Liberty Gold’s Black Pine FAST-41 approval: capex and permitting lens for mine planners
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
Liberty Gold’s past-producing Black Pine oxide gold project in southeastern Idaho has been accepted into the US FAST-41 “covered project” programme, giving it a federal permitting timetable, project advisor and public dashboard schedule to be set within 60 days. The brownfield, drive-in/drive-out operation near the Utah border hosts 402.6 million tonnes indicated at 0.32 g/t Au (4.16 Moz) plus 97.7 million tonnes inferred at 0.23 g/t Au (0.71 Moz), with a 2024 PFS outlining 2.2 Moz over 17 years at $1,380/oz AISC and $327 million initial capex. Using $2,000/oz gold and a 5% discount rate, the study shows a post-tax NPV of $550 million and 32% IRR, with feasibility-level engineering and environmental baseline work already under way.
Technical Brief
- FAST-41 “covered project” status assigns a federal project advisor to coordinate inter-agency permitting for Black Pine.
- A detailed federal permitting timetable must be agreed and posted to the public dashboard within 60 days.
- Ongoing work includes feasibility-level engineering, concurrent with both state and federal permitting processes.
- Environmental baseline studies are already “extensive” and continuing, supporting the brownfield permitting narrative.
- Black Pine is operated as a drive-in/drive-out site, about two hours by road from Salt Lake City.
- No permanent camp is planned; the sparsely populated area still allows year-round site access.
- Market reaction to the FAST-41 news lifted Liberty Gold’s share price 7.7% to C$1.05, valuing it at ~C$537 million.
Our Take
With an after-tax NPV of $550 million against initial capital of $327 million, Black Pine screens as a relatively high-margin US gold project in our database, which may make Liberty Gold a more likely takeover or JV target compared with peers with thinner economics.
The 17-year mine life on 0.32 g/t indicated material at Black Pine fits a pattern in our gold coverage where US heap-leach style projects are increasingly optimised around large, low-grade tonnages rather than chasing higher grades, which has implications for permitting footprints and long-term water management in Idaho.
Among the 697 Mining stories in our database, only a subset of US gold projects show a 30%+ after-tax IRR at a 5% discount rate, so Liberty Gold’s share price move and C$537 million market value suggest investors are already pricing in a higher probability that FAST-41 support will translate into de-risked development this year’s second half.
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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