Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQB) released encouraging drill results from its Black Pine project in Idaho, including the discovery of a new zone, reported PI Financial analyst Chris Thompson in a Dec. 14 research note. An updated Black Pine resource estimate is expected in Q1/23.
"Results continue to reflect [the] potential for resource growth and refinement in multiple areas at Black Pine," wrote Thompson, who summarized the new data.
These are from reverse circulation, and core drilling carried out in five separate areas.
1) The new zone, being called Bobcat, is about 500 meters (500m) south of the CD historic pit. It showed oxide gold mineralization, returning a noteworthy intercept of 0.64 grams per ton gold (0.64 g/t Au) 19.8m from surface, in hole LBP761. Bobcat remains open in several directions.
2) In Tallman South, the southern part of the Discovery zone at the edge of the backfilled Tallman pit, hole LBP750 yielded a standout intercept: 80.8m of 0.6 g/t Au, including 13.7m of 1.47 g/t Au. This is an area in which little historic drilling was done.
3) Drilling in the F zone's northern area, aimed at closing the gap between F and Discovery, also showed the presence of mineralization. The highlight result there was 47.2m of 0.47 g/t Au, delivered with hole LBP744.
4) Drilling in the waste rock storage area showed shallow oxide gold mineralization, with the best intercept coming from hole LBP675: 33.5m of 0.3 g/t Au.
5) In an area about 500m south of the Rangefront zone's southern edge, drilling returned deep non-oxide mineralization that confirms the continuation of the Black Pine mineralized system. Liberty Gold plans to drill there in a follow-up next year to identify shallower zones of oxide mineralization.
The company offers exploration upside at Black Pine, Thompson wrote.
Looking forward, he added, "We anticipate continued drilling at lower elevations during the winter months, aiding Liberty Gold in refining its Black Pine resource model in preparation for an updated resource estimate."
PI Financial has a Buy rating and a CA$0.90 per share price target on Liberty Gold, the current share price of which is about CA$0.52.
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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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PI Financial, Liberty Gold Corp., December 14, 2022
Analyst Certification: I, Chris Thompson, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.
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