Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the
“Company”), is pleased to announce its financial and operating
results for the six months ended June 30, 2022. All amounts are
presented in United States dollars unless otherwise stated.
Q2 2022 and RECENT
HIGHLIGHTS:
- On August 11, 2022, the Company
received the final of three staged payments of $6.00 million on the
sale of the Halilağa copper gold deposit in Turkey1.
- On May 18, 2022, the Company
received the final $2.50 million option payment for Kinsley,
consisting of $1.25 million in cash and $1.25 million in shares of
CopAur Minerals Inc. (“CopAur”). Liberty Gold has retained a 1% net
smelter royalty on the project.
- On June 22, 2022, the Company
received the 2022 Environmental Excellence Award from the State of
Utah, Department of Natural Resources, Division of Oil, Gas and
Mining. The award acknowledges the Company’s innovative use of GIS,
LIDAR and other technology in successful, ongoing reclamation at
its Goldstrike Oxide Gold Property in southwestern Utah2.
- On March 25, 2022, the Company
closed a bought deal financing for gross proceeds of
C$30,000,3003.
At the Black Pine Project we:
- Drilled a large-diameter (“PQ”)
core hole LBP511CA in the vicinity of the original “D-4” discovery
in the Rangefront Focus Area (“RFA”), which returned 1.38 grams per
tonne gold (“g/t Au”) over 100.4 meters (“m”).
- Released reverse circulation drill
results from the RFA, which now encompasses an area of
approximately one square kilometre, containing a high-grade gold
mineralized core zone which has been defined over significant
portion of the discovery area. It remains open to the northwest,
northeast and east, including along the entire northern edge of the
drilled area, a distance of over 1 kilometer. RFA drill highlights
include4:
- LBP568: 68.6 m grading 0.39 g/t Au
and 35.1 m grading 1.13 g/t Au
- LBP569: 19.8 m grading 0.43 g/t Au
(from 7 m down-hole) and 25.9 m grading 0.45 g/t Au and 30.5 m
grading 0.49 g/t Au
- LBP577: 65.5 m grading 0.30 g/t Au
(open to the north)
- LBP578: 71.6 m grading 0.43 g/t Au
(open to the north)
- Released results from 14 PQ core
holes for further metallurgical testing, with excellent results,
including6:
- 3.98 g/t Au over 25.3 m including
8.55 g/t Au over 9.6 m in LBP499C in North Tallman
- 4.80 g/t Au over 21.2 m including
11.0 g/t Au over 7.5 m in LBP508C in F Zone
- 1.09 g/t Au over 29.1 m in LBP530C
in M Zone
- Drilled RC holes in several
targets, including a western extension of the CD Zone, a new target
south of the CD Zone, and various waste rock dumps and pit backfill
areas. Drilling resumed in the M, E, F and RFA Zones in July,
targeting near surface oxide gold targets.
- Accelerated the Black Pine process
water acquisition program.
At the Goldstrike Project we:
- Published results from sonic
drilling in the historic heap leach pad and adjacent backfill areas
where all 23 holes returned at least 15 m true thickness at grades
in excess of the reporting cut-off of 0.15 g/t Au. A number of
holes in the thicker portions of the pads returned up to 44 m of
continuous mineralization indicating substantial volumes of
unleached or partially leached material remain in the historic
leach pads. Highlights include 1.02 g/t Au over
25.9 m from surface, including 2.17 g/t Au over 9.1 m in
PGS8915.
- Commenced host rock geochemical
characterisation studies for the Goldstrike mine host rock
sequence.
- Completed metallurgical bulk
sampling with 11 bulk samples (600-700kg each) taken across the
various mineralized units exposed at the surface in historic open
pits. These and composites from the sonic drilling program were
sent to Kappes Cassiday Associates in Reno, NV for column
testing.
- Completed Phase 3 PQ metallurgical
core drilling, with 11 holes completed. Assays are pending for all
holes.
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 six months ended June 30, 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 endedJune 30, |
|
Six months endedJune 30, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Attributable to shareholders: |
|
|
|
|
Loss for the period |
$ |
(161 |
) |
|
$ |
(6,777 |
) |
|
$ |
(8,185 |
) |
|
$ |
(11,755 |
) |
Loss and comprehensive income (loss) for the period |
$ |
(1,234 |
) |
|
$ |
(6,245 |
) |
|
$ |
(8,907 |
) |
|
$ |
(10,952 |
) |
Basic and diluted loss per share |
$ |
(0.00 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, |
As at December 31, |
|
2022 |
|
|
2021 |
Cash and short-term investments |
$ |
26,540 |
|
$ |
17,255 |
Working capital |
$ |
30,288 |
|
$ |
13,691 |
Total assets |
$ |
61,382 |
|
$ |
53,329 |
Current liabilities |
$ |
2,775 |
|
$ |
9,885 |
Non-current liabilities |
$ |
2,914 |
|
$ |
3,116 |
Shareholders’ equity |
$ |
51,504 |
|
$ |
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 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
August 12, 2020. Press releases are available on www.
Libertygold.ca and under Liberty Gold’s SEDAR profile at
www.sedar.com.2 See press release dated June 27, 20223 See press
release dated March 25, 20224 See press release dated January 18,
2022, February 23, 2022, and April 12, 20225 See press release
dated August 9, 2022
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