This Copper Explorer Is Done Flying Under The Radar
During a phenomenal year for copper and many copper explorers, there are still some under-the-radar companies. I would classify Libero Copper in the under-the-radar category simply due to the fact the company has not put out drill results for any of its projects since the end of January. However, that is about to change very soon.
Libero has had a busy summer consisting of 5,000 meters of drilling at the Big Red Porphyry Copper Project in the Golden Triangle, and community outreach with its Colombia team at its Mocoa Project in Colombia (Department of Putumayo). Libero’s efforts in Colombia have borne fruit and its maiden exploration program at Mocoa is underway.
Libero Copper’s Mocoa Copper/Molybdenum Project in Colombia hosts a constrained inferred resource that contains 4.6 billion pounds of copper in 636 million tonnes grading 0.45% Copper-Equivalent. This morning, the company announced that it has begun exploration activities at Mocoa with airborne geophysical and LiDAR surveys followed by a large-scale soil sampling program.
Libero CEO Ian Harris commented:
“Boots on the ground exploration work at Mocoa has officially begun. The exploration team is working diligently to gain a deeper understanding of the deposit. Having advanced the geological model through detailed re-logging of existing core, fieldwork is now required to ensure our upcoming drilling program is a success. The speed at which a collaborative environment with local communities has been established speaks volumes for the professionalism of each member of the Colombian team and their commitment to the company’s core values of respect, responsibility, and our ´Good Neighbor´ operating philosophy. The dedicated effort of meaningfully connecting with our communities is now adding value to the project through exploration. We cannot understate our excitement to further demonstrate our commitment to maximize local benefit through actions, transparency and the incorporation of local knowledge into work plans.”
Highlights of the exploration program at Mocoa include:
- MPX Geophysics has recently completed high-resolution airborne magnetic-radiometric and LiDAR surveys over an 8,100 hectare area.
- Initial 1,450 sample soil sampling program planned for Q4 2021 to assist in identifying additional porphyry centers and enhance drilling vectors.
- Core relogging suggests Mocoa is multi-pulse system with a high-grade copper magmatic-hydrothermal breccia associated with bornite-magnetite mineralization, overprinted by late white mica alteration associated with hypogene chalcocite-bornite mineralization. The prolific Jurassic porphyry belt which hosts Mocoa is a host to Mirador, San Carlos, Panantza, and Solaris’ Warintza.
- Significant expansion potential as the resource is open both along strike and at depth, and the porphyry system appears to trend in the northeast direction. The current resource model for Mocoa is roughly cylindrical with a 600 metres diameter, and high-grade copper-molybdenum mineralization continues to depths in excess of 1,000 metres. Historic drilling includes 0.67% CuEq* (0.49% Cu and 0.06% Mo) over 634 metres and 0.59% CuEq* (0.44% Cu and 0.05% Mo) over 779 metres.
- Historical soil sampling shows an untested porphyry copper target 1.3 kilometres south-east of the resource zone. This copper and molybdenum soil anomaly is greater than 1.5 kilometres in diameter and is comparable in extent and intensity to the response above the existing Mocoa resource.
Libero Copper is well positioned for the copper bull market to kick into overdrive with its 3-pronged approach across the Americas. Libero’s project 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.
Results from drilling at Big Red should steadily be delivered to the market over the next couple months. Meanwhile, Libero will be hard at work at Mocoa and working towards receiving drill permits early next year. By the time Libero receives permits to drill Mocoa the company will have obtained a much better understanding of the project and optimized drill targets.
Libero shares have been on a rollercoaster ride throughout the last year with a 52-week range of $.33 to $.84:
LBC.V (Daily – One Year)
LBC shares appear to have recently put in place a double-bottom and the recent ~50% rally off the lows probably has a lot to do with sector-wide strength in copper stocks. This morning’s news release is a big step forward in unlocking value through advancing a large-scale copper asset in an area of Colombia that is well known for porphyry copper deposits: Mirador 438 million tonnes measured and indicated at 0.61% Cu and 235 million tonnes inferred at 0.52% Cu, San Carlos 600 million tonnes inferred at 0.59% Cu, Panantza 463 million tonnes inferred at 0.66% Cu.
Disclosure: Author owns LBC.V shares at the time of publishing and may choose to buy or sell at any time without notice.
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