First Liberty Power - Fencemaker Antimony Project Update
LAS VEGAS, Nov. 13, 2012 /PRNewswire/ -- First Liberty Power Corp. (OTC: FLPC) is pleased to announce the completion of a 43-101 report covering the Fencemaker Antimony Project, of which First Liberty holds a 40.5% interest.
The Fencemaker Project is located in the Stillwater Range of west central Nevada, approximately 194 kilometers northeast of the city of Reno, Nevada, and more locally approximately 60 kilometers east-southeast of the town of Lovelock, and consists of five unpatented contiguous mining claims that cover a total of 100.0 acres (40.47 hectares). The Fencemaker Mine was established and first shipped antimony ore in the 1880s, with intermittent minor production continuing until the 1990's.
As part of the 43-101 report, a Phase 1 program of reverse circulation (RC) drilling was initiated in July 2012 to test the down dip and strike extension of mineralization known to be present in the Fencemaker Mine. This program consisted of a total of 2350 feet (716 m) from thirteen (13) holes collared in the hanging wall of the structure. Highest value recorded was 18.65% Sb (Stibnite or Antimony ore) from drill hole FM-02 at the 35 to 40 foot (10.7 to 12.2 m) interval below surface. High-grade mineralization exists to a depth of a minimum of 110 feet (33.5 m) below surface. A cut-off grade of 0.40% Sb was selected for an NI43-101 and SEC compliant Inferred Mineral Resource. That Inferred Mineral Resource is from five individual blocks totaling 34,125 short tons with an average grade of 2.92% Sb. Within this estimated total resource higher grade blocks, up to 10,500 tons of 4.17% Sb are present. Analysis for gold in the drill samples shows a zone of anomalous (up to 294 ppb Au; 0.294 g/t Au). Complete report is available on our website: http://www.firstlibertystrategic.com
CEO Don Nicholson, states "the release of this report confirms our strong belief that the Fencemaker is a viable property for near term production. Furthermore, with the use of efficient and modern underground mining methods, together with a milling/refining operation to upgrade the ore to approximately 60% grade Antimony, we believe that near term profitable production is viable on the Property. As recommended in the 43-101 report, we intend to undertake a further program of 5000 feet (1500 m) reverse circulation drilling to obtain more data on strike and depth extent of the mineralization, together with localized surface mapping to trace the mineralized structure on surface and to test for Carlin-type gold mineralization." The CEO went on to say, "that all necessary components are in place with our very professional project partners to finalize mine and mill site preparations, and we project the commencement of production sometime in the first quarter 2013. We continue to vigorously seek additional capital to complete this final pre-production phase."
First Liberty is a Nevada based mineral exploration company with a focus on the exploration, development, mining and refining of strategic industrial metals in the USA. With a foundation in lithium exploration and a recent addition of antimony mining and development, it is our vision to significantly contribute towards ensuring a domestic supply of those strategic mineral elements that are critical to current and emerging technologies. We will continue assembling a portfolio of properties and interests in several key areas, ranging in developmental to advanced stage exploration, to those being production ready.
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, the final outcome Lida Valley and Smokey Valley exploration / work programs, the specific nature and extent of the next phase of our exploration program, our ability to raise the necessary capital to complete our exploration program, and any mineralization, exploration and development of our mineral properties, specifically in regards to Lithium.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
SOURCE First Liberty Power Corp.