VANCOUVER, BC, Feb. 7, 2023
/CNW/ - Libero Copper & Gold
Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) ("Libero
Copper") is pleased to announce that the ongoing field program
has identified new occurrences of leached cap in outcrop which is
consistent with the leached cap that occurs directly over the Mocoa
deposit. The newly identified leached cap outcrops extend more than
500 meters to the east-northeast and more than 300 meters to the
east of previous drill collar locations. In addition, other new
areas of leached cap outcrop have been mapped extending more than
500 meters to the south and more than 1,000 meters to the southeast
of previous drill collar locations, known as Target 1. Another area
of leached cap is mapped approximately 2,000 meters southeast of
the Mocoa deposit immediately north of Target 5 (Figure
1).
Highlights
- Leached cap in outcrop is consistent with the leached cap
outcrops directly over the Mocoa deposit recently mapped to extend
more than 500 meters to the east-northeast and 300 meters east of
previous drill collars (Figures 1 to 5).
- Leached cap also mapped extending 500 meters to the south
and more than 1,000 meters to the southeast of previous drill
collars in Target 1.
- Leached cap mapped more than 2,000 meters southeast of the
Mocoa deposit immediately north of Target 5.
- The ongoing field work provides additional support for
expanding the Mocoa resource and the potential for new undiscovered
porphyry related mineralization in the immediate area. 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).
"Following last year's exceptional results from Libero Copper's maiden drill hole, the company
has expanded the exploration potential adjacent to the Mocoa
deposit and surrounding area. The identification of new areas with
leached cap in outcrop is very significant as it suggests the
possible presence of similar porphyry copper-molybdenum
mineralization in these areas below the leached cap and may result
in the expansion of the current Mocoa resource," comments
Ian Harris, President & CEO. "As
the Mocoa porphyry system may represent a clustered porphyry
system, we anticipate discovering additional leached cap outcrops
and related hydrothermal porphyry copper-molybdenum mineralization
adjacent to the Mocoa deposit and surrounding area. We are excited
about the ongoing results of the field program, and we look forward
to the continuation of the systematic evaluation and confirmation
of the other targets in the claim area."
The continuation of the systematic field mapping and sampling
program has successfully located several new areas of leached cap
in outcrop immediately adjacent to the Mocoa deposit. Mapping has
extended the area of leached cap exposures approximately 500 meters
to the east-northeast, 300 meters to the east, 500 meters to the
south and over 1,000 meters to the southeast of the current Mocoa
drill collars associated with the Mocoa resource area. In
addition, leached cap has been mapped approximately 2,000 meters to
the southeast of the Mocoa resource area (Figure 1). Areas of
potassic and phyllic alteration occurring in outcrop have been
mapped adjacent to the leached cap exposures (Figure 2).
Representative photographs of surface rock samples over the Mocoa
deposit area, Target 1 and Target 5 are presented in Figures 3 to
5.
Since July 2022, the company team
has collected a total of 928 rock samples and 694 soil auger
samples. Results are incomplete as the company is waiting on assay
results for a significant portion of the samples. Refer to Figures
3 to 5 for the interpretation of soil sample data and rock sample
data. Libero Copper is continuing
the advancement of the systematic exploration on the Mocoa project
and is continuing the soil sampling program, prospecting and
mapping across the entire district scale property.
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)2, San
Carlos (600 million tonnes inferred at 0.59%
Cu)3, Panantza (463 million tonnes inferred at 0.66%
Cu)3 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 diameter. High-grade
copper-molybdenum mineralization continues to depths in excess of
1,000 metres.
1 Technical Report "Mocoa
Copper-Molybdenum Project" dated effective November 1,
2021
|
2 Technical Report: "Mirador
Copper-Gold Project 30,000 TPD Feasibility Study" dated effective
April 3, 2008
|
3 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.