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.
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
km2 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.
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SOURCE Libero Copper & Gold
Corporation.