Newcastle have made huge improvements since the arrival of Rafa Benitez last month.
Colback told the club's official website how Saturday's game is a must win.
"It's a massive game for us, and one we've got to win really," he said. "We've given ourselves a chance now, but we've still got a lot of work to do to make sure we stay in this league."
The Tynesiders produced a fantastic second half display on Saturday and battled back from two goals down to earn a point against Liverpool, and they now find themselves just a single point adrift of Norwich City and Sunderland above them in the table.
The Magpies played one more game than their relegation rivals, however, so anything other than a win on Saturday will be met with huge disappointment from the fans and players alike.
Colback spoke of the resilience his side possess, and believes it will be a crucial factor in the run-in.
"Players aren't giving up," he said. "We've been guilty of dropping our heads previously and not carrying on with the game-plan."
The former Sunderland man has appeared in 26 Premier League games for Newcastle this season, scoring only one goal, and he explained how Benitez has been encouraging him to get forward as much as he can:
"At the start of the season, I've been more defensive really, I've done that role more. Since I've been back in the middle, the manager's wanted me to get forward more."
Newcastle fans will be hoping that Colback's equaliser against Liverpool will give the team the confidence boost they need as they head into their vital final three games.