7404 NOT gate LC oscillator
The 74ACT04 is a buffered (3-stage) inverter with TTL-compatible input thresholds. 

The intention of the 470K resistor is to bias the inverter, however it will not have a stable bias because of the three stages. Normally we want to use an unbuffered inverter in such a role. 

The idea of the originator is to have a tank circuit in the AC feedback to try to have it oscillate at one frequency, but this circuit is just as likely to squeg or ring during transitions at multiple frequencies simultaneously, and parasitics are likely to play a major role in what it does. 

I don't think this is a reliable, predictable circuit. 

Edit: for more information on using unbuffered inverters, see this TI application note.