VANCOUVER, B.C. – 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, 2024. All amounts are presented in United States dollars unless otherwise stated.
FIRST QUARTER OF 2024 AND RECENT HIGHLIGHTS
On April 29, 2024, we announced a non-brokered private placement for C$9.5 million, and on April 30, 2024, announced that the private placement was upsized to C$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 of C$0.35 per Unit. Each Unit will consist of one common share of Liberty 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 of Liberty Gold at a price of C$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 the TV 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 follows[2]:
$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 on February 7, 2023[3], (the “Updated Resource”). The new Updated Resource[4] 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 results[5]:
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, and C/D Zone, representing a range of sample types across lithology and gold (“Au”) grade. see & read more on
https://libertygold.ca/news/news/66-2024-news/494-liberty-gold-reports-q1-2024-financial-and-operating-results.html |