Liberty Star Uranium and Metals Corp (LBSR)

[Dreamchaser]

BONANZA HILLS GOLD PROJECT


Gold is spatially, and probably genetically related to the intrusives. Stream sediment samples indicate four areas of highest priority. Three of these areas are spatially associated with the contact zone of a quartz monzonite and diorite composite intrusive. The three areas of highest priority are along the northern, western and southern flank of this composite intrusive. The fourth priority area is to the southwest, also an area of diorite and quartz monzonite intrusive, but an area that is probably higher level in the intrusive system, where it appears as if an underlying intrusive has just barely breached the current topographic surface. This is potentially the best place to be situated in an intrusive system; at the top, where gold-bearing fluids concentrate from fractionation. Liberty Star believes this area shows characteristics that could define a high grade vein controlled gold system, a bulk deposit of disseminated gold values in sediments, or perhaps both. The former would be minable by using underground methods; the latter, by open-pit techniques. Future work is planned to cover these highest priority areas with more detailed sampling. This sampling will define where geophysical surveys and/or drilling should be conducted.


The sediments in the area have been pervasively altered and appear to contain finely disseminated sulphides. Preliminary samples have been assayed and show strongly anomalous gold over a large area. Out of the original twenty samples collected, five ran less than 0.001 opt (ounces per ton), five ran 0.001 to 0.006 opt, two ran 0.02 opt, one ran 0.267 opt, one ran 0.403 opt, and one sample ran 3.11 opt. All results were strongly anomalous and were re-run by the fire assay method (using a 1 assay ton aliquot) giving the results mentioned above.


This area consists of granitic stock--diorite, quartz monzonite, and quartz diorite--as well as rhyolite dikes, all dating from approximately 60 to 64 million years old, intruded into Cretaceous flysch, forming a domal feature

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