Can I do a calorie deficit and gain muscle if I eat high protein?

I've been trying to go to the gym 5 times a week. I'm aiming to do Mon: Chest/triceps, Tues: Back/biceps Weds: Rest Thurs: Legs/shoulders and then cycle these on Fri/Sat so I'm usually working out each muscle group two times a week.

I've been going to the gym on and off for a year and a half and have been gaining muscle slowly as I started skinny fat. I was bulking for a while but I feel like I was gaining fat faster than I was gaining muscle. I've been trying to go on a deficit the past couple of weeks while still reaching my protein intake. I eat a lot of whole foods, low carb, very high protein. I've been gaining a bit more noticeable shape, especially since I first started but my muscles still aren't very big. I have love handles and am around 20-25% body fat (unsure about this just a guess). I'm still lifting pretty low weights, only just started being able to lift 15kg weights on each side of shoulder press, can do 10kg each side incline chest press.

If I'm 79-80kg and getting 130-150g+ protein a day and am eating at a 300-500 calorie deficit will I still be gaining muscle while losing weight?