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TORONTO, May 14, 2012 /CNW/ – Liberty Mines Inc. (“Liberty” or the “Company”) today announced results from a deep drill program on its Hart Nickel Deposit that suggests increased mineralization at depth. The drilling program is consistent with the Company’s strategy to add to its current resource base, and support production activities at its 2,000 ton per day Redstone Mill.
“These drill results demonstrate the potential for adding significant tonnage to the Hart resource and support our belief that there are deeper deposits within the Shaw Dome region,” commented Chris Stewart, President & CEO of Liberty Mines. “We are very encouraged by the mineralization in the drill holes along with the results of the down the hole geophysics we carried out on the three deep drill holes. The current indicated resource of 1.55 million tonnes at the Hart deposit ends at a depth of about 550m below surface. These new deep drill hole intersections suggest we could add significant tonnes to the overall Hart resources at depth.”
An intercept of 0.96% Ni over a drilled width of 0.9 meters from 795.6 to 796.5 meters in drill hole H-12-31A occurred at a vertical depth of 780 meters below surface. In addition, an intercept of 0.6% Ni over a drilled width of 3.5 meters occurred from 786.8 to 790.3 meters. The Hart Deposit has an indicated resource of 1,546,000 tonnes grading 1.4% Nickel from surface to approximately 550 meters below surface. In late 2011, Liberty Mines drilled a deep hole targeting the vertical projection of a VTEM airborne conductor. Drill hole H-11-23 intersected 1.24% Ni over a drilled width of 3.6 meters approximately 550 meters vertically below surface (Dec 14, 2011 press release). The recent intercept in drill hole H-12-31A occurs approximately 270 meters down dip of drill hole H-11-23.
Recently, a borehole geophysical survey was performed on both of these drill holes by Crone Geophysics and Exploration Ltd. The responses from the surveys suggest a significant conductor lies west of drill hole H-11-23 at an approximate depth of 580 meters and a conductive response also lies immediately east and below drill hole H-12-31A at an approximate vertical depth of 800 meters. Liberty Mines plans to drill test these conductive responses to build upon the recent deep drill hole intercepts.
On the Hart East project, a recent deep drill hole, H-11-30 intersected 1.02% Ni over a drilled width of 1.7 metersat approximately 650 meters vertically below surface (March 26, 2012 press release). A borehole survey performed on this drill hole indicates a substantial off hole response to the east and above the deep intercept which could represent significant accumulations of nickel sulphides. Liberty is also planning to drill test this significant conductor to continue building upon a resource for the Hart East.
To see an image of the Hart & Hart East projects, click the following link:http://files.newswire.ca/1063/Hart_and_Hart_East.pdf
Currently, drilling is focused on a combined airborne VTEM and geochemical soil anomaly equidistant between the Hart and McWatters deposits. Results from the deep drilling on the Hart and Hart East programs are shown in the table below. These drill holes have been bore hole surveyed. The core lengths presented in the table are the intersected lengths, and the composite lengths are core weighted. True widths are unknown. Drill holes H-11-23 and H-11-30 previously reported.
| Project | Hole Number | From | To | Interval(m) | Ni% |
| Hart Deposit | H-11-23 | 571.7 | 575.3 | 3.6 | 1.24 |
| Hart East | 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 | 0.6 | ||
| 681 | 681.4 | 0.4 | 0.88 | ||
| Hart Deposit | H-12-31A | 786.8 | 796.5 | 9.7 | 0.43 |
| Incl. | 786.8 | 790.3 | 3.5 | 0.6 | |
| Incl. | 795.6 | 796.5 | 0.9 | 0.96 |
Liberty’s drill projects are being supervised by the Company’s Vice President of Exploration, Peter Caldbick BSc, P.Geo., a qualified person as defined by National Instrument 43-101. The technical contents of the press release have been reviewed and approved by Peter Caldbick. A rigorous quality assurance program is employed 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
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.
PDF available at: http://stream1.newswire.ca/media/2012/05/14/20120514_C7002_DOC_EN_13611.pdf
