Libero Copper Significantly Expands Potential Size of the Mocoa Deposit
LIBERO COPPER SIGNIFICANTLY EXPANDS
POTENTIAL SIZE OF THE MOCOA DEPOSIT
VANCOUVER, BC
,
Nov. 15, 2022
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) is pleased to announce the ongoing field program has identified a
large 2 kilometre long by 800 – 1,000 metre wide multi-element soil geochemical anomaly
coincidental with the Mocoa porphyry copper-molybdenum deposit located in Putumayo,
Colombia
.
This significantly expands the footprint and potential size of the deposit outside of the forest reserve
in areas that have not been previously drilled.
Highlights
2 kilometre by 800-1,000 metre copper - molybdenum soil geochemical coincidental with
and expanding the potential of the Mocoa copper-molybdenum deposit outside of the
forestry reserve (Figures 1 to 5).
The soil geochemical anomaly extends more than 500 metres north and 500 metres
south of the area previously drill tested.
Elevated copper in soil samples extends for an additional 2 kilometres south of the main
copper-molybdenum soil anomaly.
Elevated levels of zinc and lead in soil samples occur marginal to the main copper-
molybdenum soil anomaly and is coincidental with previously identified porphyry
targets, which may represent mineral zonation to productive additional porphyry
systems at depth.
Libero Copper
previously identified 9 additional porphyry targets in the area (possible
clustered porphyry system) supported by geophysics and rock sample geochemistry
(news release dated
May 3, 2022
). The ongoing field program is now collecting soil
samples over these additional porphyry targets.
"Following the initial exceptional results from the maiden drill program,
Libero Copper
continues to
expand and refine the target areas surrounding the Mocoa deposit. These initial soil geochemical
results support the potential to significantly expand the resource beyond the area currently drilled at
the Mocoa deposit. We look forward to continuing the field program with emphasis on systematic
evaluation and confirmation of the other targets in the claim area," comments
Ian Harris
, President &
CEO. "
Libero Copper
and the project team have received strong support from the local communities,
municipalities, and various government agencies, and we look forward to strengthening these
relationships as the project advances."
Soil sampling by
Libero Copper
has identified a large 2 kilometre long by 800-1,000 metre wide,
north-south geochemical anomaly with highly elevated copper and molybdenum values that are
coincidental with and parallel to locally elevated terrain that hosts the Mocoa copper-molybdenum
porphyry deposit. Elevated levels of copper and molybdenum extend more than 500 metres to the
north and south along a ridge line beyond the limits of the current Mocoa deposit resource area.
Elevated molybdenum values also occur more than 2 kilometres south of the Mocoa deposit and are
coincidental with a suspected productive porphyry center in this area (Targets 1 and 4 on Figures 1
and 3).
A second zone, identified in historic soil sampling data, is located along a subparallel ridgeline
approximately 1 kilometre east of the Mocoa deposit (Figure 2). This zone contains elevated copper
values and is similar in size to the anomaly coincidental with the Mocoa deposit. This large copper
geochemical anomaly only has one historic drillhole along is southern limit and requires additional
follow-up to confirm the geology and identify suitable locations for drilling.
Further to the southeast, soil samples are enriched in zinc and lead over a 2 square kilometre area
(Target 5, Figures 4 and 5). This possibly represents lateral alteration and mineralization associated
with the large hydrothermal system that formed the Mocoa deposit, however, the interpretation of
airborne geophysical data has identified a possible porphyry system at depth below target area 5.
The elevated soil geochemistry in this area supports the presence a buried productive porphyry
center. This mineralization is located within the large hydrothermal demagnetized alteration zone that
hosts the Mocoa deposit (refer to figure 1) and supports the presence of a clustered productive
porphyry district.
Libero Copper
is currently advancing systematic exploration on the Mocoa project and is continuing
the soil sampling program, prospecting and mapping across the entire district scale property.
The figures below present the soil sample results from the project to date.
Figure 1: Geological interpretation, Jurassic intrusions (porphyries), 2022 soil sample lines and
target areas (CNW Group/Libero Copper & Gold Corporation.)
Figure 2: Soil sample geochemical results for Cu and target areas (CNW Group/Libero Copper &
Gold Corporation.)
Figure 3: Soil sample geochemical results for Mo and target areas (CNW Group/Libero Copper &
Gold Corporation.)
Figure 4: Soil sample geochemical results for Zn and target areas (CNW Group/Libero Copper &
Gold Corporation.)
Figure 5: Soil sample geochemical results for Pb and target areas (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.
Libero Copper's
district scale holdings cover over 1,000 km
2
encompassing most of the
Jurassic porphyry belt in southern
Colombia
. Mocoa 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.
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 diametre. 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. Local technicians are trained on site in accordance
with standard QA/QC procedures and related standard operating procedures for sample collection.
Soil samples are collected under the direct supervision of project geologists. Soil samples are
securely analyzed at the project core logging facilities in Mocoa, utilizing a portable handheld Niton
XRF model XL5 plus (manufactured by Thermo Scientific). Soil sample shipments are securely
transported 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
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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/November2022/15/c3329.html
%SEDAR: 00027216E
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 15-NOV-22