VANCOUVER, BC, Oct. 19, 2021 /CNW/ - Libero Copper & Gold Corporation (TSXV:
LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to announce the
commencement of exploration activities on its Mocoa porphyry
copper-molybdenum project with airborne geophysical and LiDAR
surveys followed by a large scale soil sampling program. The last
exploration and drilling activities at the Mocoa project were
conducted by B2Gold in 2012. Libero
Copper acquired the project in 2018 and calculated a
constrained inferred resource at Mocoa which contains 4.6 billion
pounds of copper in 636 million tonnes grading 0.45% CuEq*.
Highlights
- MPX Geophysics has recently completed high-resolution airborne
magnetic-radiometric and LiDAR surveys over an 8,100 hectare
area.
- Initial 1,450 sample soil sampling program planned for Q4 2021
to assist in identifying additional porphyry centers and enhance
drilling vectors.
- Core relogging suggests Mocoa is multi-pulse system with a
high-grade copper magmatic-hydrothermal breccia associated with
bornite-magnetite mineralization, overprinted by late white mica
alteration associated with hypogene chalcocite-bornite
mineralization. The prolific Jurassic porphyry belt which hosts
Mocoa is a host to Mirador, San Carlos, Panantza, and Solaris'
Warintza.
- Significant expansion potential as the resource is open both
along strike and at depth, and the porphyry system appears to trend
in the northeast direction. The current resource model for Mocoa is
roughly cylindrical with a 600 metres diameter, and high-grade
copper-molybdenum mineralization continues to depths in excess of
1,000 metres. Historic drilling includes 0.67% CuEq* (0.49% Cu and
0.06% Mo) over 634 metres and 0.59% CuEq* (0.44% Cu and 0.05% Mo)
over 779 metres.
- Historical soil sampling shows an untested porphyry copper
target 1.3 kilometres south-east of the resource zone. This copper
and molybdenum soil anomaly is greater than 1.5 kilometres in
diameter and is comparable in extent and intensity to the response
above the existing Mocoa resource.
"Boots on the ground exploration work at Mocoa has officially
begun. The exploration team is working diligently to gain a deeper
understanding of the deposit. Having advanced the geological model
through detailed re-logging of existing core, fieldwork is
now required to ensure our upcoming drilling program is a success.
The speed at which a collaborative environment with local
communities has been established speaks volumes for the
professionalism of each member of the Colombian team and their
commitment to the company's core values of respect, responsibility,
and our ´Good Neighbor´ operating philosophy," comments
Ian Harris, President & CEO.
"The dedicated effort of meaningfully connecting with our
communities is now adding value to the project through exploration.
We cannot understate our excitement to further demonstrate our
commitment to maximize local benefit through actions, transparency
and the incorporation of local knowledge into work plans."
![MPX Helicopter – Mocoa, Colombia (CNW Group/Libero Copper & Gold Corporation.) MPX Helicopter – Mocoa, Colombia (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1663628/Image_Libero1.jpg)
Airborne Magnetic-Radiometric Survey
The magnetic-radiometric survey covered 8,100 hectares and 809.5
kilometres of linear survey with 100 metre line spacing and 1
kilometre spaced tie lines. The survey will assist in lithological
and structural mapping of weathered and covered areas. Relogging of
core has identified high concentrations of magnetite in core
associated with potassic alteration (Figure 1) and as well as
transitional sericite alteration associated with low magnetite
present (Figure 2), suggesting magnetics may help target
exploration for other porphyry centres. The radiometric survey will
further assist with potassic alteration mapping and delineating
intrusive phases. The team plans to use the new data to
characterize the geophysical signature of the already drilled
resource area in order to identify similar zones for resource
expansion as well as to generate new exploration targets. Porphyry
copper deposits often form in clusters, especially in the Jurassic
porphyry belt that hosts the Mocoa deposit.
![Figure 1 – Magmatic-hydrothermal breccia with bornite, magnetite, quartz and K-spar matrix. Core from Mocoa, with potassic alteration and high magnetite content (222 metre depth). (CNW Group/Libero Copper & Gold Corporation.) Figure 1 – Magmatic-hydrothermal breccia with bornite, magnetite, quartz and K-spar matrix. Core from Mocoa, with potassic alteration and high magnetite content (222 metre depth). (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1663629/Image2_Libero_2.jpg)
![Figure 2 - Transitional sericitic alteration overprinting prograde potassic alteration, low magnetite content (134 metre depth). (CNW Group/Libero Copper & Gold Corporation.) Figure 2 - Transitional sericitic alteration overprinting prograde potassic alteration, low magnetite content (134 metre depth). (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1663630/Image3_Libero_3.jpg)
LiDAR Survey
The LiDAR survey will be used to generate a highly accurate,
digital elevation model data for topographical mapping in diverse
types of terrain and vegetation. The survey will generate high
value data for structural mapping, drill and drill platform
planning, and geomorphological evaluation, in addition to multiple
socio-environmental studies such as forest distribution mapping,
baseline control for reforestation management, and mitigation of
vegetation disturbance.
Geochemistry & Soil Sampling
The soil sampling campaign will consist of three phases and
1,450 samples covering 5,912 hectares commencing with a systematic
200 metre by 200 metre grid. Phase 1 will primarily focus on
optimizing drill hole planning from the pre-planned platforms,
Phase 2 on resource expansion, and Phase 3 on new target
generation. Figure 3 illustrates the planned areas for soil
sampling.
The exposure of solid outcrops of copper-molybdenum porphyries
in tropical areas is very low, and therefore systematic soil
sampling can be used to generate a consistent data set to support
exploration. The grids will be modified to increase sampling
density in areas where initial anomalies are detected. Soil
sampling will be a key tool in identifying new porphyry centers
that commonly cluster above underlying parental magma chambers.
Targeting from the soil sampling data will focus on Cu-Mo-Au metals
but also pathfinder elements such as Bi-Te-As-Sb-W-Tl-Hg-Zn that
will create vectors towards porphyry centers.
Libero Copper is currently
finalizing right-of-way agreements with local landowners for
establishing access routes and camp facilities closer to the target
area.
Core Relogging and Interpretation
Recent core relogging and investigation has developed a deeper
understanding of the deposit. Transitional sericitic alteration
overprints the prograde potassic alteration, where D-type
pyrite-bornite-hypogene chalcocite veinlets associated with white
sericitic alteration are overprinting and cutting the A-Type and
B-type veinlets (Figure 4). The magmatic-hydrothermal breccia is
inter-mineral in age and shows the transition from muscovite-pyrite
rich matrix to high-grade copper mineralization in a
silica-Kspar-bornite-magnetite matrix, see Figures 5 and 6.
Structurally controlled high sulfidation alteration is interpreted
to telescope through the system, extending to zones of potassic
alteration.
![Figure 4 - Transitional sericitic alteration are overprinting the prograde potassic alteration, where D-type pyrite-bornite-hypogene chalcocite veinlets associated with white sericitic alteration are overprinting and cutting the A-Type and B-type veinlets (132 metre depth). (CNW Group/Libero Copper & Gold Corporation.) Figure 4 - Transitional sericitic alteration are overprinting the prograde potassic alteration, where D-type pyrite-bornite-hypogene chalcocite veinlets associated with white sericitic alteration are overprinting and cutting the A-Type and B-type veinlets (132 metre depth). (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1663632/Image5_Libero_5.jpg)
![Figure 5 - Magmatic-hydrothermal breccia with bornite, magnetite, quartz and K-spar matrix, with potassic alteration and high magnetite content (214 m depth). (CNW Group/Libero Copper & Gold Corporation.) Figure 5 - Magmatic-hydrothermal breccia with bornite, magnetite, quartz and K-spar matrix, with potassic alteration and high magnetite content (214 m depth). (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1663633/Libero_Copper___Gold_Corporation__Libero_Copper_Starts_Explorati.jpg)
![Figure 6 - Magmatic-hydrothermal breccia with a muscovite-pyrite rich matrix (194 metre depth). (CNW Group/Libero Copper & Gold Corporation.) Figure 6 - Magmatic-hydrothermal breccia with a muscovite-pyrite rich matrix (194 metre depth). (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1663634/Image7_Libero_7.jpg)
The resource is open both along strike and at depth, and the
porphyry system appears to trend in the northeast direction.
Historical soil sampling shows an untested porphyry copper target
1.3 kilometres south-east of the resource zone. This copper and
molybdenum soil anomaly is greater than 1.5 kilometres in diameter
and is comparable in extent and intensity to the response above the
existing Mocoa resource.
About the Mocoa Porphyry Copper-Molybdenum
Deposit
The Mocoa deposit is located in the department of Putumayo, 10
kilometres from the town of Mocoa. It was discovered in 1973 when
the United Nations (UN) and the Colombian government conducted a
regional stream 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. B2Gold
subsequently executed diamond drill programs in 2008 and 2012.
A constrained inferred resource at Mocoa contains 636 million
tonnes of 0.45% CuEq* at 0.25% cut-off containing 4.6 billion
pounds of copper and 511 million pounds of molybdenum. Mocoa is
open in both directions along strike and at depth. Additional
porphyry surface targets have been identified and are drill
ready.
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, such as Mirador (438 million tonnes measured and
indicated at 0.61% Cu and 235 million tonnes inferred at 0.52%
Cu)1, San Carlos (600 million tonnes inferred at 0.59%
Cu)2, Panantza (463 million tonnes inferred at 0.66%
Cu)2, 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:
"Mirador Copper-Gold Project 30,000 TPD Feasibility Study" dated
effective April 3, 2008
|
2
|
Technical Report:
"Preliminary Assessment Report Panantza & San Carlos Copper
Project" dated effective October 30, 2007
|
About Libero Copper &
Gold
Libero 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.
*The prices used to calculate CuEq are: Cu: $3.00/lb & Mo: $10/lb. All values are reported in USD and do not
consider metal recoveries.
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.
![Libero Copper & Gold Corporation Logo (CNW Group/Libero Copper & Gold Corporation.) Libero Copper & Gold Corporation Logo (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1663635/Libero_Copper___Gold_CorporationLogo_8.jpg)
SOURCE Libero Copper & Gold
Corporation.