Liberty Star Finds Copper, Zinc, Moly, Lead, Silver in Big Chunk Alaska Core Hole #1003, Plans Targeted New Core Holes
August 15 2012 - 9:01AM
Business Wire
Liberty Star Uranium & Metals Corp. (“Liberty Star” or the
“Company”)(LBSR: OTCQB) is pleased to announce that the Liberty
Star Geology Team has discovered copper, zinc, molybdenum (moly),
silver and lead in core hole 1003 collected in 2005 (see SRK
Report) on the company’s Big Chunk Super Project (“BCSP”), South
Block.
During a review of core logs from the 2005 White Sox drilling
campaign and recently enhanced ZTEM data (NR 128) Chief Geologist
James Briscoe and Technical Advisory Board Member Dr. Erik Murdock
discovered that diamond core hole 1003 showed characteristic copper
and molybdenum as the minerals chalcopyrite and molybdenite, as
well as lead, zinc and silver. The hole was stopped prematurely in
increasing values of these metals at a depth of 206.4 meters (681
feet). Although of low grade, this suite of metals is
characteristic of the outermost zone of the porphyry copper core
zone as described in the Lowell – Guilbert porphyry copper model,
co-developed by Liberty Star Director, John Guilbert. Murdock and
Briscoe are using profiles through the ZTEM 3D model to determine
where the characteristic low sulfide copper bearing center and high
pyrite surrounding zones are with this drill hole as a control
model. A porphyry copper-like target about 6 km (3.6 miles) north,
about 2.5 km (1.5 miles) in diameter at a depth slice of 500 meters
has ZTEM characteristics similar to but much more pronounced than
hole 1003. A carefully positioned drill hole is planned which
targets a depth of about 700 meters (2,310 feet). It will pass
through a moderate pyritic layer and then into what appears like a
porphyry center. Various logging tools (NR 133) will be used to let
the geologist determine characteristics of the hole, including a
hand held analyzer to give metal values, as the core penetrates to
targeted depth.
Twelve target areas have been defined by ZTEM, airborne
magnetics, geology and geochemistry in the Big Chunk S Block. Some
81 potential drill sites targeting various anomalies or types of
anomalies have been chosen. Not all of these can be drilled during
this phase, but alternative sites give the Company freedom to move
to the next best site. Approximately 10,000 feet of drilling is
planned depending on drill penetration rates and other factors.
Early holes will be used to more precisely target later holes both
as to exact location and depth. This is possible because of precise
geologic drill logs including X-ray on site assay results and other
types of on-site analysis. These data will be transmitted via the
Internet to Tucson where various experts will collaborate with the
onsite geology team to more precisely plan succeeding holes.
The Company also reports that the Alaska Department of Natural
Resources has issued a drilling permit effective immediately, for
diamond core drilling on Big Chunk south block targets. The drill
rig will be positioned soon and drilling will start shortly.
“James A. Briscoe” James A. Briscoe, Professional Geologist, AZ
CACEO/Chief GeologistLiberty Star Uranium & Metals Corp.
Forward-Looking Statements
Statements in this news release that are not historical are
forward-looking statements. Forward-looking statements in this news
release include our drilling plans, that drilling targets can be
precisely placed, that a drill rig will be positioned soon, that
drilling will be started shortly; and that analysis would conclude
that a porphyry copper system is present. Factors which may delay
or prevent these forward-looking statements from being realized
include: the failure of our exploration program to identify
targets; we may not be able to raise sufficient funds to complete
our intended exploration, keep our properties or carry on
operations; and an inability to continue exploration due to
weather, logistical problems, labor or equipment problems or
hazards even if funds are available. Despite encouraging data there
may be no commercially exploitable mineralization on our
properties. Readers should refer to the risk disclosures in the
Company’s recent 10-K and the Company’s other periodic reports
filed from time to time with the Securities and Exchange
Commission.
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