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Liberty Gold Announces Closing of the Sale of the Halilağa Porphyry Copper Gold Deposit in Turkey, and Receipt of US$6,000,000 Cash Payment

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Liberty Gold Announces Closing of the Sale of the Halilağa Porphyry Copper Gold Deposit in Turkey, and Receipt of US$6,000,000 Cash Payment

 

 

 

 

 

Liberty Gold Corp. (LGD-TSX) is pleased to announce the closing of sale of its 40% interest in the Halilağa copper gold porphyry deposit located in Biga Province, northwest Turkey to Cengiz Holdings A.Ș.

 

Terms of the Agreement:

 

  • US$4,000,000 – received on November 18, 2019 (see press release)
  • US$6,000,000 – received (August 12, 2020)
  • US$6,000,000 – pending on August 15, 2021(bank guaranteed)
  • US$6,000,000 – pending on August 15, 2022 (bank guaranteed)

 

Closing of the Transaction has been approved by the Turkish Ministry of Energy and Natural Resources.

 

Liberty Gold continues to hold a 60% operating interest in the TV Tower Project, a high-sulphidation epithermal gold-silver and porphyry copper-gold project located in close proximity to the Halilağa Project. The TV Tower Project hosts numerous gold discoveries and abundant untested targets. To date, there are three porphyry copper-gold and two oxide gold discoveries and one gold – silver discovery, the latter the subject of a Technical Report prepared pursuant to NI 43-101 and containing 996,000 Indicated gold-equivalent ounces and 351,000 Inferred gold-equivalent ounces.

 

The Company is exploring options as to how to monetize this asset.

 

Proceeds from the Halilağa Transaction will be used to accelerate the exploration program at Liberty Gold’s Black Pine Carlin-style oxide gold project in southern Idaho.

 

1The Classified Mineral Resource estimate is quoted at a cut-off grade of 0.50 grams per tonne gold equivalent. At a 0.50 g/t AuEq cut-off, the strip ratio is 1.47:1. Gold equivalence was calculated using a ratio of Au:Ag of $1200:$20, at 75% recovery and copper (“Cu”) at $3/lb at 70% recovery. The Classified Mineral Resource comprises an Indicated 23.06 million tonnes grading 0.63 g/t Au, 27.6 g/t Ag and 0.16% Cu (1.34 g/t AuEq) and an Inferred 10.77 million tonnes grading 0.15 g/t Au, 45.7 g/t Ag and 0.06% Cu (1.01 g/t AuEq). Additional details are in the 43-101 Technical Report entitled “Independent Technical Report for the TV Tower Exploration Property, Canakkale, Western Turkey” dated effective January 21, 2014, available on the Company’s website or at www.sedar.com.

 

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  and has reviewed and validated that the information contained in the release is accurate.

 

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.

 

Posted August 12, 2020

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