Canadian mineral exploration and development company Liberty Mines (TSX: LBE) today announced the discovery of cobalt-copper-zinc-silver mineralization near its McAra Lake project in Ontario.
The mineralized zone is located in Ray Township, just 9 kilometers north of Liberty’s McAra Lake Copper Cobalt project in Ontario, Canada. The mineralization was intersected during exploration diamond drilling in August 2008 and found to consist of veins with values of up to 1.27% Co and 6.23% Cu.
After geological mapping, prospecting and IP ground survey were positive, seven short diamind drill holes were drilled, also returning positive results.
Liberty hopes the strong results produced by the first round of drilling will carry on and treats the mineralization's proximity to McAra Lake as a positive signal.
"The nature of the mineralization and its similarity with McAra Lake lends itself to the realistic expectation that a main break with similar grades may be associated with those discovered," said William Randall, the supervisor of the project.