Libero Copper & Gold (TSXV: LBC) has finally received the remainder of its assay results for the first hole on its Mocoa property in Colombia. This follows the firm reporting partial assays last week, including the intersection of 0.75% copper and 0.114% molybdenum over 251 metres.
With full assays now in hand for that first drill hole at the property, the company has seen the extension of its longest intersects on the hole. Highlights from the completed drill hole include:
- 1,229 metres of 0.42% copper, 0.047% molybdenum
- 840 metres of 0.52% copper, 0.062% molybdenum
- 557 metres of 0.62% copper, 0.083% molybdenum
- 251 metres of 0.75% copper, 0.114% molybdenum
Most notably, the company intersected copper mineralization from a depth of 7 metres through to a depth of 1,236 metres, at which point the hole was terminated. The company does note however that beyond a depth of 948 metres, the degree of mineralization “appears to be weakening.”
Following the successful drill hole, the company intends to study the alterations found in the drill core to better define the geology of the area and expand the current footprint of the deposit. The drill hole was conducted as part of an initial 5,000 metre drill program at the deposit, designed to test the extent of mineralization on the property. A campaign is now being developed to focus on stepping out from the hole and confirming the true size of the deposit.
“This first hole has confirmed and demonstrated the exceptional grade, thickness and strength of the mineralizing system present in the Mocoa area,” commented CEO Ian Harris.
The final assay results from the first hole follows the news last week that the company has been forced to halt future exploration on one of its concessions at the Mocoa property by a Judge in the region. The halt relates to ancestral indigenous communities and potential consultations that may be required. Libero however maintains it had no intent to conduct exploration on this portion of the property presently.
The Mocoa property currently has an inferred resource of 636 million tonnes of 0.45% copper equivalent, containing 4.6 billion pounds of copper and 511 million pounds of molybdenum within a pit constrained model.
Libero Copper last traded at $0.90 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
