Liberty Star Uranium & Metals Corp. (“Liberty
Star” or the “Company”)
(OTCQB:
LBSR) announces an update of its premier exploration project for copper,
gold, moly, lead, zinc, silver and REEs in Cochise County, southeast
Arizona.
Hay
Mountain Project update summary:
-
Geophysics contractor Geotech Ltd. has completed 3D inversion magnetic
data which correlates with geochem
anomalies, and ZTEM - EM anomalies. Final interpretation by
Geotech’s Chief Interpretative Geophysicist is pending.
-
SEC Form S-1/A - the Company has received SEC Notice
of Effectiveness. This drawdown facility will be used to cover the
Company’s ongoing overhead expenses. Other means are sought to fund
exploration drilling, minimizing any dilution to the Company’s stock.
Company CEO/Chief Geologist Jim Briscoe’s update:
“This week Geotech Ltd. delivered completed 3D inversion/magnetic images
from its aeromagnetic analysis (part of the ZTEM system) of Hay
Mountain. The images indicate that the magnetic anomaly is right on top
of the geochemical anomaly and the ZTEM electromagnetic (EM) anomaly,
which is what we had hoped. This type of a magnetic anomaly is exactly
what identified the Pima-Mission mine in the Pima mining district 20
miles south of Tucson and about 80 miles west of Hay Mountain. These
mines now compromise one open pit 7342 feet (1.4 miles) long, 7,244 feet
(1.37 miles) wide and 1013 feet deep. It has been producing from a skarn
ore body of copper, moly, silver, gold, lead, zinc and other metal
elements, and it has just celebrated its 50th anniversary
last year. It is estimated it will continue to produce for another 30
years. The ore body was completely covered and hidden by about 200 feet
of alluvium (dirt) but was indicated by a strong magnetic anomaly.
“We have now compared the footprint of the Mission-Pima ore bodies to
the magnetic anomaly high at Hay Mountain, electromagnetic anomalies and
the nested geochemical anomalies. The footprint (horizontal or map
projection) of the Mission-Pima ore body fits comfortably in the
superimposed anomalies at Hay Mountain. Similarly, the footprint of both
Bisbee, Arizona, and Bingham Canyon, Utah, also fit comfortably within
the anomaly highs at Hay Mountain.
“Geotech recommends no further work on a 3D processing of the ZTEM
response. Thus we have completed the remote sensing portion of the
exploration of the Hay Mountain porphyry copper-gold anomaly. We are now
ready and in fact have started plotting drill hole locations that will
test the superimposed and mutually reinforcing anomalies. This work will
go comparatively quickly. When completed we plan to contract
archaeological review on the new drill sites to assure no destruction of
antiquities. After that we will apply for drilling permits from both the
Arizona State Land Department (ASLD) and the U.S. Bureau of Land
Management (BLM). We will continue our conversations with potential
funders of the first year of drilling with the goal of obtaining full
funding for the four- year drilling program. However, if the first year
of funding is in place, we will start the program.
“The slow, tedious targeting program is now at a state of completion.
“We are not going to use drawdowns from the S-1 to fund the drilling
program. These will be used for ongoing overhead; we plan to fund the
drilling program through different non-dilutive sources that will be
disclosed when such negotiation is complete.
“We plan to embark on a carefully targeted drilling program that will
progress relatively quickly, assuming funding is obtained. If we find
what our numerous detailed and cutting-edge technical studies suggest is
present, we hope to delimit mineralization that once drill-defined will
lead to a minable deposit of significant proportions. The time table for
drilling will be presented as soon as we receive permitting and money.
Logistics and weather permit year-round drilling activity in a generally
comfortable environment. Local supplies and labor are close at hand. The
drilling can precede 24/7/365 if adequate funding is available.”
Jim Briscoe
“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: that a porphyry copper system is indicated; that we can
find alternative means to funding our drill program, minimizing stock
dilution; that we will then apply for drilling permits and seek full
funding for the 4 year drilling program and that we hope to delimit
mineralization that will lead to a minable deposit of significant
proportions. Factors which may delay or prevent these forward-looking
statements from being realized include misinterpretation of data; we may
not be able to get equipment or labor as we need it; we may not be able
to raise sufficient funds to complete our intended exploration or carry
on operations; that weather, logistical problems or hazards may prevent
us from exploration; that equipment may not work as well as expected;
that analysis of data may not be possible accurately and at depth; and
that despite encouraging data there may be no commercially exploitable
mineralization on our properties. Readers should refer to the risk
disclosures outlined in the Company’s recent S-1, its 10-K and the
Company’s other periodic reports filed from time to time with the
Securities and Exchange Commission.
Copyright Business Wire 2014