Libero Copper Selected FOR the Ifc SOURCE2EQUAL Program IN Colombia
LIBERO COPPER SELECTED FOR THE IFC
SOURCE2EQUAL PROGRAM IN COLOMBIA
VANCOUVER, BC
,
April 27, 2023
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) is pleased to announce its selection as one of only twelve companies
for the Source2Equal program in
Colombia
. The program, run by the International Finance
Corporation (IFC) and supported by the Ministry of Commerce, Industry and Tourism of
Colombia
,
recognizing the alignment of
Libero Copper
to the aims of the program to promote gender equality in
supply and production chains by supporting the growth of women-led businesses and increasing their
access to markets.
Libero Copper
is among the twelve companies selected, which include some of the most important
companies in
Colombia
, such as Alpina, Bancolombia, Coca-Cola Femsa, Grupo Éxito,
Juan Valdez
,
Postobon, and Unilever. The program seeks to provide technical assistance, training, and access to
finance for women-owned businesses to help them grow and succeed.
Libero Copper
is fully committed to supporting Mocoa and Putumayo in
Colombia
. Over 85% of the
company's employees are from the region, and over 60% of its professionals are women. In order
to maximize the benefits for the region,
Libero Copper
is focused on building strong supply and
production chains, including through its involvement in the Green Route Alliance, which is a roadmap
for the development of a copper-based production chain in Mocoa and Putumayo. This roadmap
was created at the request of the Ministry of Commerce, Industry and Tourism of
Colombia
.
By prioritizing local talent, equity, and inclusion,
Libero Copper
currently works with over 230
suppliers from the region, 38% of them belongings to women, who together have generated more
than 527 additional jobs. According to a study by the IFC, as of 2021, approximately 28% of
businesses in
Colombia
are owned by women. However, only about 10% of these women-owned
businesses are formal, and large corporations and governments spend less than 1% of their
procurement budgets on women-owned and led small and medium enterprises ("WSMEs").
A prime example of success is Diverso Mocoa, a local clothing manufacturer, which has been
working with
Libero Copper
to provide uniforms, clothing, and apparel for the company. The owner
and operator of Diverso Mocoa,
Magali Rodriguez
, has been selected to participate in the
Source2Equal program and serve as a key speaker at the launch event on
April 27th
. She is the only
speaker from outside the major metropolitan areas of
Colombia
.
"We are honored with the recognition associated to be selected to participate in the Source2Equal
program of the IFC and the Ministry of Commerce, Industry and Tourism of
Colombia
. It is a
testament to our team's commitment to gender equality and our values," stated
Ian Harris
, CEO &
President. "Our team, largely composed of local individuals, especially professional women, is proud
to make a positive impact in the region they call home. They prioritize local talent and suppliers, and
overcome barriers, create solutions, and develop capacity, often in their own personal time, for
passionate local entrepreneurs. Our participation in this program is a testament to the dedication of
our team to creating a sustainable, equitable, and thriving industry in Mocoa and Putumayo,
underpinned by one of the most important copper resources in
Colombia
. We are excited to continue
our work towards maximizing economic retention and added value in the region, while also
empowering and supporting equality."
Since working with
Libero Copper
, Diverso Mocoa has grown from generating three jobs to
employing 15 women heads of household. Additionally, Diverso Mocoa has invested in more
machines, improved its capacity, and sought out quality suppliers. The relationship has helped
Diverso Mocoa become more competitive and sustainable in the long run, while also contributing to
the growth supply chains in the local economy and the promotion of gender equality. As part of the
Source2Equal program, Diverso Mocoa will have access to capacity building on corporate
requirements and access to financing and become part of a pool of WSMEs for corporate partners.
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.
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.
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
and the Esperanza project in San Juan,
Argentina
. 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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http://www.newswire.ca/en/releases/archive/April2023/27/c3358.html
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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-APR-23