Libero Copper Provides Update ON Projects
LIBERO COPPER PROVIDES UPDATE ON
PROJECTS
VANCOUVER, BC
,
June 27, 2023
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE:29H) ("Libero Copper"), a leading strategic metals exploration and
development company, is pleased to provide an update on its projects - Esperanza (San Juan,
Argentina
), Mocoa (Putumayo,
Colombia
) and Big Bulk (BC,
Canada
).
Highlights
Esperanza has social and political support for exploration permits which are being
processed.
In-house design and engineering work is underway for an underground mine at Mocoa.
New targets at Big Bulk are the focus of the 2023 with summer work program.
Esperanza
Ian Harris
, CEO, recently conducted a site visit to the Esperanza project, reinforcing relationships
with local stakeholders. During the visit, meetings were held with landowners, suppliers in the San
Juan region, as well as high-ranking officials, including the Governor, Vice-Governor, Minister of
Mines, and the newly elected mayor of Jachal, the municipality closest to the project. Following the
conclusion of the local elections in San Juan in May, all individuals involved have expressed their
unwavering commitment to finalizing the permit process and advancing the project.
"We are dedicated to maximizing employment and contracting opportunities for the San Juan and
Jachal community, recognizing the impact of reduced operations in nearby mining projects on the
local economy. We have actively listened to the concerns of local landowners, business groups in
Jachal, and the mayor-elect, among others, and are committed to being part of the solution in an
area with a rich mining history. Our unwavering commitment to our core values and the highest
standards propels us forward," emphasized
Ian Harris
, CEO of
Libero Copper
. "The exceptional
work of our team developing social license, especially developing real relations and understanding
with local landholders, and establishing strong government partnerships has laid a solid foundation
for the restart of our project, resulting in the recent rapid advancement of permitting. With
confidence in our progress, we are finalizing our exploration plans in San Juan."
The exploration permits for Esperanza necessitated external commentary from multiple different
ministries and institutions that occur sequentially. Libero Copper is pleased update that 90% of the
required external consultations have been successfully completed, the majority since the most recent
project visit demonstrating clear support to get the project moving forward. The company anticipates
obtaining the necessary permits shortly, enabling project mobilization. As a result
Libero Copper's
exploration teams have refocused on Esperanza and are finalizing a comprehensive exploration
program including a 5,000-meter drill program, with a primary focus on extending and expanding
from the 2018 hole
ESP-25
(the last hole drilled on the project) that returned 0.57% Cu and 0.27 g/t
Au over 387 metres from surface to the end of the hole, including 0.74% Cu and 0.33 g/t Au over
232 metres from surface.
Mocoa
Libero Copper
has progressed in-house project design work at Mocoa. The company recognizes the
importance of strategic metals projects in Putumayo, as highlighted in
Colombia's
National
Development Plan 2023-2026. As the sole known strategic metals project in the region, and as a
prioritized strategic investment in Putumayo,
Libero Copper
is actively collaborating with the
government to position and advance Mocoa as a key driver of industrialization in the area.
To ensure the success of Mocoa,
Libero Copper
has partnered with Anglo Asian Mining for design
and engineering. As a strategic partner and largest shareholder of
Libero Copper
, Anglo Asian
brings extensive expertise in various areas such as mine design, metallurgy, geology, environmental
management, and social engagement. The primary objective of the project is to establish an
underground operation and local facilities for copper and molybdenum production, with a strong
emphasis on employing low-impact mining methods and prioritizing environmental sustainability.
The collaboration between
Libero Copper
and Anglo Asian aligns with
Colombia's
broader goals of
industrialization, climate change mitigation, and the transition towards sustainable industries. With the
Mocoa project holding over 2 million tonnes of inferred copper resources, it plays a crucial role in
supporting
Colombia's
green energy initiatives and positioning the country as a leader in the global
energy transition.
Big Bulk
Libero Copper
is currently gearing up for the 2023 field season at the Big Bulk project in
British
Columbia, Canada
. In 2023, the company completed a thorough compilation and review of all
historical data from the project area resulting in a revised interpretation of the alteration and
mineralizing system within a tilted Jurassic sequence. The porphyry copper-gold system is now
partially exposed and lying on its side. The main targets for the porphyry copper-gold mineralization
may be largely untested to date. In addition, a large gold target area has been identified east of and
stratigraphically overlying the main copper-gold porphyry targets. This season will focus on mapping,
sampling, geochemistry, and geophysics to advance the targeting and to supplement the historic
work on the property.
Historically, the project was explored by Teck and Canadian Empire between 2001 and 2003.
Notable highlights from the historical drilling activities include intersections such as 21 meters of
0.86% Cu and 0.4 g/t Au from a depth of 12 meters, as well as 53 meters of 0.31% Cu and 0.2 gt
Au from 143 meters depth to the end of the hole (this hole ended in mineralization and was never
extended). These drill results are significant however they were not properly followed up at the time.
These drill results may represent the edge of the main mineralized porphyry system in terms of the
revised interpretation of the mineralized system.
In 2021,
Libero Copper
completed a work program at the Big Bulk Project, which involved drilling 5
holes and a total of 1,743 meters of diamond drilling. The purpose of this program was to test the
new interpretation of mineralization phases and the tilted system. The results were promising, with
all holes intersecting mineralization. Of particular significance was drill hole BB-21-01 which
intersected 37.44 metres of 0.3% Cu, 0.59 g/t Ag, 0.15 g/t Au) including 9.5 metres of 0.43% Cu,
0.79 g/t Ag, 0.2 g/t Au. In addition, drill hole BB-21-05 intersected 97 metres of 0.19% Cu, 0.97 g/t
Ag, 0.18 g/t Au including 17.5 metres of 0.28% Cu, 1.29 g/t Ag, 0.23 g/t Au. The target remains
open 200 metres below surface.
With the upcoming field season,
Libero Copper
aims to build upon these positive findings and
continue advancing the exploration efforts at Big Bulk. The company's dedication to comprehensive
data analysis and the development of a new conceptual model demonstrates its commitment to
maximizing the project's potential and achieving successful outcomes in the pursuit of valuable
copper and gold resources.
Corporate Update
Libero Copper
strategically navigates the market, prioritizing sustainability, and long-term value
creation, with a strong focus on maximizing the potential of its projects. The company continuously
adjusts its asset management approach, considering both current market conditions and the long-
term outlook of the growing global demand for copper projects. Through the strategic allocation of
exploration talent and resources across various regions,
Libero Copper
aims to strengthen its
position and capitalize on market opportunities. With a steadfast commitment to responsible
resource extraction and environmental stewardship, the company is dedicated to unlocking the full
potential of its projects while dynamically adapting to market dynamics and emphasizing
sustainability.
About the Esperanza Porphyry Copper-Gold Deposit
Esperanza's porphyry copper-gold and epithermal gold project is located in the prolific precious and
base metal-endowed and mining-friendly Huachi Mining District, San Juan Province,
Argentina
. The
property has seen two main phases of exploration previously. In 2007, Cardero Resources drilled 11
drill holes totalling 2,552 metres targeting porphyry copper mineralization and in 2011, Kestrel Gold
drilled 10 holes totalling 4,174 metres targeting epithermal mineralization.
1
More recently, in 2018,
Latin Metals drilled 3 holes targeting porphyry copper mineralization totalling 965.5 metres (one hole
was abandoned). In this drilling, hole
18-ESP
-25 returned 0.57% Cu and 0.27 g/t Au over 387
metres from the surface to the end of the hole, including 0.74% Cu and 0.33 g/t Au over 232 metres
from surface. Hole
18-ESP
-27 returned 0.21% Cu and 0.12 g/t Au over 451.5 metres from the
surface to the end of the hole, including 0.43% Cu and 0.12 g/t Au over 24 metres from 86 to 110
metres.
2
These holes were never followed up on due to market conditions.
Esperanza is road accessible and contains multiple copper-gold drill targets supported by numerous
surface rock samples across a large alteration footprint. The project can be drilled year round and
drill permitting is well underway. Once the required permits are obtained, the company will re-
establish access to the property, and complete mapping and sampling of the property prior to
initiating a 5000-metre drill program.
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
3
. 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.
________________________________
1
Centenera Mining Corporation NI 43-101 Technical Report on the property dated 6 March 2017
2
Latin Metals Inc., MD&A dated October 31, 2018
3
the pre-feasibility study is historical in nature only and should not be relied upon as it is not NI 43-101 compliant
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
Libero Copper
is unlocking the value of a collection of porphyry copper deposits in prolific
jurisdictions throughout the Americas.
Libero Copper
leverages its technical expertise, industry
knowledge, and strategic partnerships to advance projects from early-stage exploration to
production. With a focus on responsible mining practices and community engagement,
Libero
Copper
aims to unlock the full potential of its projects while contributing to the sustainable
development of the regions in which it operates.
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 27-JUN-23