CGNT.V · 2022-05-03 12:00:00

Libero Copper Identifies 9 New Porphyry Targets Including Significant Expansion Potential at Mocoa

Exploration Programs

LIBERO COPPER IDENTIFIES 9 NEW

PORPHYRY TARGETS INCLUDING

SIGNIFICANT EXPANSION POTENTIAL AT

MOCOA

VANCOUVER, BC

May 3, 2022

/CNW/

Libero Copper

& Gold Corporation

(TSXV: LBC)

(OTCQB: LBCMF) (DE: 29H) is pleased to announce the company has completed the interpretation

of the detailed airborne magnetic and radiometric survey data, flown at the end of 2021, and the

interpretation of all surface rock sample geochemical data on the project to date, resulting in the

identification of 9 new porphyry targets in the immediate area at the Mocoa porphyry copper deposit

located in Putumayo, Colombia.

Highlights

9 new high priority porphyry target areas identified

Cluster of vertical intrusive bodies (porphyries) in the immediate Mocoa deposit area

with a 6 km by 2.5 km demagnetized zone (hydrothermal alteration) with local strong

potassium alteration

Magnetic inversion data shows a series of vertical intrusive bodies (porphyries) in the

Mocoa deposit area originating from the underlying eastward dipping pluton at depth

New large high-sulfidation gold-silver target (2.5 km by 1.5 km), 3 km southeast of the

Mocoa deposit

Survey was flown over an 87 km

area surrounding the existing Mocoa porphyry deposit

on granted mineral concessions.

Libero Copper's

recently staked land position of more

than 1,000 km

encompassing most of the Jurassic porphyry belt in southern

Colombia

will be systematically flown in the future

"In addition to the exceptional initial results from the maiden drill program,

Libero Copper

continues

to make significant advancements towards demonstrating the potential to increase the endowment

of mineralization associated with the Mocoa deposit and the surrounding area. The apparent

clustered porphyry system recently identified as a result of the airborne magnetic and radiometric

survey that was flown at the end of 2021, has also identified new opportunities around and beyond

the limits of the Mocoa deposit," comments

Ian Harris

, President & CEO. "The new targets identified

will be systematically evaluated and receive the necessary follow-up work to be included in our

ongoing field work and upcoming drill planning. This is another important advancement for

Libero

Copper

and the Mocoa project and we look forward to continuing the evaluation and applying this

systematic approach to the entire Mocoa land position."

In late 2021, MPX Geophysics, completed magnetic, radiometric and LiDAR surveys over the

Mocoa project area covering 87 km

Daniel Core

, PhD., of Fathom Geophysics,

Westerville, Ohio

was contracted by

Libero Copper

to process and interpret the geophysical data. All available

geotechnical data was provided to Fathom Geophysics to assist with the interpretation of the

airborne survey data and

Libero Copper

processed the historic surface rock sample geochemical

data to assist with the interpretation.

Processing and interpretation of the airborne geophysical data was performed by Fathom

Geophysics and the main products produced include: geological interpretation with de-magnetized

zone, structural interpretation, Analytic Signal magnetic (AS) map, K alteration index map, and

magnetic inversion vector model with 3D radial symmetric isosurfaces (porphyry finger model).

The main outcomes and conclusion from the geophysical interpretation are as follows:

Large 6.5 km x 2 km east-west oriented zone of demagnetization is present and is generally

centered on the Mocoa deposit. This is interpreted as possibly representing magnetic

destruction associated with the hydrothermal system responsible for the Mocoa mineralizing

system.

The magnetic inversion model with 3D radial symmetric isosurfaces demonstrates the presence

of numerous sub-vertical intrusive bodies originating from the underlying pluton which have been

interpreted as possible porphyry bodies.

A concentration of 3D radial symmetric isosurface intrusions (porphyries) are present and

clustered in an area immediately south-southwest of the Mocoa porphyry Cu-Mo deposit,

The radiometric data shows an area of highly elevated K-alteration (K alteration index)

coincident with the Mocoa deposit area which extends several kilometers to the south and west.

The 3D radial symmetric isosurface intrusions (porphyries) extend to various levels relative to

the current surface and in several areas (to the east) the entire porphyry system may be intact

(including possible epithermal environment).

Rock sample geochemical metallic element analysis has assisted in identifying 9 targets

associated with 3D radial symmetric isosurface intrusions (porphyries) in the immediate area.

The targets identified are summarized as follows (refer to figures 1 to 9 below in relation to target

descriptions):

Located 1,000 meters south of the center of the Mocoa deposit and associated with a 3D radial

symmetric isosurface intrusion (porphyry) with elevated surface Cu-Mo in rock sample

geochemistry immediately south of Mocoa, with strong K-alteration.

Located 1,500 meters southwest of the Mocoa deposit and immediately south of 2 - 3D radial

symmetric isosurface intrusions (porphyry) with elevated Cu-Mo-Zn-Pb in rock samples hosted

by marble, with strong K-alteration. Skarn target with underlying porphyry source.

Located 2,500 meters southwest of the Mocoa deposit, associated with a buried 3D radial

symmetric isosurface intrusion (porphyry) with highly elevated Cu-Mo+/-Zn in rock samples

hosted by marble, with strong K-alteration. Skarn target with underlying porphyry - possibly

similar to Mocoa.

Located 2,500 meters south of the Mocoa deposit, associated with a 3D radial symmetric

isosurface intrusion (porphyry) with elevated Zn-Pb in rock samples hosted by marble/intrusion,

with strong K-alteration. Skarn target.

Located 3,000 meters southeast of the Mocoa deposit, associated with a 3D radial symmetric

isosurface intrusion (porphyry) with large 2,500 metre x 1,500 metre elevated Zn-Pb-Hg in rock

samples, high sulfidation system. Possible intact porphyry system at depth.

Located 3,000 meters east-northeast of the Mocoa deposit, associated with a 3D radial

symmetric isosurface intrusion (porphyry) with locally elevated Au-Ag in rock samples.

Located 3,000 meters north-northwest of the Mocoa deposit, associated with a multiple 3D

radial symmetric isosurface intrusions (composite intrusion - porphyry) with locally elevated Mo-

Au-Ag in rock samples.

Located 2,000 meters northeast of the Mocoa deposit, associated with a 3D radial symmetric

isosurface intrusion (porphyry) with locally elevated Au-Sb in rock samples.

Located 2,000 meters west of the Mocoa deposit, associated with a 3D radial symmetric

isosurface intrusion (porphyry) with locally elevated Cu-Mo-Zn-Pb-Bi in rock samples, with

strong K alteration.

Figure 1: Geological interpretation, Jurassic intrusions (porphyries), de-magnetized zone, rock

sample geochemistry Cu-Mo, target areas (CNW Group/Libero Copper & Gold Corporation.)

Figure 2: Geological interpretation, K-alteration, Jurassic intrusions (porphyries), de-magnetized

zone, rock sample geochemistry Cu-Mo, target areas (CNW Group/Libero Copper & Gold

Corporation.)

Figure 3: K-alteration index, de-magnetized zone, rock sample geochemistry Cu-Mo, target areas

(CNW Group/Libero Copper & Gold Corporation.)

Figure 4: Analytic Signal Magnetics, de-magnetized zone, rock sample geochemistry Cu-Mo, target

areas (CNW Group/Libero Copper & Gold Corporation.)

Figure 5: Magnetic inversion vector model 3D radial symmetric isosurface intrusions (porphyries),

with de-magnetized zone (CNW Group/Libero Copper & Gold Corporation.)

Figure 6: Magnetic inversion vector model 3D radial symmetric isosurface intrusions (porphyries),

with de-magnetized zone and target areas (CNW Group/Libero Copper & Gold Corporation.)

Figure 7: Magnetic inversion vector model 3D radial symmetric isosurface intrusions (porphyries),

with draped geology, de-magnetized zone and target areas (CNW Group/Libero Copper & Gold

Corporation.)

Figure 8: Magnetic inversion vector model 3D radial symmetric isosurface intrusions (porphyries),

with draped Analytic Signal Magnetics, de-magnetized zone and target areas (CNW Group/Libero

Copper & Gold Corporation.)

Figure 9: Magnetic inversion vector model 3D radial symmetric isosurface intrusions (porphyries),

with draped K alteration index, de-magnetized zone and target areas (CNW Group/Libero Copper &

Gold Corporation.)

Libero Copper

is currently advancing the systematic exploration on the Mocoa project and will be

initiating a soil sampling program, prospecting and mapping programs across the entire district scale

property.

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

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)

generated using

/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 which will receive additional follow-

up drilling in 2022.

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)

, San Carlos (600 million tonnes inferred at 0.59% Cu)

, Panantza (463 million tonnes

inferred at 0.66% Cu)

and Solaris' Waritza, located in

Ecuador

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.

Technical Report "Mocoa Copper-Molybdenum Project" dated effective November 1, 2021

Technical Report: "Mirador Copper-Gold Project 30,000 TPD Feasibility Study" dated effective April 3, 2008

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.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/May2022/03/c4293.html

%SEDAR: 00027216E

For further information:

Ian Harris, Chief Executive Officer, +1 604 294 9039,

[email protected]; Michelle Borromeo, VP Investor Relations, +1 604 715 6845,

[email protected]

CO: Libero Copper & Gold Corporation.

CNW 07:00e 03-MAY-22

← Back to feed