VANCOUVER, BC, May 2, 2023
/CNW/ - Libero Copper & Gold
Corporation ("Libero Copper)
(TSXV:LBC) (OTCQB:LBCMF) (DE:29H) is pleased to announce that
the company has partnered with Anglo Asian Mining PLC ("Anglo
Asian") for the initial design, engineering, and financial
modelling of the Mocoa Porphyry Copper-Molybdenum deposit, located
in Putumayo, Colombia. Anglo Asian
is a strategic partner and largest shareholder of Libero Copper. Anglo Asian, as an
experienced project developer, mine builder, operator, and explorer
bringing a proven team with expertise in mine design, planning,
metallurgy, geology, environmental management, and social
engagement. Anglo Asian also brings established long-term
relationships with several consulting firms and manufacturing
companies. Preliminary mine designs will be reviewed by top tier
external professionals and consulting companies.
Highlights
- Project concept is to outline and confirm a development
opportunity for an accelerated pathway to production through
a foundation underground operation and local facilities
for molybdenum, copper cathode and copper products production.
- Studies to be focused on using low-impact underground bulk
tonnage mining methods, evaluation of backfill, and utilizing
innovation and technology to minimize the project's environmental
footprint.
- Further reducing environmental impact, project design will
tie into nearby existing infrastructure (less than five
kilometres), including the low-to-no-carbon-emissions national
electrical grid and existing road networks.
- Design approach will focus on and prioritize opportunities
for energy efficiency and electrification of energy-intensive
activities and to focus on a carbon neutral footprint.
- Project will utilize previous project studies including the
19841 positive historical prefeasibility study and
2021 updated resource estimate, and identify additional work
requirements such as additional metallurgical and geotechnical test
work.
The design of the Mocoa project is focused on value creation for
the project by ensuring a reliable and sustainable supply of
locally produced copper-based components for Colombia's green industries, in line with the
objectives of the Green Route Alliance. This initiative seeks to
promote a copper-based production chain that maximizes local
involvement, minimizes environmental footprint, fosters circular
economic growth, and carbon neutrality.
Given the surging demand for copper in the renewable energy and
electric vehicle industries, the Mocoa deposit's inferred resource
containing over 2 million tonnes of copper is an integral part of
the success of Green Route Alliance. Moreover, traceable and
ethically-sourced materials have a high market value and are key to
achieving the Green Route Alliance objective of attracting
investments in green energy, climate change, and the energy
transition in Colombia. The Green
Route Alliance has set ambitious targets to strengthen Colombia's position as a leader in the global
transition to a low-carbon economy.
"The commencement of the design for the Mocoa Porphyry
Copper-Molybdenum project marks an important milestone for
Libero Copper and our partnership
with Anglo Asian," comments Ian
Harris, CEO & President of Libero Copper. "A key objective of the design is
maximizing production chain development in Putumayo through a
secure, long-term supply of copper for national green industries,
in line with the Colombian government's commitment to
industrialization, tackling climate change and transitioning
towards sustainable industries. We look forward to working with all
our partners to develop the Mocoa project and contribute to
regional development and the country's energy transition
goals."
"Anglo Asian Mining already has a strong track record of
protecting the earth while having a positive impact on the living
standards where we operate," states Reza
Vaziri, President & CEO of Anglo Asian. "As the mining
industry continues to evolve, we are committed to embracing changes
that will help create a sustainable and mutually beneficial future
for all. Our partnership with Libero
Copper reinforces this commitment, as we strive to maintain
our vision of responsible mining practices and ethical treatment
towards mining, the environment, and communities."
Colombia is actively moving
away from its traditional reliance on fossil fuel exports and
making significant progress towards developing sustainable green
industries. The country is prioritizing the development of its vast
renewable energy potential, with a particular focus on leveraging
copper, a strategic metal that plays a crucial role in green
technologies, to achieve its industrialization and energy
transition goals. The Colombian government has recently
demonstrated a strong commitment to tackling climate change and
establishing Colombia as a leader
in the global energy transition.
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.
1 the
1984 prefeasibility study by the UN, INGEOMINAS and
ECOMINAS is historical in nature only and should not be
relied upon as it is not NI 43-101 compliant.
|
About Libero Copper
Libero Copper is unlocking the
value of a collection of porphyry copper deposits in prolific
jurisdictions throughout the Americas. Libero Copper leverages its technical expertise,
industry knowledge, and strategic partnerships to advance projects
from early-stage exploration to production. With a focus on
responsible mining practices and community engagement, Libero Copper aims to unlock the full potential
of its projects while contributing to the sustainable development
of the regions in which it operates.
About Anglo Asian
Mining
Anglo Asian Mining is an AIM listed gold, copper, and silver
producer with a broad portfolio of assets in Azerbaijan, which includes seven production
sharing agreements (PSAs) where it operates the Gedabek, Gosha,
Gadir and Vejnaly underground mines, as well as the Gedabek open
pit mine. Anglo Asian is the largest gold producer in Azerbaijan and has a proven track record of
successful mining operations in the country. The company is
committed to responsible mining practices, including the use of
modern, environmentally friendly technologies, and has been
recognized for its efforts in sustainability and social
responsibility.
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.