Libero Copper drills 0.89% CuEq over 557 metres at Mocoa, Colombia
Libero Copper & Gold Corp. [LBC-TSXV; LBCMF-OTCQB] reported complete assay results from the first diamond drill hole by Libero Copper (MD-043) into the 100%-owned Mocoa porphyry copper deposit located in Putumayo, Colombia.
Highlights include 1,229 metres of 0.58% CuEq (copper equivalent) (0.42% copper and 0.047% molybdenum) from 7 to 1,236 metres, including 840 metres of 0.72% CuEq (0.52% Cu and 0.062% Mo) from 108 to 948 metres, including 557 metres of 0.89% CuEq (0.62% Cu and 0.083% Mo) from 108 to 665 metres, including 251 metres of 1.12% CuEq (0.74% Cu and 0.114% Mo) from 139 to 390 metres (previously reported), and 180 metres of 1.00% CuEq (0.74% Cu and 0.078% Mo) from 485 to 665 metres.
Strategic drilling campaign planned to step out on existing mineralization and confirm geometry and size of the mineralizing system.
Ian Harris, President and CEO, stated, “This first hole has confirmed and demonstrated the exceptional grade, thickness and strength of the mineralizing system present in the Mocoa area. The company plans to systematically unlock the potential of the Mocoa deposit area by working closely with the community and all levels of government to build a future that will be mutually beneficial for sustainable growth for all stakeholders. We believe the Mocoa project is a significant opportunity which can be advanced and managed to benefit all Colombians.”
In drill hole MD-043, highly elevated copper-molybdenum mineralization has been encountered throughout the entire hole length to a depth of 1,236 metres.Ian Harris, President and CEO, stated, “This first hole has confirmed and demonstrated the exceptional grade, thickness and strength of the mineralizing system present in the Mocoa area. The company plans to systematically unlock the potential of the Mocoa deposit area by working closely with the community and all levels of government to build a future that will be mutually beneficial for sustainable growth for all stakeholders. We believe the Mocoa project is a significant opportunity which can be advanced and managed to benefit all Colombians.”
The Mocoa deposit is located in the department of Putumayo, 10 km from the town of Mocoa and 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) 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.