Positive Metallurgical Results Come From Gold Project

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) released further metallurgical data for its Black Pine gold project in Idaho, reported BMO Capital Markets analyst Brian Quast in a March 14 research note.

“We view these results as positive as this demonstrates the potential to add mineralization to its mineral reserves and resources in advance of the prefeasibility study,” Quast wrote.

BMO maintained its Outperform rating on the Canadian exploration and development mining company, currently trading at about CA$0.28 per share, noted Quast.

The Bottom Line

The analyst reviewed Liberty’s newly released metallurgical findings generally and by phase.

Overall, more than 80% of leachable gold was extracted within ten days, reported Quast. The weighted average gold extraction was 84.2%, and the range was 52.7−94.2%.

Extractions Tied to Phases 4B, 4C

Regarding results for specific phases of drilling, those linked to phase 4B showed an 86.1% weighted average gold extraction and an extraction range of 56.8−94.2%.

Drilling in phase 4B was done in the Discovery, F and M zones, the E and I pits and Tallman. From this, 25 composites were tested. Of them 20 were typical oxide material showing gold cyanide solubility higher than 65%. The other five samples were used to test leach recoveries in lower gold solubility ranging from 25−65%.

As for Phase 4C, the weighted average gold extraction rate was 73.4%, slightly lower than that with Phase 4B. Extraction rates were between 52.7% and 89.8%.

This phase focused on the C/D pit area, from which 11 samples of oxide gold mineralization were taken.

More To Come

Quast reported that results will be ready in Q2/24 from metallurgical testing on material from phase 5 of drilling. For this, Liberty is now selecting and preparing composites.

Phase 5 consists of five core holes drilled last year. From those, the standout results included 2.37 grams per ton gold (2.37 g/t Au) over 1.1 meters (1.1m) in the M Zone and 1.8 g/t over 7.3m in Rangefront.

Cutoff Grades Significant

Quast also pointed out that Liberty may benefit from adjusting cutoff grades.

The cutoff grades used for the M zone and Rangefront were between 0.15 g/t Au and 1 g/t Au. As such, the cost for development and production of the metal from these areas may be low.

Also, noted the analyst, “These lower cutoff grades are typical for other similar deposits in the area and illustrate that resource expansion may be possible elsewhere at Black Pine if cutoff grades are lowered.”

Important Disclosures:

1. Liberty is a billboard sponsor of Streetwise Reports.
2. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
3.  This article does not constitute investment advice and is not a solicitation for any 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. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company. 

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Disclosures for BMO Capital Markets, Liberty Gold Corp., March 14, 2024

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Company Specific Disclosures Disclosure 16: A research analyst has extensively viewed the material operations of Liberty Gold Corp.. Disclosure 17: Liberty Gold Corp. has provided at its expense some or all of the itinerant travel for the research analyst related to facilitating a material site visit.

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