These new 2023 data will help inform the economic study to be done in H2/23, noted a PI Financial report.
Liberty Gold Corp.'s (LGD:TSX; LGDTF:OTCQX) initial 2023 drill results from the M and Rangefront zones at its Black Pine gold project in southeastern Idaho are positive, reported PI Financial analyst Chris Thompson in an April 20 research note.
"We continue to be impressed by Liberty's exploration success at Black Pine," Thompson wrote.
Liberty's share price now is about CA$0.55, and PI Financial's target price on the British Columbia-headquartered mining company is CA$0.90 per share. This price difference implies a 64% return for investors, and Liberty is a Buy right now.
"With the stock currently trading at about 0.3 times net asset value, we see significant value upside as Liberty Gold advances Black Pine to a preliminary economic assessment/prefeasibility study stage of development," noted Thompson.
Results of 2023 reverse circulation drilling confirmed that mineralization in Black Pine's M zone could be expanded and thereby boost the current resource, Thompson wrote. Rife areas are the identified west-to-northwest mineralized trend that just returned more near-surface, high-grade intercepts, and around the offset holes, including LBP813, that were drilled.
Recent M zone highlight intercepts include:
2.83 grams per ton gold (2.83 g/t Au) over 25.9 meters (25.9m), including 7.88 g/t Au over 3m: hole LBP8490.86 g/t Au over 25.9m, including 2.26 g/t Au over 6.1m: hole LBP800As for the Rangefront zone, reported Thompson, results of infill and offset holes drilled this year confirmed that resources in the Inferred category could be upgraded to the Indicated category. Further, the zone's margins remain open to the northeast, south, east, and west.
Some new standout intercepts from Rangefront are:
0.72 g/t Au over 35.1m, including 1.83 g/t Au over 6.1m and 0.89 g/t Au over 22.9m: hole LBP8610.86 g/t Au over 25.9m, including 2.26 g/t Au over 6.1m: hole LBP800
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