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, 2023. All amounts are
presented in United States dollars unless otherwise stated.
FIRST QUARTER OF 2023 AND RECENT HIGHLIGHTS
At the Black Pine project (“Black Pine”),
we:
- Reported weighted
average 86.9% gold extraction1 from 24 metallurgical column leach
tests on Rangefront Zone oxide gold mineralization, showing that
the Rangefront Zone comprises the most leach-amenable oxide
material at Black Pine. Key results include2:
- Gold extractions ranging from 54.1%
to 95.8%.
- >80% of leachable gold extracted
within 10 days.
- Announced an update
to the independent mineral resource (the “Black Pine
Resource”). The new Black Pine Resource3 is reported using
a constraining resource pit at a cut-off grade of 0.20 grams per
tonne (“g/t”) gold (“Au”) and
consists of:
- An indicated
resource of 2,613,000 ounces of oxide gold at an average grade of
0.52 g/t Au and totalling 157,267,000 tonnes
(“t”); and
- An inferred resource of 483,000
ounces of oxide gold at an average grade of 0.43 g/t Au and
totalling 35,150,000 t.
- Published reverse
circulation (“RC”) exploration drill results from
other areas including:
Rangefront
Area:
- 2.13 g/t Au over 18.3 metres
(“m”) including 10.3 g/t Au over 1.5 m in
LBP7934;
- 1.19 g/t Au over 33.5 m including
3.33 g/t Au over 4.6 m in LBP8094;
- 0.72 g/t Au over 35.1 m, including
1.83 g/t Au over 6.1 m and 0.89 g/t Au over 22.9 m in LBP8616;
- 0.86 g/t Au over 25.9 m, including
2.26 g/t Au over 6.1 m in LBP8006;
- 0.71 g/t Au over 18.3 m starting
from 16.8 m downhole, including 1.45 g/t Au over 6.1 m in
LBP8726.
M Zone:
- 7.07 grams g/t Au over 18.3 m
including 11.92 g/t Au over 10.7 m and including 46.7 g/t Au over
1.5 m in LBP8135;
- 2.83 g/t Au over 25.9 m, including
7.88 g/t Au over 3.0 m in LBP8496;
- 2.13 g/t Au over 21.3 m, including
8.67 g/t Au over 4.6 m in LBP8646.
- 1.17 g/t Au over 47.2 m from 54.9 m
including 2.23 g/t Au over 15.2 m in LBP7365; and
- 0.93 g/t Au over 38.1 m from 86.9 m
including 2.35 g/t Au over 6.1 m in LBP8235;
Back Range5:
- 3.10 g/t Au over 27.4 m from 50.3 m
including 4.33 g/t Au over 18.3 m in LBP796;
- 1.36 g/t Au over 15.2 m from 120.4
m including 3.79 g/t Au over 3.0 m in LBP774; and
- 0.78 g/t Au over 115.8 m from 15.2
m including 1.29 g/t Au over 25.9 m in LBP782.
- Continued column
leach testing on 25 drill core (variability) composites distributed
across the Black Pine mineralized areas and submitted a further 12
drill core composites from the CD Zone for metallurgical column
testing7.
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 March 31, 2023, 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 March 31, |
|
2023 |
2022 |
Attributable to shareholders: |
|
|
Loss for the period |
$ |
(4,843 |
) |
$ |
(8,024 |
) |
Loss and comprehensive loss for the period |
$ |
(4,936 |
) |
$ |
(7,673 |
) |
Basic and diluted loss per share |
$ |
(0.02 |
) |
$ |
(0.03 |
) |
|
As at March 31, |
As at December 31, |
2023 |
2022 |
Cash and short-term investments |
$ |
15,822 |
$ |
19,813 |
Working capital |
$ |
13,318 |
$ |
17,668 |
Total assets |
$ |
44,284 |
$ |
47,954 |
Current liabilities |
$ |
2,826 |
$ |
2,543 |
Non-current liabilities |
$ |
2,786 |
$ |
2,812 |
Shareholders’ equity |
$ |
35,089 |
$ |
38,949 |
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
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 Liberty
Gold and its business, operations, properties and condition;
planned de-risking activities at Liberty Gold’s mineral properties;
the potential quantity, recoverability and/or grade of minerals;
the potential size of a mineralized zone or potential expansion of
mineralization; proposed exploration and development of Liberty
Gold’s exploration property interests; the results of mineral
resource estimates and timing of preliminary economic assessments
(“PEAs”) or pre-feasibility studies; sufficiency of funds to meet
exploration expenditure commitments through to the end of 2023; and
the Company’s anticipated expenditures.
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, 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; 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, 2023, 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”. 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 Canadian Institute of Mining, Metallurgy
and Petroleum (the “CIM”) – CIM Definition
Standards on Mineral Resources and Reserves (“CIM
Definition Standards”), adopted by the CIM Council, as
amended. However, these standards differ significantly from the
mineral property disclosure requirements of the United States
Securities and Exchange Commission (the “SEC”) in
Regulation S-K Subpart 1300 (the “SEC Modernization
Rules”) under the United States Securities Act of 1934, as
amended. The Company does not file reports with the SEC and is not
required to provide disclosure on its mineral properties under the
SEC Modernization Rules and will continue to provide disclosure
under NI 43-101 and the CIM Definition Standards.
1 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. Using arithmetic averages tends to over-represent low grade
composites and under-represent high grade composites. The
arithmetic extraction average of the 24 column tests is 76%.2 See
press release dated March 22, 2023.3 See press releases dated
February 7, 2023 and March 21, 2023;4 See press release dated
February 14, 2023.5 See press release dated February 21, 2023.6 See
press release dated April 19, 2023.7 See press release dated
January 25, 2023.
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