Libero Copper Confirms Large Scale Bulk Tonnage Potential at Big Red Intersecting 118 m of 0.33% CuEq from Surface within 510 metres of Mineralization
Libero Copper Confirms Large Scale Bulk
Tonnage Potential at Big Red Intersecting 118
m of 0.33% CuEq from Surface within 510
metres of Mineralization
VANCOUVER, BC
,
Oct. 26, 2021
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) is pleased to announce assay results for the first diamond drill hole
into the Terry porphyry copper discovery at the Big Red project in BC's Golden Triangle. The drill
hole contains copper mineralization throughout the entire length of 510 metres, including multiple
intervals of elevated copper ± silver ± gold (Table 1 and Figures 1,2). Porphyry copper
mineralization was discovered at Terry in 2020 using a depth-restricted reverse-circulation (RC) drill.
Hole 28 is significant because it is the first diamond drill hole and extends mineralization significantly
to depth. In total, 10 diamond drill holes have been completed in 2021 totaling 4,571 metres (see
Table 3), with results expected to be available in batches over the next several months.
Hole 28 Highlights
First diamond drill hole at Terry is a 50 metre step back from the 2020 discovery pad and
collared into mineralization at the northwest extent of a large system with mineralization
increasing to the east and southeast. Initial drilling providing vectors towards higher
grade zones and proximity indicators of a porphyry centre.
118.7 metres of 0.33% CuEq* (0.26% Cu, 1.83 g/t Ag, 0.06 g/t Au) intercepted from
surface including
18.6 m
of 0.56% CuEq* (0.42% Cu, 3.03 g/t Ag, 0.14 g/t Au).
Drill hole 28 ended in mineralization with 32 metres of 0.36% CuEq* (0.30% Cu, 1.76 g/t
Ag, 0.06 g/t Au).
Entire hole mineralized from surface to the end of hole, 501 metres of 0.22% CuEq*
(0.18% Cu, 1.23 g/t Ag, 0.04 g/t Au)
.
Click
here
to watch a video summary of today's news release.
"The first diamond drill hole at the Terry porphyry, with over 510 metres of mineralization starting
directly from surface at elevated grade and ending in mineralization certainly gets
Libero Copper
off
to a great start. 90% of the worlds copper production comes from large scale open-pit porphyry
copper mines, and the long-mineralized interval directly from surface, confirms our thesis that the
Terry porphyry has that potential," comments
Ian Harris
, President & CEO. "Collared 50 metres
back from the 2020 discovery drill pad, our first diamond drill hole into the Terry target (BR-21-028)
has substantiated the mineralization intercepted in the 2020 RC holes, significantly extended
mineralization at depth, and has provided the exceedingly valuable geological context needed to
advance the target. Preliminary logging of the adjacent drill holes supports the lateral continuity of
many zones observed in drill hole 28 and the textural interpretations and alteration zonation will
provide vectors toward higher grade areas. We look forward to receiving the additional assays and
reporting out on the advancements made during this strong field season."
Drill Hole
From
(m)
To
(m)
Interval
(m)
CuEq*
(%)
Cu
(%)
Ag
(g/t)
Au
(g/t)
BR-21-028
8.3
127.0
118.7
0.33
0.26
1.83
0.06
including
54.5
127.0
72.5
0.35
0.28
1.92
0.07
and including
79.5
96.0
16.5
0.52
0.41
2.96
0.10
and including
96.0
96.8
0.8
1.65
0.73
6.20
1.11
249.12
251.37
2.25
1.46
1.13
7.58
0.33
287.3
351.5
64.2
0.30
0.26
1.30
0.03
including
287.3
302.5
15.2
0.46
0.41
1.57
0.05
and including
288.5
291.5
3.0
1.25
1.15
4.11
0.08
including
336.16
351.5
15.34
0.45
0.40
2.37
0.03
and including
336.2
337.4
1.2
2.56
2.35
12.4
0.10
402.4
413.5
11.0
0.34
0.26
2.05
0.07
478.0
510.0
(EOH)
32.0
0.36
0.30
1.76
0.06
including
479.5
497.0
17.5
0.41
0.33
2.01
0.07
and including
492.0
497.0
5.0
0.71
0.62
3.71
0.07
entire hole
8.3
510.0 (EOH)
501.7
0.22
0.18
1.23
0.04
Table 1:
Select intervals from drill hole BR-021-028 at the Terry target. *The prices used to
calculate CuEq are: Cu:
$3.50
/lb, Au:
$1,850
/oz, Ag:
$25
/oz. All values are reported in USD and
do not consider metal recoveries
.
Drill Hole
From
(m)
To
(m)
Interval
(m)
CuEq*
(%)
Cu
(%)
Ag
(g/t)
Au
(g/t)
BR-20-23
0
120.40
(EOH)
120.40
0.41
0.34
2.47
0.06
including
3.05
73.15
70.10
0.49
0.41
2.93
0.07
and including
60.96
73.15
12.19
1.18
1.02
7.23
0.11
BR-20-24
0
182.88
(EOH)
182.88
0.19
0.16
1.21
0.03
including
0
102.11
102.11
0.26
0.21
1.54
0.04
and including
0
42.67
42.67
0.36
0.29
2.23
0.06
and including
7.62
24.38
16.76
0.42
0.34
2.35
0.07
BR-20-25
1.52
173.74
(EOH)
172.22
0.29
0.24
1.52
0.04
including
4.57
85.34
80.77
0.43
0.36
2.45
0.06
and including
68.58
82.30
13.72
0.81
0.71
4.32
0.08
BR-20-27
0
76.20
(EOH)
76.20
0.24
0.19
1.18
0.05
including
0
19.81
19.81
0.39
0.31
2.09
0.07
Table 2:
Select intervals from 2020 drilling at the Terry target (RC drilling). *The prices used to
calculate CuEq are: Cu:
$3.50
/lb, Au:
$1,850
/oz, Ag:
$25
/oz. All values are reported in USD and
do not consider metal recoveries
.
Figure 1: Cross-section of drilling from 2021 at the Terry Target, highlighting the results from hole
BR-21-028. Copper grades are displayed on the top of the drill trace, gold grades are on the
underside. (CNW Group/Libero Copper & Gold Corporation.)
Figure 2: Zoomed cross-section of the upper portion of hole BR-21-028 and its relation to the RC
holes drilled in 2020 and the positions of BR-21-029 and 030 which were drilled from the same pad
has hole 28. (CNW Group/Libero Copper & Gold Corporation.)
Figure 3: Textural examples of mineralization present in drill hole BR-21-28: (a) abundant
disseminated chalcopyrite and pyrite hosted in an equigranular quartz monzodiorite,
and (b) blebby
chalcopyrite and pyrite hosted in a carbonate-rich breccia vein with chlorite-rich selvages. (CNW
Group/Libero Copper & Gold Corporation.)
The Terry porphyry copper-gold target was discovered in 2020 after reconnaissance scale sampling
revealed high-grade copper and anomalous gold values extending over a kilometre wide area. This
outcropping target consists of a megacrystic porphyritic feldspar dyke swarm intruding plagioclase-
phyric intermediate composition volcanic rocks.
Drilling the Terry discovery has revealed large multi-phase K-feldspar rich intrusions with intense
potassic alteration (flooding), Fe-oxide staining (hematite reddening), abundant chlorite after biotite
alteration, and garnet replacement zones and veins. Silicification is rare, and the sulfide and
hypogene Fe-oxide assemblages indicate high-oxidation state magmatic-hydrothermal conditions.
Chalcopyrite and pyrite mineralization occurs as fine disseminations within porphyritic dykes and host
volcanic rocks, with higher concentrations along the margins of dykes. Malachite mineralization
occurs near-surface locally along fracture surfaces. Drilling demonstrates zones of high-grade
copper mineralization (> 1.2%) in the form of: (1) carbonate-rich breccia zones with blebby
chalcopyrite and chlorite-rich marginal haloes (Figure
3b
), and (2) select intrusive phases with
abundant disseminated chalcopyrite (Figure 3a).
The rock textures, alteration styles and geological setting at Terry share similarities with
British
Columbia
alkalic porphyry deposits, including Galore Creek located 70 km to the south. Geologic
modelling in 3D will support target recognition in this context and the delineation of new drill targets.
Future drill campaigns will target high-grade zones in order to better understand their controls and
develop vectors to additional high-tenor copper domains.
Soil sampling at the Terry discovery outlines an extensive zone of copper enrichment, with numerous
multi-sample anomalies in excess of 0.1% Cu (Figure 4). The final drill hole of the season is oriented
to test newly identified copper mineralization at the Scorcher discovery and the associated overlying
soil anomaly. This second porphyry centre is located 2 km southeast of the Terry target.
Figure 4: Plan map illustrating the distribution of drilling at the Terry target and the XRF Cu-in-soil
results from the soil sampling programs. (CNW Group/Libero Copper & Gold Corporation.)
Hole ID
Target
Status
Dip
Azimuth
Final Depth (m)
BR-21-028
Terry
Completed
-50
180
510
BR-21-029
Terry
Completed
-60
235
481
BR-21-030
Terry
Completed
-50
045
379
BR-21-031
Terry
Abandoned
-50
120
22
BR-21-032
Terry
Completed
-60
120
438
BR-21-033
Terry
Completed
-50
200
495
BR-21-034
Terry
Completed
-60
165
572
BR-21-035
Terry
Completed
-50
107
399
BR-21-036
Limpoke Pluton
Completed
-45
200
567
BR-21-037
Terry
Completed
-55
014
509
BR-21-038
Scorcher
Completed
-55
250
392
Table 3:
Summary of 2021 drill holes on the Big Red property.
Quality Assurance
The sampling program was undertaken under the direction of Dr.
Thomas Mumford
, P.Geo. All
sample assay results have been monitored through a quality control / quality assurance (QA/QC)
program including the insertion of blind standards, coarse blanks, and duplicate samples. Monitoring
of the QA/QC program has determined that the analytical results are of acceptable quality. Assay
samples are securely transported to ALS Global's sample preparation facilities in
Terrace, BC
and
Langley, BC
. Sample pulps are analyzed in
North Vancouver, British Columbia
for gold by fire assay
using a 30-gram charge with atomic absorption spectroscopy (AAS) finish. Samples which exceed 9
g/t gold trigger a 30-gram fire assay with a gravimetric finish. Copper and silver contents are
determined by four-acid digestion with ICP-AES finish. ALS Global is an independent laboratory.
Libero Copper
is not aware of any drilling, sampling, recovery or other factors that could materially
affect the accuracy or reliability of the data.
About Big Red
Big Red is a 26,000-hectare district scale land package with both copper and gold targets, road
access, and an airstrip. Big Red is located 45 kilometres southwest of
Telegraph Creek
along the
Barrington Road, 70 kilometres north of Galore Creek, and 70 kilometres northwest of Schaft Creek
in the Golden Triangle of northwestern
British Columbia, Canada
. The Golden Triangle is a mining
district of prodigious gold and copper mineralization and host to some of
Canada's
most famous
mines (Premier,
Red Chris
, Snip, Brucejack,
Eskay Creek
) and porphyry copper deposits (Galore
Creek, Schaft Creek, KSM, Saddle).
At Big Red, the Terry porphyry copper target is peripheral to a distinct large magnetic-high feature
over the Limpoke Pluton that coincides with a radiometric potassium anomaly, magnetic low,
conductivity high, copper, gold, silver and molybdenum anomalies and a mapped Jurassic aged
porphyry intrusion. The discovery hole drilled in Terry in
October 2020
returned 120 metres of
0.41% copper equivalent* from surface to end of hole including 73 metres of 0.49% copper
equivalent* from surface. Mineralization is associated with a porphyritic dyke swarm hosted in
intermediate volcanic rocks. Chalcopyrite mineralization occurs as fine disseminations within the
porphyritic dykes and volcanic host rocks, with higher concentrations along the margins. The rock
textures, alteration styles and geological setting at Terry share similarities with
British Columbia
alkalic porphyry deposits, including Galore Creek located 70 kilometres to the south. The discovery
is located just 8 km from road access at an elevation of 700 metres with relatively low snowfall. The
Big Red camp has both road access and an airstrip.
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 Big Red (a new grassroots
discovery) and Big Bulk in the Golden Triangle,
Canada
; Esperanza in San Juan,
Argentina
; and
Mocoa in Putumayo,
Colombia
. These assets are advanced by a highly disciplined and seasoned
professional team with successful track records of discovery, resource development, and permitting
in the Americas.
Thomas Mumford
, Ph.D., P.Geo, a qualified person under National Instrument 43-101, has reviewed
the technical information contained in this news release on behalf of
Libero Copper
.
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.
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For further information:
Ian Harris, Chief Executive Officer, +1 604 294 9039,
[email protected]; Tetiana Konstantynivska, Investor Relations, +1 778 372 0179,
CO: Libero Copper & Gold Corporation.
CNW 07:00e 26-OCT-21