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.
![Libero Copper & Gold Corporation Logo (CNW Group/Libero Copper & Gold Corporation.) Libero Copper & Gold Corporation Logo (CNW Group/Libero Copper & Gold Corporation.)](https://mma.prnewswire.com/media/1732968/Libero_Copper___Gold_Corporation__LIBERO_COPPER_SIGNS_EXPLORATIO.jpg)
"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.