Libero Copper Has Home Run Copper Hole Coming
I wrote a piece warning my readers about upcoming assay results from Libero (LBC-V) right at a month ago. The stock was $.54 a share. It had a nice climb in the past month up to $.72 at the close of last week before blasting higher on Tuesday April 19th on the first assay results as high as $1.05 before settling down to $.88. Ten percent of the shares traded in a single day. You can collect hen’s teeth to make a chain before you will see that happen again.
I am reminded of the explosive growth of Solaris from two years ago when they went public at $1.38 on the strength of discovery of the Warintza copper/moly project in Ecuador. Their first hole was 567 meters of 1.0% CuEq from surface. Solaris had two home field advantage players. The project was the baby of David Lowell who was easily the best copper locator in all of mining history. In addition, the first private placement was with the Lundin Family with 1.5 million shares at $.80 and 1.5 million warrants exercisable at $1.20. Those shares and warrants have now increased 1500% higher to a high of just over $17.00.
In the first hole by Solaris, the gross metal value in the intercept at 1.0% CuEq was about $102.50. In the latest press release from Libero they had mineralization over the first 450 meters of the hole reported with 785 meters of visual mineralization from the rest of the hole to be reported in a week or so depending on the lab. But they have already reported in this press release some 251 meters of 1.13 CuEq.
(Click on image to enlarge)
The 251 meters of the first 450 meters being reported has a value about 10% higher than the first hole from Solaris two years ago. But depending on the value of the remaining 785 meters yet to be reported could make the first hole from LBC a giant home run similar to that of Solaris.
One of the things I want to impress on my readers is that these copper/moly porphyries or copper/gold porphyries tend to be elephants. Solaris has put out a 43-101 with 579 million metric tonnes of 0.59% CuEq in Indicated and an additional 887 million metric tonnes in Inferred at 0.47% CuEq. That’s over 1.4 billion tonnes. Their high-grade starter pit is shown as 180 Mt at 0.82% CuEq.
Libero could be higher. We will know shortly.
Another important issue potential investors should understand is that big projects eat money. $50 to $100 million in drilling is common. So do pay attention to how the company is doing for cash. It costs a lot of money to prove up a billion tonne project. Libero has between $5 and $6 million right now with about 13.5 million warrants outstanding at $.75. 7 million of those warrants expire in May of 2022 so I suspect a lot of the over 7 million shares traded on April 19th were warrant holders selling to lock in a profit and to exercise their $.75 warrants.
Ten to eleven million dollars will buy a lot of drill holes and I suspect the next private placement will be done at $2-$3 a share minimum. Libero has similar percentage profit potential as Solaris did. At today’s price it is cheap. Libero has a market cap right now of $56 million. Solaris on the other hand has a market cap of $1.6 billion. Is the Solaris project really worth twenty-eight times as much as Libero?
Libero is an advertiser. I have participated in a private placement in the past and bought additional shares in the open market. I am biased so do your own due diligence please.
Libero Copper & Gold