Liberty Star Provides 2012/2013 Exploration Plans Update
July 30 2012 - 1:24PM
Business Wire
Liberty Star Uranium & Metals Corp. (“Liberty Star” or the
“Company”) (LBSR: OTCBB) is pleased to provide an updated program
for exploration activity on its properties in Alaska and Arizona.
The 2012/2013 exploration program will include:
- Phase 1 drilling on a portion of its
Big Chunk Super Project (“BCSP”) in southwestern Alaska. As
announced in NR 130, Liberty Star has engaged the services of MBGS
LLC of Anchorage, Alaska. MBGS has contracted several local vendors
to provide services including camp construction, transportation and
diamond core drilling. The initial 10 drill sites (at depths
ranging from 500 to 2,000 feet) will fulfill the Company’s
statutory obligation to provide labor or cash in lieu of labor no
later than September 1st to the State of Alaska. As funding becomes
available, the Company will undertake drilling on more sites
according to the recommendations within the SRK Technical Report
and suggested by the Phase I results. This will take place starting
about May 15, 2013 when weather conditions are traditionally good
enough to commence drilling. Depending on results, this drilling
could extend into November and restart in February 2014, as
detailed in the SRK Technical Report. This is of course depending
on a variety of factors including metal prices.
- ZTEM geophysical surveys provided by
Geotech Ltd., Ontario, Canada are planned over the Company’s
Tombstone Super Project (“TSP”). ZTEM will be flown by helicopter
at a low level over the claim areas including Hay Mountain, and
Walnut Creek and other targets. ZTEM over flight is planned in
September or October this year depending on the availability of
equipment. The Company plans to undertake Phase I drilling on its
Hay Mountain claims in fall 2012. At this time one large anomaly
was defined by our geochemical sampling in the area where it was
expected by compilation of previous data. However, 4 additional
targets of significant area that were not suspected were defined in
the geochemical interpretation. These are simply identified as
Targets 2, 3, 4, and 5. They are based on anomalous copper, gold,
molybdenum (moly), silver and rare earth elements (REEs) anomalies.
Drill site permits are applied for Targets 1 through 5. Up to 38
drill sites will be considered and applied for. We estimate the
process from application to the State of Arizona to actual drilling
should take 3 months, but could take longer depending on the
State’s bureaucratic process. The drill targets exist in low, flat
topography, in rather bland desert areas, and little to no road
preparation is necessary. Existing roads, most of which have been
in use for more than 120 years, will provide access close to the
drill sites. Arizona law requires archaeological reconnaissance for
historical artifacts must be completed over the Company’s proposed
new access trails; this process is currently underway. For Phase I,
the Company plans to drill up to 10 diamond core holes ranging from
500 to 1,000 feet in depth. Numerous locations are being permitted
to give the Company flexibility so that targets can be quickly
adjusted based on the results of the preceding drill hole(s) and/or
a decision is made to drill more holes. Phase 2 drill holes will
also be permitted at this time prior to actual drilling to increase
the Company’s ability to move quickly should Phase 1 results show
favorable results. States Chief Geologist James Briscoe: "We are
very encouraged as the composite geochemical anomalies for moly,
gold, lead and copper are very coherent and reflect closely the
expected pattern based on the Gilbert-Lowell porphyry copper model.
Further, the aeromagnetic anomaly we have known about for a long
time falls right on top of the geochemical pattern. Both of these
anomalies are quite large, the copper geochemical anomaly being 2.5
miles long and 1.2 miles wide. This is large enough to represent a
significant mineral body. Drilling will tell us whether economic
grade mineralization is present."
- In addition to copper, moly, gold,
silver, lead and zinc, four REEs were present in geochemical
samples from the Hay Mountain claims analyzed this spring/summer
(NR 122 & NR 127). The geochemical samples stored at ALS Labs
will need to be analyzed for 13 other REEs. Further geochemical
analysis, including gathering more rock chip, soil and vegetation
samples, will help determine if REEs are present in amounts that
make mining them commercially viable.
- The Company plans to maintain payment
of its North Pipes Super Project (“NPSP”) claims for uranium and
other metals in 2012 and resume a drilling program in 2013. Several
factors will need to be considered before the resumption of
drilling: suitable uranium market prices and regulatory obstacles
chief among them. Liberty Star retains several promising targets in
the Elle target area over which VTEM geophysics were flown.
Quaterra Minerals has been successful in drilling pipes in the area
with ore grade intercepts using this type of geophysics flown at
the same time frame and same equipment time as ours. Our Elle area
target with a good VTEM anomaly may be a triple “pipe”: large like
the largest producer in the area – the Hack 1 and 2 mines, which
was a double pipe. We have drilled a shallow hole in this triple
pipe target and intersected encouraging indicators, strong
alteration and pyrite.
- The East Silver Bell Porphyry Copper
Project and Walnut Creek, Tombstone Mining District, AZ will be
lower priority for 2012/2013. Both of these targets, which are of
significant size, will be maintained. More detailed work in 2013
may occur as personnel become available. Other opportunities in
Arizona continue to be evaluated for future acquisition when the
time is right.
The Company plans to fund its current BCSP drilling program
through private placements and its financing arrangement with
Fairhills Capital (NR 118). Liberty Star Management continues
discussions with various entities regarding short term and large
scale funding of its Big Chunk Super Project.
“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 all our planned exploration work, our planned
payments to keep properties in good standing, and that the results
of our planned work will provide good information on our assets.
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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