VANCOUVER, BC, Oct. 25, 2021 /CNW/ - Libero Copper & Gold Corporation (TSXV:
LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to provide an update
on the recent advancements of its 100% owned Big Red project,
located near Telegraph Creek, in
BC's Golden Triangle. Following up on the discovery of multiple new
showings with copper mineralization two kilometres southeast of the
2020 Terry discovery drill holes, Libero
Copper completed a 46 km2 detailed airborne
magnetic survey and a soil sample grid to advance the target.
Highlights
- Precision GeoSurveys completed a high-resolution airborne
magnetic survey over the Terry target and the surrounding
area.
- Collected an additional 156 samples in a soil grid targeting
the four new showings discovered earlier this season.
- 10 diamond drill holes have been completed – initial results
pending.
- The new Scorcher discovery, a second porphyry target,
identified through rock sampling during 2021 and supported by a
subsequent soil sampling grid, was drill tested at the end of the
season.
Click here to watch a video of Libero's streamlined soil
sampling process that helped take the Scorcher discovery from newly
generated target to drilling in a single season.
"We are very excited with not only the four new targets
identified this year, located kilometres to the east of the 2020
Terry discovery drill holes that have the potential to add
significant scale to the project, but also with the speed the team
has been capable of advancing them, while still achieving the
ambitious work plan set for the 2021 drill season," comments
Ian Harris, President & CEO. "A
soil sampling grid was designed and carried out over the area in
time to add an additional drill hole at the end of the season to
test the Scorcher target. The preliminary portable XRF results from
the soil grid are encouraging and consistent with the highly
anomalous samples associated with the Terry discovery zone to the
northwest. In addition, a detailed airborne survey was contracted
and completed over the area. The new detailed magnetic survey will
provide greatly improved resolution relative to our current data
set and extend coverage over the new areas of mineralization east
of Terry. We expect the results from the survey in early
winter."
Airborne Magnetic Survey
Precision GeoSurveys Inc. ("Precision") completed a helicopter
borne high-resolution magnetic survey over an area of 46
km2 surrounding the Terry target and proximal
mineralization. The survey was performed with 100 metre line
spacing and 1 kilometre spaced tie lines. Libero Copper's existing magnetic datasets
(collected in 2017/2019) cover a larger area of the Big Red
property and utilized wider line spacing (~ 500 metres). Inversions
from this dataset were used in the design of the 2021 drill program
advancing the Terry target. Preliminary logging of 2021 drill core
suggests that the magnetic signatures could be a key vector for
targeting mineralization in the system. With significantly tighter
line spacing, the new magnetic survey will yield higher resolution
data, and the area flown will extend coverage > 3 kilometres
further east of the existing data. Once received, these data will
be interpreted and used to generate and refine drill targets for
the upcoming 2022 drill program.
![Figure 1: Plan map illustrating the coverage of the new magnetic survey, pXRF soil sample results and the 2021 drill program on and around the Terry Target. (CNW Group/Libero Copper & Gold Corporation.) Figure 1: Plan map illustrating the coverage of the new magnetic survey, pXRF soil sample results and the 2021 drill program on and around the Terry Target. (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1668502/libero_image1_1.jpg)
Soil Sampling
Samples from the new soil sampling grid were analyzed onsite
with a portable X-ray fluorescence (pXRF) device for multiple
elements (Figure 3). Quality assurance of the pXRF results was done
by sending split soil samples to an accredited laboratory for
confirmatory analysis. Similar to the soil grid over the Terry
target, the new grid outlined a widespread and remarkably high
Cu-in-soil anomaly, with numerous multi-sample anomalies in excess
of 0.1% Cu, consistent with high-grade copper rock sampling
identified in the new showings, e.g. Scorcher (Figure 2). The final
drill hole of the season was oriented to test newly identified
copper mineralization at the Scorcher discovery (a second porphyry
target located 2 km southeast of Terry) and the associated
overlying soil anomaly.
About Big Red
Big Red is a 26,000-hectare district scale land package with
both copper and gold targets, road access, and an airstrip. Big Red
is located 45 kilometres southwest of Telegraph Creek along the Barrington Road, 70
kilometres north of Galore Creek and 70 kilometres northwest of
Schaft Creek in the Golden Triangle of northwestern British Columbia, Canada. The Golden Triangle
is a mining district of prodigious gold and copper mineralization
and host to some of Canada's most
famous mines (Premier, Red Chris,
Snip, Brucejack, Eskay Creek) and
porphyry copper deposits (Galore Creek, Schaft Creek, KSM,
Saddle).
At Big Red, the Terry porphyry copper target is peripheral to a
distinct large magnetic-high feature over the Limpoke Pluton that
coincides with a radiometric potassium anomaly, magnetic low,
conductivity high, copper, gold, silver, and molybdenum anomalies
and a mapped Jurassic aged porphyry intrusion. The discovery hole
drilled in Terry in October 2020
returned 120 metres of 0.41% copper equivalent* from surface to end
of hole including 73 metres of 0.49% copper equivalent* from
surface. Mineralization is associated with a porphyritic dyke swarm
hosted in intermediate volcanic rocks. Chalcopyrite mineralization
occurs as fine disseminations within the porphyritic dykes and
volcanic host rocks, with higher concentrations along the margins.
The rock textures, alteration styles and geological setting at
Terry share similarities with British
Columbia alkalic porphyry deposits, including Galore Creek
located 70 kilometres to the south. The discovery is located just 8
km from road access at an elevation of 700 metres with relatively
low snowfall. The Big Red camp has both road access and an
airstrip.
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: $3.50/lb, Au: $1,850/oz, Ag: $25/oz. All
values are reported in USD and do not consider metal
recoveries.
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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,
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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/1668505/libero_logo_4.jpg)
SOURCE Libero Copper & Gold
Corporation.