Libero Copper and Anglo Asian Partner to Begin the Design Work ON Mocoa FOR Copper Production IN Colombia
LIBERO COPPER AND ANGLO ASIAN
PARTNER TO BEGIN THE DESIGN WORK ON
MOCOA FOR COPPER PRODUCTION IN
COLOMBIA
VANCOUVER, BC
,
May 2, 2023
/CNW/ -
Libero Copper
& Gold Corporation ("
Libero Copper
)
(TSXV:LBC) (OTCQB:LBCMF) (DE:29H) is pleased to announce that the company has partnered
with Anglo Asian Mining PLC ("Anglo Asian") for the initial design, engineering, and financial
modelling of the Mocoa Porphyry Copper-Molybdenum deposit, located in Putumayo,
Colombia
.
Anglo Asian is a strategic partner and largest shareholder of
Libero Copper
. Anglo Asian, as an
experienced project developer, mine builder, operator, and explorer bringing a proven team with
expertise in mine design, planning, metallurgy, geology, environmental management, and social
engagement. Anglo Asian also brings established long-term relationships with several consulting
firms and manufacturing companies. Preliminary mine designs will be reviewed by top tier external
professionals and consulting companies.
Highlights
Project concept is to outline and confirm a development opportunity for an accelerated
pathway to production through
a foundation underground operation and local
facilities
for molybdenum, copper cathode and copper products production.
Studies to be focused on using low-impact underground bulk tonnage mining methods,
evaluation of backfill, and utilizing innovation and technology to minimize the project's
environmental footprint.
Further reducing environmental impact, project design will tie into nearby existing
infrastructure (less than five kilometres), including the low-to-no-carbon-emissions
national electrical grid and existing road networks.
Design approach will focus on and prioritize opportunities for energy efficiency and
electrification of energy-intensive activities and to focus on a carbon neutral footprint.
Project will utilize previous project studies including the 1984
1
positive historical
prefeasibility study and 2021 updated resource estimate, and identify additional work
requirements such as additional metallurgical and geotechnical test work.
The design of the Mocoa project is focused on value creation for the project by ensuring a reliable
and sustainable supply of locally produced copper-based components for
Colombia's
green
industries, in line with the objectives of the Green Route Alliance. This initiative seeks to promote a
copper-based production chain that maximizes local involvement, minimizes environmental footprint,
fosters circular economic growth, and carbon neutrality.
Given the surging demand for copper in the renewable energy and electric vehicle industries, the
Mocoa deposit's inferred resource containing over 2 million tonnes of copper is an integral part of
the success of Green Route Alliance. Moreover, traceable and ethically-sourced materials have a
high market value and are key to achieving the Green Route Alliance objective of attracting
investments in green energy, climate change, and the energy transition in
Colombia
. The Green
Route Alliance has set ambitious targets to strengthen
Colombia's
position as a leader in the global
transition to a low-carbon economy.
"The commencement of the design for the Mocoa Porphyry Copper-Molybdenum project marks an
important milestone for
Libero Copper
and our partnership with Anglo Asian," comments
Ian Harris
,
CEO & President of
Libero Copper
. "A key objective of the design is maximizing production chain
development in Putumayo through a secure, long-term supply of copper for national green industries,
in line with the Colombian government's commitment to industrialization, tackling climate change and
transitioning towards sustainable industries. We look forward to working with all our partners to
develop the Mocoa project and contribute to regional development and the country's energy
transition goals."
"Anglo Asian Mining already has a strong track record of protecting the earth while having a positive
impact on the living standards where we operate," states
Reza Vaziri
, President & CEO of Anglo
Asian. "As the mining industry continues to evolve, we are committed to embracing changes that will
help create a sustainable and mutually beneficial future for all. Our partnership with
Libero Copper
reinforces this commitment, as we strive to maintain our vision of responsible mining practices and
ethical treatment towards mining, the environment, and communities."
Colombia
is actively moving away from its traditional reliance on fossil fuel exports and making
significant progress towards developing sustainable green industries. The country is prioritizing the
development of its vast renewable energy potential, with a particular focus on leveraging copper, a
strategic metal that plays a crucial role in green technologies, to achieve its industrialization and
energy transition goals. The Colombian government has recently demonstrated a strong commitment
to tackling climate change and establishing
Colombia
as a leader in the global energy transition.
About the Mocoa Porphyry Copper-Molybdenum Deposit
The Mocoa deposit is located in the department of Putumayo, 10 kilometres from the town of
Mocoa.
Libero Copper's
district scale holdings cover over 1,000 km
2
encompassing most of the
Jurassic porphyry belt in southern
Colombia
. Mocoa was discovered in 1973 when the United
Nations and the Colombian government conducted a regional stream sediment geochemical survey.
Between 1978 and 1983, an exploration program was carried out that consisted of geological
mapping, surface sampling, ground geophysics (IP, magnetics), 31 diamond drill holes totaling
18,321 metres and metallurgical test work cumulating in a positive pre-feasibility study (the pre-
feasibility study is historical in nature only and should not be relied upon as it is not NI 43-101
compliant). B2Gold subsequently executed diamond drill programs in 2008 and 2012.
Libero
Copper
drilled Mocoa in 2022 and intercepted 840 metres of 0.72% copper equivalent (see press
release dated
April 26, 2022
).
A pit constrained inferred resource at Mocoa contains 636 million tonnes of 0.45% copper equivalent
(0.33% Cu and 0.036% Mo) generated using
$3
/lb Cu and
$10
/lb Mo, containing 4.6 billion pounds
of copper and 511 million pounds of molybdenum (Technical Report dated effective
November 1, 2021
). The Mocoa deposit appears to be open in both directions along strike and at
depth. Current work on the property has identified additional porphyry targets including the possible
expansion of known mineralization.
The Mocoa deposit is situated in the Eastern Cordillera of
Colombia
, a 30-kilometre-wide tectonic
belt underlain by volcano-sedimentary, sedimentary and intrusive rocks that range in age from
Triassic-Jurassic to Quaternary and by remnants of Paleozoic metasediments and metamorphic
rocks of Precambrian age. This belt hosts several other porphyry-copper deposits in
Ecuador
, such
as Mirador, San Carlos, Panantza and Solaris' Waritza.
Copper-molybdenum mineralization is associated with dacite porphyry intrusions of the Middle
Jurassic age that are emplaced into andesitic and dacitic volcanics. The Mocoa porphyry system
exhibits a classical zonal pattern of hydrothermal alteration and mineralization, with a deeper central
core of potassic alteration overlain by sericitization and surrounded by propylitization. Mineralization
consists of disseminated chalcopyrite, molybdenite and local bornite and chalcocite associated with
multiphase veins, stockwork and hydrothermal breccias. The Mocoa deposit is roughly cylindrical,
with a 600 metre diameter. High-grade copper-molybdenum mineralization continues to depths in
excess of 1,000 metres.
1
the 1984 prefeasibility study by the
UN, INGEOMINAS and ECOMINAS
is historical in nature only and should not be relied upon as it is not NI 43-101 compliant.
About
Libero Copper
Libero Copper
is unlocking the value of a collection of porphyry copper deposits in prolific
jurisdictions throughout the Americas.
Libero Copper
leverages its technical expertise, industry
knowledge, and strategic partnerships to advance projects from early-stage exploration to
production. With a focus on responsible mining practices and community engagement,
Libero
Copper
aims to unlock the full potential of its projects while contributing to the sustainable
development of the regions in which it operates.
About Anglo Asian Mining
Anglo Asian Mining is an AIM listed gold, copper, and silver producer with a broad portfolio of assets
in
Azerbaijan
, which includes seven production sharing agreements (PSAs) where it operates the
Gedabek, Gosha, Gadir and Vejnaly underground mines, as well as the Gedabek open pit mine.
Anglo Asian is the largest gold producer in
Azerbaijan
and has a proven track record of successful
mining operations in the country. The company is committed to responsible mining practices,
including the use of modern, environmentally friendly technologies, and has been recognized for its
efforts in sustainability and social responsibility.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release. This news release includes forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements of historical fact, are to be considered
forward looking. Although
Libero Copper
believes the expectations expressed in such forward-
looking statements are based on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ materially from those in forward-
looking statements. Factors that could cause actual results to differ materially from those in
forward-looking statements include market prices, exploitation and exploration successes,
continued availability of capital and financing, and general economic, market or business
conditions and regulatory and administrative approvals, processes and filing requirements. There
can be no assurances that such statements will prove accurate and, therefore, readers are advised
to rely on their own evaluation of such uncertainties. We do not assume any obligation to update
any forward-looking statements.
SOURCE
Libero Copper
& Gold Corporation.
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For further information:
Ian Harris, Chief Executive Officer, +1 604 294 9039,
[email protected]; Michelle Borromeo, VP Investor Relations, +1 604 715 6845,
CO: Libero Copper & Gold Corporation.
CNW 07:00e 02-MAY-23