Libero Copper Working IN Partnership Supporting the Colombian Government to Develop a Secure and Strategic Source of Copper FOR Colombian Sustainable Industries
LIBERO COPPER WORKING IN
PARTNERSHIP SUPPORTING THE
COLOMBIAN GOVERNMENT TO DEVELOP A
SECURE AND STRATEGIC SOURCE OF
COPPER FOR COLOMBIAN SUSTAINABLE
INDUSTRIES
VANCOUVER, BC
,
April 5, 2023
/CNW/ -
Libero Copper
& Gold Corporation
(TSXV: LBC)
(OTCQB: LBCMF) (DE: 29H) is pleased provide an update on its "Green Route" collaboration with
national universities, communities and local start-up companies in
Colombia
. In alignment with
Colombia's
development strategy, the partnership has collaborated to create a roadmap called the
"Green Route" (
la Ruta Verde
) to establish a copper supply chain that is sustainable, secure, and
traceable. A primary object is maximizing content in Mocoa and regionally in Putumayo, with
intermediate and end-use products for sustainable energy and electric vehicles in
Colombia
. Copper
is a vital component in the manufacturing of electric vehicles, renewable energy infrastructure, and
other technologies critical to achieving these goals.
The Green Route plans on starting with recycled copper and is underpinned by the Mocoa Copper &
Molybdenum deposit (the "Project" or the "Mocoa project"), which is expected to serve as a secure
and strategic source of copper for the future while adhering to the highest environmental and social
standards. Currently,
Colombia's
only source of metallic copper is through national and imported
copper scrap. By pursuing this initiative, the Green Route is also contributing to the Colombian
government's Just & Sustainable Energy Transition and Reindustrialization Policy, which aims to
transition to cleaner energy sources and create new green industries to drive economic growth.
Photo 1 – Exploration drill core from the Mocoa Copper-Molybdenum Porphyry Project and
the “Key
to Colombia’s Energy Transition” made of copper at the National University of Colombia from copper
minerals from the Mocoa deposit. (CNW Group/Libero Copper & Gold Corporation.)
"We are delighted to play a strategic role in the creation of the new green industry future in
Colombia
that emphasizes access to dependable and responsible copper, providing a competitive
advantage for the creation of local and national businesses and an integrated copper industry. We
are committed to working with our existing and new local and national partners, as well as the
government of
Colombia
, to ensure that our goals are aligned, benefits are maximized, and the
environmental and social impact is minimized," comments
Ian Harris
, CEO & President of
Libero
Copper
. "The experience of our team includes the successful development of some of the most
significant copper projects in
Latin America
, including the two nearest copper operations to Mocoa.
This collective expertise has taught us that projects of national importance, such as the Mocoa
copper-molybdenum deposit, can only be accomplished through responsible business practices that
align with the government's objectives, as well as local and national collaboration and innovation. We
firmly believe that achieving solutions that benefit both communities and the planet is crucial for
ensuring long-term success towards a sustainable future."
Various government initiatives have been recently launched and announced and
Libero Copper
has
established itself as a partner and participant in numerous ways.
The Green Route was submitted on
February 10, 2023
, to the Ministry of Commerce, Industry and
Tourism (MINCIT) at their request. The Green Route has been shared in multiple high-level
government meetings with Ministers, Vice-Minister, and Directors in various government
departments such as the Ministry of Finance and Public Credit (MinHacienda), the Ministry of Energy
and Mines (MinMinas), and National Planning Department (DNP).
On
February 20, 2023
, MINCIT announced the Reindustrialization Policy with the objective to move
from an extractive economy to a productive and sustainable knowledge economy. The
Reindustrialization Policy was developed by MINCIT, with the participation of the MinHacienda and
the DNP. The Green Route supports three of the four objectives of the policy including closing
productivity gaps, strengthening production chains and investment, and diversifying and
sophisticating the internal and exportable supply, in the key productive centre of the energy
transition.
On
March 3, 2023
, the Minister of Energy and Mines visited the city of Mocoa in Putumayo and
announced the creation of permanent dialogue tables on the Mocoa project. Between
March 15-18
,
the Minister's announcement led to various groups expressing their support for the responsible
development of the project and interest in participating in the dialogue. This included all seven of the
communities surrounding the project, through their elected township Community Action Boards
(JACs), the Inspectorate for the Transition and Total Peace with 910 supporting signatures, a
collation of local service providers, among others, representing several thousand individuals and
families. As reference the total population of the City of Mocoa per the 2018 census is 38,457.
On
March 15, 2023
, the Government of
Colombia
issued a press release on "A Just and Sustainable
Energy Transition" announcing the government's "fundamental objective of advancing a fair and
stainable energy transition." The strategy has five key axes including a significant investment in clean
energy and decarbonization, and the reindustrialization of the Colombian economy. The timing of the
energy transition will depend on the results of these axes to align progress with "the transition of
exports, with a more diversified economy, less dependent on oil and coal." The press release also
included six key instruments of the National Government including the stimulation of the diversification
of the export basket to intermediate and end-use products with higher added value, and the
promotion of the exploration, production, and industrialization of critical minerals mentioning
specifically copper, cobalt and lithium. The National Government with technical teams from MINCIT,
MinHacienda, and MinMinas are to permanently evaluate the evolution of the strategy.
On
March 28-29, 2023
,
Libero Copper
was invited to participate in the first ever Colombia Green
Energy Summit as presenter and panelist, and the only company invited from the mining sector. The
summit was opened by the Minister of Energy & Mines, and
Libero Copper
was among three
approved companies to accompany the Minister in the subsequent national press conference.
Libero
Copper
is in advanced discussion with multiple public and private sector companies who have shown
interest in participating in the Green Route alliance.
Photo 2 – Ian Harris, CEO and President, at the Colombia Green Energy Summit´s press
conference together with, Irene Vélez Torres, Minister of Energy & Mines (third person from the
left); Camilo Salsedo, Aggreko’s Business Development manager (person on the left); Ester Teijeiro,
Colombia Green Energy Summit’s Regional Director (second person from the left), and Steve
Freeman, SLB’s Head of Energy Transition (person on the right). (CNW Group/Libero Copper &
Gold Corporation.)
Photo 3 – The dialogue surrounding the energy transition and the significance of copper in
Colombia's reindustrialization strategy has emerged as a crucial topic in the country's media. In
recent days, Libero Copper has been featured in several print and television news programs as a
recognized industry expert. (CNW Group/Libero Copper & Gold Corporation.)
Photo 3.2 – The dialogue surrounding the energy transition and the significance of copper in
Colombia's reindustrialization strategy has emerged as a crucial topic in the country's media. In
recent days, Libero Copper has been featured in several print and television news programs as a
recognized industry expert. (CNW Group/Libero Copper & Gold Corporation.)
Libero Copper
looks forward to providing further updates on its partnership with the Colombian
government as it continues to work towards developing a secure source of copper for a new
industry focused on energy transition and electric vehicles.
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
; Esperanza in San Juan,
Argentina
; and Big Red and Big Bulk in the Golden Triangle, BC,
Canada
. 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.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/April2023/05/c0369.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 05-APR-23