LIBERO COPPER MOBILIZES FOR EXPLORATION AT THE MOCOA PORPHYRY COPPER-MOLYBDENUM DEPOSIT Upcoming drilling to follow up on MD-043 that intersected 1,228.5 metres averaging CuEq* of 0.58%, including 840.3 metres of 0.72% CuEq*
LIBERO COPPER MOBILIZES FOR
EXPLORATION AT THE MOCOA PORPHYRY
COPPER-MOLYBDENUM DEPOSIT
Upcoming drilling to follow up on MD-043 that intersected 1,228.5 metres averaging CuEq* of
0.58%, including 840.3 metres of 0.72% CuEq*
VANCOUVER, BC
,
Sept. 17, 2024
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) ("
Libero Copper
" or the "
Company
"
)
is pleased to announce
mobilization to support exploration activities at its flagship Mocoa Porphyry Copper-Molybdenum
Deposit, located in
Colombia's
Jurassic Copper Belt, near the town of Mocoa, Putumayo. This
phase of mobilization marks the final preparatory steps ahead of a 14,000-metre drill program
designed to expand the resource and test new high-priority porphyry targets across the region.
Highlights
Upcoming 14,000-Metre drill program
:
the team is in the final stages of planning a 14,000-
metre drill program for Q4-2024 through H1-2025 focused on infill, resources expansion, and
testing of new targets.
Resource expansion and follow
-up of drill hole MD-043:
upcoming drilling will focus on
follow-up of i) the high-grade core of MD-043 that intercepted
250.8m
at 1.12% copper
equivalent (CuEq*) [0.74% copper (Cu) and 0.114% molybdenum (Mo) and ii) a 2 kilometre by
800-1,000 metre copper-molybdenum soil anomaly surrounding the resource area.
Field program work:
Fieldwork will focus on prioritizing and preparing for drill tests on nine
additional porphyry targets identified in the area, supported by geophysical data and
geochemistry of rock samples
(see news release
May 03, 2022
).
"We're at an exciting milestone at the Mocoa Porphyry Copper-Molybdenum Deposit, built on a
foundation of extensive geological work and strong relationships. We are preparing to follow up on
the impressive copper intersections from MD-043. Detailed fieldwork has only reinforced what we
believed all along: Mocoa Deposit holds immense potential," comments
Ian Harris
, President and
CEO. "But this moment is about more than just geology—it's about the foundation we've built through
close collaboration with local communities, key partnerships and government. I'm particularly proud
of the commitment shown by our team and local stakeholders. Together, we are unlocking the full
potential of Mocoa Deposit for the benefit of Mocoa, Putumayo, and
Colombia
."
Mobilization Activities
Significant preparatory activities are currently underway, including the hiring of key personnel (see
photo 1), ensuring the camp is fully equipped and operational, maintenance and testing of the first
drill rig already on site, securing rain water supply, and reopening vital access routes to the
exploration camp and drill sites. These routes provide crucial access for personnel and supplies,
minimizing operational costs by eliminating the need for helicopter support.
Photo #1 - Key personnel hired at Mocoa (CNW Group/Libero Copper & Gold Corporation)
Mobilization and preparations are expected to be completed in the coming weeks.
Additionally, construction of a new walking bridge, providing vital access to Montclar, has begun.
This project was developed in collaboration with the Montclar community under a mutual benefits
agreement signed in
November 2022
(
see news release
Nov 29, 2022
). While the bridge's
completion is not required for the start of exploration activities, it will improve efficiency and safety
for the project while delivering long-term infrastructure improvements for the Montclar community.
Drillhole MD-043
The next phase of exploration at the Mocoa Porphyry Copper-Molybdenum Deposit will focus on
following up the significant results from drill hole MD-043, which intercepted 1,228.5 metres
averaging CuEq* of 0.58%, including 840.3 metres of 0.72% CuEq*
(see new release
April 26, 2022
).
This drill hole demonstrated the expansion potential of the Mocoa
Deposit and provided key insights into the high-grade core of the resource, including 250.78 metres
at 1.12% CuEq* (0.74% Cu and 0.114% Mo) (see Table 1 and Figure 1). These results have served
as a foundation for planning the upcoming 14,000-metre drill program to be executed Q4-2024
through H1-2025.
Table 1 – Released results from drill hole MD-043.
MD - 043
From
To
Interval
Cu
Mo
CuEq
*
m
m
m
%
%
%
7.0
1235.5
1228.5
0.42
0.047
0.58
incl.
108.1
948.4
840.3
0.52
0.062
0.72
and incl.
139.6
390.4
250.8
0.74
0.114
1.12
And, and incl.
265.3
295.9
30.6
1.30
0.184
1.92
And, and incl.
361.9
390.4
28.5
1.30
0.093
1.61
incl.
484.9
664.9
180.0
0.74
0.078
1.00
*Libero Copper defines copper equivalent calculation for reporting purposes only. Copper-equivalence calculated as:
CuEq (%) = Cu (%) + 3.33 × Mo (%), utilizing metal prices of Cu - US$3.00/lb, Mo - US$10.00/lb. Metal recoveries utilized for the resource model are 90% for Cu and 75% for Mo
Figure 1 – Cross section of drill hole MD-043 highlighting key released intervals (CNW Group/Libero
Copper & Gold Corporation)
This program will build on extensive fieldwork already completed, including a 2-kilometre by 800-
1,000-metre multi-element soil geochemical anomaly identified south of the resource area
(see news release
November 15, 2022
).
Geophysical (detailed airborne magnetic and radiometric
survey data) and geochemical surveys on soils and rocks have helped define multiple new porphyry
targets. Nine high-priority porphyry targets were identified potentially part of a clustered system,
extending up to 6 kilometres from the known Mocoa Deposit area. This data, combined with the 3D
radial symmetric isosurface intrusions, indicates a significant expansion potential beyond the original
resource area
(see news release
May 03, 2022
).
National Mining Congress Recognition
At the 2024 National Mining Congress in Cartagena,
Libero Copper
was recognized in the
Brújula
Minera
rankings (see figure #2), an influential annual study on mining sector reputation in
Colombia
.
Conducted by the
Centro Nacional de Consultoría
, in collaboration with
Jaime Arteaga
&
Asociados
,
Revista Mundo Minero
, and in alliance with the
Asociación Colombiana de Minería
(ACM),
Asociación Nacional de Empresarios de
Colombia
(ANDI), and the
Ministerio de Minas y
Energía (Ministry of Mines and Energy)
,
Brújula Minera
evaluates how mining companies engage
with communities, demonstrate environmental responsibility, and establish trust.
Libero Copper
received the following rankings:
Reputation in Mining Municipalities: Ranked 12th, the highest-ranking exploration company on
the list.
Reputation with Government Authorities: Ranked 13th, the second-highest exploration company
after AngloGold Ashanti.
Figure 2 – 2024 National Mining Congress (CNW Group/Libero Copper & Gold Corporation)
Figure 3 – The results of the 10th Annual Brújula Minera (CNW Group/Libero Copper & Gold
Corporation)
This recognition not only validates Libero Copper's efforts to build lasting relationships with local
communities and government authorities but also underscores the solid foundation necessary for
advancing a project of Mocoa Porphyry Copper-Molybdenum Deposit's importance. The company's
strong reputation has been a crucial factor in preparing to move the project forward, ensuring
alignment with all stakeholders and a commitment to responsible development.
Qualified Person
Edwin Naranjo Sierra
, Exploration Manager of
Libero Copper
, is the designated Qualified Person
within the meaning of National Instrument 43-101 and has reviewed and verified the technical
information in this news release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the
Australasian Institute of Mining and Metallurgy (FAusIMM) and the Society of Economic Geology.
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
through titles and applications,
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 new release
April 26, 2022
).
A pit constrained inferred resource
1
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 Central 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 led by a team with rare experience—having advanced projects from post-resource
discovery to the path of construction, including some of the few large copper projects built in the last
20 years. This real-world expertise drives Libero's focus on relationships, responsibility, trust, and a
relentless commitment to sustainable progress.
At the core of Libero's portfolio is the Mocoa copper-molybdenum porphyry deposit in Putumayo,
Colombia
. With a resource of 4.6 billion pounds of copper and 511 million pounds of molybdenum¹,
Mocoa stands as a cornerstone asset with immense potential for expansion.
Now, with the Fiore Group's bold company-building vision behind it, Libero is uniquely positioned to
fill a crucial gap in the copper industry—advancing large-scale projects toward construction. Through
this approach, Libero is committed to creating lasting value for all stakeholders while positioning
itself at the forefront of meeting the growing global demand for copper—the metal driving progress
in the modern economy.
¹NI-43-101 Technical Report titled "Mocoa Copper-Molybdenum Project,
Colombia
" prepared by
Michael Rowland Brepsant (FAusIMM),
Robert Sim
(P.Geo) and
Bruce Davies
(FAusIMM) with
effective date of 1 November 2021.
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:
Additional Information: Ian Harris, Chief Executive Officer, +1 604 294
9039, [email protected]; Tetiana Konstantynivska, Vice President Investor Relations, +1 778
829 8455, [email protected]
CO: Libero Copper & Gold Corporation
CNW 07:30e 17-SEP-24