VANCOUVER, BC, Oct. 26, 2021 /CNW/ - Libero Copper & Gold Corporation (TSXV:
LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to announce assay results
for the first diamond drill hole into the Terry porphyry copper
discovery at the Big Red project in BC's Golden Triangle. The drill
hole contains copper mineralization throughout the entire length of
510 metres, including multiple intervals of elevated copper ±
silver ± gold (Table 1 and Figures 1,2). Porphyry copper
mineralization was discovered at Terry in 2020 using a
depth-restricted reverse-circulation (RC) drill. Hole 28 is
significant because it is the first diamond drill hole and extends
mineralization significantly to depth. In total, 10 diamond drill
holes have been completed in 2021 totaling 4,571 metres (see Table
3), with results expected to be available in batches over the next
several months.
Hole 28 Highlights
- First diamond drill hole at Terry is a 50 metre step back
from the 2020 discovery pad and collared into mineralization at the
northwest extent of a large system with mineralization increasing
to the east and southeast. Initial drilling providing vectors
towards higher grade zones and proximity indicators of a porphyry
centre.
- 118.7 metres of 0.33% CuEq* (0.26% Cu, 1.83 g/t Ag, 0.06 g/t
Au) intercepted from surface including 18.6
m of 0.56% CuEq* (0.42% Cu, 3.03 g/t Ag, 0.14 g/t
Au).
- Drill hole 28 ended in mineralization with 32 metres of
0.36% CuEq* (0.30% Cu, 1.76 g/t Ag, 0.06 g/t Au).
- Entire hole mineralized from surface to the end of hole, 501
metres of 0.22% CuEq* (0.18% Cu, 1.23 g/t Ag, 0.04 g/t
Au).
Click here to watch a video summary of today's news
release.
"The first diamond drill hole at the Terry porphyry, with over
510 metres of mineralization starting directly from surface at
elevated grade and ending in mineralization certainly gets
Libero Copper off to a great start.
90% of the worlds copper production comes from large scale open-pit
porphyry copper mines, and the long-mineralized interval directly
from surface, confirms our thesis that the Terry porphyry has that
potential," comments Ian
Harris, President & CEO. "Collared 50 metres back from
the 2020 discovery drill pad, our first diamond drill hole into the
Terry target (BR-21-028) has substantiated the mineralization
intercepted in the 2020 RC holes, significantly extended
mineralization at depth, and has provided the exceedingly valuable
geological context needed to advance the target. Preliminary
logging of the adjacent drill holes supports the lateral continuity
of many zones observed in drill hole 28 and the textural
interpretations and alteration zonation will provide vectors toward
higher grade areas. We look forward to receiving the additional
assays and reporting out on the advancements made during this
strong field season."
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
CuEq*
(%)
|
Cu
(%)
|
Ag
(g/t)
|
Au
(g/t)
|
BR-21-028
|
|
8.3
|
127.0
|
118.7
|
0.33
|
0.26
|
1.83
|
0.06
|
including
|
54.5
|
127.0
|
72.5
|
0.35
|
0.28
|
1.92
|
0.07
|
and
including
|
79.5
|
96.0
|
16.5
|
0.52
|
0.41
|
2.96
|
0.10
|
and
including
|
96.0
|
96.8
|
0.8
|
1.65
|
0.73
|
6.20
|
1.11
|
|
249.12
|
251.37
|
2.25
|
1.46
|
1.13
|
7.58
|
0.33
|
|
287.3
|
351.5
|
64.2
|
0.30
|
0.26
|
1.30
|
0.03
|
including
|
287.3
|
302.5
|
15.2
|
0.46
|
0.41
|
1.57
|
0.05
|
and
including
|
288.5
|
291.5
|
3.0
|
1.25
|
1.15
|
4.11
|
0.08
|
including
|
336.16
|
351.5
|
15.34
|
0.45
|
0.40
|
2.37
|
0.03
|
and
including
|
336.2
|
337.4
|
1.2
|
2.56
|
2.35
|
12.4
|
0.10
|
|
402.4
|
413.5
|
11.0
|
0.34
|
0.26
|
2.05
|
0.07
|
|
478.0
|
510.0
(EOH)
|
32.0
|
0.36
|
0.30
|
1.76
|
0.06
|
including
|
479.5
|
497.0
|
17.5
|
0.41
|
0.33
|
2.01
|
0.07
|
and
including
|
492.0
|
497.0
|
5.0
|
0.71
|
0.62
|
3.71
|
0.07
|
entire
hole
|
8.3
|
510.0
(EOH)
|
501.7
|
0.22
|
0.18
|
1.23
|
0.04
|
Table 1: Select intervals from drill hole
BR-021-028 at the Terry target. *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.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
CuEq*
(%)
|
Cu
(%)
|
Ag
(g/t)
|
Au
(g/t)
|
BR-20-23
|
|
0
|
120.40
(EOH)
|
120.40
|
0.41
|
0.34
|
2.47
|
0.06
|
including
|
3.05
|
73.15
|
70.10
|
0.49
|
0.41
|
2.93
|
0.07
|
and
including
|
60.96
|
73.15
|
12.19
|
1.18
|
1.02
|
7.23
|
0.11
|
BR-20-24
|
|
0
|
182.88
(EOH)
|
182.88
|
0.19
|
0.16
|
1.21
|
0.03
|
including
|
0
|
102.11
|
102.11
|
0.26
|
0.21
|
1.54
|
0.04
|
and
including
|
0
|
42.67
|
42.67
|
0.36
|
0.29
|
2.23
|
0.06
|
and
including
|
7.62
|
24.38
|
16.76
|
0.42
|
0.34
|
2.35
|
0.07
|
BR-20-25
|
|
1.52
|
173.74
(EOH)
|
172.22
|
0.29
|
0.24
|
1.52
|
0.04
|
including
|
4.57
|
85.34
|
80.77
|
0.43
|
0.36
|
2.45
|
0.06
|
and
including
|
68.58
|
82.30
|
13.72
|
0.81
|
0.71
|
4.32
|
0.08
|
BR-20-27
|
|
0
|
76.20
(EOH)
|
76.20
|
0.24
|
0.19
|
1.18
|
0.05
|
including
|
0
|
19.81
|
19.81
|
0.39
|
0.31
|
2.09
|
0.07
|
Table 2: Select intervals from 2020
drilling at the Terry target (RC drilling). *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.
The Terry porphyry copper-gold target was discovered in 2020
after reconnaissance scale sampling revealed high-grade copper and
anomalous gold values extending over a kilometre wide area. This
outcropping target consists of a megacrystic porphyritic feldspar
dyke swarm intruding plagioclase-phyric intermediate composition
volcanic rocks.
Drilling the Terry discovery has revealed large multi-phase
K-feldspar rich intrusions with intense potassic alteration
(flooding), Fe-oxide staining (hematite reddening), abundant
chlorite after biotite alteration, and garnet replacement zones and
veins. Silicification is rare, and the sulfide and hypogene
Fe-oxide assemblages indicate high-oxidation state
magmatic-hydrothermal conditions. Chalcopyrite and pyrite
mineralization occurs as fine disseminations within porphyritic
dykes and host volcanic rocks, with higher concentrations along the
margins of dykes. Malachite mineralization occurs near-surface
locally along fracture surfaces. Drilling demonstrates zones of
high-grade copper mineralization (> 1.2%) in the form of: (1)
carbonate-rich breccia zones with blebby chalcopyrite and
chlorite-rich marginal haloes (Figure 3b), and (2) select intrusive phases with
abundant disseminated chalcopyrite (Figure 3a).
The rock textures, alteration styles and geological setting at
Terry share similarities with British
Columbia alkalic porphyry deposits, including Galore Creek
located 70 km to the south. Geologic modelling in 3D will
support target recognition in this context and the delineation of
new drill targets. Future drill campaigns will target
high-grade zones in order to better understand their controls and
develop vectors to additional high-tenor copper domains.
Soil sampling at the Terry discovery outlines an extensive zone
of copper enrichment, with numerous multi-sample anomalies in
excess of 0.1% Cu (Figure 4). The final drill hole of the season is
oriented to test newly identified copper mineralization at the
Scorcher discovery and the associated overlying soil anomaly. This
second porphyry centre is located 2 km southeast of the Terry
target.
Hole
ID
|
Target
|
Status
|
Dip
|
Azimuth
|
Final Depth
(m)
|
BR-21-028
|
Terry
|
Completed
|
-50
|
180
|
510
|
BR-21-029
|
Terry
|
Completed
|
-60
|
235
|
481
|
BR-21-030
|
Terry
|
Completed
|
-50
|
045
|
379
|
BR-21-031
|
Terry
|
Abandoned
|
-50
|
120
|
22
|
BR-21-032
|
Terry
|
Completed
|
-60
|
120
|
438
|
BR-21-033
|
Terry
|
Completed
|
-50
|
200
|
495
|
BR-21-034
|
Terry
|
Completed
|
-60
|
165
|
572
|
BR-21-035
|
Terry
|
Completed
|
-50
|
107
|
399
|
BR-21-036
|
Limpoke
Pluton
|
Completed
|
-45
|
200
|
567
|
BR-21-037
|
Terry
|
Completed
|
-55
|
014
|
509
|
BR-21-038
|
Scorcher
|
Completed
|
-55
|
250
|
392
|
Table 3: Summary of 2021 drill holes on
the Big Red property.
Quality Assurance
The sampling program was undertaken under the direction of Dr.
Thomas Mumford, P.Geo. All sample
assay results have been monitored through a quality control /
quality assurance (QA/QC) program including the insertion of blind
standards, coarse blanks, and duplicate samples. Monitoring of the
QA/QC program has determined that the analytical results are of
acceptable quality. Assay samples are securely transported to ALS
Global's sample preparation facilities in Terrace, BC and Langley, BC. Sample pulps are analyzed in
North Vancouver, British Columbia
for gold by fire assay using a 30-gram charge with atomic
absorption spectroscopy (AAS) finish. Samples which exceed 9 g/t
gold trigger a 30-gram fire assay with a gravimetric finish. Copper
and silver contents are determined by four-acid digestion with
ICP-AES finish. ALS Global is an independent laboratory.
Libero Copper is not aware of any
drilling, sampling, recovery or other factors that could materially
affect the accuracy or reliability of the data.
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 Copper 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 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
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.
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SOURCE Libero Copper & Gold
Corporation.