TSX: LBE - Provides update on drilling programs at Hart Deposit and Croxall Project -
TORONTO, Oct. 25, 2011 /CNW/ - Liberty Mines Inc. (LBE:TSX) ("Liberty" or the "Company") today announced initial results from its Groves drill program and provided an update on its exploration activities at its Hart Deposit and Croxall Project.
"A key component of our turn-around strategy, as announced in our press release on October 4th, is to conduct focused exploration and drilling programs that will extend the life of our operations and grow our resource size," said Chris Stewart, President and CEO of Liberty Mines Inc. "We are very encouraged by the land package that we have assembled in the Shaw Dome Nickel Belt and surrounding area, and by our preliminary drill results to date."
The Groves drill program is located approximately 12 kilometres southeast of the town of Gogama, Ontario. The target area is a magmatic nickel/copper deposit hosted within a linear northeast trending gabbroic intrusive. The intent of the drill program is to confirm historic drill results and expand upon the known mineralization.
Highlights of Groves drill program:
- Drill holes GR-11-01 through to GR-11-06 were designed to better assess and improve upon earlier interpretations of the deposit to more accurately assess the merits of the project.
- Drill hole GR-11-05, drilled at a low angle subject to the initial interpretation which intersected 11.70 meters grading 2.10% nickel, 2.03% copper and 0.57 gpt gold from 22.30 meters to 34.0 meters drilled width. The interval occurred within a broader width of 15.50 meters grading 1.69% nickel, 1.66% copper and 0.73 gpt gold from 19.8 to 35.3 meters drilled width.
- Within the past six months a 10.5 km access road was built to the site and a program of ground geophysics consisting of IP, magnetometer and mise-a-la-masse was performed on the historic drill holes. Drilling was then designed to test the geophysical targets in proximity to the Groves deposit in addition to testing the extent of mineralization.
"In addition to expanding upon the historic mineralization, we have also seen a significant increase in grades within the heart of the Groves deposit," Mr. Stewart said. "Drilling further suggests that this linear northeast trending gabbroic intrusive may have potential for hosting additional pods of nickel/copper mineralization."
Results from the six boreholes pertaining to this initial phase of diamond drilling are shown in Table 1. The core lengths presented in the table are the intersected lengths, and the composite lengths are core weighted. True widths are unknown.
Results are pending for seven additional drill holes targeting IP anomalies and reported nickel/copper mineralization along strike and down dip of the initial six holes drilled.
TABLE 1: Groves Drill Program
Hole
Number |
From
(m) |
To
(m) |
Interval
(m) |
Ni
(%) |
Cu
(%) |
Pt
(gpt) |
Pd
(gpt) |
Au
(gpt) |
| GR-11-01 |
38.2 |
41.1 |
2.90 |
1.09 |
1.08 |
0.42 |
0.15 |
0.53 |
| GR-11-02 |
35.8 |
37.2 |
1.40 |
0.51 |
0.47 |
0.13 |
0.10 |
0.14 |
| GR-11-02 |
55.4 |
55.8 |
0.40 |
0.42 |
0.73 |
0.02 |
0.01 |
0.18 |
| GR-11-03 |
N.S.V. |
|
|
|
|
|
|
|
| GR-11-04 |
10.4 |
10.9 |
0.50 |
0.39 |
0.51 |
0.11 |
0.07 |
0.14 |
| GR-11-05 |
19.8 |
35.3 |
15.50 |
1.69 |
1.66 |
0.11 |
0.08 |
0.73 |
| Including |
22.3 |
34.0 |
11.70 |
2.10 |
2.03 |
0.13 |
0.10 |
0.57 |
| Including |
24.8 |
27.5 |
2.70 |
3.69 |
3.48 |
0.27 |
0.15 |
0.82 |
| GR-11-06 |
N.S.V. |
|
|
|
|
|
|
|
Exploration Update on Hart Deposit and Croxall Projct
Liberty also announced that drilling is continuing on its Hart Deposit, which currently possesses an indicated resource of 1.5 million tonnes grading 1.4% Nickel. Drilling is focused on the down dip extension of mineralization below a gabbroic dyke. The current drill hole is targeting a strong airborne anomaly believed to persist at depth. Upon completion of this phase of deep drilling, the drill will be moved to the newly discovered Hart East for infill drilling to determine the extent and continuity of nickel mineralization. Hart East is located approximately 300 meters east of the Hart Nickel Deposit and may represent a significant resource of nickel mineralization accessible by future development on the Hart Deposit.
The Company also reported that drilling has commenced on its Croxall project, which is located approximately 1.5 km northwest of the Redstone Nickel Mine. Liberty Mines is following up on a drill hole intercept grading 0.62% Ni over a drilled width of 3.34 meters discovered by Mustang Minerals Inc. in 2005. The drilling is focused on a cluster of VTEM (Versatile Time-Domain Electromagnetic) anomalies believed to be associated with the Mustang discovery drill hole.
The projects are being supervised by Liberty's Vice President of Exploration, Peter Caldbick BSc, PGeo a qualified person as defined by National Instrument 43-101. Mr. Caldbick has more than 28 years of geological experience in the mining industry, and spent the past seven years specifically exploring the Shaw Dome Nickel Belt.
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.