VANCOUVER, BC, Aug. 9, 2022
/CNW/ - Libero Copper & Gold
Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) is pleased to
announce that drilling has begun at the Big Red project located 70
kilometers north-northwest of the Galore Creek deposit in the
golden triangle of northwest British
Columbia, Canada. A diamond drill program of up to 5,000
metres is currently underway at Big Red which is designed to
follow-up on the mineralization at the Terry porphyry Cu-Au grass
roots discovery. The current drill program is designed to test a
large, 4 by 4 by 4-kilometre triangular shaped strong potassic
radiometric response located immediately southeast of the Terry
porphyry Cu-Au discovery, with coincidental magnetic anomalies and
syenite porphyry outcrops that contain copper mineralization on
surface. Previous drill results from the Terry Zone include hole
BR-20-23 which returned 0.34% Cu, 2.47 gpt Ag, 0.06 gpt Au over
120.4 metres (surface to EOH), including 0.41% Cu, 2.93 gpt Ag and
0.07 gpt Au over 70.1 metres from 3.0 to 73.1 metres and including
1.02% Cu, 7.23 g/t Ag, 0.11 g/t Au over 12.2 metres from 61.0 to
73.2 metres. Higher-grade mineralization intersected in the
previous drilling typically occurs adjacent to east-west striking
syenite porphyry dykes and a larger magnetic anomaly located east
of Terry (interpreted as a polyphase porphyry intrusion) may
represent the hydrothermal source for the Terry
mineralization.
Highlights
- Drilling underway to test for the hydrothermal source of the
Terry porphyry Cu-Au discovery
- Large 4 by 4 by 4-kilometre triangular shaped area with
strong potassic alteration immediately southeast of and continuous
with the Terry porphyry Cu-Au discovery, with coincidental
magnetic anomalies and syenite porphyry outcrops that contain
copper mineralization on surface (possible hydrothermal
source area), refer to Figures 1 to 5
"We are very excited to be drill testing the potential
hydrothermal source target areas identified by the team immediately
adjacent to the Terry Porphyry Cu-Au discovery. Previous drilling
has demonstrated the presence of a large mineralizing system with
copper mineralization from surface to the bottom hole and elevated
copper with grades in excess of 1% Cu over widths greater than 10
metres. Drilling will test the targeted hydrothermal source areas
for significant thicknesses of highly elevated Cu-Au mineralization
and provide much needed geological information related to the
mineralizing event and hydrothermal vectoring in the area. A
Terraspec unit will be utilized to support mineral mapping and
vectoring for drill core and surface samples," comments
Ian Harris, President & CEO.
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 (BR-20-23) returned 120
metres grading 0.34% Cu, 2.47 gpt Ag, 0.06 gpt Au, including 0.41%
Cu, 2.93 gpt Ag and 0.07 gpt Au over 70.1 metres and including
1.02% Cu, 7.23 g/t Ag, 0.11 g/t Au over 12.2 metres. 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 age, rock
textures, alteration styles and geological setting at Terry share
similarities with British Columbia alkalic porphyry
deposits, including Galore Creek. The discovery is located just 8
km from road access at an elevation of 700 metres with relatively
low snowfall.
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.