FIRST QUARTER OF 2024 AND RECENT HIGHLIGHTS
- On
April 29, 2024 , we announced a non-brokered private placement forC$9.5 million , and onApril 30, 2024 , announced that the private placement was upsized toC$12.5 million 1 (the “Private Placement”). The Private Placement will consist of the issuance of up to 35,715,362 units of the Company (the “Units”) at an issue price ofC$0.35 per Unit. Each Unit will consist of one common share ofLiberty Gold (each, a “Common Share”) and 1/2 of a Common Share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one common share ofLiberty Gold at a price ofC$0.45 for a period of 24 months following completion of the Offering. - On
April 17, 2024 , we announced the signing of a definitive agreement to sell theTV Tower Project in Türkiye (“TV Tower”), for$11.5 Million on a 100% Basis. The Corporation’s 72.1% share of the$11.5 million in gross proceeds ($8.3 million ) will be paid in three stages as follows2:$3.6 million on the closing date.$2.2 million on the first anniversary of the closing date.$2.5 million on the second anniversary of the closing date.
At the Black Pine project (“Black Pine”),
- On
February 15, 2024 , we announced an update to the independent mineral resource that was originally published onFebruary 7, 2023 3, (the “Updated Resource”). The new Updated Resource4 is reported using a$1,800 /ounce constraining resource pit at a cut-off grade (“COG”) of 0.20 grams per tonne gold (“g/t Au”) and consists of:- An indicated resource of 3,206,000 ounces (“oz”) of oxide gold at an average grade of 0.49 g/t Au and totalling 203.8 million tonnes (“Mt”); and
- An inferred resource of 325,000 oz of oxide gold at an average grade of 0.42 g/t Au and totalling 24.1 Mt.
A high-grade subset of the Updated Resource contained within the 0.2 g/t Au resource pit, applying a COG of 0.5 g/t Au and consists of: - Indicated resources of 1,765,000 oz Au at an average grade of 1.01 g/t Au and totalling 54.2 Mt; and
- Inferred resources of 143,000 oz Au at an average grade of 0.91 g/t Au and totalling 4.9 Mt.
- On
March 14, 2024 , we reported Phase 4 metallurgical column leaching results5:- 36 variability composites from the Phase 4B and 4C test programs were selected from large-diameter (“PQ”) drill core from
Discovery Zone ,F Zone , Tallman,M Zone , andC/D Zone , representing a range of sample types across lithology and gold (“Au”) grade. - Key results include:
- 84.2% weighted average gold extraction6 from column leach tests for the 31 oxide composites.
- Gold extractions ranged from 52.7% to 94.2% for the oxide composites.
- >80% of leachable gold extracted within 10 days.
- 36 variability composites from the Phase 4B and 4C test programs were selected from large-diameter (“PQ”) drill core from
- Reported core drill results from our 2023 core drill program:
Back Range - Drill holes LBP956C and LBP968C were the second and third best holes drilled to date at theBack Range Zone on a grams per tonne (“g/t”) x meter (“m”) basis and intersected strong grades of oxide gold mineralization, with the cyanide soluble assays showing an average of 74% and 87% recovery respectively. These drill results come from a highly deformed, strongly decalcified package of structurally thickened middle plate siltstones. Drill hole LBP969C was drilled for metallurgical testing purposes and hit as-expected results7.J Zone – The first ever core hole drilled inJ Zone , LBP1010C, was planned to add metallurgical data for this area and hit a thicker intercept than expected at 0.63 g/t Au over 46.3 m beginning at 6.2 m depth. Initial cyanide solubility data indicate this hole is oxide with recoveries similar to other areas already tested at Black Pine.J Zone is a sparsely drilled resource area that has significant growth potential to the north, east and west8.- Tallman – One vertical hole was drilled in this large, near surface resource area to confirm other nearby metallurgical results and hit better than expected grades and widths of 0.51 g/t Au over 58.4 m and 0.85 g/t Au over 22.7 m including 1.83 g/t Au over 5.1 m. Overall this zone represents a near surface, 81.1 m thick interval with cyanide solubility data indicating this zone will also have high recoveries similar to other areas at Black Pine8.
F Zone –F Zone is a higher grade, near surface zone of mineralization extending 700 meters south from the mainDiscovery Zone toward theCD Pit area. The core hole drilled here returned 0.74 g/t Au over 40.3 m starting from surface, which is a slightly better intercept than a nearby Reverse Circulation hole (LBP660 ). Additional drilling in 2024 will be targeting infill and extensions to this zone8.
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
A copy of the Interim Financial Statements is available on the Company’s website at libertygold.ca or on SEDAR+ at www.sedarplus.ca.
The information in the tables below is presented in $’000s, except ‘per share’ data:
Three months ended | ||||||
2024 | 2023 | |||||
Attributable to shareholders for continuing operations: | ||||||
Loss for the period | $ | (3,063 | ) | $ | (4,694 | ) |
Loss and comprehensive loss for the period | $ | (3,362 | ) | $ | (4,787 | ) |
Basic and diluted loss per share | $ | (0.01 | ) | $ | (0.02 | ) |
As at | As at | |||
2024 | 2023 | |||
Cash and short-term investments | $ | 7,014 | $ | 9,082 |
Working capital | $ | 15,149 | $ | 7,648 |
Total assets | $ | 33,042 | $ | 35,337 |
Current liabilities | $ | 5,165 | $ | 1,750 |
Non-current liabilities | $ | 34 | $ | 3,180 |
Shareholders’ equity | $ | 25,121 | $ | 27,636 |
ABOUT
For more information, visit libertygold.ca or contact:
Phone: 604-632-4677 or Toll Free 1-877-632-4677
info@libertygold.ca
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements or information concerning, future financial or operating performance of
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, availability of equipment, timing or results of the publication of any mineral resources, or pre-feasibility study, the availability of drill rigs, the closing of the sale of TV Tower the closing of the private placement, successful resolution of disputes and anticipated costs and expenditures. Many assumptions are based on factors and events that are not within the control of
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, pre-feasibility studies; delays in permitting; possible claims against the Company; labour disputes and other risks of the mining industry;delays in obtaining governmental approvals, financing, sale of TV Tower or in the completion of exploration as well as those factors discussed in the Annual Information Form of the Company dated March 28, 2024, in the section entitled "Risk Factors", under Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.
Although
Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources
The information in this MD&A, including any information incorporated by reference, and disclosure documents of
Without limiting the foregoing, these documents use the terms “measured resources”, “indicated resources”, “inferred resources” and “probable mineral reserves”. These terms are Canadian mining terms as defined in, and required to be disclosed in accordance with, NI 43-101, which references the guidelines set out in the
1 See press releases dated
2 See press release dated
3 See press releases dated
4 See press release dated
5 See press release dated
6 Weighted average gold extraction is obtained using the following equation: (composite head grade (grams/tonnes) multiplied by extraction (%) for all head grades)/sum of all head grades for composites defined as “Oxide” mineralization having a cyanide gold solubility greater than 65%. Using arithmetic averages tends to over-represent low grade composites and under-represent high grade composites. The arithmetic extraction average of the 36 column tests is 74.1%.
7 See press release dated
8 See press release dated
Source:
2024 GlobeNewswire, Inc., source