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Libero Copper & Gold (TSX-V: LBC)(OTC: LBCMF) CEO Ian Harris on Full 1,141-Metre Drill Hole from Surface Average 0.46% CuEq* at Mocoa
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president and CEO of Libero Copper [& Gold], Mr. Ian Harris. Ian, great to have you on. How are you today?
Ian Harris: Wonderful. Today is a good day by far.
Gerardo Del Real: Well, let's get into it. You've been working for years to get this drill program going. The team has done a phenomenal job with community relations. You've brought in a group that has deep, deep capital markets experience, so you've put together a great group of people to advance this flagship asset, right. And now you have results from the very first diamond drill hole of a 14,000 meter resource expansion drilling program. You announced the full eleven-hundred-and-forty-one-meter drill hole from surface averaging 0.46% copper equivalent at Mocoa. You got to be excited about that.
Ian Harris: Yeah, of course. And I think it has to be restated that that is the grade of the entire hole. It is not an interval of the hole. It's not a part of the hole. It's not a vein within a hole. It is the entire hole. And that is the most spectacular thing that even we were surprised at how highly disseminated the project is, that we were really hunting for the basement of where the underlying feeder is and where you're down eleven-hundred meters and you're still not there. We had to stop. It stopped in grade because we couldn't get any deeper without risking losing the drill steel. But this is just a tremendous deposit.
And remember two years ago before elections, we did a hole, which is pretty much a 90 degree turn to the west, and it was also twelve-hundred meters mineralized from top to bottom. And then you can just imagine the swath of land that that represents, the size of this potential system. My chief geologist always says we're really only on the tip of the iceberg. We're holding an elephant's tail here. And it is exciting to see this project on a first hole lined up to be one of the best. Although results came out in 2025, it was really by far one of the best holes in the world just on a copper basis, in the world. So it's a good start to this project.
Gerardo Del Real: Well listen, the results speak for themselves. It's a heck of a start to the project. It was interesting to me that you mentioned a new broader porphyry system, a new porphyry unit. Can you speak to that a bit? How's the team feeling about that because it wasn't recognized previously?
Ian Harris: Yeah, it's obvious that there's been multiple pulses into the system, and it's one of the reasons why the moly grades are so high, because copper gets to re-mobilize, moly just re-deposits and the grade goes up and up in the pulses that contain moly. In this hole actually it was the first time we ever saw bornite. I'm not saying it was a lot of bornite, but we did see bornite within the hole and a brand new geological unit.
Now, this is the mining engineer speaking. It's like playing a doctor on a soap opera, but obviously seeing a new unit, a mineralized unit is just another example, I think of another mineralized pulse that we're now identifying on this project and it just bodes well, right. The big takeaway was, although I don't want to take away from the result, but the purpose of the hole really was some compelling new questions on the behavior of the deposit and we are going into new areas to expand existing resource. Searching on how to get above a billion tonnes is really our inside goal. And this is really a foundation to lay on top that our confidence in our plan has only been increased on the back of this hole.
Gerardo Del Real: I have to point out, because it's important when you get these kind of widths of mineralization that the press release states that the drilled widths are interpreted to be very close to true widths. That's impressive when you have the length and the width of mineralization that you have here. What comes next, Ian?
Ian Harris: Yeah. The next big step, we still have, I would call it... Especially because the boundary of the forestry reserve has now been moved, so a lot of our plan of that fourteen thousand meters was really focused towards the north, which is what this... Think of this, this is the eye beam that all the rest of the foundation is going to be sitting on top of on this resource expansion. But now that we can say, okay, there's opportunity to continue to expand to the west, we had our hole in 2022, it was a spectacular hole, but it really got out of the higher grade core breccia that is probably one of the biggest mineralizing systems within this known deposit area, and we want to go back and revisit it to understanding the underlying plumbing and to allow us to create... It's basically like that high beam that goes across the top of your roof.
We need that basic geological information in order to have a high level of confidence. At the end of the day, I'm a mining engineer and I like to execute with minimal amount of risk possible and be able to deliver on what we would like to do. So that would be the next, it's already going, it's already moving, and then the rest of the holes are focused on increasing the resource. And we hope that there's a level of success that allows us also to test some of the additional targets. I mean because this is just the resource area, and we have an additional eight targets around the resource area, and we'd like to be able to test a couple of those to really show the blue sky of this deposit.
Gerardo Del Real: No, listen, exciting times. Congrats on a heck of a start, as I mentioned earlier. Looking forward to having you back on. Anything else to add to that, Ian?
Ian Harris: The biggest thing for me is I talked about the broader strategy here. We want to get over that billion tonne. We want to increase the resource, we want to get attention back on this deposit, and there's some reasons for that because I would call that the medium term goal. The short-term goal really is this is one of the most undervalued resources that exist on the planet, and I think mostly because it's been under the radar. People haven't had much news in the last two years as we work behind the scenes to get to where we are today. But even if we got on the low end of the spectrum for some of the other deposits of a similar quality to Macoa, we expect a significant re-rate. So a big part of our short-term goal is getting the attention back to the project, letting people remember that this is a deposit that's out there, it's now moving forward because we think that alone will get a significant re-rate and create a lot of value for our shareholders.
Gerardo Del Real: Love it. Ian, thank you for the time. Looking forward to having you back on. Thanks again.
Ian Harris: You too. Thank you so much.
Gerardo Del Real: All right, cheers now.
Ian Harris: Cheers.
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