latest drill results from the F zone at its Black Pine project "show continuity between two previously distinct pits," one in the Discovery zone, the other in the CD zone, reported National Bank of Canada analyst Rabi Nizami in an August 30, 2022 research note.
"Today's results validate and extend this mineralization, filling in the gaps between earlier resource pits, as expected," Nizami added.
Drill results are from 17 holes placed in a roughly 750 meter (750m) area in the previously, but not extensively, drilled F zone between CD and Discovery, noted Nizami.
A comparison of the new F zone intercepts with previously reported ones show them to be similar, Nizami highlighted. Specifically, the new results average 0.50 grams per ton gold (0.5 g/t Au) over 24m, and the older results average 0.52 g/t Au over 13m. Widths, however, are slightly greater in the recent data, "which is encouraging."
Nizami presented these highlight assays from the latest batch:
- 0.95 g/t Au over 18.3m, including 1.03 g/t Au over 16.8m from surface (hole LBP657)
- 0.74 g/t Au over 38.1m, including 0.87 g/t Au over 30.5m from surface (hole LBP660)
- 0.84 g/t Au over 36.6m, including 0.97 g/t Au over 30.5m from surface (hole LBP662)
Liberty is expected to release additional drill results from Black Pine and Goldstrike throughout the coming months and update the Black Pine resource estimate next year, likely in H1.
The National Bank of Canada has an Outperform rating and a CA$1 per share price target on Liberty, the current share price of which is about CA$0.43.
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Disclosures For National Bank of Canada, Liberty Gold Corp., August 30, 2022
Financing risk: There is risk to our valuation that future financing terms are less attractive than we currently model which could result in greater dilution to shareholders or more onerous debt constraints Lack of economic study at Black Pine: With a maiden resource but no publicly available economic study at Black Pine, there is a risk that the eventual study contains less attractive economics than we model.
Exploration risk: Our investment thesis considers exploration upside. There is no assurance that the company will realize exploration success in the future.
Permitting risk: The Company’s portfolio 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 related disclosures:
National Bank Financial Inc. has provided investment banking services for this issuer within the past 12 months.
National Bank Financial Inc. has acted as an underwriter with respect to this issuer within the past 12 months.
National Bank Financial Inc. or an affiliate has managed or co-managed a public offering of securities with respect to 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 past 12 months.
The issuer is a client, or was 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, a dealer member of IIROC 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 particulars contained herein were 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 advise on further developments relating to the topics or securities discussed.
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