Croxall Property
- Intersects 0.92% Ni over 4.2 meters at Croxall Project
- Intersects 1.20% Ni over a drilled width of 2.4 meters within a broader intersection of 0.92% Ni over 4.2 meters drilled width at Croxall Project
- New Croxall Project drill intercept occurs 25 meters east of historical drill intercept of 0.63% Ni over a drilled width of 3.34 meters discovered in 2005 by Mustang Minerals Corp.
Groves Property
- Intersects 1.84% combined copper-nickel over a drilled width of 1.3 meters at the Groves Project
TORONTO, Dec. 12, 2011 /CNW/ - Liberty Mines Inc. (LBE:TSX) ("Liberty" or the "Company") today announced initial results from its Croxall drill program and provided an update on its exploration initiatives at its Groves Project. Liberty's drilling programs are consistent with the company's strategy to grow its current resource of approximately 3.5 million tonnes of nickel ore in the inferred and indicated categories combined.
"We are very pleased with our drill results to date as they demonstrate the highly prospective nature of our mining claim areas within the Shaw Dome Nickel region," said Chris Stewart, President & CEO of Liberty Mines Inc. "Our exploration team has done a great job this past year and we look forward to continued exploration success in 2012, particularly as we add to our nickel resource base."
The second drill hole CL-11-02 on the Croxall project, which is located approximately 4.2 km northwest of the only mill in the region, Liberty's Redstone mill, intersected 1.20% Ni over 2.4 meters drilled width within a broader drilled interval of 0.92% Ni over 4.2 meters. This intercept occurred 25 meters east of a historic drill hole intercept of 0.63% Ni over a drilled width of 3.34 meters discovered by Mustang Minerals Inc. in 2005. Drilling has focused on expanding upon this intercept with drilling on strike and down dip. To date, a strike extent of 50 meters has been established.
Mineralization, which is consistent with deposits in the region, is comprised of locally massive to semi-massive pyrrhotite, pentlandite and chalcopyrite intermixed with brecciated cherty exhalatives and sulphide facies iron formation. A third drill hole CL-11-03, collared 25 meters west of the 2005 discovery hole intersected 0.50% Ni over a drilled width of 2.1 meters from 73.5 to 75.6 meters. The intersection of nickeliferous sulphides grading laterally with sulphide facies iron formation is significant as these deposits can grade laterally into more massive Ni-Cu bearing sulphides as supported by the intercept in CL-11-02. The drill program on the Croxall project has expanded with an additional six drill holes which are currently being logged and assayed.
In addition to the recent drilling on the Croxall property, Liberty Mines is planning a drill campaign in 2012 to test down plunge continuity of the recent drill intercepts and target a number of airborne TEM conductors proximal to the discovery drill hole outlined by Mustang Minerals in 2005 that have yet to be drill tested.
Results from the drilling on the Croxall project are detailed in the table below. The core lengths presented in the table are the intersected lengths, and the composite lengths are core weighted. True widths are unknown.
| PROJECT |
HOLE
NUMBER |
FROM (M) |
TO (M) |
INTERVAL
(M) |
Ni (%) |
| Croxall |
CL-11-01 |
46.2 |
47.6 |
1.4 |
0.47 |
|
|
87.6 |
88.1 |
0.5 |
0.90 |
|
CL-11-02 |
47.8 |
52.0 |
4.2 |
0.92 |
|
INCL |
49.6 |
52.0 |
2.4 |
1.24 |
|
CL-11-03 |
73.5 |
75.6 |
2.1 |
0.50 |
|
CL-11-04 |
N.S.V. |
|
|
|
Groves Project
On the Groves project, drill hole GR-11-11 intersected 1.84% combined copper-nickel (.84% Ni, 1.0% Cu) over a drilled width of 1.3 meters approximately 25 meters east of the Groves Deposit. This drill hole intercept occurred 50 meters east of drill hole GR-11-05 which assayed 2.10% Ni, 2.03% Cu and 0.57 g/t Au over a drilled width of 11.70 meters (press release Oct 25, 2011). Drill holes GR-11-07 to GR-11-10 targeted IP chargeability and resistivity conductors to the west and southwest but did not return any significant values.
A 2008 surface sampling and prospecting program established the presence of a significant iron formation which runs subparallel to the gabbroic intrusive hosting the nickel copper mineralization investigated by Liberty Mines. This would indicate potential for additional nickel copper occurrences in the area as the iron formation may represent a source of sulphur for the precipitation of magmatic nickel-copper sulphides hosted within the gabbro. Follow up exploration work on the Groves property will consist of a program of combined geophysics and geochemical surveys to target additional magmatic Ni-Cu deposits.
Drilling Program Coordinates
Croxall Property
| Hole I.D. |
Easting
(Nad83) |
Northing
(Nad83) |
Elevation |
Depth |
Azimuth (UTM) |
Dip |
| CL-11-01 |
484346 |
5353311 |
324 |
176 |
360 |
-45 |
| CL-11-02 |
484346 |
5353311 |
324 |
176 |
360 |
-65 |
| CL-11-03 |
484296 |
5353311 |
324 |
177 |
360 |
-45 |
| CL-11-04 |
484323 |
5353240 |
324 |
201 |
360 |
-67 |
Groves Property
| DDH No. |
Easting
(Nad83) |
Grid
Easting |
Northing
(Nad83) |
Grid
Northing |
Elevation |
Depth |
Azimuth |
Dip |
| GR-11-07 |
453175 |
175 |
5274980 |
4980 |
2373 |
120 |
360 |
-70 |
| GR-11-08 |
453150 |
150 |
5274953 |
4953 |
2373 |
120 |
360 |
-78 |
| GR-11-09 |
453085 |
085 |
5275025 |
5025 |
2374 |
90 |
360 |
-60 |
| GR-11-10 |
453088 |
088 |
5275080 |
5080 |
2382 |
80 |
180 |
-50 |
| GR-11-11 |
453250 |
250 |
5275037 |
5037 |
2384 |
80 |
360 |
-45 |
Liberty's drilling projects are being supervised by the Company's Vice President of Exploration, Peter Caldbick BSc, PGeo a qualified person as defined by National Instrument 43-101.
The technical contents of the press release have been reviewed and approved by Peter Caldbick and Richard Allard PGeo. A rigorous quality assurance program is employed which includes the insertion of standards and blanks for each batch of samples. Samples of the NQ size drill core are sawed in half, with one-half sent to a commercial laboratory, AGAT Laboratories Mississauga, Ontario, and the other half retained for future reference. Core samples are routinely analyzed for nickel and copper using sodium peroxide fusion and ICP finish. Any analyses greater than 5,000 ppm are re-analyzed using total acid digestion. In addition, fire assays were applied with an ICP-OES finish for gold, platinum and palladium on the Groves Project.
About Liberty Mines Inc.
Liberty Mines Inc. is a mid-tier producer of nickel and is focused on the exploration, development and production of nickel, copper, cobalt and platinum group metals from its properties in Ontario, Canada. It owns and operates the only nickel concentrator in the Shaw Dome, a prospective nickel belt region near Timmins, Ontario. With a new management team in place, Liberty is focused on growth initiatives not only through a more aggressive exploration program on its current properties but also through potential acquisition or partnership opportunities beyond its core Timmins area projects.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward looking statements". All statements other than statements of historical fact included in this release, without limitation, statements regarding future plans and objectives of Liberty, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Liberty's expectations are: exploration risks; commodity prices; regulatory approvals; receipt of mining permits and leases; and assumed startup and operating costs detailed herein and from time to time in the filings made by Liberty with securities regulators. Forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to publicly update any such statement or reflect new information or the occurrence of future events or circumstances, except where required by securities regulations. Accordingly, readers should not place undue reliance on forward-looking statements.