Explorer and developer Liberty Gold (TSX:LGD,OTCQX:LGDTF) updated investors on progress at its Idaho-based Black Pine gold project as part of its Q2 financial and operating results, released on Monday (August 12).

In June, the company initiated a 20,000 meter reverse-circulation drill program aimed at expanding Black Pine’s resource base and unlocking new areas of gold oxide mineralization. It is targeting seven new high-priority areas.

At the time, Pete Shabestari, Liberty’s vice president of exploration, said the company is confident in its strategy.

‘We have been eagerly awaiting access to these targets and are excited to be once again drilling for new discovery and resource growth at Black Pine,’ he commented in a July 17 press release.

Liberty gained the ability to approach the targets after the US Forest Service expanded the permitted exploration area at Black Pine by 51 percent, bringing it to a total of 37.3 square kilometers. The company said the expansion also makes it easier to access a number of lower-elevation areas, opening them up for unrestricted drilling year round.

During Q2 the firm also expanded its land holdings in the project area, staking 46 unpatented mining claims covering 3.3 square kilometers. These claims, located in the southwest of Black Pine, are contiguous with the existing site, and according to Liberty are believed to contain prospective host rock carbonate sequences.

The company closed a non-brokered private placement in the second quarter as well, raising a total of C$12.5 million. This financing round involved the issuance of 35.7 million units at C$0.35 each. Each unit consisted of one common share and a half-warrant, allowing holders to purchase additional shares at C$0.45 within two years.

Liberty also finalized a definitive agreement to sell its interest in the TV Tower project in Turkey for US$11.5 million.

The company’s 73.7 percent share of the proceeds will be paid in three stages, with an initial US$3.7 million received at closing, followed by additional payments over the next two years.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.