Libero Copper Consolidates Jurassic Porphyry Belt Around the Mocoa Copper- Molybdenum Project in Colombia
Libero Copper Consolidates Jurassic
Porphyry Belt Around the Mocoa Copper-
Molybdenum Project in Colombia
VANCOUVER, BC
,
Nov. 1, 2021
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) is pleased to announce that the company has made 32 mining title
applications totaling 103,578 hectares covering a significant portion of the Jurassic porphyry belt
trending southwest and northeast from its Mocoa porphyry copper-molybdenum project (see Figure
1).
"
Colombia's
continued leadership to proactively diversify its mining sector through strategic
exploration programs like #ExploraCO, our success in advancing the Mocoa project into exploration,
and a deeper understanding of the geological potential of the Jurassic porphyry belt, were all key
components in the decision to significantly increase our land position in
Colombia
," comments
Ian
Harris
, President & CEO. "
Libero Copper
is committed to contributing to the country's geological
knowledge, focusing on the materials needed to meet the country's goals of energy transition as well
as maintain a known organization,
Libero Copper
, in the local communities that is focused on
maximizing benefits locally with an open, transparent, and inclusive operational philosophy."
Figure 1 – Location of Mocoa Mining Titles and New Applications (CNW Group/Libero Copper &
Gold Corporation.)
Universidad de Nacional de Colombia Agreement
Libero Copper
and la Universidad Nacional de
Colombia
(
National University
of
Colombia
), on
October 26
, signed an inter-institutional cooperation agreement. The agreement focuses on the
mutual interest in investigation, technical assistance, technology development, and continuing
education and training, in areas such as geology, mining engineering, and metallurgy, and creates a
framework for specific agreements. In addition, the agreement focuses on real work experience and
programs for high potential students including the dissemination of the results of the programs, work
and projects developed through publication and other means.
Luis Hernán Sánchez Arredondo, professor in the Minerals and Materials Department affirmed, "This
agreement is very interesting because the University will play a key role in the newly restarted
exploration activities of the largest known copper deposit in
Colombia
, the Mocoa copper-
molybdenum project in Putumayo. The idea is to accompany
Libero Copper
in all matters for all
steps of the productive chain in well-done mining. Initially, the company will be supported in specific
projects aimed at determining the type of mineralization through investigation in the areas of
magmatism, tectonism, and geochemical exploration. But also the relationship with the local
community and the nation as a whole, through accompaniment in all items related to geo-education.
In summary, the agreement will need the support of three research groups: The CIMEX Minerals
Institute, the Applied Technologies Research Group and the National Center for Geostatistics, not to
mention some very interesting interdisciplinary projects under discussion related to renewable
energy that will interconnect multiple engineering disciplines."
"A key focus of the agreement is aimed at the creation and transfer of knowledge in
Colombia
and
locally in Mocoa, especially when considering the key goals of the country to diversify the mining
sector focusing on copper to support the energy transition to renewable sources," comments
Juan
Arturo Franco Quintero
,
Libero Copper's
Colombian Country Manager. "It is exciting that
National
University
of Colombia students can develop business practices with our company and also we can
support their research initiatives and projects, especially those aimed at promoting the use and
applications of copper in the different transition processes to green and renewable energies to
contribute favorably to the problems that have been generated due to climate change."
The
National University
of
Colombia
is a national level Colombian public university, founded on
September 22, 1867
. It is the most important and representative university in
Colombia
for its
tradition, prestige, quality, and selectivity. The Mines Department was founded in 1886 at the
Medellin
campus.
About the Mocoa Porphyry Copper-Molybdenum Deposit
The Mocoa deposit is located in the department of Putumayo, 10 kilometres from the town of
Mocoa. It was discovered in 1973 when the United Nations (UN) and the Colombian government
conducted a regional stream 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. B2Gold subsequently executed diamond drill programs in 2008 and
2012.
A constrained inferred resource at Mocoa contains 636 million tonnes of 0.45% CuEq* at 0.25% cut-
off containing 4.6 billion pounds of copper and 511 million pounds of molybdenum. Mocoa is open in
both directions along strike and at depth. Additional porphyry surface targets have been identified
and are drill ready.
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, such as Mirador
(438 million tonnes measured and indicated at 0.61% Cu and 235 million tonnes inferred at 0.52%
Cu)
1
, San Carlos (600 million tonnes inferred at 0.59% Cu)
2
, Panantza (463 million tonnes inferred
at 0.66% Cu)
2
, and Solaris' Waritza, located in
Ecuador
.
Copper-molybdenum mineralization is associated with a dacite porphyry intrusion 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 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
Technical Report: "Mirador Copper-Gold Project 30,000 TPD Feasibility Study" dated effective April 3, 2008
2
Technical Report: "Preliminary Assessment Report Panantza & San Carlos Copper Project" dated effective October 30, 2007
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 Big Red (a new grassroots
discovery) and Big Bulk in the Golden Triangle,
Canada
; Esperanza in San Juan,
Argentina
; and
Mocoa in Putumayo,
Colombia
. These assets are advanced by a highly disciplined and seasoned
professional team with successful track records of discovery, resource development, and permitting
in the Americas.
Thomas Mumford
, Ph.D., P.Geo, a qualified person under National Instrument 43-101, has reviewed
the technical information contained in this news release on behalf of
Libero Copper
.
*
The prices used to calculate CuEq are: Cu: $3.00/lb & Mo: $10/lb. All values are reported in USD and do not consider metal recoveries.
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 the Company 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]; Tetiana Konstantynivska, Investor Relations, +1 778 372 0179,
CO: Libero Copper & Gold Corporation.
CNW 08:00e 01-NOV-21