Liberty Star Hay Mountain Project Update: Geophysics & Geochemistry Completed, S-1 Approved, Drill Plan Underway
January 30 2014 - 3:52PM
Business Wire
Liberty Star Uranium & Metals Corp. (“Liberty Star” or the
“Company”) (OTCQB: LBSR) announces an update of its premier
exploration project for copper, gold, moly, lead, zinc, silver and
REEs in Cochise County, southeast Arizona.
Hay Mountain Project update summary:
- Geophysics contractor Geotech Ltd. has
completed 3D inversion magnetic data which correlates with geochem
anomalies, and ZTEM - EM anomalies. Final interpretation by
Geotech’s Chief Interpretative Geophysicist is pending.
- SEC Form S-1/A - the Company has
received SEC Notice of Effectiveness. This drawdown facility will
be used to cover the Company’s ongoing overhead expenses. Other
means are sought to fund exploration drilling, minimizing any
dilution to the Company’s stock.
Company CEO/Chief Geologist Jim Briscoe’s update:
“This week Geotech Ltd. delivered completed 3D
inversion/magnetic images from its aeromagnetic analysis (part of
the ZTEM system) of Hay Mountain. The images indicate that the
magnetic anomaly is right on top of the geochemical anomaly and the
ZTEM electromagnetic (EM) anomaly, which is what we had hoped. This
type of a magnetic anomaly is exactly what identified the
Pima-Mission mine in the Pima mining district 20 miles south of
Tucson and about 80 miles west of Hay Mountain. These mines now
compromise one open pit 7342 feet (1.4 miles) long, 7,244 feet
(1.37 miles) wide and 1013 feet deep. It has been producing from a
skarn ore body of copper, moly, silver, gold, lead, zinc and other
metal elements, and it has just celebrated its 50th anniversary
last year. It is estimated it will continue to produce for another
30 years. The ore body was completely covered and hidden by about
200 feet of alluvium (dirt) but was indicated by a strong magnetic
anomaly.
“We have now compared the footprint of the Mission-Pima ore
bodies to the magnetic anomaly high at Hay Mountain,
electromagnetic anomalies and the nested geochemical anomalies. The
footprint (horizontal or map projection) of the Mission-Pima ore
body fits comfortably in the superimposed anomalies at Hay
Mountain. Similarly, the footprint of both Bisbee, Arizona, and
Bingham Canyon, Utah, also fit comfortably within the anomaly highs
at Hay Mountain.
“Geotech recommends no further work on a 3D processing of the
ZTEM response. Thus we have completed the remote sensing portion of
the exploration of the Hay Mountain porphyry copper-gold anomaly.
We are now ready and in fact have started plotting drill hole
locations that will test the superimposed and mutually reinforcing
anomalies. This work will go comparatively quickly. When completed
we plan to contract archaeological review on the new drill sites to
assure no destruction of antiquities. After that we will apply for
drilling permits from both the Arizona State Land Department (ASLD)
and the U.S. Bureau of Land Management (BLM). We will continue our
conversations with potential funders of the first year of drilling
with the goal of obtaining full funding for the four- year drilling
program. However, if the first year of funding is in place, we will
start the program.
“The slow, tedious targeting program is now at a state of
completion.
“We are not going to use drawdowns from the S-1 to fund the
drilling program. These will be used for ongoing overhead; we plan
to fund the drilling program through different non-dilutive sources
that will be disclosed when such negotiation is complete.
“We plan to embark on a carefully targeted drilling program that
will progress relatively quickly, assuming funding is obtained. If
we find what our numerous detailed and cutting-edge technical
studies suggest is present, we hope to delimit mineralization that
once drill-defined will lead to a minable deposit of significant
proportions. The time table for drilling will be presented as soon
as we receive permitting and money. Logistics and weather permit
year-round drilling activity in a generally comfortable
environment. Local supplies and labor are close at hand. The
drilling can precede 24/7/365 if adequate funding is
available.”
Jim Briscoe“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: that a porphyry copper system is indicated; that
we can find alternative means to funding our drill program,
minimizing stock dilution; that we will then apply for drilling
permits and seek full funding for the 4 year drilling program and
that we hope to delimit mineralization that will lead to a minable
deposit of significant proportions. Factors which may delay or
prevent these forward-looking statements from being realized
include misinterpretation of data; we may not be able to get
equipment or labor as we need it; we may not be able to raise
sufficient funds to complete our intended exploration or carry on
operations; that weather, logistical problems or hazards may
prevent us from exploration; that equipment may not work as well as
expected; that analysis of data may not be possible accurately and
at depth; and that despite encouraging data there may be no
commercially exploitable mineralization on our properties. Readers
should refer to the risk disclosures outlined in the Company’s
recent S-1, its 10-K and the Company’s other periodic reports filed
from time to time with the Securities and Exchange Commission.
Agoracom Investor
Relationslbsr@agoracom.comhttp://agoracom.com/ir/libertystarorLiberty
Star Uranium & Metals Corp.Tracy Myers, 520-425-1433Investor
Relationsinfo@LibertyStarUranium.comFollow Liberty Star Uranium
& Metals Corp. on Facebook , LinkedIn & Twitter
@LibertyStarLBSR
Liberty Star Uranium and... (QB) (USOTC:LBSR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Liberty Star Uranium and... (QB) (USOTC:LBSR)
Historical Stock Chart
From Sep 2023 to Sep 2024