Libero Copper Signs Exploration Drilling Contract FOR the Mocoa Porphyry Copper-Molybdenum Project IN Colombia
LIBERO COPPER SIGNS EXPLORATION
DRILLING CONTRACT FOR THE MOCOA
PORPHYRY COPPER-MOLYBDENUM
PROJECT IN COLOMBIA
VANCOUVER, BC
,
Jan. 25, 2022
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) is pleased to announce signing of an exploration drilling contract with
Kluane Colombia, S.A.S., a subsidiary of Kluane Drilling Ltd. (Kluane), for a minimum of 5,000
metres of drilling at the Mocoa Porphyry Copper-Molybdenum Deposit in Colombia. A KD-1000 drill
(a proprietary build of Kluane) is currently being mobilized. The KD-1000 is modular and highly
portable and can reach depths over 1,200 metres.
"We are very excited about partnering with Kluane to begin exploration drilling at Mocoa. Kluane
have a proven track record of professional operation in
Colombia
, operating their own modular and
portable drills. These drills will dramatically reduce the footprint of our exploration activities.
However, more importantly in the selection process was that Kluane is highly aligned with
Libero
Copper's
high environmental and social standards, including maximizing opportunities for
employment, and contracting locally," comments
Ian Harris
, President & CEO. "Mobilization of
materials and supplies to site has already begun with the drill expected to be in Mocoa by end of the
month. This first 5,000 metre phase of drilling will focus on the expansion of the existing resource.
We consider local engagement to be a core component to the development of Mocoa, and therefore
we will be investing strongly in the hiring and training of locals to support an expanding drill
campaign."
Q4 Webinar
On
Thursday, January 27
,
Libero Copper
will hold its quarterly webinar at
2:00 pm Eastern Time
.
President & CEO,
Ian Harris
will recap Q4 2021 deliverables and outline 2022 exploration plans. The
update will be followed by a Q&A session. To register, follow
https://www.redcloudfs.com/rcwebinar-lbc-2/
About the Mocoa Porphyry Copper-Molybdenum Deposit
The Mocoa deposit is located in the department of Putumayo, 10 kilometres from the town of
Mocoa. It was discovered in 1973 when the United Nations (UN) and the Colombian government
conducted a regional stream 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. B2Gold subsequently executed diamond drill programs in 2008 and
2012.
A pit constrained inferred resource at Mocoa contains 636 million tonnes of 0.45% CuEq* at 0.25%
cut-off containing 4.6 billion pounds of copper and 511 million pounds of molybdenum. Mocoa is
open in both directions along strike and at depth. Additional porphyry surface targets have been
identified and are drill ready.
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, such as Mirador
(438 million tonnes measured and indicated at 0.61% Cu and 235 million tonnes inferred at 0.52%
Cu)
1
, San Carlos (600 million tonnes inferred at 0.59% Cu)
2
, Panantza (463 million tonnes inferred
at 0.66% Cu)
2
, and Solaris' Waritza, located in
Ecuador
.
Copper-molybdenum mineralization is associated with a dacite porphyry intrusion 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 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.
*
No adjustments were made for recovery as the project is an early-stage project and metallurgical data to allow for estimation of recoveries is not yet available. Libero Copper
defines copper equivalent (CuEq) calculation for reporting purposes only. In-pit resource contained within shell generated using US$3/lb Cu and US$10/lb Mo. CuEq%=Cu%+Mo% ×
3.33.
1
Technical Report: "Mirador Copper-Gold Project 30,000 TPD Feasibility Study" dated effective April 3, 2008
2
Technical Report: "Preliminary Assessment Report Panantza & San Carlos Copper Project" dated effective October 30, 2007
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 Big Red (a new grassroots
discovery) and Big Bulk in the Golden Triangle,
Canada
; Esperanza in San Juan,
Argentina
; and
Mocoa in Putumayo,
Colombia
. These assets are advanced by a highly disciplined and seasoned
professional team with successful track records of discovery, resource development, and permitting
in the Americas.
Thomas Mumford
, Ph.D., P.Geo, a qualified person under National Instrument 43-101, has reviewed
the technical information contained in this news release on behalf of
Libero Copper
.
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 the Company 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,
CO: Libero Copper & Gold Corporation.
CNW 06:00e 25-JAN-22