First Diamond Drill Hole At The Mocoa Porphyry Copper Deposit
VANCOUVER - Libero Copper & Gold Corporation reported on the first diamond drill hole by Libero Copper (MD-043) into the Mocoa porphyry copper deposit located in Putumayo, Colombia. Drill hole MD-043 has been completed to a depth of 1,235 meters and significant assay results have been received and are reported here to a down hole depth of 450 meters. Highlights: 1) 443 meters of 0.74% CuEq1 (0.48% Cu and 0.078% Mo) from 7 to 450 meters, including 342 meters of 0.91% CuEq1 (0.60% Cu and 0.093% Mo) from 108 to 450 meters, including 251 meters of 1.13% CuEq1 (0.75% Cu and 0.114% Mo) from 139 to 390 meters. 2) Drill hole MD-043 reached a depth of 1,235 meters with assays pending for the remaining 785 meters of core. 3) Broad intercepts of copper and molybdenum mineralization continues well beyond the 450 meters of assay results.
"Hole MD-043 is starting to demonstrate the real potential of the Mocoa porphyry copper and molybdenum deposit with assay results returned to date confirming the exceptional grade, thickness and strength of the mineralizing system present in the area. The mineralized system remains open and many other porphyry targets have been identified for systematic follow-up within Libero Copper's significant land position," comments Ian Harris, President & CEO. "The Mocoa resource is already the largest copper resource in Colombia and will play a key role in the country's goals of becoming the third largest producer of copper in South America, a metal that is indispensable in the decarbonization of the world's economy."
In drill hole MD-043, highly elevated copper - molybdenum mineralization occurs below the leached cap starting at a depth of 108 meters. The majority of the lithologies intersected in the hole consist of brecciated dacite porphyry which is overprinted by multiple phases of alteration, veining and mineralization with the original rock type typically unrecognizable due to hydrothermal alteration related to the mineralizing system. Phyllic alteration is typically overprinted by variable potassic alteration and is accompanied with multiple generations of quartz veining. Copper in the form of chalcopyrite, bornite and chalcocite and molybdenum in the form of molybdenite typically occur with quartz veins and as disseminations replacing variably altered rocks. Higher grade mineralized intervals typically contain strong potassic alteration overprinting highly obscured multi-phase quartz vein and silica rich porphyry breccia. Similar brecciated porphyry and alteration along with variable quartz-copper-molybdenite veining and mineralization continue in the hole well below the sample interval reported in this news release. Additional drilling will continue to confirm and expand the mineralizing system and confirm the geometry and nature of the mineralization remaining within the leached cap.
Copper and molybdenum grades are illustrated as histograms on the cross section presented as representations of mineralization intersected at 229 meters and 270 meters respectively. A cross section through hole MD-043 oriented 275 degrees looking north with a projection influence of +/- 45 meters. Simplified lithologies are plotted down the hole trace with copper and molybdenum histograms plotted along the left and right side of the hole trace respectively.
The Mocoa deposit is located in the department of Putumayo, 10 kilometers 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 meters 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).