Liberty Gold Corp. (TSX:LGD; OTCQX:LGDTF) ("Liberty Gold" or the
"Company") is pleased to announce the results of a Preliminary
Feasibility Study (“PFS” or the “Study”) prepared in accordance
with National Instrument 43-101 – Standards of Disclosure for
Mineral Projects (“NI 43-101”) at its flagship Black Pine Oxide
Gold Project (“Black Pine” or the “Project”) in southern Idaho,
USA. The Study supports a technically straight-forward, low capital
intensity, open-pit, run-of-mine (“ROM”) (no ore crushing,
screening or agglomeration) heap-leach operation processing oxide
gold ore, with attractive economic returns.
This news release should be read in combination with the Study
presentation slide deck available at this
link: https://libertygold.ca/images/news/2024/October/BlackPineProjectPFSDeck.pdf
The Study assumes a base-case gold price of
$2,000/ounce (“oz”) and all figures in this news release are stated
in United States dollars (“$” or “US$”) unless otherwise noted.
Table 1 below presents a summary of the key metrics for the Black
Pine PFS.
Cal Everett, CEO and Director of Liberty
Gold commented: “This PFS highlights the strong economic
potential at Black Pine, representing our vision for a low-risk,
sustainable and long-lived gold mining operation in Idaho. It
demonstrates the Project’s ability to exploit higher grades early
in the mine life, allowing for solid cash flows over the first five
years, with a production profile that reduces the payback period
and maximizes the initial return for our investors. The PFS mine
plan produces more than 2 million ounces of gold over a projected
mine life of 17 years, creating a solid pathway towards mine
permitting, project advancement and a future construction
decision.”
“We believe there is significant upside for
project optimization and resource growth going into a full
feasibility study. Growth will be driven by new resource discovery
from multiple target areas, upgrade of inferred mineral resources
into the measured and inferred mineral resource categories and
assessment of gold production potential from the reclaimed heap
leach pad. Work in many of these areas is already beginning to
yield encouraging results. We look forward to keeping the market
apprised of our progress.”
Table 1: Key Black Pine Project Metrics
Project Economics |
Base Case |
Spot Price |
Gold Price |
$2,000/oz |
$2,600/oz |
Pre-tax Net Present Value
(“NPV”) (5%) |
$658 million |
$1,575
million |
Pre-tax Internal Rate of
Return (“IRR”) |
35% |
67% |
Operating Pre-Tax Cash
Flow |
$1,042
million |
$2,352 million |
After-Tax NPV (5%) |
$552 million |
$1,296 million |
After-Tax IRR |
32% |
62% |
After-Tax Cash Flow |
$873 million |
$1,921 million |
After-Tax Payback Period |
3.3 years |
1.5 years |
Production Profile |
Mine Life |
17 years |
|
Ore to Leach Pad |
50,000 tonnes per day |
|
Total Tonnes of Ore Mined and
Processed |
299 million tonnes |
|
Head Grade (years 1-5) |
0.45 grams per tonne ("g/t") |
|
Head Grade (Life-of-Mine
“LOM”) |
0.32 g/t |
|
Strip Ratio (Waste:Ore) |
1.3:1 |
|
Average Gold Recovery |
70.4% |
|
Total Gold Ounces
Recovered |
2,191 koz1 |
|
Average Annual Gold Production
(Yr 1-5) |
183 koz |
|
Peak Annual Gold
Production |
231 koz |
|
Average Annual Gold Production
(LOM) |
135 koz |
|
Unit Operating Costs |
LOM Operating Cost |
$9.10/tonne
processed |
|
LOM Total Cash Cost2 |
$1,249/oz |
|
LOM AISC2 |
$1,380/oz |
|
Total Capital Costs |
Initial Capital2 |
$327 million |
|
LOM Sustaining Capital |
$219 million |
|
LOM Total Capital |
$546 million |
|
Closure Costs |
$54 million |
|
1 “koz” refers to
thousand ounces 2Refer to “Non-GAAP Measures and Other Financial
Information” below |
|
Conference Call and Webcast
Liberty Gold will be hosting a conference call and webcast to
discuss the results of the PFS:
Webcast |
Date: |
Thursday, October 10th |
Time: |
11:00 am Eastern Time (8:00 am Pacific Time) |
Please register for the webcast here:
https://edge.media-server.com/mmc/p/ve6u4vr3 |
|
Conference Call |
Toll-free in U.S. and Canada: |
+1.888.596.4144 |
International callers: |
+1.646.968.2525 |
Conference ID: |
5058354 |
|
|
The conference call will be archived for later
playback until October 17, 2024, and can be accessed by dialing
Toll-free in U.S. and Canada: +1.800.770.2030 or Toll:
+1.609.800.9909 using the Playback ID 5058354#.
Project Economics Sensitivity Analysis
A sensitivity analysis was carried out on the
after-tax financial metrics from the PFS base case to illustrate
the Project’s sensitivity to commodity prices, initial capital and
operating costs. Results are illustrated in Tables 2 and 3 (all
figures in US dollar millions unless otherwise indicated).
Table 2: After-tax NPV (5%), IRR and Payback Sensitivity
to Gold Price
Gold Price ($/oz) |
$1,700 |
$1,850 |
$2,000 |
$2,150 |
$2,300 |
$2,450 |
$2,600 |
After-Tax NPV (5%) ($M) |
$174 |
$362 |
$552 |
$739 |
$924 |
$1,110 |
$1,296 |
After-Tax IRR (%) |
15% |
24% |
32% |
40% |
47% |
55% |
62% |
Payback (years) |
4.3 |
3.8 |
3.3 |
2.4 |
1.8 |
1.7 |
1.5 |
|
|
|
|
|
|
|
|
Table 3: After-Tax NPV (5%) and IRR sensitivity to
Changes in Project Parameters & Gold Price
|
|
Gold Price/oz |
After-tax NPV (5%) in $M |
Change |
$1,850 |
$2,000 |
$2,300 |
$2,600 |
Total
Capital Costs |
15% |
$323 |
$512 |
$884 |
$1,256 |
0% |
$362 |
$552 |
$924 |
$1,296 |
-15% |
$403 |
$593 |
$965 |
$1,336 |
Operating
Costs |
15% |
$131 |
$323 |
$701 |
$1,072 |
0% |
$362 |
$552 |
$924 |
$1,296 |
-15% |
$591 |
$776 |
$1,148 |
$1,516 |
|
|
Gold Price/oz |
After-Tax IRR (%) |
Change |
$1,850 |
$2,000 |
$2,300 |
$2,600 |
Total
Capital Costs |
15% |
20% |
27% |
41% |
54% |
0% |
24% |
32% |
47% |
62% |
-15% |
29% |
38% |
56% |
73% |
Operating
Costs |
15% |
13% |
22% |
39% |
54% |
0% |
24% |
32% |
47% |
62% |
-15% |
33% |
41% |
56% |
70% |
|
|
|
|
|
|
PFS Overview
The PFS incorporates geological, assay,
hydrological, metallurgical, geotechnical, environmental and
cultural information collected by Liberty Gold and its consultants
and contractors, as well as extensive historic information captured
from the previous mining operation on site.
Project Description
Black Pine hosts a large, Carlin-style,
sedimentary-hosted oxide gold system, located in southeastern
Cassia County, southern Idaho, USA, a 2-hour drive north from Salt
Lake City, Utah. The currently identified surface footprint of the
gold mineralization extends over an approximate 18 square kilometre
(“km2”) target area contained within Liberty Gold’s 69.3 km2
project area of which 40.6 km2 are permitted for exploration
activities including drilling. (see press releases dated June 11,
2024 and September 25, 2024).
Black Pine is a past-producing open-pit, ROM
heap leach mine, active from 1991 to 1997 when Pegasus Gold
produced 435,000 oz of gold and 189,000 oz of silver from five open
pits. Road access to the site is well established with the I-84
highway running directly adjacent to the project area and existing
power at the mine gate. The location is sparsely populated,
semi-arid, with no surface water exposed in the project area and no
threatened or endangered species.
The production from the Project is subject to a
0.5% net smelter royalty (with a 50% buyback right to the Company,
which has been assumed to be exercised in the economic
analysis).
For a 3D video of a run through of the site
layout, click on this link: https://youtu.be/ScIQ4cF_QwE
Mining
The PFS utilizes open pit mining with mine
planning based on economic pit shells generated by mine planning
software. Ore feed to the leach pad is planned at 50,000 tonnes per
day or 18.3 million tonnes per year for the estimated 17-year life
of mine. There will be a 9-month pre-production period to provide
access to higher grade ore horizons for early years processing.
There are significant opportunities to improve mid-life production
through resource growth and conversion ahead of the feasibility
study. Lower-grade ores are stockpiled throughout the mine life and
re-handled on to the heap to optimize gold production.
Total material movement averages 47 million
tonnes per year over life of mine, with a peak at 55 million tonnes
per year. Ore is sourced from two large multi-phase open pits,
together with six smaller ‘satellite’ open pits. The strip ratio is
favourably low at 1.3:1 (waste:ore), resulting from the extensive
envelope of lower-grade oxide gold mineralization surrounding the
higher-grade horizons and permeating through the mass of carbonate
host rock units.
The open pit mining at Black Pine is designed as
a conventional, owner-operated surface mining operation, where the
owner is responsible for planning and executing direct mining and
all mine fleet maintenance, equipment mobilization, supervision,
labor, geology and grade control. Blasting would be performed as a
contract service. The PFS mine plan proposes a blended mine fleet
of 400 tonne-class hydraulic excavators, 100 tonne-class hydraulic
excavators, 11.5 cubic metre bucket front end loaders, 136 tonne
off-highway haul trucks and 64 tonne off-highway haul trucks.
Metallurgy
Six phases of metallurgical testing have been
completed on Black Pine oxide ores, using bulk samples and
predominantly, large diameter PQ core. A total of six bulk samples
and 174 variability composites have been tested at Kappes, Cassiday
& Associates in Reno, Nevada and included extensive
geo-metallurgical characterization, comminution testing, bottle
roll and column leach testing and environmental characterization of
head samples and column residues. The oxide ores respond very well
to cyanide leaching with typically >80% of the leachable gold
extracted in the first 10 days of laboratory column leaching.
Modeling of column test data support ROM leaching as the preferred
processing method, with a primary leach cycle of 90 days.
Commercial scale ROM gold and silver
grade-recovery models have been developed for the geo-metallurgical
oxide ore types, defined by gold cyanide solubility, location and
lithology. The limited amount of mineralized carbonaceous material
present at Black Pine has been extensively modelled and has been
treated as waste rock.
Processing
Gold will be recovered using run-of-mine (no
crushing, screening or agglomeration) heap leaching with material
placed by mine haul truck stacking onto a single heap leach pad
sited at the eastern extent of the Project. The pad is designed in
four phases to contain up to 315 million dry tonnes of leachable
material, with operational segregation of the oxide ore types in
isolated cells on the leach pad to prevent comingling.
ROM-sized ore will be stacked in 10 metre (“m”)
vertical lifts to a maximum heap height of 100 m. Lime will be
added prior to truck dumping on the pad, ore will be ripped and
subsequently leached with dilute cyanide solution using
conventional irrigation. Leach solution will flow by gravity
through the heap and be conveyed to the process solution tank. No
surface ponds other than an emergency event pond are included in
the PFS design.
Leached gold will be recovered from solution
using a 3-train, activated carbon adsorption circuit. The gold (and
any silver) will then be stripped from carbon using a desorption
process followed by electrowinning to produce a precipitate sludge,
which is refined on site in a furnace to produce final doré
bars.
Process water is drawn from five existing,
active water wells, located within 5 kilometres from the processing
facility. Power is grid supply over an existing 25 kV line to the
mine gate.
Cost Estimates
Capital and operating costs were estimated by M3
Engineering for the processing and general and administration
components of the PFS costs estimate; all mining costs were
estimated by AGP Mining.
The capital costs estimate presented in Table 4,
is considered to have overall accuracy of -20% / +25%.
Table 4: Black Pine PFS Capital Cost
Breakdown
Capital Costs |
Initial |
Sustaining |
Total |
US$ Million |
US$ Million |
US$ Million |
Pre-stripping and Stockpile
(1) |
$89.3 |
$0.0 |
$89.3 |
Mine (2) |
$31.4 |
$55.9 |
$87.3 |
Process |
$161.4 |
$121.3 |
$282.6 |
Contingency |
$35.3 |
$31.4 |
$66.7 |
Owners Cost |
$9.2 |
$10.6 |
$19.8 |
Total Capital Costs(3) |
$326.6 |
$219.2 |
$545.8 |
1. 13 million tonnes of ore stockpiled during pre-stripping2.
Includes down payment for lease financing of mine equipment3.
Excludes reclamation and closure costs estimated at $54 million
A summary of the operating costs estimate for
Black Pine is presented in Table 5. Operating costs are based on
ownership and owner’s direction of all mine and processing
equipment and facilities. Reclamation and closure costs estimated
from first principles at $54 million and validated with a Nevada
Standardized Reclamation Cost Estimator model, are additional to
sustaining capital costs illustrated in Table 4 and are included in
the Project economic evaluation.
The mining costs are based on quotes for mining
equipment and estimated owners’ costs. The PFS base case assumes
the mine fleet is leased with the mine operating cost carrying the
annual lease payment. Processing costs were estimated by M3
Engineering and NewFields, based on first principles, assuming the
owner employs and directs all operations and maintenance for all
site facilities. Labor costs were estimated using Idaho labor rates
and specific staffing requirements. Unit consumption of materials,
consumables, power and water were estimated from first
principles.
Table 5: Black Pine Operating Cost Estimate
Operating Costs |
LOM |
Unit Costs |
US$ Million |
US$/tonne ore |
Mining(1) |
$1,943 |
$6.49 |
Process Plant |
$538 |
$1.80 |
G&A |
$220 |
$0.73 |
Refining |
$22 |
$0.07 |
Total Operating Cost |
$2,724 |
$9.10 |
1. Assumes lease financing of mine equipment
Operating costs have an effective date of June
1, 2024, and are presented with no added contingency.
Sustainability
At Liberty Gold, sustainability is integral to
our operations and decision-making, ensuring long-term value for
stakeholders. Since 2021, we have published annual sustainability
reports, reinforcing our commitment to transparency and
accountability. At Black Pine, we engage regularly with
stakeholders through updates, tours, and local events. We are
deeply committed to preserving biodiversity, supporting sage grouse
habitat restoration and funding a four-year mule deer migration
study with Idaho Fish and Game. Sustainability initiatives included
in the Black Pine PFS include renewable energy supply through local
utility, no net increase in water draw, habitat mitigation, and
waste rock backfill. We propose to explore mine fleet
electrification and other key sustainable initiatives during
feasibility to minimize our carbon and project footprint.
Further Opportunities
Optimization of the Black Pine Project will be
evaluated ahead of and during feasibility. This includes:
- Potential to
significantly increase the size and confidence of the resource at
Black Pine. Approximately 60% of the project area has not yet been
drill-tested:
- The infill
drilling and step-out drilling at Rangefront, M-Zone and Discovery,
if successful, could expand the mineral resource and convert
inferred mineral resource into the measured and indicated mineral
resource categories.
- Evaluation of
the historic heap to determine the nature and extent of residual
gold in the heap and its amenability to further processing.
- New discovery
from a currently on-going drill exploration program on seven
high-priority targets across the project area.
- The resulting
feasibility mine plan would likely change based on continued
exploration success and resource expansion.
- Mine planning
and design focusing on cut-off grade optimization, stockpiling
strategy, bulk-material movement options (e.g. conveyors) for ore
to the heap, haul road layout optimization and the potential to
expand leaching capacity to 24 million tonnes per year.
- Use of electric
and potentially autonomous mining equipment in the open pits
(shovels, drills & haul trucks).
- Further define
the options for renewable energy, such as solar, to supply site
requirements, particularly important for future electrification
options.
Next Steps
- A Mine Plan of
Operations is currently being drafted and is planned for submission
to US federal and cooperating agencies in the fourth quarter of
2024 to commence formal mine permitting under the National
Environmental Policy Act (“NEPA”).
- Advance all baseline studies
required to support the mine permit applications.
- Technical work
to further advance and de-risk the project towards feasibility
level will continue into 2025 and the Company intends to conduct a
feasibility study to provide the basis for a construction decision.
Key areas of work include:
- Resource upgrade
and growth,
- Evaluate
historic heap potential as a future ore supply,
- Refine
geo-metallurgical models and complete metallurgical testing
required,
- Completion of
additional studies on groundwater sources & quality,
geotechnical data collection and design for the heap, pit slopes
and rock waste facilities, and
- Feasibility
level rock geochemical characterisation for environmental
studies.
- An NI 43-101
compliant technical report on the Black Pine PFS will be available
on SEDAR within 45 days of this release (the “Technical Report”),
including all qualifications, assumptions and exclusions that
relate to this PFS. The Technical Report is intended to be read as
a whole and sections should not be read or relied upon out of
context.
Black Pine Mineral Reserve Estimate
Mineral Reserves have been estimated for a
conventional, multiple pit, open pit mining operation utilizing
surface waste rock storage facilities, pits backfill, extensive ore
stockpiling and direct haul to a single ROM heap leach facility.
Pit slope angles were defined by geotechnical evaluation supported
by hydrological analysis.
Table 6: Black Pine Mineral Reserve
Estimate
Reserve Class |
Million tonnes |
g/t Au |
(000) oz Au |
Probable |
299.4 |
0.32 |
3,110 |
Total |
299.4 |
0.32 |
3,110 |
|
|
|
|
Notes:
- The Mineral Reserve estimate was prepared by AGP Mining
Consultants Inc., Toronto, Canada (“AGP”) and has an effective date
of June 1, 2024. The Qualified Person responsible as defined under
NI 43-101 for the Mineral Reserve estimate is Todd Carstensen
RM-SME, Principal Mine Engineer and independent of Liberty
Gold.
- Mineral Reserves reported are
consistent with the CIM Definition Standards for Mineral Resources
and Mineral Reserves (2014).
- Mineral Reserves are converted from
Mineral Resources through the process of pit optimization, pit
design, production scheduling, stockpiling and cut-off grade
optimization.
- Mineral Reserves are reported to a
cut-off grade of 0.10 g/t gold and are based on a gold price of
US$1,650/oz.
- Metallurgical recovery of gold is
based on a variable gold leach recovery model derived from
extensive metallurgical studies. All mineralized carbonaceous
materials have been treated as waste.
- Mine dilution was estimated based
on a 1.0 m skin applied to ore to waste contacts.
- Units are metric tonnes, metric
grams & troy ounces; “Au” = gold.
- The estimate of mineral reserves
may be materially affected by geology, environment, permitting,
legal, title, taxation, sociopolitical, marketing, or other
relevant issues.
Black Pine Mineral Resource Estimate
The Study has updated the Black Pine Mineral Resource estimate.
Key changes relative to the previous Mineral Resource estimate (see
press release dated February 15, 2024) are:
- Updated metallurgical recovery model
for gold,
- Change in resource cut-off
grade,
- Increase in constraining pit shell
value ($2,000/oz gold price), and
- Revision to low-grade (<0.2 g/t)
block resource classification.
Table 7: Black Pine Mineral Resource
Estimate
Resource Class |
Million tonnes |
g/t Au |
(000) oz Au |
Indicated |
402.6 |
0.32 |
4,163 |
Inferred |
97.7 |
0.23 |
712 |
|
|
|
|
Notes:
- The Mineral Resource estimate was
prepared by SLR Consulting (Canada) Ltd., Toronto, Canada (“SLR”)
and has an effective date of June 1, 2024. The Qualified Person
responsible as defined under NI 43-101 for the Mineral Resource is
Valerie Wilson, M.Sc., P.Geo., Principal Resource Geologist, a
fulltime employee of SLR and independent of Liberty
Gold.
- Mineral Resources reported are
consistent with the CIM Definition Standards for Mineral Resources
and Mineral Reserves (2014).
- Mineral Resources are reported
within conceptual open pits estimated at a gold cut-off grade of
0.10 g/t, using the PFS pit slope parameters, a long-term gold
price of US$2,000 per ounce and the PFS variable gold leach
recovery model derived from extensive metallurgical studies. All
carbonaceous material and gold mineralized material falling outside
the conceptual open pits is considered waste rock and is excluded
from resource classification.
- Bulk density is variable by rock
type.
- Mineral Resources are not Mineral
Reserves and do not have demonstrated economic viability.
- Mineral Resources are reported
inclusive of Mineral Reserves.
- Rounding as required by reporting
guidelines may result in apparent discrepancies between tonnes,
grades, and contained gold content.
- Units are metric tonnes, metric
grams & troy ounces; “Au” = gold.
- The estimate of Mineral Resources
may be materially affected by geology, environment, permitting,
legal, title, taxation, sociopolitical, marketing, or other
relevant issues.
- Totals may not match due to
rounding.
Table 8: Black Pine Mineral Resource Cut-off Grade
Sensitivity
Cut-off (g/t Au) |
Classification |
Million tonnes |
g/t Au |
(000) oz Au |
0.10 g/t |
Indicated |
402.6 |
0.32 |
4,163 |
Inferred |
97.7 |
0.23 |
712 |
0.17 g/t |
Indicated |
250.0 |
0.43 |
3,449 |
Inferred |
40.9 |
0.34 |
445 |
0.20 g/t |
Indicated |
197.8 |
0.49 |
3,119 |
Inferred |
28.0 |
0.39 |
353 |
0.50 g/t |
Indicated |
39.7 |
1.09 |
1,388 |
Inferred |
3.0 |
0.91 |
89 |
*Please refer to notes accompanying Table 7,
above. The reporting Mineral Resource estimate is shown in bold
font. Tonnes, grade and ounces are expressed within a series of
nested pit shells generated at $2,000/ounce gold whereby only the
material above each cut-off grade is processed.
Qualified Persons
This announcement has been reviewed and approved
for release by Pete Shabestari, Vice President of Exploration at
Liberty Gold and the Company's designated Qualified Person within
the meaning of NI 43-101. Mr. Shabestari has verified the data
disclosed including sampling, analytical, and test data underlying
the drill results, using a variety of techniques including
comparison against independently sourced assay certificates, site
visit investigations, and digital based verification tests, and he
consents to the inclusion in this release of said data in the form
and context in which it appears.
The PFS was prepared by a team of independent
industry experts. The independent Qualified Persons for the “NI
43-101 Technical Report and Pre-feasibility Study for the Black
Pine Project, Idaho, USA”, which will be filed within 45 days of
the date of this press release, and which will be available on
SEDAR+ (www.sedarplus.ca) and on Liberty Gold’s website, are as
follows:
Table 9: Qualified Persons
Category |
Name |
Company |
Mineral Resource Estimate |
Valerie Wilson, P.Geo. |
SLR Consulting Ltd. |
Mineral
Reserve Estimate |
Todd
Carstensen, RM-SME |
AGP
Mining Consultants Inc. |
Metallurgy |
Gary
Simmons, MMSA |
GL
Simmons Consulting, LLC. |
Heap
Design & Closure |
Nicholas T. Rocco, Ph.D., P.E. |
NewFields Companies LLC. |
Mineral
Processing & Financial Evaluation |
Benjamin Bermudez, P.E. |
M3
Engineering & Technology Corp. |
Infrastructure & Study Lead Engineer |
Matthew
Sletten, P.E. |
M3
Engineering & Technology Corp. |
Hydrology |
John
Rupp, P.E. |
Piteau
Associates Ltd. |
Geotechnical Engineering |
Daniel
Yang, P.Eng., P.E. |
Knight
Piésold Ltd. |
Environmental Permitting & Compliance |
Richard
DeLong, M.Sc. |
Westland Engineering & Environmental Services Inc. |
|
|
|
Independent Third-Party Review
The heap design from NewFields was subject to
independent third-party review by Tierra Group International Ltd.
The financial model from M3 Engineering was subject independent
third-party review by Hive Advisory Inc. All material
recommendations arising have been incorporated into the Study.
Non-GAAP Measures and Other Financial
Measures
Alternative performance measures are furnished
to provide additional information. These non-GAAP performance
measures are included in this news release because these statistics
are key performance measures that management uses to monitor
performance, to assess how the Company is performing, to plan and
to assess the overall effectiveness and efficiency of mining
operations. These performance measures including Initial Capital
Costs, Total Cash Costs, and All-In Sustaining Costs, do not have a
standard meaning within International Financial Reporting Standards
(“IFRS”) and, therefore, amounts presented may not be comparable to
similar data presented by other mining companies. Each of these
measures used are intended to provide additional information to the
user and should not be considered in isolation or as a substitute
for measures prepared in accordance with IFRS.
The non-IFRS financial measures used in this
news release and common to the gold mining industry are defined
below.
Initial Capital Costs
Initial Capital Cost is defined as capital
required to develop, construct and to bring the Project to
commercial production.
Total Cash Costs and Total Cash Costs per Gold
Ounce
Total Cash Costs are reflective of the cost of
production. Total Cash Costs reported in the PFS include mining
costs, processing, on-site general & administrative costs,
treatment & refining costs, and royalties. Total Cash Costs per
Ounce is calculated as Total Cash Costs divided by total LOM
payable gold ounces.
All-in Sustaining Costs (“AISC”) and AISC per
Gold Ounce
AISC is reflective of all of the expenditures
that are required to produce an ounce of gold from operations. AISC
reported in the PFS includes Total Cash Costs, sustaining capital,
closure costs and Idaho Mine License Tax. AISC per ounce is
calculated as AISC divided by total LOM payable gold ounces.
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.
For more information, visit www.libertygold.ca or
contact:
Susie Bell, Manager, Investor RelationsPhone:
604-632-4677 or Toll Free
1-877-632-4677info@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, potential size and
expansion of a mineralized zone, proposed timing of exploration and
development plans, expected capital costs at Black Pine, expected
gold and silver recoveries from the Black Pine mineralized
material, potential additions to the resource through additional
drill testing, potential upgrade of inferred mineral resources to
measured and indicated mineral resources, the potential for silver
resources at Black Pine and intentions to pursue a silver resource
study and beliefs regarding gold resources being contained within a
larger property area. 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, accuracy
of any mineral resources and mineral reserves, the availability of
drill rigs, the accuracy of the PFS, 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; 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 28, 2024 in the section entitled "Risk Factors", under
Liberty Gold’s SEDAR+ profile at www.sedarplus.ca.
The Mineral Resource estimates referenced in
this press release use the terms "Indicated Mineral Resources" and
"Inferred Mineral Resources." While these terms are defined in and
required by Canadian regulations (under NI 43-101), these terms are
not recognized by the U.S. Securities and Exchange Commission
("SEC"). "Inferred Mineral Resources" have a great amount of
uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility. The SEC normally only permits
issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant "reserves" as in-place tonnage and grade
without reference to unit measures. U.S. investors are cautioned
not to assume that any part or all of mineral deposits in these
categories will ever be converted into reserves. Liberty Gold is
not an SEC registered company.
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.
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