Libero Copper Sells Its BIG Bulk Option
LIBERO COPPER SELLS ITS BIG BULK
OPTION
VANCOUVER, BC
,
Dec. 20, 2023
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) ("
Libero Copper
") announces the sale of its option agreement on the
Big Bulk exploration project in
British Columbia, Canada
to Dolly Varden Silver Corporation ("Dolly
Varden").
Libero Copper
has strategically decided to concentrate its focus and allocate resources
solely to the significantly more advanced Mocoa Porphyry Copper-Molybdenum Deposit in
Colombia
,
which is both district-scale and 100% owned by the company.
Libero Copper's
initial drill hole in
Mocoa intercepted 1,229 metres of 0.58% copper equivalent (see press release dated
April 26, 2022
). Over the past three years relationships have been built with all stakeholders at
Mocoa resulting in support agreements with the local communities. Given the results of the recent
municipal and regional elections, drilling is expected to recommence at Mocoa in the coming months.
"We are truly excited about this successful sale, which provides us with the opportunity to shift our
focus to the Mocoa project. The recent elections in Putumayo and Mocoa, with new regional and
local officials taking office on
January 1, 2024
, have created a favourable environment", commented
Ian Harris
, President & CEO of
Libero Copper
. "We believe that concentrating our efforts on
the Mocoa project is the best path to generate substantial value for our shareholders. Our
commitment to dedicating management time and our resources to this project reflects our
unwavering confidence in its potential to deliver significant returns."
Libero Copper
has entered into a binding assignment and assumption agreement (the "Agreement")
with
Dolly Varden
and LCT Holdings Inc. ("LCT Holdings", the current owner of the Big Bulk
exploration project), whereby
Libero Copper
will be issued 275,000 common shares (the "Shares")
of
Dolly Varden
, which shall be free trading and issued as fully paid and non-assessable shares, as
consideration for assigning all right, title, and interest to the existing option agreement dated
October
7, 2020
, as amended
October 14, 2022
between
Libero Copper
and LCT Holdings, whereby LCT
Holdings granted
Libero Copper
the right to acquire 100% of the Big Bulk project subject to the
existing royalties. The issuance of the Shares remains conditional upon the approval of the TSXV.
About the Mocoa Porphyry Copper-Molybdenum Deposit
The 100% owned 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
. This belt hosts several other porphyry-copper
deposits in
Ecuador
, such as Mirador, San Carlos, Panantza and Solaris' Waritza. 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 totalling 18,307 metres and metallurgical test work cumulating in a positive pre-
feasibility study
1
. Libero Copper drilled Mocoa in 2022 and intercepted 1,229 metres of 0.58%
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 is open in both directions along strike and at depth. Current
work on the property has also identified a cluster of additional porphyry targets.
______________________________
1
the pre-feasibility study is historical in nature and should not be relied upon as it is not NI 43-101 compliant.
Qualified Person
Edwin Naranjo Sierra
is the designated Qualified Person for this news release within the meaning of
the National Instrument 43-101 ("NI 43-101") and has review and verified the technical information
contained in this news release on behalf of
Libero Copper
. Mr. Naranjo has an MSc degree in Earth
Science and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and the
Society of Economic Geology.
About Libero Copper
Libero Copper
is a mineral exploration company which is focussed on unlocking the value of the
Mocoa copper-molybdenum porphyry deposit located in Putumayo,
Colombia
. Mocoa is being
advanced by a highly disciplined and seasoned professional team with successful track records of
discovery, resource development, and permitting in
Colombia
.
Libero Copper
prioritizes building
strong relationships with the communities in which we operate and is dedicated to creating long-term
value for our shareholders through responsible exploration to fuel the green energy future.
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 actual receipt of TSXV for the issuance of the Shares, 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:
http://www.newswire.ca/en/releases/archive/December2023/20/c1926.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,
CO: Libero Copper & Gold Corporation.
CNW 07:00e 20-DEC-23