Libero Copper Intercepts 251 Metres Grading 1.13% CUEQ1 (0.75% Cu and 0.114% Mo) at Mocoa with Assays Returned FOR Only the First 450 Metres of 1,235 Metre Hole
LIBERO COPPER INTERCEPTS 251 METRES
GRADING 1.13% CUEQ1 (0.75% CU and
0.114% MO) AT MOCOA WITH ASSAYS
RETURNED FOR ONLY THE FIRST 450
METRES OF 1,235 METRE HOLE
VANCOUVER, BC
,
April 19, 2022
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE:29H) is pleased to announce the initial partial assay results from the first
diamond drill hole by
Libero Copper
(MD-043) into the Mocoa porphyry copper deposit located in
Putumayo,
Colombia
. Drill hole MD-043 has been completed to a depth of 1,235 metres and
significant assay results have been received and are reported here to a down hole depth of 450
metres.
Highlights
443 meters of 0.74% CuEq
1
(0.48% Cu and 0.078% Mo) from 7 to 450 metres, including
342 metres of 0.91% CuEq
1
(0.60% Cu and 0.093% Mo) from 108 to 450 metres, including
251 metres of 1.13% CuEq
1
(0.75% Cu and 0.114% Mo) from 139 to 390 metres
Drill hole MD-043 reached a depth of 1,235 metres with assays pending for the remaining
785 metres of core
Broad intercepts of copper and molybdenum mineralization continues well beyond the
450 meters of assay results reported in this news release
Composite assay intervals for copper and molybdenum to date for hole MD-043 to a depth of 450
metres are presented in Table 1.
Interval
From
(m)
To
(m)
Interval
(m)
Cu
%
Mo
%
CuEq
1
%
7.00
450.40
443.40
0.48
0.078
0.74
incl.
108.12
450.40
342.28
0.60
0.093
0.91
incl.
139.62
390.40
250.78
0.75
0.114
1.13
and incl.
145.40
178.82
33.42
0.90
0.096
1.22
and incl.
211.85
230.26
18.41
0.88
0.125
1.30
and incl.
242.26
295.90
53.64
0.92
0.152
1.43
and, and incl.
265.31
295.90
30.59
1.30
0.184
1.92
and incl.
309.40
390.40
81.00
0.82
0.090
1.12
and, and incl.
361.90
390.40
28.50
1.30
0.093
1.61
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.
Table 1
: Composite assay intervals for drill hole MD-043 to
450m
.
"Hole MD-043 is starting to demonstrate the real potential of the Mocoa porphyry copper and
molybdenum deposit with assay results returned to date confirming the exceptional grade, thickness
and strength of the mineralizing system present in the area. The mineralized system remains open
and many other porphyry targets have been identified for systematic follow-up within
Libero
Copper's
significant land position," comments
Ian Harris
, President & CEO. "The Mocoa resource is
already the largest copper resource in
Colombia
and will play a key role in the country's goals of
becoming the third largest producer of copper in
South America
, a metal that is indispensable in the
decarbonization of the world's economy."
In drill hole MD-043, highly elevated copper - molybdenum mineralization occurs below the leached
cap starting at a depth of 108 metres. The majority of the lithologies intersected in the hole consist
of brecciated dacite porphyry which is overprinted by multiple phases of alteration, veining and
mineralization with the original rock type typically unrecognizable due to hydrothermal alteration
related to the mineralizing system. Phyllic alteration is typically overprinted by variable potassic
alteration and is accompanied with multiple generations of quartz veining. Copper in the form of
chalcopyrite, bornite and chalcocite and molybdenum in the form of molybdenite typically occur with
quartz veins and as disseminations replacing variably altered rocks. Higher grade mineralized
intervals typically contain strong potassic alteration overprinting highly obscured multi-phase quartz
vein and silica rich porphyry breccia. Similar brecciated porphyry and alteration along with variable
quartz-copper-molybdenite veining and mineralization continue in the hole well below the sample
interval reported in this news release. Additional drilling will continue to confirm and expand the
mineralizing system and confirm the geometry and nature of the mineralization remaining within the
leached cap.
Copper and molybdenum grades are illustrated as histograms on the cross section illustrated in
Figure 1, and Photos 1 and 2 are presented as representations of mineralization intersected at 229
metres and 270 metres 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 Report
2
. Table 2 contains select composite samples for the drill holes within the cross
section.
Figure 1:
Cross section for hole MD-043 (CNW Group/Libero Copper & Gold Corporation.)
Table 2:
Composite Assays for Figure 1 MD-043 Composite Assay Table& & &
Other Composite
Assay Table (CNW Group/Libero Copper & Gold Corporation.)
Photo 1: Assay interval returned 1.66% CuEq (1.31% Cu and 0.104% Mo) over 1.5m from 228.76m
– 230.26m. Dacite porphyry breccia: strong potassic alteration (pink) overprinting earlier phyllic
alteration, quartz with chalcopyrite, molybdenite veinlets, disseminated molybdenite (grey speck) and
chalcopyrite. (CNW Group/Libero Copper & Gold Corporation.)
Photo 2: Assay interval returned 4.78% CuEq (2.31% Cu and 0.743% Mo) over 1.5m from
269.81m-270.31m. Silicified dacite porphyry breccia: phyllic alteration with local strong potassic
overprint. Several generations of quartz veining and chalcopyrite - molybdenite, with disseminated
molybdenite and chalcopyrite. (CNW Group/Libero Copper & Gold Corporation.)
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.
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For further information:
Ian Harris, Chief Executive Officer, +1 604 294 9039,
[email protected]; Michelle Borromeo, VP Investor Relations,
+1 604 715 6845,
CO: Libero Copper & Gold Corporation.
CNW 07:00e 19-APR-22