Libero Copper Advances Resource Expansion at the Mocoa Porphyry Copper-Molybdenum Deposit
LIBERO COPPER ADVANCES RESOURCE
EXPANSION AT THE MOCOA PORPHYRY
COPPER-MOLYBDENUM DEPOSIT
VANCOUVER, BC
,
Oct. 16, 2024
/CNW/ - Libero Copper & Gold Corporation (TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) ("
Libero Copper
" or the "
Company
") is pleased to announce a
significant milestone in advancing the resource expansion, with the start of hole MD-044, at its
flagship Mocoa Porphyry Copper-Molybdenum Deposit ("
Mocoa
" or the "
Mocoa Project
"), located
within
Colombia's
Jurassic Copper Belt, near the town of Mocoa, Putumayo. MD-044 is the start of
a program of up to 14,000 metres. This phase marks the culmination of over two years of extensive
groundwork in establishing a sustainable and responsible base for ongoing project development and
follows up on recent mobilization activities.
Highlights
Commencement of resource expansion activities with hole MD-044
, designed to test the
extension at depth of the high-grade copper-molybdenum zone, which is interpreted to plunge
northeastward
Upcoming 14,000-metre resource expansion program
, focused on expansion, in-fill, and
testing new areas based on detailed geological updates.
Montclar Bridge construction advancing on schedule
, expected to be complete by the end
of
November 2024
, enhancing community connectivity under the Cooperation Framework
Agreement with the community of Montclar.
Mobilization activities successfully concluded
, including hiring key personnel, fully equipping
the camp, maintaining and testing the first drill rig, securing a reliable rainwater supply, and
reopening vital access routes to the exploration camp and resource expansion sites.
Prior to the expansion of activities, a detailed permit review was conducted.
Based on
this review, Libero Copper implemented additional measures—including expanding the rainwater
collection system and enhancing waste management practices—to ensure compliance without
requiring additional permits.
The progress we are seeing at Mocoa is a testament to the collaborative efforts between Libero
Copper, the local community, and regional stakeholders," commented
Ian Harris
, President and
CEO. "The initiation of drilling marks an important milestone for the project—our drills are turning
again after several years, and we are advancing towards our goal of responsibly unlocking the full
potential of the Mocoa deposit.
Resource Expansion Program
Libero Copper is advancing its resource expansion activities at the Mocoa Project deposit, focusing
on increasing the potential of the high-grade zones. The team has completed a detailed review of
drill holes at the Mocoa deposit, enabling a reconstruction and update of both the geological and
alteration models. Based on these updates, the team has planned a comprehensive resource
expansion program at Mocoa. The program includes a combination of step-out activities to confirm
extensions of the mineralized system and identify potential resource expansion areas, as well as in-
fill work to improve the understanding of the geological structure and the distribution of copper (Cu)
and molybdenum (Mo) grades. The resource expansion areas are based on extensive fieldwork and
airborne geophysics. (
see news release
May 03, 2022
and
February 7, 2023
).
Hole MD-044
Commencement of resource expansion activities has begun with hole MD-044, located on the same
pad as MD-043 (see Table 1). This in-fill hole is designed with a target depth of 1,200 meters,
oriented in a north-to-south direction with a dip of -60 degrees.
Easting
Northing
Elevation
Target
depth
Azimuth
Dip
MD-044
313831
137655
1673
1,200m
0
-60
Table 1 - Collar and designed information of drill hole MD-044 at Mocoa. Coordinates are UTM system, zone 18N and WGS84 projection.
This hole will focus on testing the high-grade zone continuity, which plunges northeastward (see
Figure 1), below the existing pit-constrained initial Inferred mineral resource estimate¹ (see Figure
2). The previous hole, MD-043, tested a gap between the northeast-trending high-grade zone and
the high-grade intercept of historical hole M25
(see news release
February 16, 2022
)
, returning
notable results of 0.58% CuEq* (0.42% Cu and 0.047% Mo) over 1,228.5 meters, including a
higher-grade interval of 840.3 meters at 0.72% CuEq* (0.52% Cu and 0.062% Mo)
(see news release
April 26, 2022
).
The updated grade distribution at Mocoa reveals the presence of
two distinct high-grade zones, with different trending plunges: one plunging to the west and the other
one plunges to the northeast.
Figure 1 – Plan (upper part) and cross-section (bottom part) views of drill hole MD-044 and
northeastward plunging CuEq* (%) grade distribution at Mocoa porphyry system.
Figure 1 – Plan (upper part) and cross-section (bottom part) views of drill hole MD-044 and
northeastward plunging CuEq* (%) grade distribution at Mocoa porphyry system. (CNW
Group/Libero Copper & Gold Corporation)
Figure 1 – Plan (upper part) and cross-section (bottom part) views of drill hole MD-044 and
northeastward plunging CuEq* (%) grade distribution at Mocoa porphyry system. (CNW
Group/Libero Copper & Gold Corporation)
*Libero Copper defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%), utilizing metal prices
of Cu - US$3.00/lb, Mo - US$10.00/lb. Metal recoveries utilized for the resource model are 90% for Cu and 75% for Mo.
Continuing resource expansion to a depth of 1,200 meters will provide valuable information regarding
the extent of historical high-grade intercepts. This will improve our understanding of the geology and
distribution of Cu-Mo grades within the porphyry system at Mocoa. The high-grade zones at Mocoa
are characterized by intense potassic alteration (K-spar) and multiple generations of quartz veins (A
and B types). Hole Mc08DH035, drilled in 2008 by B2Gold, reached a depth of 699.1 meters and
was terminated over strong potassic alteration with multiple A and B-type veinlets, indicating that the
high-grade center of the porphyry system remains open at depth (see Figure 3).
Figure 2 – Cross section along drill hole MD-044
.
Figure 2 – Cross section along drill hole MD-044. (CNW Group/Libero Copper & Gold Corporation)
*Libero Copper defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%), utilizing metal prices
of Cu - US$3.00/lb, Mo - US$10.00/lb. Metal recoveries utilized for the resource model are 90% for Cu and 75% for Mo.
Figure 3
– Deep porphyry mineralization observed at the end of the hole Mc08DH-035 (total depth
of
699.13m
) drilled by B2gold in 2008. Note the historical CuEq* grade for each sample length.
Left: Kspar altered dacite porphyry with stockwork of B-type veins (moly and minor chalcopyrite).
Center: Kspar altered dacite porphyry with overprinted sericite, with A-type veinlets cross-cutting by
B-type veinlets (only moly type). Right: Kspar altered dacite porphyry with overprinted sericite, with
B-type veinlet (quartz + moly) cross-cutting by late D-type vein (pyrite + minor quartz content).
Figure 3 – Deep porphyry mineralization observed at the end of the hole Mc08DH-035 (total depth of
699.13m) drilled by B2gold in 2008. Note the historical CuEq* grade for each sample length.
Left:
Kspar altered dacite porphyry with stockwork of B-type veins (moly and minor chalcopyrite). Center:
Kspar altered dacite porphyry with overprinted sericite, with A-type veinlets cross-cutting by B-type
veinlets (only moly type). Right: Kspar altered dacite porphyry with overprinted sericite, with B-type
veinlet (quartz + moly) cross-cutting by late D-type vein (pyrite + minor quartz content). (CNW
Group/Libero Copper & Gold Corporation)
*Libero Copper defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%), utilizing metal prices
of Cu - US$3.00/lb, Mo - US$10.00/lb. Metal recoveries utilized for the resource model are 90% for Cu and 75% for Mo. Mineralized zones at Mocoa are bulk porphyry-style
zones and drilled widths are interpreted to be very close to true widths
Regulatory Update
Before commencing the expansion activities, Libero Copper conducted a detailed internal review to
ensure all regulatory and permitting requirements are fully met, demonstrating the Company's
alignment with legal and environmental standards. Based on this review, the Company took proactive
steps to minimize environmental impact and eliminate the need for additional permits. These
measures included expanding our rainwater collection system to eliminate dependence on external
water sources, implementing a system to capture 100% of greywater—which is removed and
disposed of by an external contractor—and ensuring that all processes are 100% recycled with all
cuttings from activities being captured. Additionally, existing pads are being utilized to minimize
surface disturbance.
On
September 19, 2024
, the regional environmental agency confirmed that the Company's
environmental guideline plans had been submitted and did not require approval. Since then, Libero
Copper has completed the work on the rainwater and greywater systems, among other measures,
which explains the timeline leading up to the commencement of resource expansion activities.
Furthermore, the recent nullification by the Consejo del Estado of
Colombia
on
August 13, 2024
, of a
2018 Municipal Accord from the Municipal Council of Mocoa, has provided additional clarity for the
advancement of the Mocoa Project. While this accord had previously restricted medium and large-
scale mining activities, its annulment has helped clear the path for ongoing work. Although it was the
Company's opinion that the 2018 Municipal Accord was not enforceable, it had created uncertainties
among various agencies and the public; therefore, this ruling helped eliminate those ambiguities.
While additional permits may be required for future activities, such as the establishment of new
pads, Libero Copper believes that all necessary permits are currently in place to execute the initial
phase of up to 14,000 meters of the current program. The Company is already working for any
further permits that may be needed, ensuring compliance as the Mocoa Project advances.
Mobilization Activities
All preparation and mobilization activities have been successfully completed. Key personnel have
been hired, the camp is now fully equipped and operational, a reliable rainwater supply has been
secured, and vital access routes to the exploration camp and resource expansion sites have been
reopened (see Figure 4). In addition, including the KD-1000 rig (a proprietary build of
Kluane
Drilling
) at site has been maintained and tested. The KD-1000 is modular and highly portable and
can reach depths over 1,200 metres.
Camp & Access Preparation
Camp preparation involved several key activities, including clearing, pruning, and leveling uneven
terrain to ensure easy and safe access for the team and to facilitate the movement of equipment.
These efforts have significantly improved the accommodation facilities, which can now comfortably
host up to 50 people. These activities were crucial in preparing the camp to meet operational
requirements and provide a safe and comfortable environment for personnel on-site.
Figure 4 – Pre-operational activities at Mocoa. (CNW Group/Libero Copper & Gold Corporation)
Figure 4 – Pre-operational activities at Mocoa. (CNW Group/Libero Copper & Gold Corporation)
Figure 4 – Pre-operational activities at Mocoa. (CNW Group/Libero Copper & Gold Corporation)
Figure 4 – Pre-operational activities at Mocoa. (CNW Group/Libero Copper & Gold Corporation)
Rainwater Supply
Rehabilitation and improvements of the rainwater collection system have been completed to ensure
a sustainable water supply for both the camp and resource expansion activities. Given the frequent
and abundant rainfall in the area, the system efficiently captures and stores rainwater for various
operational needs, including consumption, sanitation, and drilling.
This initiative reflects Libero Copper's commitment to responsible water management, eliminating
dependence on external water sources. By leveraging the area's natural rainfall, combined with
recirculation, and actively working to lower the overall water usage of the Mocoa Project, Libero
Copper is reducing its environmental footprint.
Water monitoring
Since
March 2023
, Libero Copper has implemented a collaborative water monitoring program since
March 2023
, focusing on six principal creeks within the mining concessions (see Figure 5). This
initiative includes ten water monitoring stations and utilizes a portable multi-parameter device to track
key water parameters such as pH, temperature, dissolved oxygen, turbidity, electrical conductivity,
and salinity. In addition, over 2,000 native trees have also been planted around key water sources
within the Mocoa Project area to restore and enhance the local ecosystem.
The local community of Montclar plays an active role in this program, observing the monitoring
procedures and participating throughout the process. Throughout the preparation phase, Libero
Copper has prioritized responsible practices to minimize environmental impact. In
September 2022
,
training began of local community members by SENA (
Colombia's
National Learning Service) for
water quality monitoring, and part of a program with the
National University
of
Colombia
, and
Putumayo Technological Institute, for community members to participate with the universities in the
water oversite of the Mocoa Project, (see Figure 6). Their involvement fosters transparency and
helps ensure they remain informed about the baseline water conditions prior to resource expansion
activities. This monitoring initiative is part of the Cooperation Framework Agreement
(refer to the news release from
November 29, 2022
)
, which outlines a cooperative framework
between Libero Copper and Montclar. By working closely with the community, Libero Copper aims
to build trust and ensure shared responsibility in protecting water resources as activities progress.
Figure 5 – Collaborative water monitoring at Mocoa (CNW Group/Libero Copper & Gold
Corporation)
Figure 6 - Water sample certification of local community members (CNW Group/Libero Copper &
Gold Corporation)
New Montclar Bridge Construction
Under the Cooperation Framework Agreement signed between Libero Copper and the local
Montclar community
(see news release
November 29, 2022
)
, significant progress has been made in
the construction of a new walking bridge. This bridge serves as a crucial link, providing access to
both the project site and the Montclar community, and its development is moving forward as
scheduled (see Figure 7). The bridge is expected to be fully completed by the end of
November
2024
, delivering long-term infrastructure that will not only benefit the community by improving mobility
and connectivity but also enhance the overall safety and operational efficiency of the project. The
construction of the walking bridge represents the core principles of the Cooperation Framework
Agreement, ensuring both community development and project success.
Figure 7 – New Montclar walking bridge under construction. (CNW Group/Libero Copper & Gold
Corporation)
Figure 7 – New Montclar walking bridge under construction. (CNW Group/Libero Copper & Gold
Corporation)
Figure 7 – New Montclar walking bridge under construction. (CNW Group/Libero Copper & Gold
Corporation)
Social Engagement and Community Commitment
At Libero Copper, our core values of Responsibility and Respect guide every action we take. We
take ownership of our role in advancing projects of global significance. These values are reflected in
our environmental stewardship, community collaboration, and efforts to foster shared development.
Libero Copper's Good Neighbor Meetings Program is a cornerstone of our commitment to fostering
open communication and collaboration with local communities. The program started in 2022 with
Montclar, the closest community to the Mocoa project (see Figure 8), and have been held on an
almost monthly basis. Last year the program was extended at the request of the township of
Pueblo
Viejo
the largest population closest to the project and is currently on its 5
th
Good Neighbor meeting.
This program ensures that all significant company activities are communicated in advance, allowing
for transparent dialogue and co-planning. In
November 2022
, Libero Copper established a
Cooperation Framework Agreement with Montclar, supported by 95% of Montclar families
(see news release
November 29, 2022
).
The Cooperation Framework Agreement encompasses initiatives in employment, training, cultural
preservation, and environmental participation, reinforcing the foundation of trust and mutual respect.