TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (???Liberty
Star?????or the?????Company???)
(OTCQB:
LBSR) is pleased to update shareholders and interested parties on the
Company???s projects in Arizona and Alaska.
Property payments
Property payments on all Company federal lands have been paid for
2014-2015. Other payments are up to date.
|
1.
|
??
|
All Bureau of Land Management federal lode mining claim payments
for properties located in Arizona have been made before noon
September 1, 2014. This includes Cochise County (Tombstone
Super Project), Pima County (East
Silver Bell Porphyry Copper Project), and Mohave and Coconino
Counties (North
Pipes Super Project).
|
|
2.
|
|
Alaska mineral claims comprising Liberty Star???s Big
Chunk Super Project have been accounted for with the State of
Alaska Department of Natural Resources Division of Mining. All
Alaska State mining claim assessment has been paid as of noon or
before September 1, 2014. Rental fees have not been paid and are
not due until November 30, 2014.
|
|
3.
|
|
Arizona State Mineral Exploration Permits (MEPs) have had all
assessment work declared on them and all rental fees paid in a
timely fashion. These declarations and payments are due one year
from the date of award of the MEPs. Because the MEPs were awarded on
different dates, the assessment and rental fees are due at different
times.
|
Ongoing geologic, geophysical and GIS work at
Hay Mountain
|
1.
|
??
|
New outcrops have been discovered in the main porphyry copper
alteration zone target within the geochemical and geophysical zone
that did not appear on any current geologic maps. Additional
geologic work is ongoing to define the location and alteration of
these outcrops which so far consist of silicification and
brecciated (broken) silicified limestone with leached capping.
Green copper oxide (chrysocolla) was identified in a very small
area, but this is the first visible copper mineralization we have
seen in the project surface area to date. All the copper and other
metal anomalies are from trace element geochemistry and do not
outcrop but are from depth where they are not visible and able to
be detected except geochemically. The alteration seen recently in
newly identified low outcrops is what would be expected on the
edge of a skarn hosted porphyry system.
|
|
2.
|
|
Geographic information systems ??? computer maps (GIS) are continually
updated and refined.
|
|
??
|
|
a.
|
??
|
We are using methods (ZTEM - EM & MAG - plus geochem - soil &
vegetation) that predict what we may encounter and at what depth.
East/West cross-sections of the magnetic and electromagnetic
geophysical data are plotted along the path of the ZTEM helicopter
survey lines. These survey lines are 200 m (660 feet) apart, within
the main target area, and the geophysical data has been collected
along them at very short intervals: about 9 feet for the magnetic
readings, resulting in many thousands of data points. This processed
data has been plotted with 2-D and 3-D inversions so that they more
closely resemble geologic features with which they are interacting.
These data have been plotted to scale along with drill holes along
with daughter holes down to 5000 feet.
|
|
??
|
|
b.
|
|
All proposed drill holes (mother holes) have now been plotted and
these number 51 (+8 daughter holes for each mother hole which can be
selectively drilled if warranted). We have great latitude in where
the daughter holes may be kicked off from the mother hole giving us
the ability to preferentially intersect geophysical ??? geologic
targets once these are refined by initial drilling. This gives us
almost infinite ability to intersect any target both vertically and
sub-horizontally at low cost. The Company can save several millions
of dollars using this approach in comparison to drilling either
vertical or angle holes.
|
|
??
|
|
c.
|
|
The geochemical data has been projected vertically down on the GIS
cross sections and also superimposed on the geophysical data so that
we may plan our drilling specifically related to both multi-element
geochemistry and geophysics.
|
|
??
|
|
d.
|
|
The plotting of the drill grid on a 400 m (1,320 feet) square
pattern in the main target is now complete. We have also marked
the hole locations with labeled, 2??? x 2??? x 5??? long wood posts so
that the drillers can go easily from drill hole to drill hole as
directed. No roads will be used but instead paths for rubber
tracked equipment will be used, as previously explained in News
Release 187 (8/12/2014). In our Exploration Plan of Operation
submitted to the Arizona
State Land Department (ASLD), we proposed rubber track paths
using a course of least resistance so no mechanical bulldozing or
road building would be used. The ASLD has agreed to it, but has
required that the paths be surveyed by a Registered Professional
Archaeologist. Antigua
Archaeology LLC, with whom we have worked for years, has been
contracted for this purpose, and they expect to be done in a week
to 2 weeks, pending unusual rainy weather. Our prime target
appears to be an area of low aboriginal activity (pre-Columbian
Indians) because, as Jim Moses head archaeologist opined, the
lands surrounding the target area were a less desirable area for
permanent habitation, farming or any other activity. His initial
conclusion is that the target area was not inhabited as there were
more attractive areas to live. Thus we believe few if any
artifacts will be located, as was the case in previously surveyed
proposed roads and geochemical lines in this area.
|
|
??
|
|
e.
|
|
Liberty Star should have drilling permits for the Phase 1 drilling
project (the 1st year) within approximately two months
and to be ready to drill as soon as funding is in place and
equipment can be mobilized to the site by our drill contractor.
|
Potential Funding
We are continuing to talk with and add to our list of potential funders
for The Hay Mountain Project.
|
1.
|
??
|
A scheduled tour of the Hay Mountain area by qualified potential
investors for the last week of September has been rescheduled to
mid/late October due to the illness of one of the visitors.
|
|
2.
|
|
We currently have in excess of 10 interested parties and we expect
that list to grow.
|
|
3.
|
|
Numerous mutual Non-Disclosure Agreements are in process.
|
|
4.
|
|
A Naru Capital sponsored road show to the Far East is expected in
November with stops in Hong Kong and perhaps Japan, and South
Korea. (NR
188)
|
|
??
|
|
a.
|
??
|
In collaboration with naseba/Naru Capital we expect to do additional
presentations via GoToMeeting?? at other foreign locations.
GoToMeeting?? video conferencing allows us to connect with up to 25
computers at a time almost any place in the world.
|
|
??
|
|
b.
|
|
All meetings will continue to maintain the naseba/Naru protocol of
identifying motivated investors with capital resources that give
them the ability to fund phase 1 drilling and beyond in this large
multi-staged project.
|
|
5.
|
|
Other presentations have been made outside of the naseba agreement
via GoToMeeting??.
|
|
6.
|
|
We continue to work toward finalizing an agreement on the North
Pipes Uranium project.
|
|
7.
|
|
We have positive indications from our East Silver Bell potential JV,
and we are working toward that agreement as well.
|
???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 are
forward-looking statements. Forward-looking statements in this news
release include our plans regarding Hay Mountain, our potential to save
money through the planned exploration techniques, potential funding of
Liberty Star???s Hay Mountain Project and that we may sign agreements soon
on our North Pipes and East Silver Bell projects.
Factors which may delay or prevent these forward-looking statements
from being realized include: our inability to agree with a potential
investor on terms of their participation in the Hay Mountain Project or
any project; we may not be able to raise sufficient funds to complete
our intended exploration or carry on operations; an inability to
continue exploration due to weather, logistical problems or hazards even
if funds are available. We may not be able to reach agreement with other
parties to explore or develop any of our properties. Despite encouraging
data, there may be no commercial minerals in our projects. Readers
should refer to the risk disclosures in the Company???s recent 10-K and
the Company???s other periodic reports filed from time to time with the
Securities and Exchange Commission.