Drilling fills gaps between gold project resource pits


New results from this zone between two deposits show larger widths and consistent grades compared to previously reported intersections from there, noted a National Bank of Canada report.

Liberty Gold Corp. (LGD: TSX; LGDTF: OTCQB) the latest drill results from the F zone of its Black Pine project “show continuity between two previously separate pits”, one in the Discovery zone, the other in the CD zone, the National Bank analyst reported of Canada Rabi Nizami in a search of August 30, 2022 Note.

“Today’s results validate and extend this mineralization, filling gaps between earlier resource pits, as expected,” Nizami added.

The drill results are from 17 holes placed within an area of ​​approximately 750 yards (750 m) in the previously drilled, but not extensively, F Zone between CD and Discovery, Nizami noted.

A comparison of the new interceptions from Area F with those previously reported shows that they are similar, Nizami pointed out. Specifically, the new results average 0.50 grams of gold per tonne (0.5 g/t Au) over 24 m, and the older results average 0.52 g/t Au over 13 m. Widths, however, are slightly larger in recent data, “which is encouraging.”

Nizami presented these flagship tests of the latest batch:

  • 0.95 g/t Au over 18.3 m, including 1.03 g/t Au over 16.8 m from surface (hole LBP657)
  • 0.74 g/t Au over 38.1 m, including 0.87 g/t Au over 30.5 m from surface (hole LBP660)
  • 0.84 g/t Au over 36.6 m, including 0.97 g/t Au over 30.5 m from surface (hole LBP662)

Liberty is expected to release additional drill results at Black Pine and Goldstrike in the coming months and update the Black Pine resource estimate next year, likely in the first half.

National Bank of Canada has an outperformance rating and price target of C$1 per share on Liberty, which is currently priced at approximately C$0.43.

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Disclosures for National Bank of CanadaLiberty Gold Corp., August 30, 2022

Funding risk: There is a risk to our valuation that future funding terms may be less attractive than those we currently model, which could result in greater shareholder dilution or more onerous debt constraints No study economic at Black Pine: With an initial resource but no study information at Black Pine, there is a risk that the eventual study will contain less attractive economic aspects than those we model.

Exploration risk: Our investment case considers exploration to be on the upside. There can be no assurance that the Company will achieve any exploration successes in the future.

Permitting Risk: The Company’s pipeline of projects in the United States will be subject to environmental regulations and governmental approvals, and permits will be required to advance the projects to production.

Company Disclosures:

National Bank Financial Inc. has provided investment banking services to this issuer within the past 12 months.

National Bank Financial Inc. has acted as an underwriter for this issuer within the past 12 months.

National Bank Financial Inc. or an affiliate has managed or co-managed a public offering for this issuer within the past 12 months.

National Bank Financial Inc. or an affiliate has received compensation for investment banking services from this issuer within the last 12 months.

The issuer is or has been a client of National Bank Financial Inc. or an affiliate within the past 12 months.

This report was prepared by National Bank Financial Inc. (NBF), a Canadian investment dealer, IIROC Dealer Member and an indirect wholly-owned subsidiary of National Bank of Canada. National Bank of Canada is a public company listed on the Toronto Stock Exchange. The details contained herein have been obtained from sources which we believe to be reliable but are not guaranteed by us and may be incomplete and may be subject to change without notice. The information is current as of the date of this document. Neither the author nor NBF assumes any obligation to update the information or to advise on further developments relating to the topics or titles discussed.

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