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Drill Results Support Heap Leach, Oxide Gold Operation

Source: Chris Thompson


December 15, 2022 ( Newswire) These new results are from drilling recently completed at this Carlin-style gold property in Utah, noted a PI Financial report.

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQB) announced the results of three types of drilling done at its Goldstrike gold project in Utah, having completed its 2022 field season there, reported PI Financial analyst Chris Thompson in a Dec. 6 research note.

"Results from PQ core and reverse circulation holes support potential offered by Goldstrike as a small but potentially economically viable, heap-leach, oxide gold deposit," Thompson wrote.

The analyst presented the highlight results of the three sets of drilling recently carried out at Goldstrike.

PQ Core

Twelve holes were placed over 1,412 meters (1,412m). Highlight hole PGS863C returned 74.3m of 0.87 g/t gold (0.87 g/t Au), including 12.3m of 1.51 g/t Au in the Basin Area.

"The majority of the core holes reflect thick intervals of oxide gold with good cyanide solubility at shallow depths," Thompson noted.

Reverse Circulation

It encompassed 100 resource definition and exploration holes over 8,453m. Hole PGS874, for instance, showed 24.4m of 1.75 g/t Au, including 10.7m of 3.52 g/t Au in the Main Area.

"The drill results continue to confirm the strong continuity of gold grade and deep oxidation profile," wrote Thompson.


Liberty Gold completed 23 holes in the historic leach pads and surficial waste storage sites. Standout hole PGS891 returned 25.9m of 1.02 g/t Au, including 9.1m of 2.17 g/t Au.

"Results continued to demonstrate that the surficial materials contain oxide gold at above-anticipated cutoff grades," Thompson commented.

Derisking Efforts Planned

Looking ahead, Thompson noted, next year Liberty Gold plans to pursue securing a water supply and necessary permits for Goldstrike, both to derisk the project.

Thompson pointed out the surface rights at Goldstrike are currently owned by the federal Bureau of Land Management, but an initiative is underway to have them transferred to the state of Utah. The related bill is expected to be put before Congress in 2023. If Congress approves this SITLA Land Exchange, the permitting process for Goldstrike will require state versus federal approvals, which would likely "significantly derisk and reduce the time frame to permit mining and heap-leach operations at Goldstrike," wrote Thompson.

PI Financial has a Buy rating and a CA$1.10 per share target price on Liberty Gold, the current share price of which is about CA$0.46.


1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Liberty Gold Corp. Click here for important disclosures about sponsor fees.

3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Liberty Gold Corp., a company mentioned in this article.

PI Financial, Liberty Gold Corp., December 6, 2022

Analyst Certification: I, Chris Thompson, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this report. I am the research analyst primarily responsible for preparing this report.

Research Disclosures: PI Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12-month period. PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company.

General Disclosures: The affiliates of PI Financial Corp. are PI Financial (US) Corp., PI Financial Services Corp., and PI Capital Corp. 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 and all other Research staff are not directly compensated for specific Investment Banking transactions.

None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of PI Financial Corp.

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