Libero Copper Announces Approval of Municipality of Mocoa'S 4-YEAR Development Plan
LIBERO COPPER ANNOUNCES APPROVAL
OF MUNICIPALITY OF MOCOA'S 4-YEAR
DEVELOPMENT PLAN
VANCOUVER, BC
,
June 14, 2024
/CNW/ -
Libero Copper
& Gold Corporation (TSXV: LBC)
(OTCQB: LBCMF) ("
Libero Copper
" or the "
Company
") announces the approval Territorial
Development Plan for the Municipality of Mocoa, Department of Putumayo, titled "Mocoa Bonita,
Tierra que Inspira" ("Beautiful Mocoa, Land that Inspires") for the period 2024-2027 through
Resolution No. 005, date
June 11
th
, 2024.
The development plan, approved by the Municipal Council of Mocoa, aims to promote the wellbeing
and sustainable development of the population of Mocoa. The plan includes a dedicated section on
mining and energy, underscoring the critical importance of the productive consolidation of the mining
sector as well as its environmentally sustainable development in line with the Mocoa Porphyry
Copper-Molybdenum Deposit vision. The approval, signed by the mayor and ratified by the 13
municipal council members, reflects strong political support based on community backing for the
strategic direction set forth for the region, including the importance of strategic mineral projects in
the municipality.
Key Highlights of Development Plan for Municipality of Mocoa:
1
.
Development Plan includes Mining and Energy:
The municipal development plan for Mocoa
includes a dedicated section on mining and energy and highlights the potential of strategic
metals in the municipality and the need to deepen their geoscientific knowledge in order to
select those that present high mineral potential.
2
.
Repeal of Conflicting Provisions:
The approved municipal resolution that approved the
development plan, repeals any and all provisions, regulations, rules, or directives that impede its
implementation or are contrary to the approved development plan, providing improvement legal
framework for the advancement of strategic metals projects.
3
.
Alignment with Land Use and Management Plan of the Municipality of Mocoa
– the
development plan aligns with the approved municipal zoning, in which Article 161 prioritizes
copper production over all other economic uses in the basin of Ticuanayoy, where the Mocoa
Porphyry Copper-Molybdenum Project is located.
4
.
Extensive Citizen Participation:
The development plan was formulated through a
comprehensive engagement process, involving nine community workshops with over a thousand
participants, this extensive participation ensured that the voices and needs of the local
community, including economic development and job creation, were integrated into the plan.
Ian Harris, CEO of
Libero Copper
, commented:
"Achieving this milestone of the approved development plan for Mocoa, including a section on mining
and energy, is a testament to the inclusion of the community's needs, aspirations, and feedback
shaping the final document. It also highlights the leadership and vision of the Mayor and the
Municipal Council of Mocoa, recognizing the important role the responsible and sustainable
development of critical mineral projects can have in the positive economic development of Mocoa.
We look forward to continuing to work together to maximize the benefits of this project while
ensuring environmental and social stewardship."
Locally, the approval of the Mocoa Development Plan provides a crucial platform for the
implementation of previously signed agreements, such as the
November 2022
"Cooperation
Framework Agreement for Participation and Generation of Shared Benefits" between
Libero Copper
and the community of Montclar, the closest township to the Mocoa project. This development plan
enhances the effectiveness of community engagement and participation efforts. The agreement
focuses "to provide a general framework of action between the parties of the agreement in order to
join efforts to generate shared value, improve the quality of life of the community, and contribute to
the success of the exploration project by increased understanding and cooperation with the
community of Montclar."
A prime example of this is the recent approval by Corpoamazonia, the regional autonomous
corporation managing the environment and natural resources in
Southern Colombia
, including
Putumayo, of the environmental permit for a new bridge in Montclar. This bridge, which is a key
component of the mutually beneficial projects outlined in the cooperation agreement, was facilitated
by
Libero Copper
in its design and permit application process. The new bridge, which is a critical
piece of infrastructure for the community and one of their highest priority goals, will also facilitate
exploration activities for the Mocoa Porphyry Copper-Molybdenum Deposit.
The Development Plan of Mocoa also aligns with the national and regional development plans of
Colombia
and Putumayo. In Putumayo, the recently approved development plan for the department
sets broader goals for "Mining and Sustainable Energy," one of the five pillars of economic
development for the department. The Putumayo Development Plan supports the responsible and
sustainable exploration and production of strategic minerals, specifically calling out copper, aligning
with environmental protection goals and ensuring regional control over resource management. This
framework emphasizes the importance of strategic minerals and sustainable development in
Putumayo. The plan acknowledges the declining oil production and underscores the need for
diversified economic activities, including sustainable mining. The plans also show that the mining titles
of the Mocoa Porphyry Copper-Molybdenum Project are the only titles in Putumayo associated with
copper.
For
Colombia
, The National Development Plan of
Colombia
, approved in
May 2023
, includes one of
its main pillars focused on productive transformation, internationalization, and environmental action. It
emphasizes the diversification of exports and the promotion of strategic metals, such as copper, as
key to
Colombia's
economic future. In
November 2023
, the National Mining Agency (ANM) of
Colombia
issued Resolution No. 1006, which defines the minerals of strategic interest for the
country. This resolution marks areas of strategic state reserves for the purposes of energy
transition. Copper was listed at the top of the strategic minerals list, highlighting its critical
importance in
Colombia's
future economic and industrial development. This prioritization underscores
the significant role of copper in the country's strategy to diversify its economy and support the global
shift towards renewable energy.
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 km² 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 culminating 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.
About
Libero Copper
Libero Copper
is a mineral exploration company which is focussed on unlocking the value of the
Mocoa copper-molybdenum porphyry deposit located in Putumayo,
Colombia
. Mocoa is being
advanced by a highly disciplined and seasoned professional team with successful track records of
discovery, resource development, and permitting in
Colombia
.
Libero Copper
prioritizes building
strong relationships with the communities in which we operate and is dedicated to creating long-term
value for our shareholders through responsible exploration to fuel the green energy future.
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, receipt of final Exchange approval, completion of the Consolidation,
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. The forward-
looking information is stated as of the date of this news release and
Libero Copper
assumes no
obligation to update or revise such information to reflect new events or circumstances, except as
may be required by applicable law.
SOURCE
Libero Copper
& Gold Corporation
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/June2024/14/c0597.html
%SEDAR: 00027216E
For further information:
Additional Information: Ian Harris, Chief Executive Officer, +1 604 294
9039, [email protected]; Michelle Borromeo, Vice President Investor Relations, +1 604 715
6845, [email protected]
CO: Libero Copper & Gold Corporation
CNW 07:00e 14-JUN-24