Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the
“Company”), is pleased to announce its financial and operating
results for the three months ended March 31, 2022. All amounts are
presented in United States dollars unless otherwise stated.
Q1 2022 and RECENT
HIGHLIGHTS:
-
On March 25, 2022, the Company closed a bought deal financing for
gross proceeds of C$30,000,300 (the “2022 Bought
Deal”)1. As at March 31, 2022, we have $33.9 million in
cash and $7.25 million in 2022 receivables to continue exploring
and de-risking our Black Pine and Goldstrike oxide gold projects in
the Great Basin, USA.
At Black Pine we:
- Continued to drill define the
Rangefront Focus Area (“RFA”) through Q1 2022. The
RFA now encompasses an area of approximately one square kilometre
(“km2”), and a high-grade core
zone has been defined over a substantial portion of this area. The
RFA remains open to the northwest, northeast and east. RFA drill
highlights include2:
- LBP554: 1.49 grams per tonne of
gold (“g/t Au”) over 54.9 metres
(“m”);
- LBP473: 1.95 g/t Au over 41.1 m,
including 4.43 g/t Au over 10.8 m;
- LBP514: 0.98 g/t Au over 85.3 m,
including 1.56 g/t Au over 27.4 m, and
- LBP506: 0.63 g/t Au over 94.5 m
including 3.66 g/t Au over 6.1 m.
- Expanded
near-surface mineralization in M Zone and completed 2021 Resource
Upgrade and step-out drilling at Discovery Zone3:
- M Zone: LBP564: 2.51 g/t Au over
15.2 m;
- M Zone: LBP542: 0.56 g/t Au over
53.3 m, and
- Discovery Zone: LBP407: 0.49 g/t Au
over 48.8 m, including 0.61 g/t Au over 35.1 m.
-
Secured access to future process water supply exceeding 2,300
acre-feet per annum and a strategic mineral rights lease from the
state of Idaho covering 2.6 km.4
At Goldstrike we:
- Confirmed the continuity of
high-grade gold mineralization across the Main Zone, which hosts
the largest portion of economic mineralization identified to date,
with results including 0.94 g/t Au over 59.4 m, including 1.30 g/t
Au over 16.8 m in PGS 798 and 0.64 g/t Au over 45.7 m, and 0.57 g/t
Au over 36.6 m in PGS 807 as well as 0.89 g/t Au over 30.5 m in PGS
8285.
SELECTED FINANCIAL DATA
The following selected financial data is derived
from our unaudited condensed interim consolidated financial
statements and related notes thereto (the “Interim Financial
Statements”) for the three months ended March 31, 2022, as prepared
in accordance with International Accounting Standards – IAS 34:
Interim Financial Statements.
A copy of the Interim Financial Statements is
available on the Company’s website at www.libertygold.ca or on
SEDAR at www.sedar.com.
The information in the tables below is presented
in $000s except per share data:
|
Three months ended March 31, |
|
|
|
|
2022 |
|
|
2021 |
|
Attributable to shareholders: |
|
|
|
|
Loss for the period |
|
|
$ |
(8,024 |
) |
$ |
(4,978 |
) |
Loss and comprehensive income for the period |
|
|
$ |
(7,673 |
) |
$ |
(4,708 |
) |
Basic and diluted loss per share |
|
|
$ |
(0.03 |
) |
$ |
(0.02 |
) |
|
|
|
As at March 31, |
|
|
As at December 31, |
|
|
|
2022 |
|
|
2021 |
|
Cash and short-term investments |
|
$ |
33,965 |
|
$ |
17,255 |
|
Working capital |
|
$ |
29,276 |
|
$ |
13,691 |
|
Total assets |
|
$ |
70,512 |
|
$ |
53,329 |
|
Current liabilities |
|
$ |
10,909 |
|
$ |
9,885 |
|
Non-current liabilities |
|
$ |
3,109 |
|
$ |
3,116 |
|
Shareholders’ equity |
|
$ |
49,056 |
|
$ |
32,800 |
|
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 Phone:
604-632-4677 or Toll Free 1-877-632-4677 info@libertygold.ca
All statements in this press release, other than
statements of historical fact, are "forward-looking information"
with respect to Liberty Gold within the meaning of applicable
securities laws, including statements that address potential
quantity and/or grade of minerals. Forward-looking information is
often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "planned", "expect",
"project", "predict", "potential", "targeting", "intends",
"believe", "potential", and similar expressions, or describes a
"goal", or variation of such words and phrases or state that
certain actions, events or results "may", "should", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made including, among
others, assumptions about future prices of gold, and other metal
prices, currency exchange rates and interest rates, favourable
operating conditions, political stability, obtaining governmental
approvals and financing on time, obtaining renewals for existing
licenses and permits and obtaining required licenses and permits,
labour stability, stability in market conditions, the receipt of
staged payments pursuant to the Halilağa Agreement or the Kinsley
Option Agreement, the impact from the pandemic of the novel
coronavirus (COVID-19), availability of equipment, timing or
results of the publication of any mineral resources, PEA or
pre-feasibility study, the availability of drill rigs, successful
resolution of disputes and anticipated costs and expenditures. Many
assumptions are based on factors and events that are not within the
control of Liberty Gold and there is no assurance they will prove
to be correct.
Such forward-looking information, involves known
and unknown risks, which may cause the actual results to be
materially different from any future results expressed or implied
by such forward-looking information, including, risks related to
the interpretation of results and/or the reliance on technical
information provided by third parties as related to the Company’s
mineral property interests; changes in project parameters as plans
continue to be refined; current economic conditions; future prices
of commodities; possible variations in grade or recovery rates; the
costs and timing of the development of new deposits; failure of
equipment or processes to operate as anticipated; the failure of
contracted parties to perform; the timing and success of
exploration activities generally; the timing or results of the
publication of any mineral resources ,PEAs or pre-feasibility
studies; delays in permitting; possible claims against the Company;
labour disputes and other risks of the mining industry, including
impacts from the pandemic of the novel coronavirus (COVID-19); the
receipt of staged payments pursuant to the Halilağa Agreement or
the Kinsley Option Agreement, delays in obtaining governmental
approvals, financing or in the completion of exploration as well as
those factors discussed in the Annual Information Form of the
Company dated March 25, 2022, in the section entitled "Risk
Factors", under Liberty Gold’s SEDAR profile
at www.sedar.com.
Although Liberty Gold has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate as actual results and future events could
differ materially from those anticipated in such statements.
Liberty Gold disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise unless required by law.
Note to United States Investors
Concerning Estimates of Measured, Indicated and Inferred
Resources
The information in this news release, including
any information incorporated by reference, and disclosure documents
of Liberty Gold that are filed with Canadian securities regulatory
authorities concerning mineral properties have been prepared in
accordance with the requirements of securities laws in effect in
Canada, which differ from the requirements of United States
securities laws.
Without limiting the foregoing, these documents
use the terms “measured resources”, “indicated resources”,
“inferred resources” and “probable mineral reserves”. Shareholders
in the United States are advised that, while such terms are defined
in and required by Canadian securities laws, the United States
Securities and Exchange Commission (the “SEC”) does not recognize
them. Under United States standards, mineralization may not be
classified as a reserve unless the determination has been made that
the mineralization could be economically and legally produced or
extracted at the time the reserve determination is made. United
States investors are cautioned not to assume that all or any part
of measured or indicated resources will ever be converted into
reserves. Further, inferred resources have a great amount of
uncertainty as to their existence and as to whether they can be
mined legally or economically. It cannot be assumed that all or any
part of the inferred resources will ever be upgraded to a higher
resource category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility,
pre-feasibility or other technical reports or studies, except in
rare cases. Therefore, United States investors are also cautioned
not to assume that all or any part of the inferred resources exist,
or that they can be mined legally or economically. Disclosure of
contained ounces is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to
report resources as in place tonnage and grade without reference to
unit measures. Accordingly, information concerning descriptions of
mineralization and resources contained in these documents may not
be comparable to information made public by United States companies
subject to the reporting and disclosure requirements of the
SEC.
1 See press release dated March 25, 20222 See press release
dated January 18, 2022, February 23, 2022, and April 12, 20223 See
press release dated April 20, 20224 See press release dated
February 10, 20225 See press release dated January 11, 2022, and
February 15, 2022.
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