Liberty Star Completes Initial Selection of Phase 1 Drill Holes to Target Multiple Anomalies on Hay Mountain Copper, Gold, Mo...
June 11 2014 - 9:15AM
Business Wire
Liberty Star Uranium & Metals Corp. (“Liberty Star” or the
“Company”) (OTCQB: LBSR) is pleased to announce that phase 1
exploration drilling targets have been selected at the Company’s
Hay Mountain Project. We intend to permit these so that the drill
can move around depending on results from drilled holes.
CEO/Chief Geologist James A. Briscoe and Liberty Star’s
geological and geophysical team based placement of the targets on
superimposed geology, geochemistry, and geophysics, including 2D
and 3D interpretations of the ZTEM, EM (Electro Magnetics) and Mag
(Magnetics) data. The airborne surveys acquiring these data were
flown simultaneously from a single helicopter by geophysics
contractor Geotech Ltd. last summer (NR 155). Interpretation of
these three survey types (coupled with knowledge of major porphyry
copper-gold-moly mines in surrounding areas in Arizona, New Mexico
and Sonora, Mexico, but as close as 6.5 miles and 15 miles away)
suggest that oxide copper may be found at a depth ranging from
approximately 30.5 to 92 meters (100 to 300 feet) and that sulfide
mineralization below the oxide zone appears to go to great depth:
+1220 meters (+4,000 feet) and appears to be concentrated in
replacement skarn deposits in limestone sediments as is typical.
These replacement deposits are expected to be quite high grade and
may be located surrounding intrusive porphyry perhaps carrying
disseminated mineralization of bulk minable grade.
Forty-one drill hole centers have been selected on approximate
400 meter (1,320 foot) centers. Initially the first holes will be
drilled to about 1634 meters (5,360 feet) to test the 3D EM and 3D
Mag anomalies. If the first hole is successful in interception of
mineralization or significant alteration minerals, the Company
plans to use directional drilling techniques to drill daughter
holes through the mother hole opening at a deviation start depth of
902 meters (2,960 feet) which will reach a bit more than 200 meters
(660 feet) outward from the mother hole. These can be drilled in
any direction but we are planning on drilling N, S, E, W, NE, SW,
NW, & SE, assuming geophysical targets and results of the
mother hole justify all or some of the daughter holes. It can be
seen that eight daughter holes (or more) can be drilled for each
mother hole, and since they will be started 902 meters (2,960 feet)
below the surface, they will save (assuming eight are drilled) 7218
meters (23,680 feet) of drilling, yet test an area (assuming all
eight are drilled) of about 400 meters (1,320 feet) on a side, or
40 acres (16.2 hectares). Since core drilling costs about $100 per
foot (all expenses in) then the cost savings will be approximately
US$2.4 million per mother hole location (not including the cost of
the mother hole). This type of approach is commonly used in the oil
and gas industry, and we expect that it could save millions of
dollars on this project. Further, fewer drill hole locations means
less impact on the surface, and lowers the cost of permitting and
remediation of minimal surface disturbance. There are other cost
saving and lowered surface disturbance approaches that the Company
is investigating and will report on if they prove practical.
Because of the 3D EM and Mag, Briscoe and his team have specific
expectations of what will be hit at all depths. Drilling will go on
24/7/365 as will core logging, splitting and analysis by X-ray
fluorescence on site, giving immediate semi-quantitative
indications of mineralization, followed as quickly as possible by
standard NI43-101 compliant multi-element geochemistry and ore
grade analysis by Certified Assayer ALS-Chemex. Core logs using
appropriate software will be created contemporaneously with
drilling phase 1 of this program. It is budgeted at US$6.5 million
and projected to cut approximately 67 thousand feet core.
Comments Briscoe: "When I get to the Middle East June 20th I
will have specific planning information that includes target
drilling and cost projections for phase 1 exploration drilling to
share with potential funders. These targets represent much
expertise and work. We mean to drill at Hay Mountain and this level
of analysis clearly indicates we have a thoughtful, detailed and
efficient plan of action, which is extremely flexible."
“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 facts
are forward-looking statements that are subject to risks and
uncertainties. Words such as "expects," "intends," "plans," "may,"
"could," "should," "anticipates," "likely," "believes" and words of
similar import also identify forward-looking statements.
Forward-looking statements in this news release include the
Company’s intent to permit the exploration drill targets so that
the drill can move around depending on results, its interpretation
of survey results as suggesting that oxide copper may be found at
the specified depths, that sulfide mineralization below the oxide
zone appears to go to great depth and is expected to be quite high
grade and may be located surrounding intrusive porphyry perhaps
carrying disseminated mineralization of bulk minable grade; the
Company’s plans in respect of location, direction and depth of the
proposed drill holes and its expectation that it could save
millions of dollars by using the ‘mother-daughter’ drill hole
approach. Actual results may differ materially from those currently
anticipated due to a number of factors beyond the Company's
control. These risks and uncertainties include, among other things,
the possibility that the Company has misinterpreted data, its
assumptions about the availability of personnel and capital,
weather, logistical problems and field conditions; and the risks
inherent in the Company's operations, including the risks that the
Company may not find any minerals in commercially feasible quantity
or raise enough money to fund its exploration plans. These and
other risks are described in the Company's public disclosure
documents filed on the EDGAR website maintained by the Securities
and Exchange Commission, including the Company’s recent
registration statement on Form S-1, its annual report on Form 10-K
and other periodic reports filed from time to time.
Agoracom Investor
Relationslbsr@agoracom.comhttp://agoracom.com/ir/libertystarorLiberty
Star Uranium & Metals Corp.Tracy Myers, 520-425-1433Investor
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