Libero Copper & Gold Corporation (TSXV:LBC) has identified new occurrences of leached cap in outcrop which is consistent with the leached cap that occurs directly over the Mocoa deposit in Colombia.
The newly identified leached cap outcrops extend more than 500m to the east-northeast and more than 300m to the east of previous drill collar locations. In addition, other new areas of leached cap outcrop have been mapped extending more than 500m to the south and more than 1,000m to the southeast of previous drill collar locations, known as Target 1. Another area of leached cap is mapped approximately 2,000m southeast of the Mocoa deposit immediately north of Target 5.
Highlights
- Leached cap in outcrop is consistent with the leached cap outcrops directly over the Mocoa deposit recently mapped to extend more than 500m to the east-northeast and 300m east of previous drill collars.
- Leached cap also mapped extending 500m to the south and more than 1,000m to the southeast of previous drill collars in Target 1.
- Leached cap mapped more than 2,000m southeast of the Mocoa deposit immediately north of Target 5.
- The ongoing field work provides additional support for expanding the Mocoa resource and the potential for new undiscovered porphyry related mineralization in the immediate area. Libero Copper previously identified nine additional porphyry targets in the area (possible clustered porphyry system) supported by geophysics and rock sample geochemistry.
“Following last year’s exceptional results from Libero Copper’s maiden drill hole, the company has expanded the exploration potential adjacent to the Mocoa deposit and surrounding area,” President and CEO, Ian Harris, said.
“The identification of new areas with leached cap in outcrop is very significant as it suggests the possible presence of similar porphyry copper-molybdenum mineralization in these areas below the leached cap and may result in the expansion of the current Mocoa resource.
“As the Mocoa porphyry system may represent a clustered porphyry system, we anticipate discovering additional leached cap outcrops and related hydrothermal porphyry copper-molybdenum mineralization adjacent to the Mocoa deposit and surrounding area. We are excited about the ongoing results of the field programme, and we look forward to the continuation of the systematic evaluation and confirmation of the other targets in the claim area.”
The continuation of the systematic field mapping and sampling programme has successfully located several new areas of leached cap in outcrop immediately adjacent to the Mocoa deposit. Mapping has extended the area of leached cap exposures approximately 500m to the east-northeast, 300m to the east, 500m to the south and over 1,000m to the southeast of the current Mocoa drill collars associated with the Mocoa resource area.
In addition, leached cap has been mapped approximately 2,000m to the southeast of the Mocoa resource area, Areas of potassic and phyllic alteration occurring in outcrop have been mapped adjacent to the leached cap exposures.
A pit constrained inferred resource at Mocoa contains 636Mt 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.
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