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New Drill Results Could Expand Gold Resource at Idaho Project

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Source: Peter Bell 11/01/2023

These data are from the recent campaign and will be incorporated into the 2024 prefeasibility study, noted a Canaccord Genuity report.

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) released a large batch of positive 2023 drill results from its Black Pine oxide gold project in Idaho, reported Canaccord Genuity analyst Peter Bell in an October 31 research note.

“Overall, we believe these results bode well for the upcoming prefeasibility [study] on Black Pine and look forward [to] the remaining assays from the 2023 drill program,” Bell wrote.

573% Return Possible

Canaccord reiterated its CA$1.75 per share target price on the Canadian junior developer, currently trading at about CA$0.26 per share, noted Bell.

The difference between these two prices implies a substantial return for investors of 573%.

Liberty remains a Speculative Buy.

Growing the Resource

Newly reported results are from 39 holes drilled as part of Liberty’s 30,000-meter (30,000m) program this year aimed at expanding the resource ahead of the Black Pine prefeasibility study expected in 2024, Bell reported. Results are specifically from three zones: Back Range, Rangefront, and M.

Bell presented these highlights from the new set of drill results, one from each of the targeted zones:

  • 0.5 g/t Au over 32m, including 1.26 g/t Au over 3m in the Rangefront zone (hole LBP986)
  • 0.63 g/t Au over 18.3m, including 1.24 g/t Au over 6.1m in the M zone (hole LBP987)
  • 0.42 g/t Au over 68.6m, including 1.08 g/t Au over 3m in the Back Range zone (hole LBP1005)

“Today’s results have [the] potential to incrementally increase the resource size,” Bell wrote at each of these deposits. He also noted that while the grades are similar to the 0.5 gram per ton gold (0.5 g/t Au) grade of the existing resource, they “highlight open gold zones.”

Of the three zones, Rangefront is particularly significant, Bell added, given its nearness to the proposed processing area and given its above-average recoveries.

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Important Disclosures:

  1. Liberty Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
  2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Canaccord Genuity, Liberty Gold Corp., October 31, 2023

Analyst Certification Each authoring analyst of Canaccord Genuity whose name appears on the front page of this research hereby certifies that (i) the recommendations and opinions expressed in this research accurately reflect the authoring analyst’s personal, independent and objective views about any and all of the designated investments or relevant issuers discussed herein that are within such authoring analyst’s coverage universe and (ii) no part of the authoring analyst’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by the authoring analyst in the research, and (iii) to the best of the authoring analyst’s knowledge, she/he is not in receipt of material non-public information about the issuer. Analysts employed outside the US are not registered as research analysts with FINRA. These analysts may not be associated persons of Canaccord Genuity LLC and therefore may not be subject to the FINRA Rule 2241 and NYSE Rule 472 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

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Copyright O Canaccord Genuity Corp. 2023 — Member CIRO/Canadian Investor Protection Fund

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Source: https://www.streetwisereports.com/article/2023/11/01/new-drill-results-could-expand-gold-resource-at-idaho-project.html


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