Copper Giant also huge in molybdenum at Mocoa

An update for Copper Giant Resources’ (TSXV: CGNT; US-OTC: LBCMF) Mocoa project in Colombia boosts contained tonnage by at least two-third for copper and molybdenum and marks it as one of the world’s largest molybdenum deposits. Shares jumped.

The resource update outlines 1.12 billion inferred tonnes grading 0.31% copper and 0.039% molybdenum for 7.6 billion contained lb. copper and 1 billion lb. molybdenum, Copper Giant reported Monday. That represents 95% and 65% increases, respectively, in contained metal over the previous resource from 2022. 

“Mocoa has now joined a very small group of near-surface copper systems worldwide that exceed a billion tonnes – and we’re still drilling at the edges,” Copper Giant President and CEO Ian Harris said in a release. “Add strong grades, clean metallurgy, proximity to infrastructure, and a community that has been actively engaged since day one, and you have a project being advanced exactly as a major, long-life asset should be.”

South America’s largest

The update’s rise in molybdenum to more than 1 billion contained lb. now makes Mocoa one of the world’s largest undeveloped deposits of the critical metal, used as an alloy agent in steel and for aerospace and defence applications. Mocoa hosts the largest molybdenum deposit in South America, and the fifth largest globally, behind Rio Tinto (LSE, ASX, NYSE: RIO) subsidiary U.S. Borax’ Quartz Hill project in Alaska, Northern Dynasty Minerals (TSX: NDM; NYSE: NAK) Pebble project in Alaska, Idaho Copper’s (US-OTC: COPR) CuMo project in Idaho and New Moly’s Mt Hope in Nevada.

Copper Giant shares soared 28% to 27¢ apiece on Monday morning in Toronto, for a market capitalization of $39.5 million. The stock has traded in a 12-month range of 14¢ to 43¢. 

The Mocoa update is based on 9,525 metres of drilling since the 2022 resource and two rigs continue to drill at the project as part of a 14,000-metre program.

Consistent mineralization

Drilling has consistently returned several hundred to more than one thousand metres of continuous mineralization and at high-grade intervals, Harris said. The update expanded the high-grade breccia at Mocoa and outlined two additional high-grade porphyry phases, a sign of strong porphyry systems.

Mocoa is located 10 km from the namesake town in southwest Colombia, and about 350 km southwest of the capital Bogota. Copper Giant changed its name from Libero Copper & Gold in May.