Bonanza Hills Project
At a Glance
| Property rights | Exclusive mineral exploration rights held by wholly-owned Alaskan subsidiary Big Chunk Corp |
| Location | Approximately 160 miles southwest of Anchorage on the north side of Cook Inlet; about 40 miles northeast of our Big Chunk project |
| Area | About 13.5 square miles on 54 Alaska Lode Mining Claims |
| Metals sought | Gold and silver |
| Access | Helicopter |
| Status | Exploration |
Overview
Liberty Star's Bonanza Hills project area, targeting high-grade gold with by-product silver, is located approximately 65 miles from the village of Iliamna and about 40 miles northeast of our Big Chunk project area, or about 160 miles west-southwest of Anchorage. Bonanza Hills comprises 54 Alaska State quarter section mining claims, covering 13.5 square miles, which are 100% owned by the Company, with a small royalty due to the state of Alaska.
Geology
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.
Sampling and Testing
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.
Future Direction
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. This website contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
