Copper Giant eyes resource expansion potential in Colombia

Copper Giant Resources Corp. [CGNT-TSXV], a company previously known as Libero Copper & Gold Corp. said it sees the potential to “double – almost triple” – the existing resource at its Mocoa copper-molybdenum porphyry project in Colombia.

“Every round of drilling deepens our conviction that we’re only touching the tail of the elephant at Mocoa,’’ said Copper Giant President and CEO Ian Harris.

Copper Giant shares were unchanged Tuesday at 21 cents. The shares trade in a 52-week range of 50 cents and 16.5 cents.

Copper Giant is an America’s-focused exploration company with a collection of porphyry copper deposits located in British Columbia, Argentina and Colombia.

With backing from financier Frank Giustra’s Fiore Group, Copper Giant is developing the Mocoa copper-molybdenum porphyry deposit, which is located 10 kilometres from the town of Mocoa. Libero’s district scale holdings cover 1,000 square kilometres, an area that is 290 times bigger than New York’s Central Park. Company documents say Giustra holds an 11% stake in the company.

“The Mocoa project has an established compliant resource of 4.6 billion pounds of copper and 511 million pounds of molybdenum,” Harris said recently. In a press release on November 13, 2024, Libero announced details of an ongoing 14,000-metre exploration program that is designed to expand the resource, enhance geological understanding, and test new target areas.

In accordance with the requirements of National Instrument 43-101 standards of disclosure for mineral projects, Copper Giant has established the exploration target for the Mocoa Project. The target ranges from approximately 977 to 1,247 million tonnes of mineralized material, grading between 0.31% and 0.38% copper and 0.039% molybdenum. The company said these figures are conceptual in nature and based on limited drilling and geological modeling. There has not been sufficient exploration to define a current mineral resource, and it remains uncertain that future work will lead to the delineation of a mineral resource.

The company said the new exploration target was prepared in collaboration with APEX Geoscience. It said the company is still focused just on the area surrounding the current drilling. “It ticks all the boxes of a major porphyry system: scale, continuity, and multi-phase enrichment,’’ Harris said. “Most importantly, it gives us a clear data-driven roadmap for aggressive resource expansion.’’

Discovered in 1973 through a regional geochemical survey by the United Nations and the Colombian government, Mocoa has been the subject of multiple exploration campaigns. Between 1978 and 1983, follow up work included geological mapping, IP and magnetic geophysics, surface sampling, drilling and metallurgical testing. Additonal drilling by B2 Gold in 2008 and 2012 helped shape the current geological understanding. The company said Mocoa remains open in all directions, with several satellite targets identified across the broader land package.