VANCOUVER, BC, Jan. 27, 2022 /CNW/ - Libero Copper &
Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) is
pleased to announce outstanding assay results for the first diamond
drill program into the Terry porphyry copper discovery at the Big
Red project in BC's Golden Triangle. Drilling has confirmed the
presence of a large mineralizing system – with nine of the ten
holes drilled returned anomalous copper mineralization, over an
area exceeding 2.1 kilometres of strike and >500 metres of
depth.
2021 Big Red Exploration Highlights
- First diamond drill program on the Terry Target, 4,571
metres drilled in 10 holes.
- Nine of the ten drill holes contains anomalous copper
mineralization, including multiple intervals of elevated copper ±
silver ± gold.
- New drill highlights
-
- 119.5 metres of 0.29% CuEq** (0.25% Cu, 2.26 g/t Ag, 0.02
g/t Au)
- 8.5 metres of 0.95% CuEq** (0.84% Cu, 5.69 g/t Ag, 0.07 g/t
Au)
- 486.4 metres of 0.17% CuEq** (0.14% Cu, 0.96 g/t Ag, 0.03
g/t Au) from surface, including 112 metres of 0.23% CuEq** (0.19%
Cu, 1.25 g/t Ag, 0.04 g/t Au)
- Completed 46 km2 airborne magnetic survey and a
1.2 km2 3D IP grid over the Terry Target
"Following on the discovery of copper porphyry mineralization at
Terry in 2020, our 2021 exploration program was designed to test
the extent of the mineralizing system and develop vectors that we
could use to target high-grade portions of the system. The
combination of soil sampling, IP and magnetic geophysical surveys,
geological mapping, and 4,500 metres of drilling have created a
comprehensive data set that we will continue to advance the project
with," comments Ian Harris,
President & CEO. "The rarity of new copper porphyry discoveries
in British Columbia underscores
the importance of advancing of this target. We are encouraged by
both the size of the system and the presence of higher-grade zones
within wide intervals of mineralization. So far the mineralization
we've intercepted has occurred in dyke swarms, but with the new
robust data sets we've amassed this season, we intend to vector
towards the porphyry centre and higher grade mineralization."
The utilization of diamond drilling in 2021 on the Terry Target
allowed for more detailed investigation into the relationships
between lithology, mineralization and alteration compared to the RC
drilling in 2020. Work has begun to compile and analyze these data
to develop geochemical and alteration vectors that can be used to
target the source of the dyke swarms (potential porphyry centre) or
areas of higher-grade mineralization. The existence of distinct
chalcopyrite-rich intrusive phases (2 metres of >1.3% Cu) within
the dyke swarms indicates the potential of a high-grade zone of
mineralization.
Drill
Hole
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Cu
(%)
|
Ag
(g/t)
|
Au
(g/t)
|
CuEq**(%)
|
BR-21-028*
|
|
8.30
|
510.00
(EOH)
|
501.70
|
0.18
|
1.23
|
0.04
|
0.22
|
including
|
8.30
|
127.00
|
118.70
|
0.26
|
1.83
|
0.06
|
0.33
|
and
including
|
78.20
|
96.81
|
18.61
|
0.42
|
3.03
|
0.14
|
0.56
|
including
|
278.50
|
306.50
|
28.00
|
0.33
|
1.47
|
0.04
|
0.38
|
including
|
478.00
|
510.00
(EOH)
|
32.00
|
0.30
|
1.76
|
0.06
|
0.36
|
BR-21-029
|
|
7.34
|
480.60
(EOH)
|
473.26
|
0.10
|
0.68
|
0.02
|
0.12
|
including
|
7.34
|
76.00
|
68.66
|
0.24
|
1.72
|
0.03
|
0.28
|
BR-21-030
|
|
6.18
|
378.60
(EOH)
|
372.42
|
0.07
|
0.76
|
0.01
|
0.09
|
including
|
6.18
|
53.50
|
47.32
|
0.15
|
1.65
|
0.01
|
0.17
|
BR-21-031
|
|
abandoned
hole
|
BR-21-032
|
|
41.70
|
438.00
(EOH)
|
396.30
|
0.04
|
0.40
|
0.04
|
0.07
|
including
|
41.70
|
85.33
|
43.63
|
0.15
|
0.98
|
0.02
|
0.18
|
BR-21-033
|
|
9.00
|
495.40
(EOH)
|
486.40
|
0.14
|
0.96
|
0.03
|
0.17
|
including
|
9.00
|
79.15
|
70.15
|
0.15
|
1.35
|
0.05
|
0.20
|
and
|
230.10
|
342.15
|
112.05
|
0.19
|
1.25
|
0.04
|
0.23
|
and
|
401.40
|
495.40
(EOH)
|
94.00
|
0.16
|
1.02
|
0.03
|
0.19
|
and
including
|
440.00
|
495.40
(EOH)
|
55.40
|
0.17
|
1.45
|
0.04
|
0.22
|
BR-21-034
|
|
6.00
|
571.60
(EOH)
|
565.60
|
0.10
|
0.73
|
0.02
|
0.12
|
including
|
6.00
|
41.00
|
35.00
|
0.17
|
1.71
|
0.03
|
0.21
|
|
177.00
|
181.50
|
4.50
|
0.64
|
4.40
|
0.05
|
0.72
|
BR-21-035
|
|
10.50
|
399.30
(EOH)
|
388.80
|
0.15
|
0.58
|
0.01
|
0.16
|
including
|
49.00
|
83.50
|
34.50
|
0.19
|
1.39
|
0.02
|
0.22
|
and
|
152.50
|
399.30
(EOH)
|
147.00
|
0.23
|
0.74
|
0.02
|
0.25
|
and
including
|
180.00
|
299.50
|
119.50
|
0.25
|
2.26
|
0.02
|
0.29
|
and
including
|
201.00
|
216.00
|
15.00
|
0.43
|
1.90
|
0.04
|
0.48
|
and
including
|
279.00
|
287.50
|
8.50
|
0.84
|
5.69
|
0.07
|
0.95
|
BR-21-036
|
|
no significant
results
|
BR-21-037
|
|
83.60
|
509.60
(EOH)
|
426.00
|
0.09
|
0.16
|
0.04
|
0.12
|
including
|
236.00
|
273.50
|
37.50
|
0.17
|
0.54
|
0.08
|
0.24
|
BR-21-038
|
|
16.08
|
391.80
(EOH)
|
375.72
|
0.06
|
0.11
|
0.02
|
0.08
|
Table 1: Select intervals
from drill holes BR-021-028 to -038 located at the Terry and
adjacent Scorcher target.
*Previously released results (October 26,
2021). **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 due to insufficient metallurgical
data.
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.
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 1). The final drill hole of the season
was oriented to test newly identified copper mineralization at the
Scorcher discovery and the associated overlying soil anomaly. This
potential 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 2: 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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