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Liberty Gold Receives Final US$6 Million Payment for the Sale of Halilağa Copper-Gold Deposit, Turkey

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Liberty Gold Receives Final US$6 Million Payment for the Sale of Halilağa Copper-Gold Deposit, Turkey

 

 

 

 

 

Liberty Gold Corp. (TSX:LGD) (OTCQX:LGDTF) is pleased to announce the receipt of the final US$6.0 million cash payment as final consideration for the sale of its 40% interest in the Halilağa copper-gold porphyry deposit, located in Biga Province, northwest Turkey to Cengiz Holdings A.Ș. Liberty Gold has received US$22.0 million to-date from the sale of Halilağa. This cash payment in non-dilutional to the Company’s capital structure.

 

The Halilağa divestiture is consistent with Liberty Gold’s strategy of re-deploying capital from non-core assets into the high-quality Black Pine and Goldstrike oxide-gold projects in the Great Basin, USA.

 

At the TV Tower gold-silver-copper property, Liberty Gold’s remaining asset in Turkey, Natural Resources Global Capital Group  has been retained to conduct a strategic sale process, to generate further funds to invest in oxide gold exploration and development in the Great Basin. The Company’s ownership percentage of TV Tower is 64.4%. In 2021, the Company announced an updated resource estimate on five gold, silver, and copper deposits, more than tripling the prior resource estimate. TV Tower hosts a multimillion-ounce gold equivalent resource, with most deposits open in multiple directions and a large number of undrilled targets.

 

Cal Everett, CEO of Liberty Gold stated, “We are pleased to the report receipt of the final payment in this important transaction. Work continues at our Black Pine and Goldstrike properties and we are well-funded, a stand-out point for the Company in the current market conditions.

 

ABOUT TV TOWER

 

The four South TV Tower deposits (Kayali, Yumrudag, Valley and Hilltop) contain multiple ore types and corresponding resource subsets by ore type and cut-off grade, with the breakdown illustrated in Table 2. These resource subsets comprise the South TVT Oxide Gold; South TVT Supergene Copper; and South TVT Au-Cu Porphyry subsets. The four deposits all lie within a 4 km-long trend, such that separate milling and heap leaching operations, managed as a single operation, would reasonably be expected to accommodate mineralized material from all of the deposits.

 

The two North TV Tower deposits contain three ore types and corresponding resource subsets (North TVT Au-Cu Porphyry, North TVT Oxidized Porphyry and North TVT KCD HSE Au-Ag-Cu resource subsets). The two deposits are located within 1.5 km of each other such that it is reasonable to expect that they would be developed using common infrastructure. However, without further analysis, it is uncertain at this time whether the North TV Tower and South TV Tower deposits would be developed using common infrastructure.

 

The six deposits are all open to expansion, and several very compelling drill targets await drill testing.

 

For a full table of the TV Tower Resource Estimate Summary1, please click here: https://libertygold.ca/images/news/2021/April/21-06_TV_Tower_Resource_Final.pdf

 

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.

 

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.

Posted August 16, 2022

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