Liberty Gold Corp. announced the final tranche of reverse circulation (RC) drill results from the 2021 program in the Rangefront Focus Area (RFA) at the Black Pine oxide gold deposit in southern Idaho. RFA drilling resumed in January 2022 with three RC and one core rig and an additional 9,600 meters (m) in 34 holes have now been drilled to-date with assays pending.

In 2021, Liberty Gold drilled a total of 28,048 m in 74 holes into a 1 square kilometer (km2) area within the RFA, and mineralization remains open for lateral extension to the north, northwest and east. Drilling in fourth quarter of 2021 focused on continued definition of the high-grade core of the mineralized zone; step-out drilling along the edges of the zone; and resource definition in the rest of the RFA. In all areas, two dominant horizons among multiple stacked zones of oxide gold mineralization were encountered in brecciated calcareous siltstone and sandstone from close to surface to depths of over 400 m. The high-grade core zone has been extended an additional 100 m to the northwest and 250 m to the east and now measures approximately 300 x 750 m in size and remains open to the northwest.

Drilling in the area between high-grade core zone and the original Rangefront resource pits encountered strong results, extending the high-grade core zone to the east, and providing an important link between these two mineralized areas. Rangefront Focus Area Highlights: The extent of gold mineralization in the RFA, as defined by drilling over an area that now covers approximately 1 km2, is now the subject of continued drilling to increase confidence in future resource estimation and to extend mineralization in several directions. The high-grade core of the mineralized zone at RFA now measures approximately 300 x 750 m in size, in a boomerang shape extending to the northwest and east.

The high-grade core has been extended an additional 100 m to the northwest in hole LBP522 (18.3 m grading 0.73 grams per tonne gold (g/t Au) and 25.9 m grading 1.25 g/t Au). The high-grade core has been extended 250 m to the east, merging with mineralization associated with the original Rangefront resource pits. LBP523 returned 13.7 m grading 0.69 g/t Au and 35.1 m grading 0.73 g/t Au and LBP526 returned 10.7 m grading 0.83 g/t Au and 12.2 m grading 0.49 g/t Au and 7.6 m grading 0.62 g/t Au, providing an important link between the two areas.

Drilling is continuing to expand the RFA to the northeast, where historical drilling points to the presence of shallow gold mineralization on newly acquired Idaho State minerals lease, and to the north, where historical shallow condemnation drill holes to the north of the main access road also host gold mineralization. 2022 Work Program: The 2022 exploration program at Black Pine commenced at the beginning of January 2022, with three RC and one core rig active. Drilling through to the end of February 2022 will focus on the lower-elevation RFA to provide data for resource estimation and metallurgical testing.

The current RFA drill campaign will end in late February, and the drillhole database and geological model will be updated for the upcoming mineral resource estimate. The drills will then move off in the interim to continue both in-fill and step-out drilling at other prospective areas on the Black Pine deposit. Liberty Gold plans to aggressively advance Black Pine in 2022 with drilling, initial engineering and permitting programs and further de-risking activities, with the goal to provide an updated resource estimate and Preliminary Economic Assessment in the third quarter of 2022.

Quality Assurance – Quality Control: Drill composites were calculated using cut-offs of 0.15 g/t Au, 0.20 g/t Au, 1.0 g/t Au and 5.0 g/t Au. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals vary between 30% and 100% of the reported lengths due to varying drill hole orientations but are typically in the range of 60% to 80% of true width.

Drill samples were assayed by ALS Limited in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t Au were re-assayed 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 ppm an additional cyanide leach analysis is done where the sample is treated with a 0.25% 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 multi-element geochemical suite by ICP-MS. ALS Geochemistry-Reno is ISO 17025:2005 Accredited, with the Elko prep lab listed on the scope of accreditation.