Liberty Star Uranium & Metals Corp. (“Liberty Star” or the
“Company”)(OTCQB: LBSR) has an update on its premiere
copper-gold-moly-REEs (rare earth elements) Hay Mountain
exploration project in Cochise County, southeast Arizona.
1.
Geophysics contractor Geotech Ltd. has
submitted an updated final report with its conclusions summarizing
the 2013 ZTEM geophysical survey of the Hay Mountain project
area.
2.
According to Geotech’s recommendations,
Liberty Star has ordered 3D inversion modeling on the magnetic data
collected during ZTEM overflights (NR 158) and expects to request
3D inversion modeling on the ZTEM data as well. The 3D modeling
should give Liberty Star’s GIS analysts a precise interpretation of
the ten targets area, crucial for an efficient and cost effective
drilling program.
3.
Current and future planning
CEO/Chief Geologist Briscoe’s summary of current events and
future planning:
“While we have announced preliminary results of Geotech’s ZTEM
results (NR 170) we now have an extensive final report detailing 10
areas of interest within the borders of the Hay Mountain Project
area. We are currently plotting drill holes based on a 200 meter
(656 foot) grid to test the various anomalies starting with the
main porphyry copper geochem anomaly emphasizing where it
corresponds to the magnetic anomaly and the electromagnetic (EM)
anomalies (shown in the image not including magnetic anomaly). The
colors represent amount of rock resistivity- pink being very low
resistivity and blue being high resistivity: R is high resistivity
and Z is low resistivity probably related to sulfide (pyrite)
mineralization and attendant alteration. The numbers relate to
discussion points in the extensive report which contains the
image.
“Because we also have 52 east west cross sections of EM data
with magnetism we can now compare what we expect to hit at specific
depth with the EM Data. Thus, we are confident that we can predict
how deeply we will have to drill to intersect various types of ZTEM
anomalies, which are ultimately related to rock type, alteration
type and the peripheral pyrite halo of porphyry copper centers (see
JMG color model). We have a pretty good idea because of the known
characteristics of the limestones and other layered sediments,
igneous and basement (See our glossary –website) rocks in the area
and thus we believe we can calculate the approximate desired depth
of each drill hole drilled and the cost and time to drill each
hole. Once that work is completed, we intend to apply for permits
for the proposed drill holes over the geochem, magnetic and ZTEM
anomalies. Assuming that we can raise sufficient money to execute
our plan, we intend to start off with the best ranked holes and
drill 24 hours per day 7 days per week for the next year. When we
receive our 3D inversion magnetic data as was ordered from Geotech
last week we intend to superimpose this data over all the other
existing data and further refine the drill hole locations and plan.
We plan to start out with more widely spaced drill holes in order
to test various parts of the main anomaly and make adjustments on
succeeding holes based on the results of the drilling that has been
done. We expect this to be a dynamic program.
“It is important for all interested followers of these news
releases to understand that no remote sensing techniques can
reliably identify and measure individual elements including
porphyry copper system elements of copper, molybdenum, gold,
silver, lead, zinc, rare earth elements nor their abundance. This
requires drilling and careful collection of samples and careful
assaying, and then geoengineering to determine whether there may be
a resource that can be mined at a profit i.e. an ore body. With our
geochemical approach we can identify metals and their location, but
not their grade. Because of many years of geophysical research and
study we do know what rock characteristics can affect various type
of geophysical tests i.e. electrical resistivity characteristics,
magnetic strength, EM or electromagnetic character, Induced
Polarization – or IP - rock tendency to act as a capacitor when an
electrical impulse is pumped into the rock. And because of the
study of rock types associated with porphyry copper alteration we
can draw conclusions as to where the desired mineral centers might
be. The more detailed and precise these measurements are and how
well they correlate with each other gives us greater precision and
accuracy to aim our all-important drill holes to where the mineral
body should be. Once we have the magnetic 3D inversion we will
decide whether we should do the ZTEM 3D inversion which is more
time consuming and thus more expensive.
“This refining and confirming targets is what Liberty Star has
been doing for the last number of years, and we are in the final
parts of this long, precise, and rather tedious process. All of our
various tests, which in detail comprise thousands of sub tests, are
in strong agreement. And now we are in the final steps of
positioning drill holes with the expectation that we can soon begin
to permit the holes and start the drill program.
“Assuming that we can raise the necessary capital, we plan to
begin drilling 24 hours per day in two shifts, 7 days per week, and
365 days per year with one drill. Drill logging and physical
measurements on the core will be taken immediately after the core
is extracted from the drill and then the core will be broken into
approximate 10 foot intervals, split along its axis using a diamond
saw; we intend to ship half for assay to a certified lab in Canada
and store the other half permanently in secure storage. We plan to
record all geologic data and much other data collected from the
drill site on hand held computers for transmission via the Internet
to our servers for analysis by expert geologists and interpretation
of various types including management parameters to see that the
program is proceeding within schedule and on budget. Assay data
will be joined with the other data by computer to form computer
logs. We have just received a proposal from a data management
software company who proposes to contract with us to supply
integrated programmed reports (so called computer dashboards) so
that each manager may keep up with changing conditions multiple
times per day including programmed alarms sounding if parameters
are out of an acceptable range. These data can be viewed in real
time on hand held devices such as an iPhone, iPad or any smart
phone or pad that can connect to the Internet – anywhere in the
world management might travel to. We expect that these operating
procedures should reduce drilling cost and cut down management time
and thus personnel costs.”
“James A. Briscoe” James A. Briscoe, Professional Geologist, AZ
CACEO/Chief GeologistLiberty Star Uranium & Metals Corp.
Forward Looking Statements
This news release contains forward-looking statements.
Forward-looking statements are statements that relate to future
events or future financial performance. In some cases, you can
identify forward-looking statements by the use of terminology such
as “may”, “should”, “intend”, “expect”, “plan”, “anticipate”,
“believe”, “estimate”, “project”, “predict”, “potential”, or
“continue” or the negative of these terms or other comparable
terminology. These statements speak only as of the date of this
news release. This presentation may also contain future oriented
financial information (“FOFI”) within the meaning of applicable
securities laws. The FOFI has been prepared by our management to
provide an outlook of our activities and results and may not be
appropriate for other purposes. The FOFI has been prepared based on
a number of assumptions. The actual results of operations of our
company and the resulting financial results may vary from the
amounts set forth herein, and such variation may be material. Our
management believes that the FOFI has been prepared on a reasonable
basis, reflecting management’s best estimates and judgments. Any
FOFI in this presentation is made as of January 21, 2014 and is
based upon the information available to us as of that date.
Examples of forward-looking statements made in this presentation
include statements pertaining to, among other things: (1) our first
year projections; (2) annual projected cash flow and capital
summary; (3) estimates regarding the number of barrels of oil in
places; (4) estimated internal rate of return and breakeven point
for a barrel of oil; (5) expected cost reductions; (6) the
potential impact of technology; and (7) the estimated costs of a
development well.
The material assumptions supporting these forward-looking
statements include, among other things: (1) our belief that we can
calculate the approximate desired depth, cost and time of each
drill hole, (2) our ability to rank the drill holes and keep track
of results and our ability to adjust our plans based on drill
results as they are received, (3) our ability to drill 24 hours per
day in two shifts, seven days a week and 365 days per year, (4) our
expectation that we can soon begin to permit holes and begin our
drill program and (5) our belief that our projected operating
procedures should reduce drilling costs and cut down on management
time and personnel costs.
These statements are only predictions and involve known and
unknown risks, uncertainties and other factors, including: (1) our
ability to raise the funds needed to execute our drilling plans;
(2) conditions in the field, including weather, geology, the
availability of personnel and drilling equipment and other risks
inherent in the resource industry; and (3) other factors discussed
under the section entitled “Risk Factors” in our annual reports on
Form 10-K and interim reports on Form 10-Q, as filed with the
Securities and Exchange Commission.
These risks, as well as risks that we cannot currently
anticipate, could cause our, or our industry’s, actual results,
levels of activity or performance to be materially different from
any future results, levels of activity or performance expressed or
implied by these forward-looking statements.
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http://www.businesswire.com/multimedia/home/20140121005611/en/
Agoracom Investor
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Star Uranium & Metals Corp.Tracy Myers, 520-425-1433Investor
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