VANCOUVER, BC, April 26,
2022 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
(DE:29H) is pleased to announce the complete assay results from the
first diamond drill hole by Libero
Copper (MD-043) into the Mocoa porphyry copper deposit
located in Putumayo, Colombia.
Highlights
- 1,229 metres of 0.58% CuEq1 (0.42% Cu and 0.047%
Mo) from 7 to 1,236 metres, incl.
- 840 metres of 0.72% CuEq1 (0.52% Cu and 0.062%
Mo) from 108 to 948 metres, incl.
- 557 metres of 0.89% CuEq1 (0.62% Cu and 0.083%
Mo) from 108 to 665 metres, incl.
- 251 metres of 1.12% CuEq1 (0.74% Cu and 0.114%
Mo) from 139 to 390 metres (previously reported)
- 180 metres of 1.00% CuEq1 (0.74% Cu and 0.078%
Mo) from 485 to 665 metres
- Strategic drilling campaign planned to step out on existing
mineralization and confirm geometry and size of the mineralizing
system.
DDH
MD-043
|
From
|
To
|
Interval
(m)
|
Cu%
|
Mo%
|
CuEq%
|
|
|
7.00
|
1,235.50
|
1,228.50
|
0.42
|
0.047
|
0.58
|
|
incl.
|
7.00
|
1,114.90
|
1,107.90
|
0.45
|
0.052
|
0.62
|
|
and
incl.
|
7.00
|
601.90
|
594.90
|
0.53
|
0.072
|
0.77
|
|
and
incl.
|
7.00
|
450.40
|
443.40
|
0.48
|
0.078
|
0.74
|
*
|
|
108.12
|
1,235.50
|
1,127.38
|
0.46
|
0.049
|
0.62
|
|
and, and
incl.
|
108.12
|
948.40
|
840.28
|
0.52
|
0.062
|
0.72
|
|
incl.
|
108.12
|
664.90
|
556.78
|
0.62
|
0.083
|
0.89
|
|
and, and
incl.
|
139.62
|
390.40
|
250.78
|
0.74
|
0.114
|
1.12
|
*
|
and, and
incl.
|
265.31
|
295.90
|
30.59
|
1.30
|
0.184
|
1.92
|
*
|
and, and
incl.
|
361.90
|
390.40
|
28.50
|
1.30
|
0.093
|
1.61
|
*
|
incl.
|
484.90
|
664.90
|
180.00
|
0.74
|
0.078
|
1.00
|
|
and
incl.
|
535.90
|
565.90
|
30.00
|
1.32
|
0.077
|
1.57
|
|
and
incl.
|
640.90
|
664.90
|
24.00
|
1.01
|
0.115
|
1.39
|
|
1
|
Libero Copper
defines copper equivalent calculation for reporting purposes only.
Copper-equivalence calculated as:
CuEq (%) = Cu (%) + 3.33 × Mo (%), utilizing metal prices of Cu -
US$3.00/lb, Mo - US$10.00/lb. No adjustments
were made for metal recovery. Any inconsistencies from previously
reported results are due to rounding, previously
reported composite intervals are referenced in the table using
*
|
Table 1: Complete composite assay intervals for
drill hole MD-043.
"This first hole has confirmed and demonstrated the exceptional
grade, thickness and strength of the mineralizing system present in
the Mocoa area. The company plans to systematically unlock the
potential of the Mocoa deposit area by working closely with the
community and all levels of government to build a future that will
be mutually beneficial for sustainable growth for all
stakeholders," comments Ian Harris,
President & CEO. "We believe the Mocoa project is a significant
opportunity which can be advanced and managed to benefit all
Colombians."
In drill hole MD-043, highly elevated copper-molybdenum
mineralization has been encountered throughout the entire hole
length to a depth of 1,236 meters. Elevated remnant mineralization
was also encountered within the leached cap to a depth of 108
meters. Mineralization intersected throughout is similar to the
mineralization reported in the previous news release dated
April 19 which reported on
mineralization encountered to 450 meters however the intensity of
mineralization appears to be weakening somewhat below 948 meters
although strong mineralized intervals are observed to the end of
the hole. The majority of the lithologies intersected consist of
brecciated dacite porphyry which is overprinted by multiple phases
of alteration, veining, brecciation and mineralization with the
original rock type typically unrecognizable due to hydrothermal
alteration related to the mineralizing system. The strongest copper
molybdenum mineralization is typically accompanied by strong
potassic alteration, quartz veining and brecciation. Phyllic
alteration commonly variably overprints the earlier potassic
alteration however multiple phases of potassic alteration are
present locally overprinting earlier alteration.
Detailed alteration studies will be completed on existing drill
core to assist with the defining alteration vectors for expanding
the system beyond the deposits current footprint. Recent
geophysical airborne data as well as geochemical data has been
processed and has provided additional support for a possible
clustered porphyry environment in the immediate Mocoa project area
with multiple proximal porphyry targets present within the magnetic
inversion data.
Copper and molybdenum grades are illustrated as histograms on
the cross section illustrated in Figure 1, and Photos 1, 2 and 3
are presented as representations of mineralization intersected at
489.5 metres, 510 metres and 877 meters respectively.
Figure 1 is a cross section through hole MD-043 oriented 275
degrees looking north with a projection influence of +/- 45 metres.
Simplified lithologies are plotted down the hole trace with
copper and molybdenum histograms plotted along the left and right
side of the hole trace respectively. An interpretation of the
mineralized copper-molybdenum zone is illustrated, and the
projected pit shell is illustrated as defined in the November 1, 2021 NI 43-101 Technical
Report2. Table 2 contains select composite samples
for the drill holes within the cross section. Table 3 contains the
coordinates for drill hole MD-043.
About the Mocoa Porphyry
Copper-Molybdenum Deposit
The Mocoa deposit is located in the department of Putumayo, 10
kilometres from the town of Mocoa and was discovered in 1973 when
the United Nations and the Colombian government conducted a
regional stream sediment geochemical survey. Between 1978 and
1983, an exploration program was carried out that consisted of
geological mapping, surface sampling, ground geophysics (IP,
magnetics), 31 diamond drill holes totaling 18,321 metres and
metallurgical test work cumulating in a positive pre-feasibility
study (the pre-feasibility study is historical in nature only and
should not be relied upon as it is not NI 43-101 compliant).
B2Gold subsequently executed diamond drill programs in 2008
and 2012.
A pit constrained inferred resource at Mocoa contains 636
million tonnes of 0.45% copper equivalent (0.33% Cu and 0.036%
Mo)1 generated using $3/lb
Cu and $10/lb Mo, containing 4.6
billion pounds of copper and 511 million pounds of molybdenum.
The Mocoa deposit appears to be open in both directions along
strike and at depth. Current work on the property has
identified additional porphyry targets including the possible
expansion of known mineralization which will receive additional
follow-up drilling in 2022.
The Mocoa deposit is situated in the Eastern Cordillera of
Colombia, a 30-kilometre-wide
tectonic belt
underlain by volcano-sedimentary, sedimentary and intrusive
rocks that range in age from Triassic-Jurassic to Quaternary and by
remnants of Paleozoic metasediments and metamorphic rocks of
Precambrian age. This belt hosts several other porphyry-copper
deposits in Ecuador, such as
Mirador (438 million tonnes measured and indicated at 0.61% Cu and
235 million tonnes inferred at 0.52% Cu)3, San Carlos (600 million tonnes inferred at
0.59% Cu)3, Panantza (463 million tonnes inferred at
0.66% Cu)4 and Solaris' Waritza, located in Ecuador.
Copper-molybdenum mineralization is associated with dacite
porphyry intrusions of the Middle Jurassic age that are emplaced
into andesitic and dacitic volcanics. The Mocoa porphyry system
exhibits a classical zonal pattern of hydrothermal alteration and
mineralization, with a deeper central core of potassic alteration
overlain by sericitization and surrounded by propylitization.
Mineralization consists of disseminated chalcopyrite, molybdenite
and local bornite and chalcocite associated with multiphase
veins, stockwork and hydrothermal breccias. The Mocoa deposit
is roughly cylindrical, with a 600 metre diameter. High-grade
copper-molybdenum mineralization continues to depths in excess of
1,000 metres.
2
|
Technical Report "Mocoa
Copper-Molybdenum Project" dated effective November 1,
2021
|
3
|
Technical Report:
"Mirador Copper-Gold Project 30,000 TPD Feasibility Study" dated
effective April 3, 2008
|
4
|
Technical Report:
"Preliminary Assessment Report Panantza & San Carlos Copper
Project" dated effective October 30, 2007
|
Quality Assurance / Quality
Control on Sample Collection, Security and
Assaying
Libero Copper operates according
to a rigorous Quality Assurance and Quality Control (QA/QC)
protocol consistent with industry best practices. Primary sample
collection involves secure transport from Libero Copper's core logging facilities in
Mocoa, Colombia to the ActLabs
certified sample preparation facility in Medellin, Colombia. Samples are processed in
the Medellin facilities where they
are analyzed for copper and molybdenum by 4-Acid digest AA
analysis. The sample pulps are air freighted from Medellin to the ActLabs certified laboratory
in Guadalajara, Mexico, where they
are analyzed using 4-Acid digest ICP multi element analysis.
In order to monitor the ongoing quality of assay data and the
database, Libero Copper has
implemented QA/QC protocols which include standard sampling
methodologies, the insertion of certified standard materials,
blanks and field duplicates and ongoing monitoring of data entry,
QA/QC reporting and data validation. No material QA/QC issues have
been identified with respect to sample collection, security and
assaying.
Qualified Person
Information in this news release relating to the
exploration results is based on data reviewed by Matthew C. Wunder, B.Sc. P.Geo., the Vice
President Exploration for Libero
Copper. Mr. Wunder is a registered Professional Geologist
and has in excess of 35 years' experience in mineral exploration
and is a Qualified Person as defined under National Instrument
43-101.
About Libero Copper & Gold
Libero Copper is unlocking the
value of a collection of porphyry copper deposits throughout the
Americas in prolific and stable jurisdictions. The portfolio
includes the Mocoa deposit in Putumayo, Colombia; Esperanza in San
Juan, Argentina; and Big
Red and Big Bulk in the Golden Triangle, BC, Canada. These assets are being advanced by a
highly disciplined and seasoned professional team with successful
track records of discovery, resource development, and permitting in
the Americas.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements
of historical fact, are to be considered forward looking. Although
the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general
economic, market or business conditions and regulatory and
administrative approvals, processes and filing requirements. There
can be no assurances that such statements will prove accurate and,
therefore, readers are advised to rely on their own evaluation of
such uncertainties. We do not assume any obligation to update any
forward-looking statements.
SOURCE Libero Copper & Gold
Corporation.