In a June 27 press release, Liberty Gold Corp. (LGD:TSX) announced the approval of its Plan of Operations for the Goldstrike Oxide Gold Project in Utah. Goldstrike is located on the Utah/Nevada border and, according to the company, "like Kinsley Mountain and Newmont's Long Canyon deposit, Goldstrike represents part of a growing number of Carlin-style gold systems located off the main Carlin and Cortez trends in underexplored parts of the Great Basin."
Cal Everett, president and CEO of Liberty Gold, explained that the approval allows Liberty Gold to expand drilling to "the entire 14 square kilometer historical mine trend, as well as a large number of peripheral targets. . .Liberty can now work to build ounces at an accelerated pace." He pointed out that "receipt of the Plan of Operations, as well as confirmation of excellent metallurgical recoveries, are two of the key deliverables for our company this year."
On the same day as the press release, Haywood analyst Mick Carew reiterated his Buy rating on Liberty and stated, "today's results continue to be positive as the Company works towards its impending initial resource estimate for the project, which is expected sometime in Q2 or Q3 2017." He explained that "Liberty has completed 44,000 metres in 281 Reverse Circulation and Core holes to date at its Goldstrike project, accounting for under 10% of the historical drill-defined, target areas."
Carew also highlighted that "the focus of drilling continues to be the definition of gold mineralization beyond the extents of the 8 historic open pits that are situated within the Main Zone." Carew concluded that the "$1.00 target price continues to be based on a 1.0x multiple to our after-tax corporate NAV of $1.08 per share."
Liberty Gold is currently trading at $0.37.
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