. Drilling is focused on extending zones of known gold mineralization and infilling gaps in the current resource block model.

CD-Tallman corridor highlights:

• 0.86 g/t Au over 25.9 m, including 1.80 g/t Au over 6.1 m, beginning from surface in hole LBP920;
• 0.42 g/t Au over 36.6 m, including 1.61 g/t Au over 3.0 m, in hole LBP902.

Assay results have been received from 19 RC holes drilled in the CD-Tallman corridor area, including shallow testing of the historical waste rock (dump) material covering the area. The presence of near-surface/at-surface, high-grade oxide gold inside these waste dumps, as demonstrated by the results for hole LBP920, indicate the potential for early free-dig feed to a future processing facility. Further, a number of holes drilled in the CD-Tallman area confirm the presence of mineralization extending beyond the current resource pit.

Key points:

• The discovery of mineralized middle-plate rocks significantly south of known mineralization opens up the exploration potential of lands to the south of the project for future exploration, over an area several times greater in size than that of the current Rangefront zone.
• Current drilling is primarily focused on resource conversion and adding ounces, with a goal of defining more than three million ounces in an indicated category in an updated resource.
• Results to date have confirmed a high potential for adding new ounces within and peripheral to the current resource pits.
• A full update to the resource model grade shells will begin later in the year to support an updated resource model.

Qualified person

Peter Shabestari, PGeo, vice-president of exploration, 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. Liberty Gold 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 atomic absorption 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 sodium cyanide solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by atomic absorption spectroscopy. Quality assurance/quality control 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-element geochemical suite by ICP-MS. ALS is ISO 17025:2005 accredited, with the Elko and Twin Falls preparation laboratory listed on the scope of accreditation.

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