Liberty Gold Announces new BLM Plan of Operations, USFS Notice of Intent and the Purchase of Private Mineral Rights at its Black Pine Oxide Gold Project, Idaho

New Actions Will Allow for Expanded Exploratory and Condemnation Drilling to the North and East of Existing Permits

VANCOUVER, B.C. – Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the “Company”) is pleased to announce that through two recently approved regulatory actions and a completed mineral rights acquisition, it has effectively doubled the permitted area of operations for exploration, discovery and development at its Black Pine Oxide Gold Project, Idaho, USA. Drilling in these areas is expected to commence in the fourth quarter of 2022.

On September 7, 2022, the Company received a positive Record of Decision (“ROD”) from the Bureau of Land Management (”BLM”) on a new Plan of Operations (“PoO”), which opens up the entire eastern margin of the Black Pine oxide gold system (Rangefront and M Zones) to mineral exploration.
This approval is additional to the existing PoO issued by the United States Forest Service (“USFS”) for current exploration activities at Black Pine over a surface area of 12.4 square kilometres (“km2”), adding 11.9 km2, for a combined surface area of permitted operations at Black Pine of 24.3 km2.
On July 13, 2022, the Company received an approved Notice of Intent (“NOI”) from the USFS permitting a drill site on the high priority regional Gully Target, located approximately 2 kilometres north of the current area of operations.
On August 23, 2022, the Company completed the acquisition of a controlling interest in certain private mineral rights held over BLM surface lands, contiguous with the eastern margin of the existing project boundary, opening a significant area for exploration and importantly, a potential future mine and processing infrastructure location.
Moira Smith, Vice President, Exploration and Geoscience stated, “The exploration team is excited to receive a major increase in the permitted area of operations to access and expand on several new and existing target areas at our Black Pine Project. The Section 36 area to the east of Rangefront is highly prospective and we will commence drilling in this area in the very near future. The NOI issued by the USFS for the Gully Target is a significant event for us, as it allows us to conduct a quick, low-impact drill evaluation of a high-value remote target that will potentially expand the size of the Black Pine gold system. The next anticipated extension of the current Plan of Operations, currently under internal review, will similarly open key areas of the property to drilling, allowing us to test new targets and link them into the known gold system at Black Pine.”

Jon Gilligan, Chief Operating Officer stated, “Securing a controlling interest in the private mineral rights over the split-estate block to the east of our current project area is a key step forward in de-risking the project. This opens the potential not only to explore that area, but also to plan for future major surface infrastructure. We have already secured the water supply that we need and now we have access to the real estate that we need to design, permit and ultimately build, a major new oxide heap leach gold mine in the Great Basin.”

BLACK PINE LOCATION MAP

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PLAN OF OPERATIONS

The PoO process with the BLM was completed in a timely manner resulting from close collaboration with agency and our consultants during the Environmental Assessment preparation, combined with a notable lack of material environmental issues to be addressed at the site.
Extends the footprint 11.9 km2 to the east along the eastern margin of the deposit, bringing the total area of approved operations under USFS and BLM PoOs to 24.3 km2.
Grants exploration access onto Section 36 to drill the north-easterly extension of the Rangefront discovery.
Permits condemnation and exploratory drilling over a large area to the east of the Black Pine oxide gold system, which is targeted as a potential location for future mine & processing infrastructure.
The Company is now preparing a request for a further expansion of the USFS PoO, to permit access to additional high priority exploration targets to the south, west and north of the current area of operations.
GULLY TARGET

The Gully Target is a key strategic ‘regional’ exploration target consisting of an area of predicted thin Upper Plate cover rocks with underlying permissive Middle Plate carbonate rocks that can potentially host an expansion of the Black Pine gold system to the north.
Gold mineralization discovered in this area would potentially extend the footprint of the Black Pine gold mineralizing system by several square kilometres.
CONTROLLING INTEREST IN ADDITIONAL MINERAL RIGHTS

The Company has purchased a controlling interest in a 462.4 hectare block of private mineral rights adjoining the Company’s Idaho State mineral rights holdings to the west (Section 36), where the surface rights are held by the BLM.
This allows the Company to explore the potential easterly extension of the oxide gold mineralization in the Rangefront Zone and critically provides the potential for the location of future mining and processing infrastructure.
An exploration drilling program proposed along the western edge of this area was approved in the PoO received from the BLM, as per this release.
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 Mines’ 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, with an average head grade of 0.63 grams per tonne of gold (“g/t Au”).

A mineral resource estimate containing an indicated mineral resource of 1,715,000 ounces of gold at an average grade of 0.51 g/t Au and totalling 105,075,000 tonnes; and an inferred mineral resource of 370,000 ounces of gold at an average grade of 0.37 g/t Au and totalling 31,211,000 tonnes was released on July 13, 2021, with the resource technical report filed on SEDAR on August 19, 2021, and available on the Liberty Gold website.

A virtual site tour and 3D model of Black Pine property, including details about the geology and mineralization, is available on the Company’s website: libertygold.ca

QUALIFIED PERSON

Moira Smith, Ph.D., P.Geo., Vice-President Exploration and Geoscience, 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 ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

ABOUT LIBERTY GOLD

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. We know the Great Basin and are driven to discover and advance big gold deposits that can be mined profitably in open-pit scenarios. Our flagship projects are Black Pine in Idaho and Goldstrike in Utah, both past-producing open-pit mines, where previous operators only scratched the surface.

For more information, visit libertygold.ca or contact:

Susie Bell, Manager, Investor Relations