Hay Mountain Project: Drill Holes Selected for Drilling on Two Outcrops Showing High Grade Copper
Liberty Star Uranium & Metals Corp. (“Liberty Star” or the “Company”) (OTCQB: LBSR) is pleased to announce that very high grade copper oxide outcrops near the geochemical high derived from vegetation sampling have been discovered. These show up to 22% copper.
Recent detailed mapping found pervasively brecciated limestone, which led to the conclusion that the area called the Chrysocolla Block (where the first discovery of oxide copper in outcrop was made) was misidentified as the Colina limestone. Further evaluation led to the conclusion that the zone was of the lower Earp formation, which is the layer directly below the Colina. A red clay marker bed at the base of the exposed Earp limestone breccia clearly identifies it, but had been inexplicably missed by previous geologists. Current understanding indicates that the latest targets may bloom into major mineral zones 200 to 400 feet in depth at their intersection with the Horquilla limestone, the major mineral host in the region.
After ID of the lower part of the Earp, the Company’s skarn consultant (recently working on another Arizona project in the same sedimentary rocks, containing high grade copper) felt that there was a strong possibility that the two high grade copper oxide outcrops could be positioned right above high grade copper mineralization. This opinion correlates with Liberty Star’s geophysical–geochemical cross sections: see graphics.
Company CEO/Chief Geologist James A. Briscoe notes: “This is the specific target we have been searching for before kicking off a drill program. This development of discovery by use of the Niton and lots of boots on the ground carefully observing rocks gave us this completely unexpected outcrop; we have made the breakthrough we needed. This find is exciting and meaningful because it is the largest exposure so far located at Hay Mountain, and is similar to outcrops in the Bisbee mining district 15 miles south.”
Briscoe continues: “This outcropping oxidized mineral occurrence, taken with our recent work, confirms increasing mineral intensity over the previous geochemical and geophysical anomalies, and is confirmation of the type of mineralization we wanted to find. We have much technical work, including drilling, to complete prior to declaring an ore body present at Hay Mountain, but until now we were working with indirect geochemical, geophysical and geologic interpretation; this is direct evidence.”
Drilling Planned-Permitting Underway
Two drill holes 600’ apart have been spotted over the two sites of the gossan outcrops. Work on nine other targets across the heart of the geochemical-geophysical anomaly is underway. The flexible drill plan calls for vertical diamond core holes to as deep as 2,000 feet. If horizontal bedded ore grade copper or other metals are intercepted, 45 degree angle holes will be drilled to determine width, thickness and shape of the mineralization. Contorted, broken and brecciated beds are nearby and along the line of holes, which is characteristic of the porphyry copper geologic environment. “This is a good environment for defining out an important ore body,” comments Briscoe.
Plans call for holes up to 2,000 feet deep but could be shallower. Each hole would take about 20 days to drill and cost about $200,000 if drilled to total depth: estimated start time of about January 2016.
“James A. Briscoe” James A. Briscoe, Professional Geologist, AZ CA
CEO/Chief Geologist
Liberty Star Uranium & Metals Corp.
View Presentation on Libertystaruranium.com
Forward-Looking Statements
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements include: findings led to the conclusion that the Chrysocolla Block was misidentified and the conclusion that the zone was of the lower Earp formation that the discovery constitutes the specific target we have been searching for before kicking off a drill program. Factors which may delay or prevent these forward-looking statements from being realized include: our inability 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. 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 SEC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151014006432/en/
Contact
Liberty Star Uranium & Metals Corp.
Tracy Myers, 520-425-1433
Investor Relations
info@LibertyStarUranium.com
or
Jim Briscoe, 520-907-9492
CEO/President/Chief Geologist
jbriscoe@libertystaruranium.com