VANCOUVER, BC, Jan. 26, 2021 /CNW/ - Libero Copper &
Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) is
pleased to announce that it has optioned the Esperanza porphyry
copper-gold and epithermal gold project located in the prolific
precious and base metal endowed and mining friendly Huachi Mining
district, San Juan Province, Argentina. The advanced stage Esperanza
exploration project is road accessible, contains multiple
copper-gold drill targets supported by numerous high-grade surface
rock samples across a large alteration footprint and numerous
historical drill intercepts including 387 metres of 0.78% copper
equivalent from surface through end of hole. An initial 5,000 metre
drill program is planned for the second quarter.
Highlights
- Drill ready porphyry copper-gold advanced exploration
project in mining-friendly Huachi mining district, San Juan
Province, Argentina.
- Drill intercepts include 387 metres of 0.78% Cueq (0.57% Cu
and 0.27g/t Au) (including 232 metres of 1% Cueq (0.74% Cu and 0.33
g/t Au)), starting at surface and open at depth and in all
directions (Table 1, Plate 1).
- Porphyry copper-gold mineralization exposed on surface with
numerous high-grade surface rock samples (0.10% - 8.29% copper)
associated with widespread quartz-sericite-pyrite, clay, and
biotite alteration footprints (2.0 km by 1.2 km) identifying
multiple untested porphyry and epithermal targets (Figures 2 and
3).
- Confirmed copper-gold porphyry system juxtaposed with
epithermal gold mineralization. High-grade epithermal gold zones
with drill intercepts including 3 metres of 65 g/t Au and 7 metres
of 4.7 g/t Au.
- Initial 5,000 metre drill program planned for the second
quarter.
"Esperanza adds another advanced stage copper-gold porphyry to
the portfolio of Libero, in another mining-friendly jurisdiction
known for major mining projects. We are very excited about this
exceptional drill target as a 2018 drill program intercepted 387
metres of 0.78% copper equivalent from surface through to the end
of hole, which was never followed up on due to market conditions,"
comments Ian Harris, Chief Executive
Officer. "The project has a year-round drilling season and drill
permitting is already underway. We are planning to be drilling by
April, in advance of our summer drill programs in Canada at Big Red and Big Bulk."
Hole
ID
|
From
|
To
|
Interval
(m)
|
Cu
(%)
|
Au
(g/t)
|
CuEq
(%)
|
Target
|
18-ESP-025
|
0.0
|
387.0
|
387.0
|
0.57
|
0.27
|
0.78
|
Porphyry
|
Including
|
0.0
|
232.0
|
232.0
|
0.74
|
0.33
|
1.00
|
06-HU-01
|
1.0
|
200.0
|
199.0
|
0.25
|
0.12
|
0.34
|
Porphyry
|
06-HU-02
|
2.0
|
355.1
|
353.1
|
0.35
|
0.18
|
0.49
|
Porphyry
|
Including
|
112.0
|
200.0
|
88.0
|
0.48
|
0.27
|
0.69
|
07-HU-05
|
6.0
|
254.5
|
248.5
|
0.26
|
0.17
|
0.39
|
Porphyry
|
Including
|
192.0
|
244.0
|
52.0
|
0.39
|
0.32
|
0.64
|
11-HU-18
|
54.0
|
61.0
|
7.0
|
-
|
4.73
|
-
|
Epithermal
|
11-HU-22*
|
52.0
|
55.0
|
3.0
|
-
|
65.07
|
-
|
Epithermal
|
Table
1: Select historical drill intercepts. Libero has not
undertaken any independent investigation of the sampling nor has it
independently analyzed the results of the historical exploration
work in order to verify the results. Libero considers these
historical drill results relevant as Libero will use this data as a
guide to plan future exploration programs. Libero also considers
the data to be reliable for these purposes, however, Libero's
future exploration work will include verification of the data
through drilling. *20% recovery over this interval – results may
not reflect true width or mineralization grade. CuEq was calculated
using US$1,850/oz gold and US$3.50/lb copper and does not consider
metal recoveries.
|
The Esperanza project lies within the
pre-cordillera tectonostratigraphic belt of northern
Argentina, in a region dominated
by Paleozoic to Lower Mesozoic sedimentary and volcanic rocks. At
Esperanza, these rocks are cut by the Cretaceous or Tertiary
sub-volcanic stocks and dykes known as the Huachi Intrusions.
Mineralization at Esperanza is centered on a large and intense
porphyry-style alteration footprint exposed over a 2 km by 1.2 km
area where copper and gold mineralization is associated with
hypabyssal feldspar porphyry intrusions, an early phase of the
Huachi Intrusions (Figures 2 and 3). At Esperanza epithermal gold
mineralization and porphyry copper-gold mineralization occur
together, which suggests overprinting of the two styles, and thus
increases the potential for high-grades. Porphyry-style copper
mineralization consists of dissemination and fracture fill
chalcopyrite with subordinate magnetite and pyrite within a broad
potassic alteration envelope. Historical exploration includes
diamond drilling, rock and silt sampling, IP, and magnetic
geophysics. Rock sampling at surface has defined copper and gold
mineralization over much of the project.
Drill hole 18-ESP-025, completed
by Latin Metals in 2018, returned the best results to date with 387
metres grading 0.57% copper and 0.27 g/t gold from surface through
end of hole (Table 1, Plate 1). This hole was not followed up on
due to market conditions. Mineralization is open at depth and
laterally, with priority targets located west and south. There are
multiple drill-ready, untested targets. A 5,000 metre drill program
is planned for the second quarter. Esperanza is road accessible and
located at an elevation of only 3,200 metres in mining-friendly San
Juan Province, Argentina.
Libero has entered into an option agreement with Latin Metals
Inc. to earn-in to 70% of the Esperanza project by assuming the
underlying option payments to the original project vendors and
incurring $2 million in exploration
expenditures by December 15, 2022.
Upon the exercise of the option, Libero and Latin Metals will form
a 70/30 joint venture for the continued exploration and development
of the project.
Date
|
Cash Payments
(USD)
|
Exploration
Expenditures
(USD)
|
June 15,
2021
|
$300,000
|
|
December 15,
2021
|
$750,000
|
$1,000,000
|
December 15,
2022
|
$1,353,000
|
$1,000,000
|
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 the Mocoa deposit in
Colombia. 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.
The technical information contained in this news release has
been reviewed and approved by Dr. Thomas
Mumford P.Geo, President of Serac Exploration, who is a
Qualified Person as defined under NI 43-101.
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.
SOURCE Libero Copper & Gold
Corporation.