Each one in plain English, with the numbers worked through for a shareholder.
9 July 2024drilling result▲ GoodMajor
The first channel-sampling results from the new Red Rock Canyon drilling program came back strong: over 30% of 23 sampled jasperoid lenses graded above 1.5 g/t gold, with individual samples as high as 85.8 g/t — the best evidence yet that the multi-year Red Rock Canyon gold thesis is real, and a direct payoff from the drilling contract signed in November 2023.
Fresh surface rock samples at Red Rock Canyon assayed as high as 2.18 ounces per ton gold, reinforcing the historic drill results highlighted in last month's technical report and adding weight to the case for new drilling there.
An independent technical report on Liberty Star's Red Rock Canyon gold property — a target carved out of Hay Mountain after jasperoid outcrops showed strong gold values — found that 12 of 17 historic drill intercepts graded above cutoff, up to 5.66 grams per ton, and recommended new drilling to expand the discovery, marking the emergence of gold (not just copper) as a real target within Hay Mountain.
Liberty Star secured five new state mineral exploration permits and renewed thirteen others at Hay Mountain, and finished required assessment work including rock-chip sampling and XRF mapping across several sub-areas including Red Rock Canyon — regulatory and fieldwork progress keeping the Hay Mountain land package intact and moving toward drill-readiness.
Liberty Star ranked and prioritized 45 of its roughly 300 Arizona uranium breccia-pipe targets for sequential drilling, with six already committed to the Xstate joint venture and 37 open for new partners — the company says it controls about 40% of all known pipe targets in the historic Arizona Strip uranium district.
Liberty Star expanded its Big Chunk land package to roughly 1,718 claims covering 421 square miles and reported ongoing drilling, IP surveys and geochemical sampling with further visible copper and molybdenum — a scale-up of the exploration program that began with the 2004 discovery holes.
Liberty Star's first drill program at Big Chunk — four holes near Northern Dynasty's major Pebble deposit in Alaska — hit low-grade copper, gold and molybdenum in a pattern consistent with the outer edge of a porphyry system, encouraging enough that the company is now targeting the inferred center of the system to the east.