TUCSON, Ariz.–(BUSINESS WIRE)–Liberty Star Uranium & Metals Corp. (“Liberty Star†or the “Companyâ€)(OTCQB: LBSR) has an update on its premiere copper-gold-moly-REEs (rare earth elements) Hay Mountain exploration project in Cochise County, southeast Arizona.
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Geophysics contractor Geotech Ltd. has submitted an updated final report with its conclusions summarizing the 2013 ZTEM geophysical survey of the Hay Mountain project area. |
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According to Geotech’s recommendations, Liberty Star has ordered 3D inversion modeling on the magnetic data collected during ZTEM overflights (NR 158) and expects to request 3D inversion modeling on the ZTEM data as well. The 3D modeling should give Liberty Star’s GIS analysts a precise interpretation of the ten targets area, crucial for an efficient and cost effective drilling program. |
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Current and future planning |
CEO/Chief Geologist Briscoe’s summary of current events and future planning:
“While we have announced preliminary results of Geotech’s ZTEM results (NR 170) we now have an extensive final report detailing 10 areas of interest within the borders of the Hay Mountain Project area. We are currently plotting drill holes based on a 200 meter (656 foot) grid to test the various anomalies starting with the main porphyry copper geochem anomaly emphasizing where it corresponds to the magnetic anomaly and the electromagnetic (EM) anomalies (shown in the image not including magnetic anomaly). The colors represent amount of rock resistivity- pink being very low resistivity and blue being high resistivity: R is high resistivity and Z is low resistivity probably related to sulfide (pyrite) mineralization and attendant alteration. The numbers relate to discussion points in the extensive report which contains the image.
“Because we also have 52 east west cross sections of EM data with magnetism we can now compare what we expect to hit at specific depth with the EM Data. Thus, we are confident that we can predict how deeply we will have to drill to intersect various types of ZTEM anomalies, which are ultimately related to rock type, alteration type and the peripheral pyrite halo of porphyry copper centers (see JMG color model). We have a pretty good idea because of the known characteristics of the limestones and other layered sediments, igneous and basement (See our glossary –website) rocks in the area and thus we believe we can calculate the approximate desired depth of each drill hole drilled and the cost and time to drill each hole. Once that work is completed, we intend to apply for permits for the proposed drill holes over the geochem, magnetic and ZTEM anomalies. Assuming that we can raise sufficient money to execute our plan, we intend to start off with the best ranked holes and drill 24 hours per day 7 days per week for the next year. When we receive our 3D inversion magnetic data as was ordered from Geotech last week we intend to superimpose this data over all the other existing data and further refine the drill hole locations and plan. We plan to start out with more widely spaced drill holes in order to test various parts of the main anomaly and make adjustments on succeeding holes based on the results of the drilling that has been done. We expect this to be a dynamic program.
“It is important for all interested followers of these news releases to understand that no remote sensing techniques can reliably identify and measure individual elements including porphyry copper system elements of copper, molybdenum, gold, silver, lead, zinc, rare earth elements nor their abundance. This requires drilling and careful collection of samples and careful assaying, and then geoengineering to determine whether there may be a resource that can be mined at a profit i.e. an ore body. With our geochemical approach we can identify metals and their location, but not their grade. Because of many years of geophysical research and study we do know what rock characteristics can affect various type of geophysical tests i.e. electrical resistivity characteristics, magnetic strength, EM or electromagnetic character, Induced Polarization – or IP – rock tendency to act as a capacitor when an electrical impulse is pumped into the rock. And because of the study of rock types associated with porphyry copper alteration we can draw conclusions as to where the desired mineral centers might be. The more detailed and precise these measurements are and how well they correlate with each other gives us greater precision and accuracy to aim our all-important drill holes to where the mineral body should be. Once we have the magnetic 3D inversion we will decide whether we should do the ZTEM 3D inversion which is more time consuming and thus more expensive.
“This refining and confirming targets is what Liberty Star has been doing for the last number of years, and we are in the final parts of this long, precise, and rather tedious process. All of our various tests, which in detail comprise thousands of sub tests, are in strong agreement. And now we are in the final steps of positioning drill holes with the expectation that we can soon begin to permit the holes and start the drill program.
“Assuming that we can raise the necessary capital, we plan to begin drilling 24 hours per day in two shifts, 7 days per week, and 365 days per year with one drill. Drill logging and physical measurements on the core will be taken immediately after the core is extracted from the drill and then the core will be broken into approximate 10 foot intervals, split along its axis using a diamond saw; we intend to ship half for assay to a certified lab in Canada and store the other half permanently in secure storage. We plan to record all geologic data and much other data collected from the drill site on hand held computers for transmission via the Internet to our servers for analysis by expert geologists and interpretation of various types including management parameters to see that the program is proceeding within schedule and on budget. Assay data will be joined with the other data by computer to form computer logs. We have just received a proposal from a data management software company who proposes to contract with us to supply integrated programmed reports (so called computer dashboards) so that each manager may keep up with changing conditions multiple times per day including programmed alarms sounding if parameters are out of an acceptable range. These data can be viewed in real time on hand held devices such as an iPhone, iPad or any smart phone or pad that can connect to the Internet – anywhere in the world management might travel to. We expect that these operating procedures should reduce drilling cost and cut down management time and thus personnel costs.â€
“James A. Briscoe†James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
Forward Looking Statements
This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as “mayâ€, “shouldâ€, “intendâ€, “expectâ€, “planâ€, “anticipateâ€, “believeâ€, “estimateâ€, “projectâ€, “predictâ€, “potentialâ€, or “continue†or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This presentation may also contain future oriented financial information (“FOFIâ€) within the meaning of applicable securities laws. The FOFI has been prepared by our management to provide an outlook of our activities and results and may not be appropriate for other purposes. The FOFI has been prepared based on a number of assumptions. The actual results of operations of our company and the resulting financial results may vary from the amounts set forth herein, and such variation may be material. Our management believes that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. Any FOFI in this presentation is made as of January 21, 2014 and is based upon the information available to us as of that date.
Examples of forward-looking statements made in this presentation include statements pertaining to, among other things: (1) our first year projections; (2) annual projected cash flow and capital summary; (3) estimates regarding the number of barrels of oil in places; (4) estimated internal rate of return and breakeven point for a barrel of oil; (5) expected cost reductions; (6) the potential impact of technology; and (7) the estimated costs of a development well.
The material assumptions supporting these forward-looking statements include, among other things: (1) our belief that we can calculate the approximate desired depth, cost and time of each drill hole, (2) our ability to rank the drill holes and keep track of results and our ability to adjust our plans based on drill results as they are received, (3) our ability to drill 24 hours per day in two shifts, seven days a week and 365 days per year, (4) our expectation that we can soon begin to permit holes and begin our drill program and (5) our belief that our projected operating procedures should reduce drilling costs and cut down on management time and personnel costs.
These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: (1) our ability to raise the funds needed to execute our drilling plans; (2) conditions in the field, including weather, geology, the availability of personnel and drilling equipment and other risks inherent in the resource industry; and (3) other factors discussed under the section entitled “Risk Factors†in our annual reports on Form 10-K and interim reports on Form 10-Q, as filed with the Securities and Exchange Commission.
These risks, as well as risks that we cannot currently anticipate, could cause our, or our industry’s, actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.
