Jr. Finds Massive Gold Potential in Idaho, Eyeing Expansion

Source: Phil Ker 09/08/2025

Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) announces findings from sonic drilling at its Black Pine site in Idaho. Read why one analyst thinks the update highlights the potential of the project.

Before the market opened on August 27, Liberty Gold Corp. (LGD:TSX; LGDTF:OTCQX) announced positive findings from sonic drilling at its Black Pine site in Idaho, noted Ventum Capital Markets Analyst Phil Ker in an updated research note on the same day.

The sonic drilling program, consisting of 24 holes over 1,400 meters, was executed on the Black Pine legacy heap leach pad, the analyst wrote. The promising results confirmed the presence of residual cyanide-soluble gold within the heap.

Liberty is assessing the feasibility of utilizing 10-20% of the legacy heap as overliner material for the new heap leach pad, with the rest of the material to be incorporated into the mine plan, Ker wrote.

“We see this potentially adding additional gold ounces early in the mine plan while minimizing initial capital costs and providing increased optionality, specifically at the Rangefront pit, where significant expansion potential remains below the legacy heap,” Ker said.

Sonic Drilling Results

The sonic drilling covered most of the approximately 31 Mt (million ton) legacy heap leach pad, with assay results ranging from 0.06 to 1.18 grams per tonne gold (g/t Au), and the highest concentrations found near the surface. From the 24 drilled holes, Ker said Ventum estimated a weighted average grade of 0.19 g/t Au.

“Although grades are low, we do see the potential for enough recoverable gold to cover rehandling and processing costs, unlocking further optionality and value at the Rangefront pit,” the analyst wrote.

Reserve Expansion Potential

Beyond directly adding gold ounces from the legacy heap, Liberty also sees strong potential to increase ounces in the mine plan through ongoing reserve expansion at the Rangefront pit.

The legacy heap currently restricts the Rangefront pit’s northern expansion, but removing this material could not only add ore by utilizing the PFS (preliminary feasibility study) resource pit instead of the reserve pit, potentially adding around 250,000 ounces Au, but also presents an excellent target for resource expansion adjacent to the Rangefront deposit, Ker said.

Updated Resource, Economic Study Anticipated

Liberty is progressing with its risk-reduction strategies at Black Pine, with initial efforts underway to establish a resource at the legacy heap leach pad, alongside metallurgical testing to determine its suitability as overliner material for the new heap leach pad, the analyst noted.

If results are favorable, Liberty will proceed with further optimization at the Rangefront pit, eliminating the current 50-meter setback from the legacy heap leach pad.

“With an updated resource estimate and the spin-out of the Goldstrike/Antimony Ridge project pegged for Q4/25, we continue to anticipate a busy H2/25 for LGD,” Ker wrote.

Ker said the company is currently valued at a P/NAV ratio of 0.09x, significantly lower than the 0.24x average of other gold developers in Ventum’s coverage. With clear upside potential as the company advances its risk-reduction strategies at the Black Pine project, Ker said he foresees substantial value creation for shareholders.

An updated resource and economic study are anticipated to further underscore the project’s potential, he wrote.

“We maintain our BUY rating and CA$1.00/share target price,” the analyst said.

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1. Liberty Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$5,000.
2. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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Disclosures for Ventum Capital Markets, Liberty Gold Corp., August 27, 2025:

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