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.
"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.
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
km2 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.