TUCSON, Ariz.--(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 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.