Liberty Silver Corp. (TSX:LSL) ("Liberty Silver" or the "Company")
announced today the results of drilling of two stratigraphic holes,
A12-19 and A12-20, to verify interpretations and test one of
several geophysical anomalies developed as a result of a coupled
gravity survey and induced polarization program completed earlier
in 2012. The two reverse circulation holes, which were completed as
part of the Company's preparation for future exploration drilling,
totaled 2,580 feet in depth and are situated approximately 0.45
miles southeast of the historic Trinity open pit silver mine.
Gravity and induced polarization (IP) surveys were conducted by
Magee Geophysical Services and Zonge Geosciences, Inc. both of
Reno, Nevada. The geophysical program was designed and interpreted
by Jim Wright of J.L. Wright Geophysics, Spring Creek, Nevada, and
all historic and geophysical data has been assembled into a GIS
data base. Interpretation of the data base by Mr. Wright identified
several unexplored locales defined by high resistivity,
chargeability, and gravity anomalies.
One such anomaly, a gravity low, is located southeast of the
historic Trinity mine pit. This low is believed to be the response
to a thick section of the hydrothermally altered rhyolite filling a
graben structure similar to that of the Trinity silver mine
resource area defined by the 2011 Trinity NI 43-101 report
(available on SEDAR or on the Company website). Hydrothermally
altered rhyolite hosts the bulk of the known silver mineralization
discovered in the district to date.
The two drill holes, A12-19 (1,260 feet total depth) and A12-20
(1,320 feet total depth) are sited approximately 0.40 to 0.45 miles
southeast of the pit, respectively, outside the documented resource
area. Three shallow conventional rotary holes drilled in the 1980s
by U.S. Borax & Chemical Corp. (the previous operator) are
sited within a 500 foot radius to the west and south of the new
holes. These historic holes host reportedly intersected weak silver
mineralization from near surface to approximately 100 feet
deep.
The two new holes were logged in detail and assayed on 5-foot
intervals for the entire length of the holes. The holes confirm the
gravity low does represent a deep graben structure filled with
rhyolite because neither hole penetrated the contact with the
underlying metasedimentary basement rocks. Based upon these two
drill holes, the thickness of the prospective rhyolite section
appears to be significantly thicker in this proposed graben
structure relative to the resource area. Both holes are comprised
of aphanitic rhyolite and a few rhyolite dikes. Hydrothermal
alteration consists of weak to moderate argillic and sericitic clay
alteration; weak and localized silicification and quartz veinlet
development; and 1%-3% pyrite below the oxidation level at 560
feet.
Weak to moderate intensity epigenetic silver mineralization
ranging from less than 1.0 to 49.1 parts per million ("ppm") silver
is present throughout both drill holes with approximately 7% of the
analyzed samples contain greater than 10 ppm silver. Hole A12-19
exhibited a range of silver values from less than 1.0 to 49.1 ppm
with an average grade of 4.1 ppm (0.13 ounces per ton silver)
throughout the entire hole; lead ranges from less than 100 to 2,979
ppm; and zinc from less than 100 to 11,000 ppm. In Hole A12-20, the
silver content ranges from less than 1.0 to 43.1 ppm and averages
6.7 ppm (0.22 ounces per ton silver) throughout the length of the
hole; lead ranges from less than 100 up to 3,878 ppm; and zinc from
less than 100 to 10,200 ppm. Lead and silver are generally elevated
above the oxidation boundary while zinc typically occurs in much
higher concentrations below the oxidation level in the sulfide
zone. Besides lead and zinc, several other pathfinder elements are
associated with the elevated silver mineralization in these holes
and include tin, copper and antimony. All of these elements are
typically associated with silver mineralization in the NI 43-101
resource area and the silver ore mined by U.S. Borax in the 1980s
from the Trinity open pit.
After extensive analysis that included assessment of historic
geophysics, current geophysics and historic drilling, it has been
determined that the new holes verify the results of geophysical
modeling and interpretations south of the Trinity pit and confirm
the presence of an apparent rhyolite-filled graben structure
containing anomalous silver mineralization and associated key
pathfinder elements. Although no potentially-economic silver
intercepts were encountered, anomalous hydrothermal silver
mineralization occurs throughout the entire length of the holes.
These two holes, located at 0.40 and 0.45 miles southeast of the
Trinity mine, have added confidence to extending the area of
prospective exploration significantly to the southeast as
previously identified (see Liberty Silver press release of May 22,
2012 "Liberty Silver Announces Completion of Successful Geophysical
Program at Trinity Property").
Quality Assurance/Quality Control
All drill hole samples were analyzed using ICP-MS by American
Assay Laboratories, Reno, Nevada. Analytical precision and accuracy
were monitored by Minerals Exploration and Environmental Quality,
Reno, Nevada, including the use of certified reference materials
(standards), blank, and duplicate samples. A senior Liberty Silver
geologist supervised drill hole sample collection by the driller,
Boart Longyear, Elko, Nevada, at the drill site and chain of
custody throughout the program was unbroken. Drill hole deviation
surveys were done by IDS of Elko, Nevada.
Timothy Percival, CPG, of Reno, Nevada, a consultant to Liberty
Silver, has reviewed the technical data in this press release and
is a Qualified Person as defined by NI 43-101.
About Liberty Silver Corp.
Liberty Silver Corp. is focused on exploring and advancing
mineral properties located in North America. Liberty Silver is led
by a skilled, experienced management team and board of directors
with significant experience managing exploration, development and
mining projects. Liberty Silver is committed to creating value for
its shareholders by advancing its current projects utilizing its
mitigated risk approach to developing new resources on its current
properties, and acquiring new properties that have the potential to
increase their resource base. The Trinity Silver Project, located
in Pershing County, Nevada, is Liberty Silver's flagship project.
Liberty Silver has the right to earn a joint venture interest in
the 10,579 acres Trinity property pursuant to the terms of an
earn-in agreement with Renaissance Gold Inc.
Information on the Company is available on the Company's website
www.libertysilvercorp.com, or in the SEDAR and EDGAR databases.
Cautionary Statements
This News Release includes certain "forward-looking statements".
These statements are based on information currently available to
Liberty Silver and Liberty Silver provides no assurance that actual
results will meet management's expectations. Forward-looking
statements include estimates and statements that Liberty Silver's
future plans, objectives or goals, including words to the effect
that Liberty Silver or management expects a stated condition or
result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results relating to, among other things,
results of exploration, project development, reclamation and
capital costs of Liberty Silver's mineral properties, and Liberty
Silver's financial condition and prospects, could differ materially
from those currently anticipated in such statements for many
reasons such as: changes in general economic conditions and
conditions in the financial markets; changes in demand and prices
for minerals; litigation, legislative, environmental and other
judicial, regulatory, political and competitive developments;
technological and operational difficulties encountered in
connection with Liberty Silver's activities; and other matters
discussed in this News Release and in filings made with securities
regulators. This list is not exhaustive of the factors that may
affect any of Liberty Silver's forward-looking statements. These
and other factors should be considered carefully and readers should
not place undue reliance on Liberty Silver's forward-looking
statements. Liberty Silver does not undertake to update any
forward-looking statement that may be made from time to time by
Liberty Silver or on its behalf, except in accordance with
applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for
the adequacy or accuracy of this News Release. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
Contacts: Kevin O'Connor Investor Relations (416)
962-3300ko@spinnakercmi.com Liberty Silver Corp. Manish Z.
Kshatriya Executive VP & CFO (888)
749-4916mkshatriya@libertysilvercorp.com
www.libertysilvercorp.com