Diamond drill hole NEOL – 07 was drilled at an
angle of – 76 degrees or 14 degrees off vertical. It was
designed to test Neola interpreted breccia pipe center at 900 vertical feet in
depth and to possibly penetrate the north wall of the breccia pipe at 2000
vertical feet below the surface. It was to intersect the portion of the pipe
(900 – 1500 feet vertical depth) that, based on
historical data from other ore bearing pipes, can contain uranium
mineralization. After cutting shallow pyritic breccia the drill penetrated the
Coconino sandstone at 823 feet and then entered the Hermit shale at 893 feet.
Drilling continued on to a length of 930 feet. A small amount of finely
disseminated pyrite, common in this environment, was encountered in the Hermit
Shale. At that point the drill string twisted off. The string was fully
recovered and the twist off found to be due to a defective pipe joint. The rig
was then moved to NEOL - 8 to
further test for a down dropped block. Under suggestion by the Joint
Venture all Neola data will be properly assessed (including assay data)
before deciding whether to re-enter the hole.
NEOL - 8 was
drilled to the top of the Fossil Mountain member of the Kaibab limestone to
determine its depth related to potential down dropping in the area and to test a
surface geochemical anomaly. Some brecciated rock was found in this hole as well
and the Fossil Mountain member was intersected at a depth of 338 feet. To date
no down dropped block has been identified. Further drilling on the Neola target
may be warranted after all data is analyzed.
The drill has been moved on to the Loreto breccia
pipe target. The Loreto, Helvia and Hafsa Pipes will be drilled with vertical
holes to the top of the Fossil Mountain member of the Kaibab limestone to
determine the presence of breccia, mineralization and to determine if down
dropping which is a breccia pipe characteristic is present. Core will be assayed
and it will then be determined which targets to test with a deep hole.
All core is being split and sent to our Certified
Assayer using NI 43-101 protocols. Assays will be reported as soon as they are
in hand.
ON BEHALF OF THE BOARD OF DIRECTORS
“James A. Briscoe”
James A. Briscoe, President/Director
About the Liberty Star North Pipes Super
Project
The 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. Liberty Star Uranium & Metals holds about 300
pipe targets, approximately 40% of the currently identified total. Approximately
22 other companies hold the other half.
SAFE HARBOR STATEMENT
Statements in this news release that are not
historical are forward-looking statements. Forward-looking statements in this
news release include The Loreto, Helvia and Hafsa Pipes will be drilled with
vertical holes to the top of the Fossil Mountain member of the Kaibab limestone
to determine the presence of breccia, mineralization and to determine if down
dropping which is a breccia pipe characteristic is present. Core will be assayed
and it will then be determined which targets to test with a deep hole. All core
is being split and sent to our Certified Assayer using NI 43-101 protocols.
Assays will be reported as soon as they are in hand.
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 weather, logistical problems or hazards may prevent us from drilling; 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 10-KSB and the Company’s other periodic reports
filed from time to time with the Securities and Exchange Commission.
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