Gold Discovery Firm’s Final Metallurgical Drill Results ‘Continue to Impress’

Source: Streetwise Reports   04/29/2021

These final 2020 assays from Liberty Gold’s Black Pine along with the company’s 2021 exploration progress and upcoming catalysts are covered in a PI Financial report.

In an April 26 research note, PI Financial analyst Chris Thompson noted that Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQB) released the final results of its large diameter, metallurgical core drilling at Black Pine.

The results “contain significant oxidized intercepts which we have come to expect from the Black Pine system,” Thompson added.

The strongest intercepts came from the discovery focus area, on which the upcoming maiden resource estimate will be based, Thompson highlighted. He cited hole LBP231C, targeting the D-3 zone, as an example. It showed more than 56 meters (56m) of oxide gold mineralization starting from 173m downhole, including 24.1m of 1.23 grams per ton (1.23 g/t) gold. The intercept returned 92% cyanide solubility, the highest percentage among the final drill holes reported.

“Other intercepts from the discovery focus area also returned high cyanide solubility values (over 65%) owing to the thoroughly oxidized nature of the deposit and supporting simple heap-leach processing,” wrote Thompson.

Also, the analyst pointed out that “encouraging” results came from the historical E pit area, at the edge of the land that is permitted for exploration. These findings warrant follow-up, he wrote, as does the large, undrilled gap between the E pit and the discovery focus area.

Liberty Gold already started its next drill program, its 2021 reverse circulation campaign, having kicked it off in early April. So far the explorer drilled five holes, two in the gap between the discovery focus area and the Rangefront zone.

Investors can expect a potential catalyst in the form of a Black Pine maiden resource estimate in early May followed by a second one, a Black Pine preliminary economic assessment in Q4/21.

For the former, Thompson wrote, “we are targeting about 51 million tons grading 0.88 g/t containing about 1.5 million ounces of gold; however, based on recent results, an expanded resource containing more tons at a slightly lower grade seems likely.”

PI Financial rates Liberty Gold Buy and assigns it a CA$2.80 per share price target. The explorer’s current share price is CA$1.48.

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Disclosures from PI Financial, Liberty Gold Corp., April 26, 2021

We, Justin Stevens and Chris Thompson, hereby certify that all of the views expressed in this report accurately reflect our personal views about the subject securities or issuers. We also certify that no part of our compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. We are the research analysts primarily responsible for preparing this report.

Research Disclosures for Liberty Gold Corp.:

4) PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company. Yes

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 are not directly compensated for specific Investment Banking transactions.

( Companies Mentioned: LGD:TSX; LGDTF:OTCQB,
)

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