Liberty Gold Corp.'s (LGD:TSX; LGDTF:OTCQX) latest results of the expansion drilling underway in the Rangefront zone have positive implications for the Black Pine gold project in Idaho, reported Phil Ker, analyst at Ventum Capital Markets, in an October 15 research note.
"Near-surface oxide mineralization continues to suggest that Rangefront could be a considerable component for Black Pine and could prove to become a starter pit for a future operation," Ker wrote.
58% Return Implied
Liberty was trading at the time of Ker's report at about CA$0.72 per share, at a price:net asset value of 0.1x, a discount to the 0.28x peer average, the analyst noted.
The company offers "a deep value proposition for investors seeking high leverage to gold," Ker wrote.
In comparison to the CA$0.72 share price, Ventum's target price is CA$1.15 per share, reflecting a 58% potential return for investors.
The Canadian explorer is still rated Buy.
Liberty has 455.2 million shares outstanding, a market cap of CA$287 million, and a 52-week range of CA$0.25–0.75 per share.
More Near-Surface Gold
Liberty's latest batch of feasibility stage drill results are of 14 holes totaling 2,979 meters (2,979m), part of the company's 40,000m reverse circulation drill program at Black Pine aimed at expanding the existing resource. Preparation of an updated resource estimate is to begin this quarter, and a feasibility study (FS) is to follow.
The new drill results show additional oxide mineralization occurring near surface at Rangefront. Standout intercepts include:
- 41.4m of 0.41 grams per ton gold (0.41 g/t Au)
- 124m of 0.28 g/t Au
- 71.6m of 0.37 g/t Au
Implications of Results
Ker discussed the new Rangefront drill results. One, he wrote, they continue to demonstrate the potential to expand the Black Pine resource.
Two, more near-surface mineralization suggests that Liberty could alter the current mine sequencing for Black Pine for a more optimal operation.
Three, results of the new stepout holes expanded the width of the known mineralized zone in the current resource pit by more than 150m in a north-south direction and by more than 200m in an east-west orientation.
Resource to Exceed 2 Moz
Ker highlighted that given the amount of drilling done since and excluded from the 2024 Black Pine prefeasibility study (PFS), there remains significant resource upside. Ventum expects Liberty to grow Rangefront beyond the 1,900,000 ounce resource size outlined in the PFS.
The PFS resource excluded the 15,000m of drilling done at Rangefront in 2024 and the 14,000m-plus drilled there so far this year. Plus, Liberty plans to complete another 15,000m at Rangefront by the end of this year. Thus, there will be about 44,000m of drilling whose results will be incorporated into the resource estimate for the first time. This should read through to the FS in a positive way.
Plans for Rest of 2025
This remaining 15,000m of 2025 drilling is to encompass about 50 more reverse circulation and core drill holes at Rangefront. Also, this quarter, Liberty is working to finish additional metallurgical drilling in expanded areas of the project, also to support the upcoming FS.
"We continue to see Liberty unlocking value through ongoing expansion drilling at Black Pine while derisking the project to the feasibility stage," Ker wrote.
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- 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.
- Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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Disclosures for Ventum Capital Markets, Liberty Gold Corp., October 15, 2025
Ratings BUY : recommendation: stock is expected to appreciate from its current price level at least 10-20% in the next 12 months. NEUTRAL : recommendation: stock is expected to trade in a narrow range from its current price level in the next 12 months. SELL : recommendation: stock is expected to decline from its current price level at least 10-20% in the next 12 months. U/R : Under Review N/R : No Rating TENDER: Investors are guided to tender to the terms of the takeover offer. Analyst recommendations and targets are based on the stock’s expected return over a 12-month period or may be based on the company achieving specific fundamental results. Under certain circumstances, and at the discretion of the analyst, a recommendation may be applied for a shorter time period. The basis for the variability in the expected percentage change for a recommendation, relates to the differences in the risk ratings applied to individual stocks. For instance stocks that are rated Speculative must be expected to appreciate at the high end of the range of 10-20% over a 12-month period.
Price Volatility/Risk SPECULATIVE : The Company has no established operating revenue, and/or balance sheet or cash flow concerns exist. Typically low public float or lack of liquidity exists. In addition, companies operating with significant commodity pricing exposure will typically be rated SPECULATIVE. Rated for risk tolerant investors only. ABOVE AVERAGE : Revenue and earnings predictability may not be established. Balance sheet or cash flow concerns may exist. Stock may exhibit low liquidity. AVERAGE : Average revenue and earnings predictability has been established; no significant cash flow/balance sheet concerns are foreseeable over the next 12 months. Reasonable liquidity exists. Price Volatility/Risk analysis while broad based includes the risks associated with a company’s balance sheet, variability of revenue or earnings, industry or sector risks, and liquidity risk.
Analyst Certification I, Phil Ker, 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 Company Disclosure Liberty Gold Corp. 3, 4 Applicability 1. Ventum Financial Corp. and its affiliates’ holdings in the subject company’s securities, in aggregate exceeds 1% of each company’s issued and outstanding securities. 2. The analyst(s) responsible for the report or recommendation on the subject company, a member of the research analyst’s household, and associate of the research analyst, or any individual directly involved in the preparation of this report, have a financial interest in, or exercises investment discretion or control over, securities issued by the following companies. 3. Ventum Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company over the preceding 12- month period. 4. Ventum Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from the subject company. 5. Ventum Financial Corp. and/or its affiliates have managed or co-managed a public offering of securities for the subject company in the past 12 months. 6. A director(s), officer(s) or employee(s) of Ventum Financial Corp. is a director of the subject company in which Ventum provides research coverage.6 7. A member of the research analyst’s household serves as an officer, director or advisory board member of the subject company. 8. Ventum Financial Corp. and/or its affiliates make a market in the securities of the subject company. 9. The analyst had an on-site visit with the subject company. For details, refer to the General Disclosure section. 10.The analyst or any partner, director, or officer has been compensated for travel expenses incurred as a result of an on-site visit with the subject company. 11.During the past 12 months immediately preceding the date of the research report or a recommendation was issued, Ventum Financial Corp has provided services by any partner, director or officer of the Dealer Member or analyst involved in the preparation of a report, other than services provided in the normal course investment advisory or trade execution services to the subject company for remuneration. General Disclosure The affiliates of Ventum Financial Corp. are Ventum Financial (US) Corp., Ventum Financial Services Corp., and Ventum 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 Ventum Financial Corp. Ventum Financial Corp.’s policies and procedures regarding dissemination of research, stock rating and target price changes can be reviewed on our corporate website at www.ventumfinancial.com (Research: Research and Conflict Disclosure). The attached summarizes Ventum’s analysts review of the material operations of the attached company(s). Analyst Company Type of Review Operations / Project Date Ker, Phil Liberty Gold Corp. Management Review All 08/19/25 Recommendations Number of Recommendations Percentage BUY 70 72.92% NEUTRAL 5 5.21% SELL 0 0.00% UNDER REVIEW 18 18.75% N/R 0 0.00% TENDER 2 2.08% RESTRICTED 1 1.04% TOTAL 96 Stock Rating and Target Changes For reports that cover more than six subject companies, the reader is referred to our corporate website for information regarding stock ratings and target changes. ventumfinancial.com (Research: Research and Conflict Disclosure).
Participants of all Canadian Marketplaces. Members: Canadian Investment Regulatory Organization, Canadian Investor Protection Fund and AdvantageBC International Business Centre - Vancouver. Estimates and projections contained herein are our own and are based on assumptions which we believe to be reasonable. Information presented herein, while obtained from sources we believe to be reliable, is not guaranteed either as to accuracy or completeness, nor in providing it does Ventum Financial Corp. assume any responsibility or liability. This information is given as of the date appearing on this report, and Ventum Financial Corp. assumes no obligation to update the information or advise on further developments relating to securities. Ventum Financial Corp. and its aೀiliates, as well as their respective partners, directors, shareholders, and employees may have a position in the securities mentioned herein and may make purchases and/or sales from time to time. Ventum Financial Corp. may act, or may have acted in the past, as a ೃnancial advisor, ೃscal agent or underwriter for certain of the companies mentioned herein and may receive, or may have received, a remuneration for their services from those companies. This report is not to be construed as an oೀer to sell, or the solicitation of an oೀer to buy, securities and is intended for distribution only in those jurisdictions where Ventum Financial Corp. is registered as an advisor or a dealer in securities. Any distribution or dissemination of this report in any other jurisdiction is strictly prohibited. Ventum Financial Corp. is a Canadian broker-dealer and is not subject to the standards or requirements of MiFID II. Readers of Ventum Financial Corp. research in the applicable jurisdictions should make their own eೀorts to ensure MiFID II compliance. For further disclosure information, reader is referred to the disclosure section of our website.
