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. Closing of the Option remains subject to approval of the TSX Venture Exchange.
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. 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.
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.
Source: Company Press Release
