Liberty Star Gold Corp (the "Company") is pleased to announce that the Elle Joint Venture with XState Resources Limited (ASX:XST - News; previously OCR Minerals) has started the first hole of its three Pipe drilling program. This hole, named Rotary Drill Hole (RDH) Elle 01, is drilling on the Elle geophysical target. It was collared Thursday February 15, 2007 and was at 1,185 feet Saturday evening at quitting time.
At 335 feet, the drill penetrated altered and pyrite (iron sulfide) bearing rock which appears to be part of the Hermina Pipe, which lies approximately 250 feet to the southeast and is represented by a geophysical anomaly, which is caused by the sulfide mineralization. The drill hole penetrated the Coconino sandstone at 1,000 feet having a thickness of about 7 feet and then entered the top of the Hermit shale -- the formation that hosts most of the previously mined ore bodies in this district. The Hermit shale is gray and pyritic and contains finely crystalline pyrite and up to 17 ppm uranium where it has been analyzed. Drilling is continuing. On completion, the hole will be surveyed by downhole electrical geophysics known as TEM. This will allow the identification and position of mineralization within a 200 to 400 foot radius out from this rotary mother hole. The crew who will do this survey will be arriving on-site about March 1st.
RDH Elle 01 drill hole is eight inches in diameter and drilled with air circulation. Directional surveys taken every 100 feet shows it is within a 1/2 degree of being absolutely vertical -- an important aspect, which allows it to hit specified targets.
The three target Pipes, the Elle, Hermina and Hada, have been defined by remote sensing, surface geology and surface CS/NS AMT geophysics. This geophysical method is able to look down into the earth about four thousand feet and detect conductive zones thought to be associated with mineralization. Drill hole RDH Elle 01 is the first test of the Elle geophysical target.
The three target pipes will be drilled with the "mother" air rotary hole like RDH Elle 01, designed to penetrate the center of the geophysical anomaly which defines the pipe. After downhole electrical geophysics has been done to define the position of mineralized bodies within the pipe, directional diamond drilling will commence. Each "mother" rotary hole will then be entered by an NQ size (2.2-inch diameter) diamond core drill with which directional "daughter" holes will be drilled toward the mineral targets defined by the downhole geophysics.
These breccia pipes are part of the large uranium bearing breccia pipe terrain which occurs on the Arizona Strip lying just south of the Utah border. Eight mines were brought into production during the 1970s and early 1980s on deposits discovered within the immediate area. The uranium bearing pipes which were mined are the second highest grade uranium mineral deposits in the world and the highest grade in the United States. Previously mined mineralization in these pipes has graded about 0.6% to 0.7% uranium or about 12 to 14 pounds per ton. In addition to uranium, they are known to contain copper, zinc, silver, vanadium, cobalt, nickel, molybdenum, gallium, germanium and other metals. Past producers have recovered copper, silver and vanadium as by-products of uranium mining.
ON BEHALF OF THE BOARD OF DIRECTORS
"James A. Briscoe"
James A. Briscoe,
President/Director
SAFE HARBOR STATEMENT
Statements in this news release that are not historical are forward-looking statements. Forward-looking statements in this news release include that the hole will be surveyed by downhole electrical geophysics known as TEM, allowing the identification and position of mineralization within a 200 to 400 foot radius out from this rotary mother hole; that the crew who will do this survey will be arriving on site about March 1; that three target pipes will be drilled with the "mother" air rotary hole like RDH Elle 01; that after downhole electrical geophysics has been done directional diamond drilling will commence; that each "mother" rotary hole will be entered by an NQ size (2.2-inch diameter) diamond core drill with which directional "daughter" holes will be drilled toward the mineral targets defined by the downhole geophysics. It is important to note that the Company's actual outcomes may differ materially from those statements contained in this press release. Factors which may delay or prevent these forward-looking statements from being realized include misinterpretation of data; that we may not be able to get equipment or labor as we need it; that we may not be able to raise sufficient funds to complete our intended exploration; that we are unable to agree with our joint venture partners as to the work to be performed; that our application to drill may be denied; that weather, logistical problems or hazards may prevent us from exploration; that equipment does not work as well as expected; that analysis of data cannot be done accurately and at depth; that results which we or others have found in any particular location are not necessarily indicative of larger areas of our property; 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 most recent 10-KSB and the Company's other periodic reports filed from time to time with the Securities and Exchange Commission.
Mr. Briscoe was interviewed late last week by CEO Radio Network about Liberty Star Gold and its programs.
Access to the Liberty Star Gold Corp interview is available to registered users of www.ceoradionetwork.com. Click on "Company Webcasts" and register. Registration is free.
About The CEO Radio Network (www.ceoradionetwork.com)
The CEO Radio Network is a premier, interactive research tool which provides our listeners the opportunity to hear the latest corporate and business news first hand, directly from the source -- the decision makers of publicly-traded companies. The goal of the CEO Radio Network is to level the playing field for both the small-cap issuer and the small-cap investor at the same time. Our online services allow the small- and micro-cap issuers access to high quality distribution, while investors are provided with an additional communication directly from the source. The CEO Radio Network provides links to supplementary corporate resources, including SEC filings. Our ASK THE CEO section allows registered users to submit questions, which will be directed toward the management of our Featured Companies.
Contact:
Liberty Star Gold Corp
James Briscoe, 520-731-8786
http://www.libertystargold.com/
Source: Liberty Star Gold Corp
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment