Liberty Star Uranium & Metals Corp. (OTC:LBSR) (dba Liberty Star Minerals) revealed new geochemical results from its recent drilling campaign at the Hay Mountain property in Arizona.
The initial hole, drilled to a depth of 1,500 feet, was positioned within a downfaulted block of limestone and encountered two zones of epithermal quartz veining.
Results indicated that there is gold in the system at depth, Liberty Star told shareholders.
Both intersections revealed gold values up to 8 parts per billion (ppb), the company explained.
Plans are underway to deepen this hole and drill additional angled holes to further delineate the width and grade of the gold system at depth, according to a statement.
The company said that the mineralization observed is likely correlated with that seen on the Red Rock Canyon property.
The most substantial copper intersection within these sills ranged from 2228' to 2240', with a reported copper content of 0.07%. Notably, within this range, a three-foot section from 2234' to 2237' exhibited an even higher copper grade of 0.114%.
The outcome of the drilling program exceeded expectations, Liberty Star said.
“The company began the program hoping to encounter alteration related to porphyry intrusives and ended up not only finding that, but mineralization related to nearby intrusives as well," it said in a statement.
“Our task now is to identify the main source of the magmatic intrusion as these copper-bearing sills clearly point to a strongly mineralized body nearby.”
Liberty Star said it is in the midst of planning for the next round of drilling.