Libero Copper Provides Update ON Exploration Drilling at Mocoa
LIBERO COPPER PROVIDES UPDATE ON
EXPLORATION DRILLING AT MOCOA
VANCOUVER, BC
,
March 30, 2022
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) is pleased to announce that the first diamond drill hole (MD-043) since
2012 on the Mocoa porphyry copper-molybdenum deposit in
Colombia
, has passed its target depth
of 1,000 meters making this hole the deepest on the property to date.
Libero Copper
has taken the
decision to extend the hole to 1,200 meters as it continues to intercept favorable copper
mineralization.
"We are excited to re-establish exploration and drilling efforts on the Mocoa porphyry copper-
molybdenum system. The significant long intervals of copper and molybdenum mineralization is a
coveted characteristic that only a handful of world-class copper porphyry deposits contain. Mocoa
is already the largest copper resource in
Colombia
, and one of the world's largest undeveloped
molybdenum deposits, but confirmation of mineralization through-out the blank zone indicates
exploration is still only beginning at the project," comments
Ian Harris
, President & CEO. "We are
thankful with the level of support for the project across all levels of government and especially from
the local communities. The Mocoa team together with our neighbors have demonstrated the ability
to advance the project in a relatively short time frame and drilling the deepest hole on the project is
one of several milestone achievements to date with many more to come. We are excited by the
knowledge we are gaining through our exploration efforts while maximizing benefits to the
community."
Libero Copper
has begun shipments of cut core samples to Actlab's laboratory facilities in
Medellin
for sample preparation and analysis of copper and molybdenum by atomic absorption. Samples will
also be shipped to the Actlab's facilities in
Mexico
or
Canada
for final ICP analysis, which includes
the full spectrum of analytical elements. Initial atomic absorption assay results are expected by the
end of April.
Drill Hole MD-043
Hole MD-043 is the first hole in the current phase of diamond drilling at the Mocoa deposit. This drill
hole is designed to confirm mineralization and in-fill an area targeting the "blank zone" between two
separate high-grade zones in the deposit (see Figure 1). Variable sulfide mineralization occurs
throughout the hole with chalcopyrite mineralization starting at approximately 150 metres that is
hosted by several phases of porphyritic breccia (Dacite). Copper mineralization occurs as
chalcopyrite, +/- chalcocite, +/- bornite, and molybdenum mineralization occurs as molybdenite (all
occur as fine to medium grained disseminated and within quartz vein/veinlets). Higher concentrations
of copper and molybdenum are typically associated with intersections of stronger potassic
alteration. Argillic alteration dominates the first 150 metres of the hole (surface water-rock
interaction partially forming clay alteration) and phyllic alteration (quartz, sericite, pyrite) appears to
be variably overprinted by potassic alteration (K feldspar). Mineralization has been intersected within
the "blank zone". Figures 2 and 3 are representative intersections of locally typical alteration.
Figure 1 – West-east cross section of Hole MD-043 overlayed on historic drilling results. (CNW
Group/Libero Copper & Gold Corporation.)
Figure 2 - 229m – Dacite porphyry breccia: intense potassic alteration (pink) mostly as halos around
type A veinlets, quartz with chalcopyrite, molybdenite veinlets, disseminated molybdenite (grey
speck) and chalcopyrite. (CNW Group/Libero Copper & Gold Corporation.)
Figure 3 – 626m - Silicified dacite porphyry breccia: phyllic alteration with local potassic overprint.
Several generations of quartz veining and chalcopyrite veining, with disseminated molybdenite and
chalcopyrite. (CNW Group/Libero Copper & Gold Corporation.)
Options
Libero Copper
has granted 250,000 incentive stock options to new employees. The stock options
are exercisable at a price of
$0.67
and will expire on
February 17, 2027
. The incentive stock options
were granted pursuant to
Libero Copper's
shareholder-approved stock option plan and are subject
to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.
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. Mocoa 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 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)
2
,
San Carlos
(600 million tonnes inferred at 0.59% Cu)
3
, Panantza (463 million tonnes
inferred at 0.66% Cu)
3
and Solaris' Waritza, located in
Ecuador
.
Copper-molybdenum mineralization is associated with a dacite porphyry intrusion 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 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.
1 Technical Report "Mocoa Copper-Molybdenum Project" dated effective November 1, 2021
2 Technical Report: "Mirador Copper-Gold Project 30,000 TPD Feasibility Study" dated effective April 3, 2008
3 Technical Report: "Preliminary Assessment Report Panantza & San Carlos Copper Project" dated effective October 30, 2007
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 Mocoa in Putumayo,
Colombia
;
Esperanza
in
San Juan
,
Argentina
; and Big Red and Big Bulk in the Golden Triangle,
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.
Matthew Wunder
, B.Sc., P.Geo, Vice President Exploration for
Libero Copper
, is a qualified person
under National Instrument 43-101, and has reviewed and approved 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
Libero Copper
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,
CO: Libero Copper & Gold Corporation.
CNW 08:27e 30-MAR-22