The nice thing about having been visiting hundreds of projects in almost two decades is that I find myself talking about properties I know quite well but are now under new management.
Liberty Gold Corp. (LGD:TSX) used to be named Pilot Gold. As a pilot, I thought that was a wonderful name. Their primary projects were in Turkey. No one wants to invest in Turkey until the nut cases there settle down so Pilot/Liberty Gold shifted direction to Nevada, Utah and Idaho.
I first visited the Kinsley Mountain gold mine with Nevada Sunrise back in 2003. Liberty Gold did a deal with Nevada Sunrise in 2011 and drilled off a small but high-grade gold resource. Liberty Gold owns 79% of the project, Nevada Sunrise the remaining 21%. Kinsley has a gold resource of about 525,000 ounces. Drilling will begin again in Q4 of 2019.
The primary focus for Liberty Gold right now is to recycle the Black Pine Gold Mine previously operated by Pegasus until 1998 when they went bankrupt. Pegasus mined 435,000 ounces of gold at a 2 g/t grade in an open pit using heap leaching. Later a new company called Western Pacific Resources staked the ground and began exploration. I told that story nine years ago.
Alas their timing was terrible. Gold peaked in early September of 2011 and the funds necessary to keep young juniors in business dried up. Western Pacific turned the project over to Liberty Gold in 2016 for a cash payment of $800,000 and a 0.5% NSR.
Liberty has the data from 1,874 short drill holes with a total of 191,500 meters. The "Rock Whisperer" Moira Smith is supervising the exploration and drill program. Results to date have been excellent showing 1.78 g/t Au over 47.2 meters including 3.24 g/t gold over 22.9 meters.
The Black Pine deposit is on the same trend as the Long Canyon mine being put into production by Newmont. The newly discovered zone of mineralization is in between the open pit and a known area of high-grade mineralization.
Mark O'Dea was the 2nd place winner in the 2000 Goldcorp Challenge. He was a bright young geo with some grandiose ideas. Now he's an older and wiser geo running a stable of interesting companies, of which Liberty Gold is just one. He founded and later sold Fronteer Gold, owner of the Long Canyon project, to Newmont in 2009 for $2.3 billion.
Liberty Gold's next most important project is the Goldstrike deposit with about 1.2 million ounces of gold at a .2 g/t cutoff. This project is located in Western Utah, just east of the Nevada border. It is a Carlin style deposit and past producer of 209,000 ounces of gold in a heap leach operated from 1988 until 1994.
Again Liberty has a load of data from prior operators including that from over 1,500 drill holes and 100,000 blast hole samples. Liberty has been more or less drilling continuously since 2016 and completed a maiden resource in early 2018.
Mark O'Dea has made a lot of money for a lot of people. Institutions own almost 40% of the company. They had over $8 million in the bank as of the end of March. With any increase in the price of gold, expect Liberty Gold to lead the way. Management is excellent, communications good and for more information spend some time going through a great presentation.
Liberty Gold is an advertiser and as such I am biased. Please do your own due diligence.
LGD-T $0.53 (Jun 24, 2019)
LGDTF-OTCQB 207.1 million shares
Liberty Gold website.
Bob and Barb Moriarty brought 321gold.com to the Internet almost 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.[NLINSERT]
1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: Liberty Gold is an advertiser on 321 Gold. I determined which companies would be included in this article based on my research and understanding of the sector.
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