TORONTO, Oct. 18, 2012 /CNW/ - Liberty Mines Inc. (TSX: LBE) ("Liberty" or the "Company") is pleased to provide an update on drilling results on its Hart and Redstone Projects, both located in in the Shaw Dome area south of Timmins Ontario, and within approximately five kilometers of the Company's Redstone Mill. Highlights of recently completed results include the interception of 3.41% nickel (Ni) and 0.06% copper (Cu) over 1.96 metres (m) in diamond drill hole H-12-35 and 1.19% Ni and 0.07% Cu over 3.97 m in hole H-12-36.
The Company has engaged in nearly continuous drilling on the Hart Project since early 2011 following major drilling campaigns in 2007 and 2008. Drilling at Hart in early 2012 has focused on exploration of the Hart Deposit, Hart East Zone, discovered in 2008, and exploration of the "A6" area, an exploration target. Thus far in 2012, 6,047m in fifteen diamond drill holes have been completed on the Hart property, including 911m in two holes on the Hart East Zone, located approximately 300m east of the Hart Deposit and 1,249m in six holes in the A6 area, located approximately 1.5 kilometers east of the Hart Deposit. All zones are Kambalda-style nickel sulphide mineralization hosted within ultramafic rocks near their contact with felsic volcanic rocks and iron formation on the south portion of the Shaw Dome, south of Timmins. Drill results for the Hart Deposit and Hart East Zone are summarized on Table 1 and Figure 1 while information concerning these drill holes is available on Table 2. Figure 2 provides a 3D visualization of the Hart and Hart East mineralized zones and significant intercepts in these zones.
Table 1: Hart Project 2012 Drilling Results Summary:
|Hole No.||From||To||Ni %||Cu %|| Intercept
|Target / Notes|
|H-12-31||nsi||abandoned due to excess deviation|
|H-12-32||635.40||635.70||0.63||0.07||0.30||west of Hart Deposit|
|H-12-33||a)||535.74||536.71||1.18||0.11||0.97||west of Hart Deposit|
|H-12-34||nsi||west of Hart Deposit|
|| Nsi = No Significant Intercept
* Intercept Lengths may not be indicative of true thicknesses.
Best results from the A6 exploration area was the interception of 0.70% Ni over 0.6m in hole A6-12-02. All other holes in the A6 area intersected lower grade nickel mineralization over shorter intercept lengths.
Table 2: Hart Project 2012 Drill Hole Information:
|Hole No.||Easting||Northing||Azimuth||Dip||End of Hole (m)|
|| many of the hole locations are unsurveyed at this time.
All coordinates in UTM NAD83 Zone 17.
"Drilling completed over the past several months continues to both confirm the potential of the Hart Deposit to be a significant metal producer for Liberty, and for the discovery of additional resources outside the area of the Hart resource estimate," said Chris Stewart, President and CEO of Liberty Mines Inc. "We continue to be encouraged by our exploration results and will continue to focus efforts on both delineating known deposits and exploring areas which currently lie outside resource estimates as a strategy to support both short and long term growth of Liberty's production profile."
The Company completed 1,544 m of diamond drilling in 3 holes on the Redstone Project thus far in 2012, one hole of which was abandoned prior to reaching planned depth. This drilling focused on continued exploration and delineation of the Redstone Deposit, particularly beneath the area of existing mine development on 1600 Level. Results are complete for hole RS12-01A, which intersected 1.29% Ni and 0.105 % Cu over 1.20m at depth and on the west side of the Redstone Deposit. Results for all other holes at Redstone are in progress.
Mr. Stewart added, "Liberty's continuing exploration on its large land package in the Shaw Dome continues to support the Company's plans for growth in the Timmins area. We work towards unlocking the full potential for nickel production in the Timmins area, supported by our existing infrastructure including the only dedicated nickel mill in the Shaw Dome area."
Drilling, Sampling, Analytical Procedures, and Quality Assurance/Quality Control
The Company's exploration programs are subject to technical and Quality Assurance/Quality Control (QA/QC) procedures conforming to industry best practices and NI 43-101.
Drilling on both the Hart and Redstone Projects in 2012 was conducted by Major Drilling Group International Inc. (formerly Bradley Bros. Drilling Ltd.), based from its Timmins Regional office. Liberty routinely employs standard reference materials and blank materials as part of its QA/QC procedures on drill core samples. Drill core is sampled according to geological parameters in its standardized technical procedures which include the core being sawn in half with one half of the core retained for future reference and one half sent to an accredited and reputable lab for analysis. Analytical work for the results being reported herein were completed by AGAT Laboratories Inc. which performed nickel and copper analyses via Induced Coupled Plasma - Optical Emission Spectroscopy (ICP -OES) method employing its own internal QA/QC measures.
Liberty's exploration programs are conducted under the supervision of Ms. Heather Miree, P. Geo., V.P. Exploration for Liberty Mines Inc. since May 2012. Ms. Miree is a Qualified Person as defined by NI 43-101 and has confirmed, supervised or prepared the scientific or technical information in this disclosure and has verified the data contained herein.
Ms. Miree is an economic geologist with over 25 years of experience in the mineral industry. Ms Miree has held senior geological and supervisory roles with several junior and mid-sized mining companies in the areas of exploration and operations. Ms. Miree is not independent of Liberty as is an employee of the Company.
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.
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.
SOURCE: Liberty Mines Inc.
For further information:
Chris Stewart, President & CEO
(416) 226-4360 ext 203
416 815 0700 ext 243