Stocks both large- and small-cap are having a party Thursday, almost to the point where the neighbours are complaining. In the small-cap sector, particularly metals and mining, Vancouver-based Libero Copper & Gold Corporation (TSX-Venture:LBC) proved the life of the party, with a big announcement about its Big Red property in B.C.
Results from the early stage sampling program at Big Red -- in the Golden Triangle area -- confirmed the anomaly previously compiled from historical sampling campaigns conducted at the Ridge gold target.
LBC reported that continuous rock chip sampling results included 5.14 grams per tonne gold from a single continuous chip sample taken over 50 metres. Outcrop in this area is volcanic with quartz veinlets and disseminated pyrrhotite and iron oxides.
A significant new gold discovery has been identified at the Copper Bowl target where five contiguous 50 metre continuous rock chip samples returned intervals of 2.91 grams per tonne gold over 250 metres including 6.14 grams per tonne gold over 100 metres in two contiguous samples.
Libero Executive Vice-President Leo Hathaway exulted, “We are excited by these early stage results from this summer’s program and especially the new gold discovery at the Copper Bowl target. We are looking forward to conducting follow-up work including initial drill testing this September.”
Investors couldn’t wait for later on, bidding up LBC’s price 3.5 cents a share, or 24.1%, to 18 cents early Thursday afternoon, on whopping volume of 1.3 million shares.