Liberty Star Uranium & Metals Corp. (OTC:LBSR) told investors it has received a positive independent evaluation of its wholly-owned Red Rock Canyon Gold Project (RRC) in southeast Arizona's Cochise County.
The mineral exploration company said the evaluation, by independent consulting geologist James Bryce, found that the entire land package has great potential to host both gold and base metal mineralization since it appears to contain an entire porphyry system from intrusive up to boiling epithermal veins at surface.
Also, Bryce said in his evaluation that the company “is strongly urged to seek out one or two well-funded JV partners in the form of junior exploration companies” to further develop the gold prospect at Red Rock Canyon.
Bryce’s evaluation followed a tour of the RRC land package in April, as well as a review of previously-gathered geological reports including drill hole logs, Liberty Star said, noting that his observations included gold-bearing jasperoid structures.
Bryce commented in the report: “The jasperoids trend NW/SE and dip sub-vertically. The lenses contain brecciated fragments of limestone which have been completely altered by silica flooding. They exhibit boiling textures which indicates that the entire epithermal sequence remains in place…
“PXRF (portable X-ray fluorescence) readings taken while in the field showed grades up to 0.8 oz/t within the fragments, but no detectable gold within the matrix of the veins. This may indicate the presence of a rich skarn or carbonate replacement deposit at depth.”
Liberty Star CEO Brett Gross noted that Bryce’s evaluation affirms a 2021 technical report on the RRC property.
“Jim’s Letter of Opinion is consistent with our assessment based on recent observation and historical findings. Historic drilling at Red Rock Canyon reports intercepts of economic gold values over a 45-foot thickness,” Gross said.
“To move the project ahead, he suggests conducting small-scale metallurgical testing for the purpose of helping us look at valuation. Expanding and enhancing our database is part of moving our RRC project forward.”
Liberty Star Uranium & Metals is an Arizona-based mineral exploration company engaged in the acquisition, exploration, and development of mineral properties in Arizona and the southwest US.
The company's shares were 1.8% higher at $0.046 in early afternoon trade.
-- updated with share price movement --
Contact the author at stephen.gunnion@proactiveinvestors.com