Libero Copper Completes Drill Access to the Mocoa Porphyry Copper Molybdenum Project
LIBERO COPPER COMPLETES DRILL
ACCESS TO THE MOCOA PORPHYRY
COPPER MOLYBDENUM PROJECT
VANCOUVER, BC
,
Feb. 2, 2023
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) ("Libero Copper") is pleased to announce the completion of the new
San Jose access to the Mocoa porphyry copper-molybdenum project located in Putumayo,
Colombia
. The access is 2,100 metres in length for the transport of drills and supplies, which
eliminates expensive helicopter support for drilling activities around the deposit area. In accordance
with the cooperation agreement signed with Montclar (see news release
November 29, 2022
), the
access was co-planned with the community. The process ensures the new San Jose access
supports the advancement of the project and the long-term development plans of the community of
Montclar including improved access to established economic activities, such as artisanal raw
sugarcane production.
Photo 1: Ribbon Cutting Event with the Community of Montclar for the San Jose Access. (CNW
Group/Libero Copper & Gold Corporation.)
Photo 2: Section of the San Jose Access in Harmony with Local Development. (CNW Group/Libero
Copper & Gold Corporation.)
Roadmap to Colombian Copper Production
Colombia
is developing a National Strategic Plan for the Just Energy Transition that includes
roadmaps for the re-industrialization of the country based on production chains to support the energy
transition and diversification of exports. Currently over half of
Colombia's
and Putumayo's exports
are oil and coal. For this reason, the government has set forth a fundamental priority in relation to
the productive transformation of
Colombia
, where copper is viewed as a key opportunity and key
component of the transition.
Libero Copper
is working together with the Ministry of Industry & Commerce, Ministry of Energy &
Mines,
National University
of
Colombia
("UNAL"), local businesses, communities, and green
technology start-ups to develop a copper-based production chain in Putumayo and
Colombia
starting
with recycled copper but underpinned by the Mocoa porphyry copper-molybdenum deposit.
Photo 3: Drill core from the Mocoa porphyry copper-molybdenum project, copper produced together
with the UNAL from the project (see news release December 6, 2022), and copper recycled in
Colombia. (CNW Group/Libero Copper & Gold Corporation.)
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.
A pit constrained inferred resource at Mocoa contains 636 million tonnes of 0.45% copper equivalent
(0.33% Cu and 0.036% Mo)
1
generated using
$3
/lb Cu and
$10
/lb Mo, containing 4.6 billion pounds
of copper and 511 million pounds of molybdenum. 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 (438 million tonnes measured and indicated at 0.61% Cu and 235 million tonnes inferred
at 0.52% Cu)
2
, San Carlos (600 million tonnes inferred at 0.59% Cu)
2
, Panantza (463 million tonnes
inferred at 0.66% Cu)
3
and Solaris' Waritza, located in
Ecuador
.
Figure 1: Mocoa porphyry copper-molybdenum deposit location maps. (CNW Group/Libero Copper
& Gold Corporation.)
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.
Photo 4: Core from the Mocoa porphyry copper-molybdenum project showing copper and
molybdenum mineralization. (CNW Group/Libero Copper & Gold Corporation.)
1
Technical Report "Mocoa Copper-Molybdenum Project" dated effective November 1, 2021
2
Technical Report: "Mirador Copper-Gold Project 30,000 TPD Feasibility Study" dated effective April 3, 2008
3
Technical Report: "Preliminary Assessment Report Panantza & San Carlos Copper Project" dated effective October 30, 2007
Qualified Person
Information in this news release relating to the exploration results is based on data reviewed by
Matthew C. Wunder
, B.Sc. P.Geo., the Vice President Exploration for
Libero Copper
. Mr. Wunder is
a registered Professional Geologist and has in excess of 35 years' experience in mineral exploration
and is a Qualified Person as defined under National Instrument 43-101.
About
Libero Copper
& Gold
Libero Copper
is unlocking the value of a collection of porphyry copper deposits throughout the
Americas in prolific and stable jurisdictions. The portfolio includes the Mocoa deposit in Putumayo,
Colombia
; Esperanza in San Juan,
Argentina
; and Big Red and Big Bulk in the Golden Triangle, BC,
Canada
. These assets are being advanced by a highly disciplined and seasoned professional team
with successful track records of discovery, resource development, and permitting in the Americas.
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-FEB-23