VANCOUVER, BC, June 27,
2023 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
(DE:29H) ("Libero Copper"), a leading strategic metals exploration
and development company, is pleased to provide an update on its
projects - Esperanza (San Juan, Argentina), Mocoa (Putumayo, Colombia) and Big Bulk (BC, Canada).
Highlights
- Esperanza has social and political support for exploration
permits which are being processed.
- In-house design and engineering work is underway for an
underground mine at Mocoa.
- New targets at Big Bulk are the focus of the 2023 with
summer work program.
Esperanza
Ian Harris, CEO, recently
conducted a site visit to the Esperanza project, reinforcing
relationships with local stakeholders. During the visit, meetings
were held with landowners, suppliers in the San Juan region, as
well as high-ranking officials, including the Governor,
Vice-Governor, Minister of Mines, and the newly elected mayor of
Jachal, the municipality closest to the project. Following the
conclusion of the local elections in San Juan in May, all
individuals involved have expressed their unwavering commitment to
finalizing the permit process and advancing the project.
"We are dedicated to maximizing employment and contracting
opportunities for the San Juan and Jachal community, recognizing
the impact of reduced operations in nearby mining projects on the
local economy. We have actively listened to the concerns of local
landowners, business groups in Jachal, and the mayor-elect, among
others, and are committed to being part of the solution in an area
with a rich mining history. Our unwavering commitment to our core
values and the highest standards propels us forward," emphasized
Ian Harris, CEO of Libero Copper. "The exceptional work of our team
developing social license, especially developing real relations and
understanding with local landholders, and establishing strong
government partnerships has laid a solid foundation for the restart
of our project, resulting in the recent rapid advancement of
permitting. With confidence in our progress, we are finalizing our
exploration plans in San Juan."
The exploration permits for Esperanza necessitated external
commentary from multiple different ministries and institutions that
occur sequentially. Libero Copper is pleased update that 90%
of the required external consultations have been successfully
completed, the majority since the most recent project visit
demonstrating clear support to get the project moving forward. The
company anticipates obtaining the necessary permits shortly,
enabling project mobilization. As a result Libero Copper's exploration teams have refocused
on Esperanza and are finalizing a comprehensive exploration program
including a 5,000-meter drill program, with a primary focus on
extending and expanding from the 2018 hole ESP-25 (the last hole drilled on the project)
that returned 0.57% Cu and 0.27 g/t Au over 387 metres from surface
to the end of the hole, including 0.74% Cu and 0.33 g/t Au over 232
metres from surface.
Mocoa
Libero Copper has progressed
in-house project design work at Mocoa. The company recognizes the
importance of strategic metals projects in Putumayo, as highlighted
in Colombia's National Development
Plan 2023-2026. As the sole known strategic metals project in the
region, and as a prioritized strategic investment in Putumayo,
Libero Copper is actively
collaborating with the government to position and advance Mocoa as
a key driver of industrialization in the area.
To ensure the success of Mocoa, Libero
Copper has partnered with Anglo Asian Mining for design and
engineering. As a strategic partner and largest shareholder of
Libero Copper, Anglo Asian brings
extensive expertise in various areas such as mine design,
metallurgy, geology, environmental management, and social
engagement. The primary objective of the project is to establish an
underground operation and local facilities for copper and
molybdenum production, with a strong emphasis on employing
low-impact mining methods and prioritizing environmental
sustainability.
The collaboration between Libero
Copper and Anglo Asian aligns with Colombia's broader goals of industrialization,
climate change mitigation, and the transition towards sustainable
industries. With the Mocoa project holding over 2 million tonnes of
inferred copper resources, it plays a crucial role in supporting
Colombia's green energy
initiatives and positioning the country as a leader in the global
energy transition.
Big Bulk
Libero Copper is currently
gearing up for the 2023 field season at the Big Bulk project in
British Columbia, Canada. In 2023,
the company completed a thorough compilation and review of all
historical data from the project area resulting in a revised
interpretation of the alteration and mineralizing system within a
tilted Jurassic sequence. The porphyry copper-gold system is now
partially exposed and lying on its side. The main targets for the
porphyry copper-gold mineralization may be largely untested to
date. In addition, a large gold target area has been identified
east of and stratigraphically overlying the main copper-gold
porphyry targets. This season will focus on mapping, sampling,
geochemistry, and geophysics to advance the targeting and to
supplement the historic work on the property.
Historically, the project was explored by Teck and Canadian
Empire between 2001 and 2003. Notable highlights from the
historical drilling activities include intersections such as 21
meters of 0.86% Cu and 0.4 g/t Au from a depth of 12 meters, as
well as 53 meters of 0.31% Cu and 0.2 gt Au from 143 meters depth
to the end of the hole (this hole ended in mineralization and was
never extended). These drill results are significant however they
were not properly followed up at the time. These drill results may
represent the edge of the main mineralized porphyry system in terms
of the revised interpretation of the mineralized
system.
In 2021, Libero Copper completed
a work program at the Big Bulk Project, which involved drilling 5
holes and a total of 1,743 meters of diamond drilling. The purpose
of this program was to test the new interpretation of
mineralization phases and the tilted system. The results were
promising, with all holes intersecting mineralization. Of
particular significance was drill hole BB-21-01 which intersected
37.44 metres of 0.3% Cu, 0.59 g/t Ag, 0.15 g/t Au) including 9.5
metres of 0.43% Cu, 0.79 g/t Ag, 0.2 g/t Au. In addition, drill
hole BB-21-05 intersected 97 metres of 0.19% Cu, 0.97 g/t Ag, 0.18
g/t Au including 17.5 metres of 0.28% Cu, 1.29 g/t Ag, 0.23 g/t Au.
The target remains open 200 metres below surface.
With the upcoming field season, Libero
Copper aims to build upon these positive findings and
continue advancing the exploration efforts at Big Bulk. The
company's dedication to comprehensive data analysis and the
development of a new conceptual model demonstrates its commitment
to maximizing the project's potential and achieving successful
outcomes in the pursuit of valuable copper and gold resources.
Corporate Update
Libero Copper strategically
navigates the market, prioritizing sustainability, and long-term
value creation, with a strong focus on maximizing the potential of
its projects. The company continuously adjusts its asset management
approach, considering both current market conditions and the
long-term outlook of the growing global demand for copper projects.
Through the strategic allocation of exploration talent and
resources across various regions, Libero
Copper aims to strengthen its position and capitalize on
market opportunities. With a steadfast commitment to responsible
resource extraction and environmental stewardship, the company is
dedicated to unlocking the full potential of its projects while
dynamically adapting to market dynamics and emphasizing
sustainability.
About the Esperanza Porphyry
Copper-Gold Deposit
Esperanza's porphyry copper-gold and epithermal gold project is
located in the prolific precious and base metal-endowed and
mining-friendly Huachi Mining District, San Juan Province,
Argentina. The property has seen
two main phases of exploration previously. In 2007, Cardero
Resources drilled 11 drill holes totalling 2,552 metres targeting
porphyry copper mineralization and in 2011, Kestrel Gold drilled 10
holes totalling 4,174 metres targeting epithermal
mineralization.1 More recently, in 2018, Latin Metals
drilled 3 holes targeting porphyry copper mineralization totalling
965.5 metres (one hole was abandoned). In this drilling, hole
18-ESP-25 returned 0.57% Cu and 0.27
g/t Au over 387 metres from the surface to the end of the hole,
including 0.74% Cu and 0.33 g/t Au over 232 metres from surface.
Hole 18-ESP-27 returned 0.21% Cu and
0.12 g/t Au over 451.5 metres from the surface to the end of the
hole, including 0.43% Cu and 0.12 g/t Au over 24 metres from 86 to
110 metres.2 These holes were never followed up on due
to market conditions.
Esperanza is road accessible and contains multiple copper-gold
drill targets supported by numerous surface rock samples across a
large alteration footprint. The project can be drilled year round
and drill permitting is well underway. Once the required permits
are obtained, the company will re-establish access to the property,
and complete mapping and sampling of the property prior to
initiating a 5000-metre drill program.
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 study3. 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 Centenera
Mining Corporation NI 43-101 Technical Report on the property dated
6 March 2017
|
2 Latin
Metals Inc., MD&A dated October 31, 2018
|
3 the
pre-feasibility study is historical in nature only and should not
be relied upon as it is not NI 43-101 compliant
|
Qualified Person
Information in this news release relating to the exploration
results is based on data reviewed by Matthew C. Wunder, B.Sc. P.Geo., the Vice
President Exploration for Libero
Copper. Mr. Wunder is a registered Professional Geologist
and has in excess of 35 years' experience in mineral exploration
and is a Qualified Person as defined under National Instrument
43-101.
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.
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.