VANCOUVER, BC, April 27,
2023 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
(DE: 29H) is pleased to announce its selection as one of only
twelve companies for the Source2Equal program in Colombia. The program, run by the
International Finance Corporation (IFC) and supported by the
Ministry of Commerce, Industry and Tourism of Colombia, recognizing the alignment of
Libero Copper to the aims of the
program to promote gender equality in supply and production chains
by supporting the growth of women-led businesses and increasing
their access to markets.
Libero Copper is among the twelve
companies selected, which include some of the most important
companies in Colombia, such as
Alpina, Bancolombia, Coca-Cola Femsa, Grupo Éxito, Juan Valdez, Postobon, and Unilever. The program
seeks to provide technical assistance, training, and access to
finance for women-owned businesses to help them grow and
succeed.
Libero Copper is fully committed
to supporting Mocoa and Putumayo in Colombia. Over 85% of the company's employees
are from the region, and over 60% of its professionals are women.
In order to maximize the benefits for the region, Libero Copper is focused on building strong
supply and production chains, including through its involvement in
the Green Route Alliance, which is a roadmap for the development of
a copper-based production chain in Mocoa and Putumayo. This roadmap
was created at the request of the Ministry of Commerce, Industry
and Tourism of Colombia.
By prioritizing local talent, equity, and inclusion,
Libero Copper currently works with
over 230 suppliers from the region, 38% of them belongings to
women, who together have generated more than 527 additional jobs.
According to a study by the IFC, as of 2021, approximately 28% of
businesses in Colombia are owned
by women. However, only about 10% of these women-owned businesses
are formal, and large corporations and governments spend less than
1% of their procurement budgets on women-owned and led small and
medium enterprises ("WSMEs").
A prime example of success is Diverso Mocoa, a local clothing
manufacturer, which has been working with Libero Copper to provide uniforms, clothing, and
apparel for the company. The owner and operator of Diverso Mocoa,
Magali Rodriguez, has been selected
to participate in the Source2Equal program and serve as a key
speaker at the launch event on April
27th. She is the only speaker from outside the major
metropolitan areas of Colombia.
"We are honored with the recognition associated to be selected
to participate in the Source2Equal program of the IFC and the
Ministry of Commerce, Industry and Tourism of Colombia. It is a testament to our team's
commitment to gender equality and our values," stated Ian Harris, CEO & President. "Our team,
largely composed of local individuals, especially professional
women, is proud to make a positive impact in the region they call
home. They prioritize local talent and suppliers, and overcome
barriers, create solutions, and develop capacity, often in their
own personal time, for passionate local entrepreneurs. Our
participation in this program is a testament to the dedication of
our team to creating a sustainable, equitable, and thriving
industry in Mocoa and Putumayo, underpinned by one of the most
important copper resources in Colombia. We are excited to continue our work
towards maximizing economic retention and added value in the
region, while also empowering and supporting equality."
Since working with Libero Copper,
Diverso Mocoa has grown from generating three jobs to employing 15
women heads of household. Additionally, Diverso Mocoa has invested
in more machines, improved its capacity, and sought out quality
suppliers. The relationship has helped Diverso Mocoa become more
competitive and sustainable in the long run, while also
contributing to the growth supply chains in the local economy and
the promotion of gender equality. As part of the Source2Equal
program, Diverso Mocoa will have access to capacity building on
corporate requirements and access to financing and become part of a
pool of WSMEs for corporate partners.
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 and the Esperanza project in San
Juan, Argentina. 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.