Libero Copper Terminates the Esperanza Option Agreement
LIBERO COPPER TERMINATES THE
ESPERANZA OPTION AGREEMENT
VANCOUVER, BC
,
Dec. 21, 2023
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV:
LBC) (OTCQB: LBCMF) (DE: 29H) ("
Libero Copper
"), announces the termination of its option
agreement with Latin Metals Inc. for the Esperanza exploration project in
Argentina
.
Libero Copper
has made the strategic decision to direct its focus and resources solely on the much more
advanced, district scale and 100% owned Mocoa Porphyry Copper-Molybdenum Deposit in
Colombia
.
Esperanza had entered its third year of escalating option obligations negotiated in a much different
market, without receiving exploration permits due to underlying issues inherited from previous
operators.
Libero Copper's
initial drill hole in Mocoa intercepted 840 metres of 0.72% 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 were assured by Latin Metals when entering into the Esperanza option agreement in
January
2021
that Latin Metals would secure permits to allow us to commence drilling quickly. However, the
previous exploration permit, held by Latin Metals, had been suspended by a resolution of the
Ministry of Mines in San Juan, which made recommencing drilling much more difficult than expected.
I have been dramatically impressed with the dedicated Libero team on the ground, which has very
agilely navigated the complex process of obtaining permits for the Esperanza project, and
established excellent relationships with local stakeholders to overcome the social and political
barriers left behind," commented
Ian Harris
, President & CEO of
Libero Copper
. "However, we have
reached a point in the option agreement where, financially, it no longer makes sense to continue
under the current terms. The original terms were based on the anticipation of drilling being
significantly more advanced after almost three years. However, the reality does not align with these
expectations, and current market conditions do not support advancing under the existing terms.
Therefore, we have taken the strategic decision that focusing our resources and efforts on
the Mocoa project in
Colombia
, especially with new local and regional officials taking office in
Putumayo and Mocoa, on
January 1, 2024
, is in the best interest of our shareholders and the most
effective way to create value for
Libero Copper's
shareholders."
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 18,321 metres and metallurgical test work cumulating in a positive pre-
feasibility study
1
. 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 is open in both directions along strike and at depth. Current
work on the property has also identified a cluster of additional porphyry targets.
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 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.
________________________________
1
the pre-feasibility study is historical in nature and should not be relied upon as it is not NI 43-101 compliant
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 21-DEC-23