Libero Copper Closes Option to Acquire the Big Red Porphyry Copper-Gold Property in the Golden Triangle
TSX VENTURE: LBC
VANCOUVER, British Columbia, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Libero Copper Corporation (TSX-V: LBC, OTCQB: LBCMF) is pleased to announce that the option agreement to acquire 100% of the Big Red porphyry copper-gold property in the Golden Triangle in British Columbia, Canada (“Big Red”) announced on January 28, 2019 has closed. Libero Copper may acquire 100% of Big Red in return for the issuance of 2,000,000 common shares of Libero Copper and cash payments of $440,000 over four years (the “Option”). The vendors have retained a 1% net smelter return royalty, 0.5% of which may be repurchased by Libero Copper at any time for $10 million.
About the Big Red Porphyry Copper-Gold Property
Big Red comprises 12 contiguous claims totalling 17,538 hectares in northwestern British Colombia, 45 kilometres southwest of Telegraph Creek (Figure 1). Big Red lies within the Golden Triangle 70 kilometres north of Galore Creek and 80 kilometres west of GT Gold’s Tatogga discovery. Big Red is located 18 kilometres from paved highway with dirt roads extending to the claim block. This transaction represents 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 porphyry centre to the mineralization 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.
Libero Copper understands that previous work programs returned surface rock chip sample assays over 0.3% copper and 0.3 grams per tonne gold from the porphyry copper-gold target including results of up to 1% copper and 0.5 grams per tonne gold. Five kilometres to the west, 36 boulders of up to two metres in diameter from an epithermal gold-silver target returned up to 252 grams per tonne gold with an average of 24 grams per tonne gold (Figure 2).
Due to the consolidation of this property and the numerous data packages that have to be combined Libero Copper has embarked on a data compilation exercise that, when complete, will better illustrate the properties potential and allow a work plan and drill targets to be developed. In addition to Big Red, Libero Copper also controls two existing large tonnage copper deposits; Mocoa in Colombia and Tomichi in the United States.
The scientific and technical information included above with respect to Big Red has been provided to Libero Copper by third party sources and has not been independently verified. Libero Copper cannot at this time comment on or verify the key assumptions, parameters, and methods used to prepare the scientific and technical information included above. There have not been any current or historical mineral resources calculated on Big Red.
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.
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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.