Shares of Libero Copper & Gold (TSXV: LBC; US-OTC: LBCMF) reached their highest price in five years as the company released partial assay results from its first diamond drill hole at the Mocoa porphyry copper deposit in Putumayo, Colombia, since acquiring it in 2018.
Highlights from drill hole MD-043 included 30.6 metres grading 1.3% copper starting from 265.31 metres depth and 28.5 metres grading 1.3% copper starting from 361.9 metres. The hole reached a depth of 1,235 metres.
“The mineralized system remains open and many other porphyry targets have been identified for systematic follow-up within Libero Copper’s significant land position,” said Ian Harris, Libero’s CEO, in a statement.
Employees study a rock sample at Libero Copper & Gold’s Mocoa project in Colombia. Credit: Libero Copper & Gold.
“The Mocoa resource is already the largest copper resource in Colombia and will play a key role in the country’s goals of becoming the third largest producer of copper in South America,” he added.
Located about 465 km southwest of Bogota, Libero acquired the Mocoa project from B2Gold (TSX: BTO; NYSE-AM: BTG) in 2018. The project has an inferred resource estimate of 636 million tonnes grading 0.33% copper and 0.036% molybdenum for 4.6 billion lb. copper and 511 million lb. molybdenum.
The latest drill hole was designed to confirm mineralization in a zone located between two separate high-grade zones in the deposit, the company said.
At mid-day in Toronto, Libero Copper & Gold was trading at 0.97¢ per share. Previously the company had a 52-week high of 89¢. Libero has 63.4 million common shares outstanding for a market cap of $61.6 million.
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