The announcement coincided with the revelation that the company has opted not to invest any further in its Pocitos West property in Argentina at present.
“We have had exploration plans for our Utah property in the works for some time, and our extremely favorable US$10mln in working capital provides us the opportunity to advance those efforts as well as broadening our reach in search of undiscovered or undervalued projects in order to deliver on our strategic goals for measured growth,” said Brad Nichol, the chief executive officer of Liberty One.
Referring to the mothballing of Pocitos West, Nichol speculated that “a more aggressive operator might undertake a full field exploration program in future,” but said Liberty One's near-term exploratory goals on the project have been achieved, and based on the evidence of exploratory work performed thus far, the company believes its money would be better spent elsewhere.
Liberty One recently affirmed 2018 plans to commence an evaluation of its promising North Paradox property, consisting of 233 placer claims encompassing 4,480 acres located within the Paradox Basin in Grand County, Utah.
Log data at the Utah Geological Survey library indicates the area appears rich with supersaturated brines, and nearby long-term mine operations effectively demonstrate the climatic efficacy for traditional evaporative production processes, Liberty One said.
Additionally, the company has committed to examining a range of global venture opportunities in the first quarter of next year to determine whether the company should pull the trigger on any of them.
In board room news, the company said John Davidson has resigned from the board of directors.
The stock fell 8 cents to C$0.71 on the news.