Libero Copper Intercepts 557 Metres Grading 0.89% CUEQ1 (0.62% Cu and 0.083% Mo) at Mocoa from First Hole
LIBERO COPPER INTERCEPTS 557 METRES
GRADING 0.89% CUEQ1 (0.62% CU and
0.083% MO) AT MOCOA FROM FIRST HOLE
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% CuEq
1
(0.42% Cu and 0.047% Mo) from 7 to 1,236 metres, incl.
840 metres of 0.72% CuEq
1
(0.52% Cu and 0.062% Mo) from 108 to 948 metres, incl.
557 metres of 0.89% CuEq
1
(0.62% Cu and 0.083% Mo) from 108 to 665 metres, incl.
251 metres of 1.12% CuEq
1
(0.74% Cu and 0.114% Mo) from 139 to 390 metres
(previously reported)
180 metres of 1.00% CuEq
1
(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 Report
2
. Table 2 contains select composite samples for the drill holes
within the cross section. Table 3 contains the coordinates for drill hole MD-043.
Mocoa Cross Section Image (CNW Group/Libero Copper & Gold Corporation.)
Table 2:
Composite Assays for Figure 1 (CNW Group/Libero Copper & Gold Corporation.)
Photo 1: Assay interval returned 1.16% CuEq (1.13% Cu and 0.011% Mo) over 1.5m from 489.4m –
490.9m. Hydrothermal breccia with potassic altered clasts being overprinted by quartz-sericite-pirite
alteration with chalcopyrite infilling matrix. (CNW Group/Libero Copper & Gold Corporation.)
Photo 2: Assay interval returned 1.69 CuEq (1.62% Cu and 0.021% Mo) over 1.5m from 508.9-
510.4m. Bornite rimming chalcopyrite in a texturally obliterated breccia with potassic alteration being
overprinted by quartz-sericite-pyrite. (CNW Group/Libero Copper & Gold Corporation.)
Photo 3: Assay interval returned 1.0 CuEq (0.92% Cu and 0.024% Mo) over 1.5m from 876.4m -
877.9m. Quartz=sericite-pyrite overprinting potassic altered micro-breccia with pyrite and
chalcopyrite stringer mineralization. (CNW Group/Libero Copper & Gold Corporation.)
Table 3: Coordinates for drill hole MD-043 (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 26-APR-22