Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQB) recapped in a news release its financial and exploration events during the first six months of calendar year 2020.
The Vancouver-headquartered company closed the sale of its Halilağa porphyry copper-gold deposit in Turkey and for it received the first of three annual payments of $6 million, both in August 2020.
Regarding the sale of its interest in the Kinsley Mountain gold deposit, in June 2020 Liberty Gold received $1.25 million and 8.8 million common New Placer Dome shares, the first of three staged payments.
Between Jan. 1, 2020 and Aug. 13, 2020, the company received CA$2.55 million and CA$0.74 million from the early exercise of Liberty Gold common share purchase warrants related to two 2018 bought-deal financings.
As of June 30, 2020, the company had about $47 million in cash, short-term investments and working capital.
Regarding exploration at its Black Pine project in Idaho, Liberty Gold discovered a third high-grade oxide gold zone near the D-1 and D-2 zones, which it named D-3. The company also released results from drilling in the D-1, D-2 and F zones.
Further, Liberty Gold expanded its Black Pine land package by staking 243 new claims that span 19 square kilometers (19 sq km).
Looking forward, the Great Basin-focused explorer stated it intends to continue derisking Black Pine and adding value by completing its current 46,000 meter (46,000m) reverse circulation drill program and its 2,000m diamond core drill program. Additionally, it plans to get its plan of operations amended so that it may drill in another 4.6 sq km of the Black Pine gold system, and it will conduct other work necessary in preparation for a preliminary economic assessment.
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