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Phase 2 metallurgical drilling and column testing provided additional support for a simple heap leach mining scenario.  Gold extractions from 29 column tests from holes drilled in the western and northern portions of the deposit were rapid and >80% of the leachable gold was extracted within 10 days, with final column leach gold extractions ranging up to 95%. The Phase 2 metallurgical testing brings the total number of oxide column tests for the property to 49. Phase 3 metallurgy includes an additional 21 metallurgical samples that are currently in progress.

The 2018 and 2019 RC drill programs demonstrated that mineralization in the resource model is open to infill and extension. Preliminary work is currently underway to update the Goldstrike resource estimate, incorporating drill data from 2018-2022.

The 2022 RC drill program focused on infill drilling to upgrade Inferred blocks in the resource model to Indicated, and step-out drilling in areas that are still open for expansion.

Outlook

At Goldstrike, our 2023 budget totals $1.755 million, with our goal to advance metallurgical, geotechnical and hydrologic studies. An updated resource study will also be completed. The intent is to complete these key resource and engineering programs this year, in preparation for the commencement of a formal pre-feasibility study in 2024, followed by a mine plan of operations permit submission.

Liberty is closely monitoring the 2023 Utah State Legislative actions as they pertain to the proposed land exchange between the Utah State Institutional Lands Trust Administration (“SITLA”) and the Federal Government. This land exchange proposes to exchange up to 130,000 acres of SITLA lands within the current Bears Ears National Monument Boundary for federal lands (mostly BLM) throughout the State of Utah. The Goldstrike property would be included in this exchange, transferring ownership of mineral right from the BLM to the State. If this land exchange proceeds it would significantly improve permitting timelines as the State approval process is much more streamlined than the Federal NEPA process.

The 2023 budget includes funds for:

  • An extensive hydrology program including drilling two test wells in an effort to identify additional water resources near the mine area.
    • Completion of an agreement with the local water authority for a water lease and cooperative funding of the water study.
  • Completion of the on-going metallurgical testing.
    • Variability composites for 10 Sonic Drill samples from the historic leach pads and waste dumps.
    • Variability composites for 11 surface bulk samples taken from throughout the main deposit area.
  • Geotechnical data acquisition through completion of an updated structural model, additional rock strength testing and pit fracture mapping.

QUALIFIED PERSON

Peter Shabestari, P.Geo., 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 ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.

Cautionary Note Regarding Goldstrike PEA:
The Preliminary Economic Assessment at Goldstrike (“PEA”) is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves at this time, and as such there is no certainty that the preliminary assessment and economics set forth in the PEA will be realized. The authors of the Technical Report believe that Goldstrike should be taken to the next level of engineering study and economic assessment, typically a Pre-Feasibility Study. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Further information on the Goldstrike Project can be found in the NI 43-101 technical report entitled “Preliminary Economic Assessment and Independent Technical Report for the Goldstrike Project, Washington County, Utah USA”, effective February 8, 2018 and signed July 16, 2018 prepared by SRK Consulting (Canada) Inc., of Vancouver, British Columbia (“SRK”), Golder Associates Inc. of Reno, Nevada (“Golder”), Kappes Cassiday and Associates of Reno, Nevada (“Kappes”), Advantage Geoservices of Osoyoos, British Columbia and GL Simmons Consulting LLC of Larkspur, Colorado. Both of these documents are filed under Liberty Gold’s Issuer Profile on SEDAR at www.sedar.com