Liberty Mines Provides Update on Deep-Drilling Program at Hart East
- Intersects 0.97% Ni over 3.1 meters at 146m vertical depth below surface -
- Intersects 1.02% Ni over 1.7 meters at 650 m vertical depth below surface -
TSX: LBE
TORONTO, March 26, 2012 /CNW/ - Liberty Mines Inc (T: LBE) today announced results from its current deep-drilling program at its 100-percent owned Hart East Project located in the Shaw Dome Nickel region near Timmins, Ontario.
'Drill results at our Hart East Project, which is a key component of our exploration program designed to expand our resource base, are very encouraging,' said Mr. Chris Stewart, President and CEO of Liberty Mines Inc. 'The results suggest the potential for additional nickel mineralization at depth as well as the potential for increased tonnage.'
Highlights
-- Best results came from drill hole H-11-28, which intersected
0.97% Ni over a drilled width of 3.1 meters from 158.4 to 161.5
meters.
-- Drill hole H-11-30 intersected 1.02% Ni over a drilled width of
1.7 meters from 660.5 to 662.2 meters at a vertical depth of
650 meters below surface.
-- Drill results demonstrate the potential for additional nickel
mineralization at depth and additional potential tonnage of the
deposit.
-- Soil geochemistry suggests widespread nickel mineralization for
an additional 120 meters to the northeast of the Hart East
deposit.
-- To date, a strike length of 75 meters has been established with
continuity of nickel mineralization from surface to 650 meters
vertically below surface.
Liberty discovered the Hart East project in April of 2011 with a deep-drill hole that followed up on two historic drill holes approximately 300 meters east of its Hart Nickel Deposit. Drill hole H-11-11, which was completed on April 19, 2011 intersected 0.82% Ni over a drilled width of 36.0 meters at a vertical depth of approximately 350 meters below surface. Subsequent drilling has focussed on expanding the Hart East with drilling up dip, down dip, and on strike of drill hole H-11-11. Best results from recent drilling activities came from drill hole H-11-28, which intersected 0.97% Ni over a drilled width of 3.1 meters from 158.4 to 161.5 meters including 1.60% Ni over a drilled width of 1.2 meters from 158.4 to 159.6 meters. This intersection occurs approximately 146 meters vertically below surface and 25 meters east of drill hole H-11-11.
Drill hole H-11-30 intersected 1.02% Ni over a drilled width of 1.7 meters from 660.5 to 662.2 meters at a vertical depth of 650 meters below surface. In addition, two shallow drill holes intersected nickel mineralization approximately 20 meters vertically below surface. Drill hole H-11-26 intersected 0.44% Ni over a drilled width of 3.8 meters from 18.7 to 22.5 meters and drill hole H-11-29A intersected 0.55% Ni over a drilled width of 2.0 meters from 20.0 to 22.0 meters. The two intercepts occur approximately 50 meters apart.
Recent soil geochemistry utilizing SGH (soil gas hydrocarbons) and MMI (mobile metal ion exchange) on the surface expression of the Hart East deposit suggest widespread nickel mineralization for an additional 120 meters to the northeast of the Hart East Deposit. In addition, the firm Crone Geophysics and Exploration Ltd. is currently conducting borehole pulse EM surveys in the deeper holes on the Hart Deposit and Hart East mineralized zone to vector in on pooling of nickel sulphides and down plunge continuity of nickel mineralization.
Results from the recent drilling on the Hart East are tabulated below:
____________________________________________
|Hole ID |From (m)|To (m)|Interval * (m)|Ni %|
|________|________|______|______________|____|
|H-11-24 |307.3 |310.2 |2.9 |0.52|
|________|________|______|______________|____|
|H-11-25 |171.0 |178.8 |7.8 |0.54|
|________|________|______|______________|____|
|H-11-26 |18.7 |22.5 |3.8 |0.44|
|________|________|______|______________|____|
|H-11-27 | | | | NSV|
|________|________|______|______________|____|
|H-11-28 |151 |161.5 |10.5 |0.48|
|________|________|______|______________|____|
|Incl |158.4 |161.5 |3.1 |0.97|
|________|________|______|______________|____|
|Incl |158.4 |159.6 |1.2 |1.60|
|________|________|______|______________|____|
|H-11-29A|20.0 |22.0 |2.0 |0.55|
|________|________|______|______________|____|
|H-11-30 |653.8 |655.5 |1.7 |0.41|
|________|________|______|______________|____|
| |660.5 |662.2 |1.7 |1.02|
|________|________|______|______________|____|
| |670.4 |672.2 |1.8 |0.60|
|________|________|______|______________|____|
| |681.0 |681.4 |0.4 |0.88|
|________|________|______|______________|____|
* True widths are unknown at this time. *The core lengths presented in the table are the intersected core lengths. The composite lengths are core weighted.
_______________________________________________________
| Collar Coordinates (mine grid) |
|_______________________________________________________|
|Hole ID |Easting|Northing|Elevation|Azimuth (°)|Dip (°)|
|________|_______|________|_________|___________|_______|
|H-11-24 | 2872| 3889| 2296| 360| -70|
|________|_______|________|_________|___________|_______|
|H-11-25 | 2874| 3964| 2296| 360| -67|
|________|_______|________|_________|___________|_______|
|H-11-26 | 2875| 4034| 2297| 360| -55|
|________|_______|________|_________|___________|_______|
|H-11-27 | 2923| 3880| 2296| 360| -70|
|________|_______|________|_________|___________|_______|
|H-11-28 | 2920| 3951| 2296| 360| -67|
|________|_______|________|_________|___________|_______|
|H-11-29A| 2925| 4053| 2296| 360| -67|
|________|_______|________|_________|___________|_______|
|H-12-30 | 2900| 3700| 2296| 360| -80|
|________|_______|________|_________|___________|_______|
Liberty's drill projects are being supervised by the Company's Vice President of Exploration, Peter Caldbick BSc, PGeo.
Qualified Person/Quality Control Procedures
The technical contents of this press release have been reviewed and approved by Peter Caldbick, BSc, PGeo, a qualified person as defined by National Instrument 43-101.
A rigorous quality assurance program is employed Liberty, which includes the insertion of standards and blanks for each batch of samples. Samples of the NQ size drill core are sawed in half, with one-half sent to a commercial laboratory, AGAT Laboratories Mississauga, Ontario, and the other half retained for future reference. Core samples are routinely analyzed for nickel and copper using sodium peroxide fusion and ICP finish. Any analyses greater than 5,000 ppm are re-analyzed using total acid digestion. In addition, fire assays were applied with an ICP-OES finish for gold, platinum and palladium on Liberty's Groves Project.
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.
CAUTIONARY STATEMENT
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.
Liberty Mines Inc.
CONTACT: Chris Stewart, President & CEO
Liberty Mines
(416) 226-4360
cstewart@libertymines.com
Joe Racanelli
TMX Equicom
416 815 0700 ext. 243
jracanelli@equicomgroup.com