Libero Copper & Gold (TSXV: LBC; US-OTC: LBCMF) has announced its exploration plans for the 260-sq.-km Big Red property within the Golden Triangle.
The company plans to first complete a surface program at the site, with mapping and collection of 600 rock samples scheduled over the next month. These results will then help guide a 3,000-metre drill program slated for July. The first phase of drilling will include 1,000 metres of shallow reverse circulation work, for a total of 10 holes at priority targets. The cuttings will be analyzed on-site for pathfinder elements. Followup core drilling is scheduled for August, for a total of 2,000 metres in six holes.
The near-term work will focus on the Ridge, Poker and Terry targets. Ridge is a gold exploration target, and historical data suggests high gold grades in rock chip and soil samples from this area. Poker has also returned high-grade gold from rock chips; Terry is a porphyry target, which was discovered last year.
Last year's exploration work at Big Red outlined 19 geochemical anomalies. A geophysical survey completed over the property earlier this year defined a north-northwest trend with magnetic and resistivity anomalies to the north of the Limpoke pluton. The area has not been explored previously.
In February 2019, the company entered into an option agreement to acquire a 100% interest in Big Red by issuing 2 million of its shares and making total cash payments of $440,000 over a four-year period.
In addition to Big Red, Libero holds the Mocoa and Tomichi porphyry deposits in Colombia and Colorado, respectively.
- This article first appeared in the Canadian Mining Journal. The Northern Miner and the Canadian Mining Journal are part of the Glacier Resource Innovation Group.