Vancouver — Bulk sampling on
The company carried out surface stripping and trenching to expose the mineralized vein system and extracted 362 kg of material over a length of 12 metres. The average grade of a blended, representative sample was 10.18% cobalt, 1.14% nickel and 19 grams silver per tonne.
The sampling focused on both massive and brecciated sections of cobaltite in a quartz vein system that sits along the contact of two mafic flows. The high-grade vein system showed widths of up to 0.3 metre with some mineralization extending along fractures about 0.2 metre outward from the vein.
Drilling has traced the steep, southerly dipping vein system over at least 200 metres of strike length; they remain open in all directions. Mineralization is similar to the high grade silver veins of the nearby Cobalt silver camp, though in this instance, the cobalt to silver ratio is extremely high.
Liberty Minerals is calculating a resource estimate and has been evaluating supply contracts and possible offtake partners for the direct shipping of cobalt ore.
Cobalt prices are about US$22-24 per lb., which indicates a preliminary value of almost US$5,000 per tonne for the mineralized vein material sampled in this program. Further work is required to confirm grade consistency throughout the system.
Drilling by Liberty Minerals at McAra Lake earlier this year also intersected a high-grade copper zone that delivered 11.9% copper over 3.1 metres. The zone of massive chalcopyrite was hosted in cherty interflow sediments.
The company’s other nickel projects in the Timmins area include McWatters and Redstone. The latter, under option to
Liberty has 26.4 million shares outstanding and trades at 21; the market capitalization is $5.5 million.
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