On July 24, Chris Thompson of PI Financial noted that Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) had released drill results from this year's RC drill campaign at Black Pine, a gold project in southeastern Idaho.
Thompson noted, "We continue to be impressed by LGD's exploration success at Black Pine. We see drill results confirming the potential for adding and upgrading ounces prior to an H2/23 resource update."
Gold oxide hosts rocks were intercepted 2km south of the Rangefront Zone. A highlight of this was: 1.41 g/t Au over 30.5m, including 1.83 g/t Au over 13.7m at Hole LBP926. Thompson believes this showcases the exploration potential of the project and noted that one drill is still active at the property.
As for the Discovery Zone, results from assays of eight infill drill holes were reported. Hole LBP911 showed 0.97 g/t Au over 33.5m, including 2.36 g/t Au over 10.7m. Hole LBP932 showed 0.77 g/t Au over 65.5m, including 2.47 g/t Au over 10.7m. One rig is turning in this zone, and additional drilling is currently ongoing.
19 drill holes in CD-Tallman Corridor showed the company is continuing to rest historic waste rock material. This material shows the presence of near/at surface high-grade gold oxide and mineralization past the resource pit.
Lastly, Thompson noted that the 2023 drill program was "advancing well with three RC rigs operating across target areas."
Thompson said, "We anticipate exploration news flow throughout H2/23, especially from step-out drilling at the newly discovered Rangefront South. An updated resource estimate is expected by end-of-year." Thompson also shared as Liberty Gold advances Black Pine to the PEA / PFS stage, he sees significant value upside.
Structure and Predictions
Thompson reiterated his Buy rating of the stock and shared target price information as well as current market data on the company.
Rating: Buy
Price: CA$0.38 with a 52-week range of CA$0.32 and CA$0.74.
Price Target: CA$1.15
Market Cap: CA$120 million
The company carries an enterprise value of CA$94 million. Thompson's share structure breaks down to 319.2 million basic shares and 347.1 million fully diluted shares.
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Important Disclosures:
- Liberty Gold Corp. is a billboard sponsor of Streetwise Reports.
- Katherine DeGilio wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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Disclosures for PI Financial, Liberty Gold Corp., July 24, 2023
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.
Research Disclosures: PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company.
General Disclosure The affiliates of PI Financial Corp. are PI Financial (US) Corp., PI Financial Services Corp., and PI Capital Corp. Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and investment guidance, and client feedback. Analysts and all other Research staff are not directly compensated for specific Investment Banking transactions. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of PI Financial Corp. PI Financial Corp.’s policies and procedures regarding dissemination of research, stock rating and target price changes can be reviewed on our corporate website at www.pifinancial.com (Research: Research and Conflict Disclosure). The attached summarizes PI’s analysts review of the material operations of the attached company(s).
