Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
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.
“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.
