A lot of irons in the fire.LBSR is not just a one property company. We have a lot of irons in the fire and this latest one could be red hot, pardon the pun, but consider. We have greatly added to our previous holding in the area and it is an area that could have high grade mineral resources, plus we are going to be drilling the site when we decide the best areas to drill. Once we actually start drilling, that should help our price and if we hit good grades that will also give us a boost. If the company gets a joint venture partner to develop it, hopefully they will get good terms. That would be nice, and they might because the property is nice:
LBSR announced the acquisition of approximately eight square miles of mineral rights in the Hay Mountain Project area, part of The Tombstone Porphyry-Precious Metals Project. This land acquisition has been the result of a long and concerted effort in the area. 8 square miles is a large property and it was acquired after an extensive examination of the area..
Multimodal anomalies cover the acquired land and include: a large aerial magnetic high exactly superimposed over a geochemical anomaly system consisting of a copper high over the magnetic high surrounded by distal low temperature metal anomalies, including gold. Some ground electrical geophysics (IP - Induced Polarization) has been run over the area, as well as an electromagnetic survey known as CSAMT (Controlled Source Audiorange Magneto Tellurics). Geologic and Alteration mapping of exposed rocks is in hand and may be done in increased detail in the future. The objective of this land acquisition is to allow further testing and exploration of the subsurface by diamond core drilling. The size of the superimposed geologic, geochemical and geophysical anomalies is interpreted to represent a large porphyry copper bearing igneous mineral body intrusive into limestone sediments. Similar known mineral ore bodies are present in southeastern Arizona which have similar geochemical and geophysical signatures. Based on the data we expect this center to contain disseminated copper-gold-silver and molybdenum (moly) along with high grade replacement bodies in limestone replacements containing high grade copper, lead, zinc, silver, gold and other metals typical of the known large ore bodies of the same type mentioned above.
The Company will work toward preparing a drilling program to test this target area as quickly as possible. Discovered ore bodies could be mined by either open pit or underground mining methods or both.
Comments Liberty Star’s Chief Geologist and CEO James Briscoe: “The wealth potential of the Tombstone area has been reignited by the continuing strength of copper, gold moly, and silver prices. These are major targets in large alteration zones hidden from view but amenable to discovery by advanced methodologies.”