"The first diamond drill hole at the Terry porphyry, with over 500m of mineralisation starting directly from surface at elevated grade and ending in mineralisation, certainly gets Libero Copper off to a great start," president and CEO Ian Harris said.

The hole was collared 50m from the 2020 discovery drill pad.

News of the intercept followed Libero's announcement on Monday it had identified a second porphyry target at Big Red called Scorcher, 2km from Terry.

Harris said the final drill hole of the season was oriented to test the newly identified copper mineralisation at Scorcher.

The company had drilled 10 diamond holes this year at Big Red and expected assay results in the coming months.

It had a big year of drilling planned after raising C$7 million in an upsized placement priced at 50c per unit and 55c per flow-through share in February.

Libero also has the Big Bulk porphyry copper-gold project in BC, the Esperanza copper-gold project in Argentina and the Mocoa copper-molybdenum deposit in Colombia.

The company had $6.5 million in cash and equivalents at June 30.

Libero shares (TSXV: LBC) closed unchanged yesterday at 53c, near the middle of its six-month span, capitalising it at $24.7 million (US$20 million).