Mr. Cal Everett reports

LIBERTY GOLD REPORTS CORE DRILL RESULTS AT THE BACK RANGE ZONE, BLACK PINE OXIDE GOLD PROJECT, IDAHO

Liberty Gold Corp. has released assay results from the 2023 core drill program at the Back Range zone at its Black Pine oxide gold project in southeastern Idaho. Results released herein are from the first three drill holes of the 11-hole, property-wide core program.

Back Range zone highlights

Drill results from the three core drill holes that were completed in the Back Range zone have been received, with results confirming the strong grades and near-surface mineralization. These core holes were drilled for a phase 5 metallurgical program, projected to begin in 2024, and to gain insights into the complex structural controls in this area.

Drill holes LBP956C and LBP968C were the second-best and third-best holes drilled to date at the Back Range zone on a grams per tonne (g/t) times metre basis and intersected strong grades of oxide gold mineralization, with the cyanide soluble assays showing an average of 74-per-cent and 87-per-cent recovery, respectively. These drill results come from a highly deformed, strongly decalcified package of structurally thickened middle plate siltstones. Drill hole LBP969C was drilled for metallurgical testing purposes and hit as-expected results.

Cal Everett, chief executive officer and director of Liberty Gold, commented: "The high-grade oxide gold intercepts from the recent core holes in the Back Range zone are an important beginning for Liberty Gold this year. The resource grade of Back Range is approximately 20 per cent higher than the average grade of the rest of the Black Pine resource areas discovered to date. Liberty Gold anticipates approval of the fourth plan of operations by mid-year that will allow us to drill test the 800-metre-long gap between Back Range and the main Discovery area. An updated resource estimate is being completed, which will be the basis for the prefeasibility study due in H2 2024. While these new results will not be included in the new resource estimate, they will be included in future resource updates. Additional core holes in the Discovery area, Tallman and M zones are pending final analysis."

Based on these results and reverse circulation drilling in 2023, additional drilling is warranted in Back Range in 2024. New insights on structural controls at Back Range show strong targets to the west, southeast and northeast, where the middle plate rocks are largely untested.

Also, the permit amendment plan of operations (PoO) No. 4 is expected to be received in H1 2024. This permit will increase the company's drillable target area by 36 per cent, to cover a 40-square-kilometre area, adding another seven large target areas, and will allow access to the high-priority target area located in between the Back Range zone and the Main Discovery area. This target encompasses an area of approximately 1.5 square kilometres that has only seen sparse, shallow historic drilling.

Back Range zone

The Back Range zone hosts an indicated resource of 32,000 ounces of oxide gold averaging 0.62 gram per tonne gold (Au) in 1,584,000 tonnes and an inferred resource of 77,000 ounces of oxide gold averaging 0.63 g/t Au in 3,783,000 tonnes (see press release dated Feb. 7, 2023).

During 2023, 38 holes were drilled in the Back Range zone totalling 5,307 metres. This new drilling and a new structural model will be included in an updated resource study projected to be completed in H1 2024.

Previously released highlight assays from holes drilled at Back Range in 2023 include:

• 3.10 g/t Au over 27.4 metres from 50.3 m depth, including 4.33 g/t Au over 18.3 m in LBP796;
• 0.78 g/t Au over 115.8 m from 15.2 m depth, including 1.29 g/t Au over 25.9 m in LBP782 (see press release dated Feb. 21, 2023);
• 3.40 g/t Au over 32 m from 74.7 m depth, including 6.74 g/t Au over 9.1 m in LBP945;
• 1.41 g/t Au over 22.9 m from 79.3 m depth, including 4.28 g/t Au over 6.1 m in LBP943 (see press release dated Sept. 5, 2023).

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 (QA/QC)

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 (atomic absorption) finish, or, if over five 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 (sodium cyanide) solution and rolled for an hour. An aliquot of the final leach solution is then centrifuged and analyzed by atomic absorption spectroscopy (AAS). 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. All holes are also analyzed for a 51-multielement geochemical suite by ICP-MS (inductively coupled plasma mass spectrometry). ALS Geochemistry, Reno, is ISO 17025:2005 accredited, with the Elko and Twin Falls prep lab listed on the scope of accreditation.

We seek Safe Harbor.