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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1) Melissa Farley compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She owns, or members of her immediate household or family own, securities of the following companies mentioned in this article: None. She is, or members of her immediate household or family are, paid by the following companies mentioned in this article: None.
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Disclosures from Haywood Securities, Liberty Gold Corp., Radar Flash, June 27, 2017
Haywood Securities, or certain of its affiliated companies, may from time to time receive a portion of commissions or other fees derived from the trading or financings conducted by other affiliated companies in the covered security. Haywood analysts are salaried employees who may receive a performance bonus that may be derived, in part, from corporate finance income.
Haywood Securities, Inc., and Haywood Securities (USA) Inc. do have officers in common however, none of those common officers affect or control the ratings given a specific issuer or which issuer will be the subject of Research coverage. In addition, the firm does maintain and enforce written policies and procedures reasonably designed to prevent influence on the activities of affiliated analysts.
Analyst Certification: I, Mick Carew, hereby certify that the views expressed in this report (which includes the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report) accurately reflect my/our personal views about the subject securities and the issuer. No part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations.
Of the companies included in the report the following Important Disclosures apply:
▪As of the end of the month immediately preceding this publication either Haywood Securities, Inc., one of its subsidiaries, its officers or directors beneficially owned 1% or more of Midas Gold Corp. (MAX-T).
▪Haywood Securities, Inc. has reviewed lead projects of Liberty Gold Corp. (LGD-T), Midas Gold Corp. (MAX-T), and a portion of the expenses for this travel may have been reimbursed by the issuer.
▪Haywood Securities, Inc. or one of its subsidiaries has received compensation for investment banking services from Midas Gold Corp. (MAX-T) in the past 24 months.