TSX: LBE <\/p>\n
TORONTO , Nov. 26, 2012 \/CNW\/ - Liberty Mines Inc. (LBE.TO) (\"Liberty\" or the \"Company\") announced today that it has fully exercised its options to acquire all of the Croxall properties in the Shaw Dome nickel area, which is located approximately 10 kilometers southwest of Timmins, Ontario and near the Company's Redstone mill, the only dedicated nickel mill in the region. <\/p>\n
\"In advance of the expected recovery of nickel prices, we have taken advantage of the opportunity to acquire all of the Croxall properties, and prepare for future exploration and production activities,\" said Mr. Chris Stewart , President and CEO of Liberty Mines . \"Our decision to acquire all of the Croxall properties is consistent with our strategy to consolidate our land package in the area and take full advantage of the only nickel concentrate producing mill in the region.\" <\/p>\n
Mr. Stewart added, \"Our long-term success is dependent on advancing deposits from regional exploration programs through zone discovery, delineation, economic feasibility analysis and ultimately production. Acquiring the Croxall properties is the first stage of our long term strategy of delineation of existing deposits such as Hart, as well as exploration of targets which currently lie outside existing mine plans.\" <\/p>\n
The acquired properties cover an area of approximately 1,760 hectares and consist of 110 mining claim units located within Eldorado, Adams, Deloro, and Shaw Townships. The acquired property is contiguous with Liberty's Redstone property, which hosts the Redstone Mine and Mill operations. <\/p>\n
Liberty entered into three separate option agreements to acquire the properties beginning in 2006. Since then, Liberty completed cash payments and issued shares to vendors as well as completed significant exploration programs in 2007 and 2011 thereby fully exercising its options. These properties, identified as the \"Croxall 1,\" \"Croxall 2,\" and \"Croxall 3\" properties, are collectively known as the \"Croxall Property.\" Property vendors retain Net Smelter Return (\"NSR\") royalties on the claims acquired. The royalties total 3% and have buy-back provisions. <\/p>\n
Croxall Project The Croxall property is located on the southwest limb of the Shaw Dome, which is host to several nickel deposits in the Timmins area, including Liberty's Redstone Deposit, Hart Deposit, Hart East Zone, and the McWatters Deposit (Figure 1). A significant portion of the Croxall property lies within the preferred stratigraphic horizon of ultramafic volcanic rocks which are in close proximity to footwall iron formation, both features deemed prospective for Kambalda-type nickel deposits such as Liberty's other nickel deposits in the Shaw Dome. Previous work on the Croxall property discovered the \"Mustang Zone,\" a nickel zone which the Company believes warrants further exploration. Highlights of previous drill results on the Mustang Zone include the interception of 1.20% Ni over 2.4 metres in drill hole CL-11-02. <\/p>\n
Figure 1: Liberty's Shaw Dome Property <\/p>\n
Resource estimation has not been completed as yet on the Mustang Zone as it is in early stage exploration. Numerous geophysical (airborne electromagnetic) anomalies are also present on the Croxall property, which the Company believes warrant further exploration. <\/p>\n
Drilling, Sampling, Analytical Procedures, and Quality Assurance\/Quality Control The Company's exploration programs are subject to technical and Quality Assurance\/Quality Control (QA\/QC) procedures conforming to industry best practices and NI 43-101. <\/p>\n<\/p>\n
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Liberty Mines Acquires Croxall Property and Consolidates Land Package Near Its Redstone Mill<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" TSX: LBE TORONTO , Nov. 26, 2012 \/CNW\/ - Liberty Mines Inc. Continue reading