Black Pine gold project: scale, FAST-41 permitting and economics for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
Liberty Gold’s Black Pine oxide gold project in southeastern Idaho now hosts 502.7 million tonnes indicated at 0.3 g/t Au (4.8 Moz) plus 157.1 million tonnes inferred at 0.21 g/t Au (~1 Moz), based on 462,662 metres of drilling in 3,010 holes, placing it among the three largest undeveloped gold projects in the Intermountain West. The resource supports a preliminary feasibility study with a post-tax NPV of US$550 million, 32% IRR and all-in sustaining costs of US$1,380/oz at US$2,000/oz gold. FAST-41 “covered project” status is expected to accelerate federal permitting and inter-agency coordination ahead of a targeted feasibility study in Q4.
Technical Brief
- Resource growth adds >700,000 oz indicated and ~338,000 oz inferred gold versus the 2024 estimate.
- Black Pine lies ~380 km southeast of Boise, influencing logistics, power connection options and workforce sourcing.
- Contained ounces now exceed Revival Gold’s Beartrack-Arnett (~4.6 Moz) and Freeman Gold’s Lemhi (~1.46 Moz) projects in Idaho.
- Within the Intermountain West, only AngloGold Ashanti’s Beatty District (~19.7 Moz) and Hycroft (~14 Moz) exceed Black Pine’s scale.
- Corporate valuation reached ~C$723 million at a C$1.42 share price following the resource update announcement.
Our Take
With Black Pine’s post-tax NPV of US$550 million at a 5% discount rate and roughly 5 Moz indicated, Liberty Gold is now in the same scale bracket as other Intermountain West heap-leach gold plays like Hycroft and the Beatty District projects, which typically draw interest from mid-tier and major acquirers once permitting is de-risked.
The combination of a 32% post-tax IRR and a low-grade (0.3 g/t) oxide resource suggests Black Pine’s economics are highly leveraged to gold price and operating cost assumptions, so any cost inflation in Idaho or shifts in US fuel and reagent pricing could materially swing project value for Liberty Gold.
Within our 963 Mining stories and 314 gold-tagged pieces, few western US projects match Black Pine’s scale in indicated ounces this early in the study pipeline, which likely explains Liberty Gold’s C$723 million market cap and will put valuation pressure on smaller Idaho peers like Beartrack-Arnett and Lemhi as investors compare ounce quality and development timelines.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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