The Investors Edge Brings You Liberty Silver Corp. (TSX:LSL)
Liberty Silver Corp., an exploration stage company, engages in the acquisition, exploration, and development of mining and mineral properties. The company focuses on silver, lead, and zinc. It has an interest in the Trinity Silver property covering approximately 10,600 acres, including 5,700 acres of fee land and 240 unpatented mining claims located in Pershing County, Nevada.
Liberty Silver Corp. is pleased to announce that its updated National Instrument 43-101 compliant resource estimate identifies a significant increase in the inferred silver resource estimate at its Trinity Silver Project (“Trinity”).
In the 2012 NI 43-101 Compliant Resource Estimate the inferred oxide silver resource estimate increased 131%, to 7.3 million ounces, and the inferred sulfide silver-equivalent resource estimate increased 132%, to 28.8 million ounces, when compared to the resource estimate reported by the National Instrument 43-101 technical report dated December 1, 2011. The total inferred silver equivalent resource currently stands at 36.1 million ounces.
These increases are primarily attributable to the recent acquisition of the Primus lands (the “Hi Ho Silver Property”) that lies immediately adjacent to the east of the Company’s existing land holdings and the increase in silver prices that occurred between the 2011 NI 43-101 Technical Report and this update.
Mineralization on the Hi Ho Silver Property had been identified by historic drilling but could not be reported by the Company until the acquisition was completed. Acquisition of the Hi Ho Silver Property was reported in Company press releases from 2012.
The Trinity Silver Project is located 25 miles north of Lovelock, Nevada, in the Trinity mining district, Pershing County, Nevada. The 2012 NI 43-101 Compliant Resource Estimate was prepared on behalf of the Company by SRK Consulting (U.S) Inc. (“SRK”), Reno, Nevada.
Recent project developments
In July, 2012 the Company announced completion of a reverse circulation drilling program at Trinity (see news release on July 9, 2012). Eighteen holes were completed to depths of up to 1,500 ft for a total of 19,950 ft. Drilling tested parts of five geographic domains at the south end of the Trinity open pit mine and south tongue of the 2011 NI 43-101 resource zone‚ Sixteen of the 18 holes drilled intercepted 5-ft thick sample intervals ranging from less than 0.1 to greater than 1 oz/ton silver with individual intervals containing as much as 15 oz/ton silver.
On October 15, 2012, the Company consummated acquisition of the 100-acre Hi Ho Silver Property at Trinity (see news releases on Aug. 8, 2012 and October 16, 2012) from Primus Resources. The Hi Ho Silver Property is located adjacent to the resource area identified in the 2011 NI 43-101 and was the sole remaining open ground within the approximate 10,940-acre joint venture area of interest. Eighty-nine drill holes completed in the 1980s on the Hi Ho Silver Property were used for resource modeling of silver, lead, and zinc mineralization.
Qualified Person review
Jay Pennington is the SRK-Qualified Person, as defined by NI 43-101, responsible for the current resource estimation. Mr. Pennington is a certified professional geologist as recognized by the American Institute of Professional Geologists and has over 27 years of experience in mineral exploration and resource geology.
This release has been reviewed for accuracy by Tim Percival, CPG, Reno, Nevada, consultant to the Company, who is a Qualified Person as defined in NI 43-101 Standards of Disclosure for Mineral Projects.
A copy of the Company’s complete NI 43-101 report as prepared by SRK will be available on the SEDAR website (www.sedar.com) and the Company website (www.libertysilvercorp.com) within 45 days of this news release.