Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the
“Company”) is pleased to announce its financial and operating
results for the nine months ended September 30, 2021. All amounts
are presented in United States dollars unless otherwise stated.
Liberty Gold is focused on advancing the Black
Pine and Goldstrike Carlin-Style oxide gold heap leach projects in
the Great Basin, USA.
HIGHLIGHTS:
- At Black Pine we announced the new
D-4 Discovery at Rangefront including 0.91 grams per tonne of gold
(“g/t Au”) over 86.9 metres (“m”) and 2.03 g/t Au over 21.3m at
LBP356, and 1.23 g/t Au over 24.4 m and 1.37 g/t Au over 50.3 m at
LBP358. Four drill rigs are currently on site and with a focus to
continue aggressively drilling the Rangefront D-4 Discovery area
and complete infill drilling in the Discovery Zone.1
- Results released
to-date from the 2021 drill program at Black Pine extended known
gold mineralization in the Discovery Zone to the east and west and
the E Zone to the west and north.2
- On October 27, 2021,
we released the results from the Phase 3 metallurgical program at
Black Pine, which confirmed that high and rapid gold extraction,
combined with relative insensitivity to crush size support
Run-of-Mine (“ROM”) heap leach processing.
- At Black Pine we
announced the first modern mineral resource estimate (the “Mineral
Resource”):3
- An indicated mineral
resource of 1,715,000 ounces of gold at an average grade of 0.51
g/t Au and totaling 105,075,000 tonnes; and
-
An inferred mineral resource of 370,000 ounces of gold at an
average grade of 0.37 g/t Au and totaling 31,211,000 tonnes.
- A high-grade subset
of the Mineral Resource using a cut-off grade of 0.5 g/t Au
consists of:
- An indicated mineral
resource of 1,020,000 ounces of gold at an average grade of 1.04
g/t Au and totaling 30,520,000 tonnes; and
-
An inferred mineral resource of 134,000 ounces of gold at an
average grade of 0.94 g/t Au and totaling 4,440,000 tonnes.
- From January 1, 2021, to the date
of this MD&A, the Company received a total of C$12,626,850 from
the exercise of 21,044,750 common share purchase warrants
(“Warrants”), issued pursuant to the bought deal
financing that closed on October 2, 2018; the Warrants were each
exercisable for C$0.60 and expired on October 2, 2021. Of the
warrant proceeds, C$7,345,800 was received subsequent to September
30, 2021, and is not included in our consolidated cash and
short-term investments at the period end. Liberty Gold has no
additional Warrants outstanding as of the date of this
MD&A.
- We announced two
batches of drill results from our 15,000 m RC drill program at
Goldstrike with a goal to convert inferred gold ounces to
indicated. Results included 3.60 g/t Au over 15.2m including 7.75
g/t Au over 6.1m in PGS754 and 0.81 g/t Au over 61.0 m, including
1.48 g/t Au over 15.2 m in PGS773. 4
- On August 12, 2021,
we received the second of three staged payments of $6.00 million on
the sale of the Halilağa copper gold deposit in Turkey. A further
$6.00 million is expected to be received on August 11, 2022.5
Moira Smith, Ph.D., P.Geo., Vice-President
Exploration and Geoscience, Liberty Gold, is the Company's
designated Qualified Person for this news release within the
meaning of National Instrument 43-101 Standards of Disclosure for
Mineral Projects ("NI 43-101") and has reviewed and validated that
the information contained in the release is accurate.
SELECTED FINANCIAL DATA
The following selected financial data is derived
from our unaudited condensed interim financial statements and
related notes thereto (the “Interim Financial Statements”) for the
three and nine months ended September 30, 2021 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 September 30, |
|
Nine months ended September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Attributable to shareholders: |
|
|
|
|
Income (loss) for the period |
$ |
(7,251 |
) |
$ |
12,866 |
|
$ |
(19,006 |
) |
$ |
10,705 |
|
Income (loss) and comprehensive income (loss) for the period |
$ |
(8,036 |
) |
$ |
13,386 |
|
$ |
(18,989 |
) |
$ |
10,527 |
|
Basic and diluted gain (loss) per share |
$ |
(0.03 |
) |
$ |
0.05 |
|
$ |
(0.07 |
) |
$ |
0.04 |
|
|
As at September 30, |
|
As at December 31, |
|
|
2021 |
|
|
2020 |
|
Cash and short-term investments |
$ |
17,576 |
|
$ |
16,832 |
|
Working capital |
$ |
17,437 |
|
$ |
17,977 |
|
Total assets |
$ |
52,860 |
|
$ |
60,394 |
|
Current liabilities |
$ |
6,818 |
|
$ |
6,007 |
|
Non-current liabilities |
$ |
2,615 |
|
$ |
2,137 |
|
Shareholders’ equity |
$ |
35,621 |
|
$ |
44,176 |
|
ABOUT LIBERTY GOLD
Liberty Gold is focused on exploring 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 Sale Agreement or the
Kinsley Purchase 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 or PEA, 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 or PEAs; 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 Sale Agreement or the Kinsley Purchase
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 26, 2021 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 September 1, 20212 See press release
dated October 7, 20213 See press release dated July 13, 20214 See
press release dated September 8, 2021 and October 20, 20215 See
press release dated August 12, 2020.
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