Mr. Jon Gilligan reports

LIBERTY GOLD ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR THE BLACK PINE OXIDE GOLD DEPOSIT, IDAHO

Liberty Gold Corp. has released an update to the independent mineral resource estimate (MRE) at its Black Pine oxide gold project in southeastern Idaho:

• The resource is reported at a cut-off grade (COG) of 0.2 gram per tonne (g/t) gold (Au) and consists of:
  • Indicated resources of 3,206,ounces (oz) Au at an average grade of 0.49 g/t Au and totalling 203.8 million tonnes (Mt); and
  • Inferred resources of 325,000 oz Au at an average grade of 0.42 g/t Au and totalling 24.1 Mt.
• A high-grade subset of the resource contained within the 0.2 g/t Au resource pit, applying a COG of 0.5 g/t Au, consists of:
  • Indicated resources of 1,765,000 oz Au at an average grade of 1.01 g/t Au and totalling 54.2 Mt; and
  • Inferred resources of 143,000 oz Au at an average grade of 0.91 g/t Au and totalling 4.9 Mt.

The updated MRE represents an increase of 593,000 indicated gold ounces from the 2023 estimate (see press release dated Feb. 7, 2023).

Jon Gilligan, president and chief operating officer of Liberty Gold, stated: "This updated mineral resource estimate represents an important milestone for the Black Pine project, passing three million gold ounces in the indicated class. The new resource solidly underpins the prefeasibility study, which is on track for completion in the third quarter 2024."

See maps, cross-sections and a sensitivity analysis table of the Black Pine Mineral Resource block model on-line.

Resource estimate -- cut-off grade sensitivity

The average grade of the deposit within the limits of the 0.20 g/t Au resource pit shell reflects a wide range of block grades. At successively higher cut-off grades, a sizable portion of the deposit remains (see the table entitled "Resource grade distribution at successively higher cut-off grades within the 0.2 g/t Au reporting pit"). At a block COG of 0.50 g/t Au, 1,765,000 indicated ounces at an average grade of 1.01 g/t Au and 143,000 inferred ounces at an average grade of 0.91 g/t Au remain. This higher-grade core of the mineralization continues to grow with additional drilling.

Key points:

• The 2023 work program resulted in an MRE increase of 593,000 indicated gold ounces from the 2023 mineral resource estimate. The updated indicated resource of 3,206,000 gold ounces will form the basis of the continuing prefeasibility study (PFS) being conducted on Black Pine. Work is progressing on schedule for a Q3 2024 release.
• An analysis of the mineralization at lower cut-off grades suggests that significant upside potential exists for recovery of additional ounces in a future mine at Black Pine by applying operational cut-off grades similar to run-of-mine oxide operations in the Great Basin.
• This mineral resource update includes an additional 199 reverse circulation (RC) totalling 39,426 metres drilled by Liberty Gold in late 2022 and in 2023. Combining historic and Liberty Gold drilling results in a total of 2,821 drill holes representing 422,142 m of drilling contributing to the new resource.
• Based on exploration drilling costs for 2023, additional ounces added in this mineral resource update reflect a less than $10/ounce discovery cost.
• The updated MRE is supported by extensive metallurgical testing on 124 variability composites completed (see press release dated March 22, 2023).

Estimation methods

The resource estimate was completed by Valerie Wilson, MSc, PGeo, principal resource geologist at SLR. Ms. Wilson is an independent qualified person, as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. The resource estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. Estimation methods are summarized below:

• The gold mineral resources at the Black Pine project were modelled and estimated by:
  • Developing a geological model, in Leapfrog Geo, reflecting low-angle fault control and stratigraphic control of mineralization hosted in receptive carbonate host rocks;
  • Evaluating the drill data statistically;
  • Interpreting low-grade (0.1 g/t Au) and high-grade (0.3 g/t Au for Rangefront and 0.5 g/t Au for all other areas) gold-domains using Leapfrog Geo;
  • Compositing data to 3.048 metres (10 feet) within the gold domains;
  • Coding a unified block model composed of 10 m by 10 m by five m (x, y, z) blocks from seven 2.5 m by 2.5 m by 1.25 m subblocked models;
  • Analyzing the modelled mineralization geostatistically to aid in the establishment of interpolation and classification parameters;
  • Interpolating gold grades using inverse distance cubed (ID3) and a three-pass interpolation strategy into the model blocks in Leapfrog Edge using the mineral domain coding to explicitly constrain the gold grade estimations;
  • Evaluating, statistically and visually, the resulting model in detail prior to finalizing the mineral resource estimation.
• The Black Pine deposit mineral resource has been constrained by optimized pit shells created using a gold price of $1,800 (U.S.)/ounce and pit slopes ranging from 45 degrees to 47 degrees. Additional inputs for the pit-optimizations include: Mining -- $2.35/tonne mined; heap leaching -- $2/tonne processed; and general and administrative (G&A) cost of 80 cents/tonne processed at an assumed 10-million-tonne-per-year processing rate. Gold recoveries are based on equations derived from metallurgical data and vary by grade and rock unit. A 0.5-per-cent net smelter return royalty was also applied.
• The company has concluded that a technical report update is not required with this new mineral resource and will include the resource estimate update into the prefeasibility technical report expected to be completed in Q3 2024.

The technical information contained in this news release has been reviewed and approved by Ms. Wilson, MSc, PGeo, principal resource geologist for SLR Consulting, an independent qualified person as defined by National Instrument 43-101. Ms. Wilson has verified the data disclosed, including sampling, analytical and test data underlying the drill results, using a variety of techniques, including comparison against independently sourced assay certificates, site visit investigations and digital-based verification tests, and she consents to the inclusion in this release of said data in the form and context in which it appears. Ms. Wilson experienced no limitations with respect to data verification activities related to the Black Pine project.

About Black Pine

Black Pine is located in the northern Great Basin, immediately adjacent to the Utah/Idaho border. It is a Carlin-style gold system, similar in many ways to the prolific deposits located along Nevada's Carlin trend. Like Nevada Gold Mine's Long Canyon deposit, Black Pine represents a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin. The historic Black Pine mine operated from 1992 to 1997, during a period of historically low gold prices, with 435,000 ounces of gold produced from five composite, shallow pits, at an average grade of 0.63 g/t Au.

Gold mineralization at Black Pine is hosted in a 100 m to 500 m thick package of receptive, faulted carbonate rocks of the Pennsylvanian Oquirrh formation. The rocks show evidence of extensive decalcification and clay alteration typical of Carlin-style gold deposits, and are strongly oxidized over the entire extent of the 14-square-kilometre exposed portion of the gold system.

Metallurgical column test results received to date indicate rapid gold recoveries, relatively insensitive to crush size, which support a simple, low-cost process.

Qualified person

Peter Shabestari, PGeo, vice-president of exploration for 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 0.10 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 (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. Selected 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.

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