Mr. Jon Gilligan reports

LIBERTY GOLD REPORTS PHASE 4 METALLURGICAL COLUMN LEACH RESULTS AND FINAL PHASE 5 METALLURGICAL DRILL ASSAYS AT ITS BLACK PINE OXIDE GOLD PROJECT, IDAHO

Liberty Gold Corp. has released results from phase 4B and 4C metallurgical bottle roll and column testing of gold mineralization in 36 variability composites taken from the Black Pine oxide gold project in southeastern Idaho. Additionally, final assay results are released on the remaining four metallurgical core holes drilled in 2023 to provide samples for the phase 5 metallurgical test program.

Highlights:

• Thirty-six variability composites from the phase 4B and 4C test programs were selected from large-diameter (PQ) drill core from Discovery zone, F zone, Tallman, M zone and C/D zone, representing a range of sample types across lithology and gold grade.
• Key results include:
  • 84.2-per-cent weighted average gold extraction from column leach tests for the 31 oxide composites;
  • Gold extractions ranged from 52.7 per cent to 94.2 per cent for the oxide composites;
  • Greater than 80 per cent of leachable gold extracted within 10 days.
• Metallurgical test work results on 149 composites and six bulk samples over five years are highly consistent, showing rapid leach kinetics, predictable grade-recovery and size-recovery relationships.
• Phase 5 composite selection and sample preparation are under way on an additional 25 variability composites from previously untested areas.

Jon Gilligan, president and chief operating officer for Liberty Gold, said: "The results of this latest phase of metallurgical column test work add key infill data to the gold recovery model at Black Pine. The consistency of results across all phases of test work is encouraging and demonstrates the predictable nature of gold recovery across this extensive Carlin-style oxide gold system. With more than 150 columns completed the test results provide a strong level of confidence for the proposed run-of-mine heap-leach processing approach."

Black Pine metallurgical test work

Liberty Gold has completed multiple phases of metallurgical testing at Black Pine including:

• Bulk sample column tests phase 1A2 (six-by-300-kilogram surface bulk samples):
  • 78.9-per-cent weighted average gold extraction, ranging up to 92.8 per cent.
• Variability composite column tests (149 composites from PQ drill core):
  • Phase 1B3 (29 composites):
    • 82.9-per-cent weighted average gold extraction, ranging up to 94.5 per cent;
  • Phase 24 (45 composites):
    • 80.8-per-cent weighted average gold extraction, ranging up to 94.8 per cent;
  • Phase 3 (15 low-grade composites):
  • • 65.2-per-cent weighted average gold extraction ranging up to 80.8 per cent (see press release dated Oct. 27, 2021);
  • Phase 4A (24 composites):
    • 86.9-per-cent weighted average gold extraction, ranging up to 95.8 per cent (see press release dated March 22, 2023);
  • Phase 4B and 4C (36 composites):
    • 84.2-per-cent weighted average gold extraction, ranging up to 94.2 per cent.

Phase 4B and 4C composites and the pending phase 5 variability test program filled gaps in the Black Pine resource metallurgical database. The phase 4B and 4C data have updated the metallurgical recovery equations supporting the deposit-wide gold recovery model. Phase 5 initial results are expected in Q2 2024 and will support the continuing prefeasibility engineering and economic study at Black Pine.

Phase 4B test results

Phase 4B focused on gap filling in Discovery zone, E pit, F zone, Tallman, I pit and M zone, sampling across rock types, gold grades and geo-metallurgical zones with 25 composites taken. Twenty of these composites represent typical oxide (database Au cyanide solubility greater than 65 per cent) material at Black Pine, while five additional composites were made up to test leach recoveries in lower gold solubility oxide materials (Au cyanide solubility between 25 per cent and 65 per cent).

Phase 4B column tests produced the following results:

• Oxide material produced a weighted average 86.1-per-cent gold extraction, with a range from 56.9 per cent to 94.2 per cent gold extraction.

Phase 4C test results

Phase 4C focused exclusively on the C/D pit area with 11 composites of oxide gold mineralization taken.

Phase 4C column tests produced the following results:

• A weighted average 73.4-per-cent gold extraction, with a range from 52.7 per cent to 89.8 per cent gold extraction.

Gold extraction was rapid, with greater than 80 per cent of the leachable gold extracted within the first 10 days of column leaching for both phases of testing.

Five composites of lower gold solubility oxide materials were also tested and are not included in these results.

Laboratory test program

Samples for phase 4B and 4C test work were obtained through drilling PQ core holes. Composites were selected through consideration of rock type, alteration and gold grade to achieve a wide range of geo-metallurgical types. Composites were assembled in Elko, Nev., by Liberty Gold staff, utilizing one-half or three-quarter sawed core, then shipped to Kappes, Cassiday and Associates in Reno, Nev., for metallurgical testing, comprising bottle rolls, column testing and geo-metallurgical characterization, including gold and silver assays, cyanide solubility, sulphur and carbon speciation, preg-robbing analysis, inductively coupled plasma geochemical assays, whole rock analysis, quantitative X-ray diffraction, load-permeability tests, and environmental chemistry.

Program details included:

• Direct leach (DL) and carbon-in-leach (CIL) coarse bottle roll tests (target of 80 per cent passing 10 mesh or 1.7-millimetre particle size).
• DL and CIL fine bottle roll tests (target of 80 per cent passing 200 mesh or 75-micron particle size).
• The DL samples were rolled/agitated in bottles in a one-gram-per-litre dilute sodium cyanide (NaCN) solution for 72 hours (for 200 mesh) or 144 hours (for 10 mesh).
• The CIL samples were rolled/agitated in bottles for 72 hours in a one g/l dilute NaCN solution, containing 20 g/l of activated carbon.
• Column composites were leached in 10.2 mm and 15.2 mm (four- and six-inch) diameter columns between 93 and 107 days and were leached with low strength (0,50 g/l) NaCN solution. Gold and silver were recovered from column leach pregnant solutions by passing it through a small (separate) column containing activated carbon.

Black Pine metallurgical drill core -- phase 5

Results for the final four core holes from the 2023 PQ drill program are summarized herein.

All metallurgical work at Black Pine has been supervised by Gary Simmons, MMSA, formerly the director of metallurgy and technology for Newmont Mining Corp. Mr. Simmons has managed or supervised many metallurgical testing programs on similar Carlin-style sedimentary rock-hosted deposits.

Qualified person

Peter Shabestari, PGeo, vice-president, 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. Liberty knows the Great basin and is driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios.

We seek Safe Harbor.