VANCOUVER, British Columbia, May 27, 2019 (GLOBE NEWSWIRE) -- Libero Copper Corporation (TSX-V: LBC, OTCQB: LBCMF) is pleased to announce the completion of a large compilation of historical data for the Big Red porphyry gold-copper property in the Golden Triangle in British Columbia, Canada. Location, description, and assay data for 1,714 rock chip and 1,957 soil samples were digitized from 35 assessment reports for the area dating back to 1963. As a result of this work, Libero Copper has added to the existing 17,538 hectare claim block with 3,041 hectares of new claims, bringing the total to 20,579 hectares (Figure 1).
The compilation provided a geochemical coverage of the property never attained by previous operators. Of particular note is the new Ridge target located to the south of the primary porphyry target, where a coincident gold and copper soil anomaly extends three kilometres from east to west and two kilometers north to south at a 300 ppb gold and 300 ppm copper threshold and is open to both the east and west. Within this zone individual soil samples range as high as 25 grams per tonne gold and historical rock chip samples grade up to 29 grams per tonne gold (Figure 2 and Figure 3). Descriptions of outcrop in this area include a quartz-feldspar porphyry intrusion with disseminated pyrite and pyrrhotite and quartz-sulphide stockworks and veins. Libero plans to complete infill soil sampling lines and geological mapping at the Ridge target early in the current field season in order to confirm drill targets.
“We are very excited with the initial results from this compilation work and especially the Ridge target”, commented Leo Hathaway, EVP Exploration. “Although comprising more widely spaced samples, the soil anomaly at Ridge is remarkably similar to that explored by GT Gold where epithermal gold and porphyry copper-gold deposits were discovered by subsequent drilling at Saddle South and Saddle North respectively”.
The compilation work of historic samples has identified numerous additional targets warranting further work including the Poker target where rock chip samples from 36 large angular quartz vein boulders up to two metres in diameter have returned grades up to 252 grams per tonne gold and 35 grams per tonne silver shed from a glacial valley that lies entirely within the claim block (Figure 4). Rock chip samples from boulders are not necessarily representative of the hosted mineralization.
The presented data is derived from assessment reports filed in the BC Ministry of Energy and Mines Assessment Report Indexing System, which can be found at http://aris.empr.gov.bc.ca/. Sample locations were digitized in a Geographic Information System and geochemical results hand entered and then re-checked. The QP concluded that the resulting database is of reasonable quality for interpretation. While the accuracy and precision of historical assays cannot be verified, the QP is satisfied that historical lab results were reasonably accurate and precise for the time when the samples were processed.
About the Big Red Porphyry Gold-Copper Property
Big Red comprises 15 contiguous claims totalling 20,579 hectares in northwestern British Colombia, 45 kilometres southwest of Telegraph Creek. Big Red lies within the Golden Triangle 70 kilometres north of Galore Creek and 80 kilometres west of GT Gold’s Saddle discovery. Big Red is located 18 kilometres from paved highway with dirt roads extending to the claim block. This is the first time that the entire project has been consolidated under one operator.
The Golden Triangle is a geological province of prodigious copper and gold mineralisation and host to some of Canada’s most famous mines, including Premier, Red Chris, Snip, Brucejack and Eskay Creek. Within the Golden Triangle porphyry copper and gold, epithermal gold and silver and volcanogenic massive sulfide styles of mineralisation have all been recognised. At Big Red all three of these styles exist, indicating that a large mineralised system has been preserved from erosion. The primary porphyry copper target is centred on a distinct magnetic-high feature that coincides with a radiometric potassium anomaly, copper, gold and molybdenum anomalies and a mapped Jurassic aged porphyry intrusion. The new Ridge gold-copper target lies to the south and the Poker gold target lies to the west of the porphyry centre.
The technical information contained in this news release has been reviewed and approved by Libero Copper’s Executive Vice President of Exploration, Leo Hathaway P.Geo., who is a Qualified Person as defined under NI 43-101
About Libero Copper
Libero Copper is acquiring high-quality copper deposits with significant resources but without any fatal flaws or significant holding costs and exceptional copper exploration properties in the Americas. These assets are being advanced and de-risked by a seasoned team to minimize dilution and maximize shareholder value. The portfolio currently includes the Big Red exploration project in Canada, the Tomichi deposit in the United States and the Mocoa deposit in Colombia which both contain large inferred mineral resources. In total the properties contain 7.9 billion pounds of copper and 1.1 billion pounds of molybdenum.
Additional Information
Ian Slater
Chief Executive Officer
+1 604 638 2545
info@liberocopper.com
liberocopper.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking, and include but are not limited to statements regarding any future exploration work done on Big Red and the potential results of such work. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions and regulatory and administrative approvals, processes and filing requirements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.