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Libero Copper & Gold Corp (2)
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Libero Copper drills 118 m of 0.33% CuEq at Big Red

2021-10-26 07:09 ET - News Release

Mr. Ian Harris reports


Libero Copper & Gold Corp. has released assay results for the first diamond drill hole into the Terry porphyry copper discovery at the Big Red project in British Columbia's Golden Triangle. The drill hole contains copper mineralization throughout the entire length of 510 metres, including multiple intervals of elevated copper plus or minus silver plus or minus gold. Porphyry copper mineralization was discovered at Terry in 2020 using a depth-restricted reverse circulation (RC) drill. Hole 28 is significant because it is the first diamond drill hole and extends mineralization significantly to depth. In total, 10 diamond drill holes have been completed in 2021 totalling 4,571 metres, with results expected to be available in batches over the next several months.

Hole 28 highlights:

  • First diamond drill hole at Terry is a 50-metre step back from the 2020 discovery pad and collared into mineralization at the northwest extent of a large system with mineralization increasing to the east and southeast. Initial drilling providing vectors toward higher-grade zones and proximity indicators of a porphyry centre;
  • 118.7 metres of 0.33 per cent copper equivalent (0.26 per cent copper, 1.83 grams per tonne silver and 0.06 g/t gold) intercepted from surface including 18.6 m of 0.56 per cent CuEq (0.42 per cent Cu, 3.03 g/t Ag and 0.14 g/t Au);
  • Drill hole 28 ended in mineralization with 32 metres of 0.36 per cent CuEq (0.30 per cent Cu, 1.76 g/t Ag and 0.06 g/t Au);
  • Entire hole mineralized from surface to the end of hole, 501 metres of 0.22 per cent CuEq (0.18 per cent Cu, 1.23 g/t Ag and 0.04 g/t Au).

"The first diamond drill hole at the Terry porphyry, with over 510 metres of mineralization starting directly from surface at elevated grade and ending in mineralization, certainly gets Libero Copper off to a great start. Ninety per cent of the world's copper production comes from large scale open-pit porphyry copper mines, and the long-mineralized interval directly from surface confirms our thesis that the Terry porphyry has that potential," commented Ian Harris, president and chief executive officer. "Collared 50 metres back from the 2020 discovery drill pad, our first diamond drill hole into the Terry target (BR-21-028) has substantiated the mineralization intercepted in the 2020 RC holes, significantly extended mineralization at depth, and has provided the exceedingly valuable geological context needed to advance the target. Preliminary logging of the adjacent drill holes supports the lateral continuity of many zones observed in drill hole 28 and the textural interpretations and alteration zonation will provide vectors toward higher-grade areas. We look forward to receiving the additional assays and reporting out on the advancements made during this strong field season."


Drill hole              From             To    Interval    CuEq*        Cu        Ag         Au
                         (m)            (m)         (m)      (%)       (%)     (g/t)      (g/t)

BR-21-028                8.3          127.0       118.7     0.33      0.26      1.83       0.06
including               54.5          127.0        72.5     0.35      0.28      1.92       0.07
and including           79.5           96.0        16.5     0.52      0.41      2.96       0.10
and including           96.0           96.8         0.8     1.65      0.73      6.20       1.11
                      249.12         251.37        2.25     1.46      1.13      7.58       0.33
                       287.3          351.5        64.2     0.30      0.26      1.30       0.03
including              287.3          302.5        15.2     0.46      0.41      1.57       0.05
and including          288.5          291.5         3.0     1.25      1.15      4.11       0.08
including             336.16          351.5       15.34     0.45      0.40      2.37       0.03
and including          336.2          337.4         1.2     2.56      2.35      12.4       0.10
                       402.4          413.5        11.0     0.34      0.26      2.05       0.07
                       478.0    510.0 (EOH)        32.0     0.36      0.30      1.76       0.06
including              479.5          497.0        17.5     0.41      0.33      2.01       0.07
and including          492.0          497.0         5.0     0.71      0.62      3.71       0.07
entire hole              8.3    510.0 (EOH)       501.7     0.22      0.18      1.23       0.04
* The prices used to calculate CuEq are: Cu: $3.50/pound, Au: $1,850/ounce and Ag: $25/oz. 
All values are reported in U.S. dollars and do not consider metal recoveries.
Drill hole            From               To    Interval       CuEq*      Cu       Ag           Au
                       (m)              (m)         (m)         (%)     (%)    (g/t)        (g/t)

BR-20-23                 0    120.40  (EOH)      120.40        0.41    0.34     2.47         0.06
including             3.05            73.15       70.10        0.49    0.41     2.93         0.07
and including        60.96            73.15       12.19        1.18    1.02     7.23         0.11
BR-20-24                 0    182.88  (EOH)      182.88        0.19    0.16     1.21         0.03
including                0           102.11      102.11        0.26    0.21     1.54         0.04
and including            0            42.67       42.67        0.36    0.29     2.23         0.06
and including         7.62            24.38       16.76        0.42    0.34     2.35         0.07
BR-20-25              1.52    173.74  (EOH)      172.22        0.29    0.24     1.52         0.04
including             4.57            85.34       80.77        0.43    0.36     2.45         0.06
and including        68.58            82.30       13.72        0.81    0.71     4.32         0.08
BR-20-27                 0      76.20 (EOH)       76.20        0.24    0.19     1.18         0.05
including                0            19.81       19.81        0.39    0.31     2.09         0.07

* The prices used to calculate CuEq are: Cu: $3.50/pound, Au: $1,850/ounce and Ag: $25/oz. 
All values are reported in U.S. dollars and do not consider metal recoveries.

The Terry porphyry copper-gold target was discovered in 2020 after reconnaissance-scale sampling revealed high-grade copper and anomalous gold values extending over a kilometre-wide area. This outcropping target consists of a megacrystic porphyritic feldspar dike swarm intruding plagioclase-phyric intermediate composition volcanic rocks.

Drilling the Terry discovery has revealed large multiphase K-feldspar-rich intrusions with intense potassic alteration (flooding), iron oxide staining (hematite reddening), abundant chlorite after biotite alteration, and garnet replacement zones and veins. Silicification is rare, and the sulphide and hypogene Fe-oxide assemblages indicate high-oxidation state magmatic-hydrothermal conditions. Chalcopyrite and pyrite mineralization occurs as fine disseminations within porphyritic dikes and host volcanic rocks, with higher concentrations along the margins of dikes. Malachite mineralization occurs near surface locally along fracture surfaces. Drilling demonstrates zones of high-grade copper mineralization (greater than 1.2 per cent) in the form of: (1) carbonate-rich breccia zones with blebby chalcopyrite and chlorite-rich marginal haloes, and select intrusive phases with abundant disseminated chalcopyrite.

The rock textures, alteration styles and geological setting at Terry share similarities with British Columbia alkalic porphyry deposits, including Galore Creek located 70 kilometres to the south. Geologic modelling in 3-D will support target recognition in this context and the delineation of new drill targets. Future drill campaigns will target high-grade zones in order to better understand their controls and develop vectors to additional high-tenor copper domains.

Soil sampling at the Terry discovery outlines an extensive zone of copper enrichment, with numerous multisample anomalies in excess of 0.1 per cent Cu. The final drill hole of the season is oriented to test newly identified copper mineralization at the Scorcher discovery and the associated overlying soil anomaly. This second porphyry centre is located two km southeast of the Terry target.

Quality assurance

The sampling program was undertaken under the direction of Dr. Thomas Mumford, PGeo. All sample assay results have been monitored through a quality control/quality assurance (QA/QC) program including the insertion of blind standards, coarse blanks and duplicate samples. Monitoring of the QA/QC program has determined that the analytical results are of acceptable quality. Assay samples are securely transported to ALS's sample preparation facilities in Terrace, B.C., and Langley, B.C. Sample pulps are analyzed in North Vancouver, B.C., for gold by fire assay using a 30-gram charge with atomic absorption spectroscopy (AAS) finish. Samples which exceed nine g/t gold trigger a 30-gram fire assay with a gravimetric finish. Copper and silver contents are determined by four-acid digestion with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish. ALS is an independent laboratory. Libero Copper is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data.

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 and Eskay Creek) and porphyry copper deposits (Galore Creek, Schaft Creek, KSM and 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, returned 120 metres of 0.41 per cent copper equivalent from surface to end of hole including 73 metres of 0.49 per cent copper equivalent from surface. Mineralization is associated with a porphyritic dike swarm hosted in intermediate volcanic rocks. Chalcopyrite mineralization occurs as fine disseminations within the porphyritic dikes and volcanic host rocks, with higher concentrations along the margins. The rock textures, alteration styles and geological setting at Terry share similarities with British Columbia alkalic porphyry deposits, including Galore Creek located 70 kilometres to the south. The discovery is located just eight km from road access at an elevation of 700 metres with relatively low snowfall. The Big Red camp has both road access and an airstrip.

About Libero Copper & Gold Corp.

Libero is unlocking the value of a collection of porphyry copper deposits throughout the Americas in prolific and stable jurisdictions. The portfolio includes Big Red (a new grassroots discovery) and Big Bulk in the Golden Triangle, Canada; Esperanza in San Juan, Argentina; and Mocoa in Putumayo, Colombia. These assets are advanced by a highly disciplined and seasoned professional team with successful records of discovery, resource development and permitting in the Americas.

Thomas Mumford, PhD, PGeo, a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of Libero.

We seek Safe Harbor.

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