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 fiscal year ended December 31, 2024. All amounts are presented in United States dollars unless otherwise stated.
FOURTH QUARTER OF 2024 AND RECENT HIGHLIGHTS
On October 7, 2024, we announced the close of the sale of the TV Tower project in northwest Türkiye, through the sale of our 73.7% owned subsidiary Orta Truva Madencilik ?anayi ve Ticaret? to a major Turkish mining and construction company. The first of three staged consideration payments of $3.7 million was received on October 4, 2024. Our share of the remainder of the gross proceeds will be paid in two further stages as follows[1]:
$2.2 million on October 4, 2025; and
$2.6 million on October 4, 2026.
On October 24, 2024, we published our 2023 Environmental, Social and Governance disclosure update[2].
At the Black Pine project in Idaho (“Black Pine”),
On October 10, 2024[3], we announced the results of a Black Pine preliminary feasibility study (“Black Pine PFS”), demonstrating the commercial viability of an open pit, run-of-mine heap leach operation with a one-year construction period.
As part of the Black Pine PFS, a first-time mineral reserve for Black Pine was released, and the mineral resource previously published on February 15, 2024[4], was updated.
On December 4, 2024[5], we announced assay results from Rangefront exploration drilling, significantly expanding the footprint of the mineralized zone; highlights include:
1.44 grams per tonne of gold (“g/t Au”) over 30.5 meters (“m”) including 3.25 g/t Au over 9.1 m; and
0.61 g/t Au over 77.7 m including 2.15 g/t Au over 4.6 m.
On February 6, 2025[6], we announced results from step-out and infill drilling, successfully expanding the deposit footprints at Rangefront, M Zone and CD Pit, with mineralization remaining open to extension in all three areas; highlights include:
15.2 m of 5.51 g/t Au including 9.1 m of 7.88 g/t Au in LBP1048;
a shallow oxide intercept of 24.4 m of 0.96 g/t Au including 6.1 m of 1.94 g/t Au starting at 76.2 m downhole in LBP1078;
LBP1061 returning 21.3 m of 0.54 g/t Au starting at 61 m downhole;
24.4 m of 0.50 g/t Au starting at 109 m downhole in LBP1075; and
LBP1076 which returned 19.8 m of 0.62 g/t Au.
At the Goldstrike project in Utah (“Goldstrike”) [7],
We announced results from field sampling at the Antimony Ridge target area on November 18, 2024[8], significantly increasing the size and grade of the known antimony mineralized zone at Goldstrike, with new sampling returning values of up to 5.7%, 57,000 parts per million (“ppm”), antimony (“Sb”) and 3.94 g/t Au.
On February 11, 2025[9], we announced the intention to spin-out Goldstrike and the adjacent Antimony Ridge discovery into a separate corporate entity, accompanied by the recent discovery of a new +400 m long, third zone of coarse-grained, high-grade antimony oxide mineralisation, 1,500 m west of the previously identified high-grade mineralization.
We have made significant progress during the first quarter of 2025 with the proposed spin out. This includes the commencement of an update to the Goldstrike resource, the engagement of an independent valuator, the identification of several prospective candidates for management and directors of the spin-out company and drafting of the required legal documents. We expect further details to be available in due course, with the transaction expected to complete in the third quarter of 2025.
[1] See news releases dated October 7, 2024 and April 17, 2024.
[2] See news release dated October 24, 2024.
[3] See news release dated October 10, 2024.
[4] See news release dated February 15, 2024.
[5] See news release dated December 4, 2024
[6] See news release dated February 6, 2025
[7] See news release dated September 5, 2024.
[8] See news release dated November 18, 2024
[9] See news release dated February 11, 2025
SELECTED FINANCIAL DATA
The following selected financial data is derived from our Annual Financial Statements and related notes thereto (the “Annual Financial Statements”) for the year ended December 31, 2024, as prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.
A copy of the Annual 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: see & read more on
https://libertygold.ca/news/news/67-2025-news/529-liberty-gold-reports-year-end-2024-financial-and-operating-results.html |
