VANCOUVER, BC, May 3, 2022
/CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
(DE: 29H) is pleased to announce the company has completed the
interpretation of the detailed airborne magnetic and radiometric
survey data, flown at the end of 2021, and the interpretation of
all surface rock sample geochemical data on the project to date,
resulting in the identification of 9 new porphyry targets in the
immediate area at the Mocoa porphyry copper deposit located in
Putumayo, Colombia.
Highlights
- 9 new high priority porphyry target areas
identified
- Cluster of vertical intrusive bodies (porphyries) in the
immediate Mocoa deposit area with a 6 km by 2.5 km demagnetized
zone (hydrothermal alteration) with local strong potassium
alteration
- Magnetic inversion data shows a series of vertical intrusive
bodies (porphyries) in the Mocoa deposit area originating from the
underlying eastward dipping pluton at depth
- New large high-sulfidation gold-silver target (2.5 km by 1.5
km), 3 km southeast of the Mocoa deposit
- Survey was flown over an 87 km2 area surrounding
the existing Mocoa porphyry deposit on granted mineral
concessions. Libero Copper's
recently staked land position of more than 1,000 km2
encompassing most of the Jurassic porphyry belt in southern
Colombia will be systematically
flown in the future
"In addition to the exceptional initial results from the maiden
drill program, Libero Copper
continues to make significant advancements towards demonstrating
the potential to increase the endowment of mineralization
associated with the Mocoa deposit and the surrounding area. The
apparent clustered porphyry system recently identified as a result
of the airborne magnetic and radiometric survey that was flown at
the end of 2021, has also identified new opportunities around and
beyond the limits of the Mocoa deposit," comments Ian Harris, President & CEO. "The new
targets identified will be systematically evaluated and receive the
necessary follow-up work to be included in our ongoing field work
and upcoming drill planning. This is another important advancement
for Libero Copper and the Mocoa
project and we look forward to continuing the evaluation and
applying this systematic approach to the entire Mocoa land
position."
In late 2021, MPX Geophysics, completed magnetic, radiometric
and LiDAR surveys over the Mocoa project area covering 87
km2. Daniel Core, PhD.,
of Fathom Geophysics, Westerville,
Ohio, was contracted by Libero
Copper to process and interpret the geophysical data. All
available geotechnical data was provided to Fathom Geophysics to
assist with the interpretation of the airborne survey data and
Libero Copper processed the historic
surface rock sample geochemical data to assist with the
interpretation.
Processing and interpretation of the airborne geophysical data
was performed by Fathom Geophysics and the main products produced
include: geological interpretation with de-magnetized zone,
structural interpretation, Analytic Signal magnetic (AS) map, K
alteration index map, and magnetic inversion vector model with 3D
radial symmetric isosurfaces (porphyry finger model).
The main outcomes and conclusion from the geophysical
interpretation are as follows:
- Large 6.5 km x 2 km east-west oriented zone of demagnetization
is present and is generally centered on the Mocoa deposit. This is
interpreted as possibly representing magnetic destruction
associated with the hydrothermal system responsible for the Mocoa
mineralizing system.
- The magnetic inversion model with 3D radial symmetric
isosurfaces demonstrates the presence of numerous sub-vertical
intrusive bodies originating from the underlying pluton which have
been interpreted as possible porphyry bodies.
- A concentration of 3D radial symmetric isosurface intrusions
(porphyries) are present and clustered in an area immediately
south-southwest of the Mocoa porphyry Cu-Mo deposit,
- The radiometric data shows an area of highly elevated
K-alteration (K alteration index) coincident with the Mocoa deposit
area which extends several kilometers to the south and west.
- The 3D radial symmetric isosurface intrusions (porphyries)
extend to various levels relative to the current surface and in
several areas (to the east) the entire porphyry system may be
intact (including possible epithermal environment).
- Rock sample geochemical metallic element analysis has assisted
in identifying 9 targets associated with 3D radial symmetric
isosurface intrusions (porphyries) in the immediate area.
The targets identified are summarized as follows (refer to
figures 1 to 9 below in relation to target descriptions):
- Located 1,000 meters south of the center of the Mocoa deposit
and associated with a 3D radial symmetric isosurface intrusion
(porphyry) with elevated surface Cu-Mo in rock sample geochemistry
immediately south of Mocoa, with strong K-alteration.
- Located 1,500 meters southwest of the Mocoa deposit and
immediately south of 2 - 3D radial symmetric isosurface intrusions
(porphyry) with elevated Cu-Mo-Zn-Pb in rock samples hosted by
marble, with strong K-alteration. Skarn target with underlying
porphyry source.
- Located 2,500 meters southwest of the Mocoa deposit, associated
with a buried 3D radial symmetric isosurface intrusion (porphyry)
with highly elevated Cu-Mo+/-Zn in rock samples hosted by marble,
with strong K-alteration. Skarn target with underlying porphyry -
possibly similar to Mocoa.
- Located 2,500 meters south of the Mocoa deposit, associated
with a 3D radial symmetric isosurface intrusion (porphyry) with
elevated Zn-Pb in rock samples hosted by marble/intrusion, with
strong K-alteration. Skarn target.
- Located 3,000 meters southeast of the Mocoa deposit, associated
with a 3D radial symmetric isosurface intrusion (porphyry) with
large 2,500 metre x 1,500 metre elevated Zn-Pb-Hg in rock samples,
high sulfidation system. Possible intact porphyry system at
depth.
- Located 3,000 meters east-northeast of the Mocoa deposit,
associated with a 3D radial symmetric isosurface intrusion
(porphyry) with locally elevated Au-Ag in rock samples.
- Located 3,000 meters north-northwest of the Mocoa deposit,
associated with a multiple 3D radial symmetric isosurface
intrusions (composite intrusion - porphyry) with locally elevated
Mo-Au-Ag in rock samples.
- Located 2,000 meters northeast of the Mocoa deposit, associated
with a 3D radial symmetric isosurface intrusion (porphyry) with
locally elevated Au-Sb in rock samples.
- Located 2,000 meters west of the Mocoa deposit, associated with
a 3D radial symmetric isosurface intrusion (porphyry) with locally
elevated Cu-Mo-Zn-Pb-Bi in rock samples, with strong K
alteration.
Libero Copper is currently
advancing the systematic exploration on the Mocoa project and will
be initiating a soil sampling program, prospecting and mapping
programs 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 which will receive additional
follow-up drilling in 2022.
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 diameter. 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
|
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.
SOURCE Libero Copper & Gold
Corporation.