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
VANCOUVER, British Columbia, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Liberty Gold Corp. (LGD-TSX) (“Liberty Gold” or the “Company”) is pleased to announce the closing of sale of its 40% interest in the
Halilağa copper gold porphyry deposit (“Halilağa” or “the Project”), located in Biga Province, northwest Turkey to Cengiz Holdings A.Ș. (the “Transaction”).
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.1
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 (“g/t”) gold equivalent (“AuEq”). 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.