Liberty Star Uranium & Metals Corp. (“Liberty Star†or the “Companyâ€) (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 CA
CEO/Chief Geologist
Liberty 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.
