Liberty Gold Corp.'s (LGD:TSX; LGDTF:OTCQX) latest drill results from its Black Pine gold project in Idaho put the Discovery zone back in the spotlight, according to Phil Ker, analyst at Ventum Capital Markets, who wrote in an October 29 research note.
"New assays from ongoing drilling at Liberty's Black Pine project once again delivered excellent results," Ker wrote.
69% Gain Possible
Ventum Capital reiterated its CA$1.15 per share target price on the Canadian explorer, noted Ker. At the time of the analyst's report, Liberty was trading at about CA$0.68 per share, at a price:net asset value of just 0.15x, a discount to the average of its peer group (other gold developers under Ventum's coverage), 0.25x.
The difference between the target and current prices implies a potential return of 69%.
Liberty remains a Buy.
"The company continues to impress with excellent results via the drill bit, with derisking initiatives unlocking further value and supporting ongoing feasibility-level studies," Ker wrote. "With high sensitivity to an elevated commodity price, we continue to see increasing value for shareholders of LGD."
The company has 455.2 million shares outstanding, a market cap of CA$310 million and a 52-week range of CA$0.25–0.78 per share.
Data at a Glance
Liberty's new results are for the first nine drill holes of a 35–40 hole program targeting Black Pine's Discovery zone, Ker reported. Most of the existing drill results for Discovery are historical and include some of the highest grades ever reported from Black Pine.
Among the fresh results are the following standout intercepts:
- 85.3 meters (85.3m) of 1.53 grams per ton gold (1.53 g/t Au), including 9.1m of 5.19 g/t Au
- 59.4m of 1.17 g/t Au, including 15.2m of 3.44 g/t Au
Interpretation of Results
Ker explained that these new results show continuous oxide gold mineralization, comprised of a series of stacked lenses, intercepted over broad widths. Within these lenses are "impressive" higher-grade mineralized zones.
"Today's results now confirm the continuation of previously mined high-grade shoots in the historic B pit area," wrote Ker.
They also emphasize the significant resource upside at Black Pine and its potential overall.
Ker pointed out that these new data from Discovery will be integral to defining several components of the feasibility study, including mine design, metallurgical domain models, and early production planning.
Definition Drilling Continues
Liberty's feasibility definition drill program continues, and in an aggressive fashion, reported Ker.
Four rigs, one core, and three reverse circulation, are operating 24 hours a day. They are active in the Discovery and Rangefront zones, carrying out metallurgical, hydrological, geotechnical, and resource conversion drilling.
A fifth rig is expected to be started up next month. Its drilling will yield data to be collected for necessary soil engineering works, Ker relayed.
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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 29, 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.
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.
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 68 70.83% NEUTRAL 6 6.25% SELL 0 0.00% UNDER REVIEW 18 18.75% N/R 0 0.00% TENDER 2 2.08% RESTRICTED 2 2.08% 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). Liberty Gold Corp. Rating History
