VANCOUVER, BC, Dec. 20,
2023 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
(DE: 29H) ("Libero Copper")
announces the sale of its option agreement on the Big Bulk
exploration project in British Columbia,
Canada to Dolly Varden Silver Corporation ("Dolly Varden").
Libero Copper has strategically
decided to concentrate its focus and allocate resources solely to
the significantly more advanced Mocoa Porphyry Copper-Molybdenum
Deposit in Colombia, which is both
district-scale and 100% owned by the company. Libero Copper's initial drill hole in Mocoa
intercepted 1,229 metres of 0.58% copper equivalent (see press
release dated April 26, 2022). Over
the past three years relationships have been built with all
stakeholders at Mocoa resulting in support agreements with the
local communities. Given the results of the recent municipal and
regional elections, drilling is expected to recommence at Mocoa in
the coming months.
"We are truly excited about this successful sale, which provides
us with the opportunity to shift our focus to the Mocoa project.
The recent elections in Putumayo and Mocoa, with new regional and
local officials taking office on January 1,
2024, have created a favourable environment", commented
Ian Harris, President & CEO of
Libero Copper. "We believe that
concentrating our efforts on the Mocoa project is the best
path to generate substantial value for our shareholders. Our
commitment to dedicating management time and our resources to this
project reflects our unwavering confidence in its potential to
deliver significant returns."
Libero Copper has entered into a
binding assignment and assumption agreement (the "Agreement") with
Dolly Varden and LCT Holdings Inc.
("LCT Holdings", the current owner of the Big Bulk exploration
project), whereby Libero Copper will
be issued 275,000 common shares (the "Shares") of Dolly Varden, which shall be free trading and
issued as fully paid and non-assessable shares, as consideration
for assigning all right, title, and interest to the existing option
agreement dated October 7, 2020, as
amended October 14, 2022 between
Libero Copper and LCT Holdings,
whereby LCT Holdings granted Libero
Copper the right to acquire 100% of the Big Bulk project
subject to the existing royalties. The issuance of the Shares
remains conditional upon the approval of the TSXV.
About the Mocoa Porphyry
Copper-Molybdenum Deposit
The 100% owned 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. This belt hosts several other
porphyry-copper deposits in Ecuador, such as Mirador, San Carlos, Panantza
and Solaris' Waritza. 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 totalling 18,307 metres and metallurgical test work
cumulating in a positive pre-feasibility
study1. Libero Copper drilled Mocoa in 2022 and
intercepted 1,229 metres of 0.58% 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 is open in both directions
along strike and at depth. Current work on the property has also
identified a cluster of additional porphyry targets.
______________________________
|
1 the
pre-feasibility study is historical in nature and should not be
relied upon as it is not NI 43-101 compliant.
|
Qualified Person
Edwin Naranjo Sierra is the
designated Qualified Person for this news release within the
meaning of the National Instrument 43-101 ("NI 43-101") and has
review and verified the technical information contained in this
news release on behalf of Libero
Copper. Mr. Naranjo has an MSc degree in Earth Science and
is a Fellow of the Australasian Institute of Mining and Metallurgy
(FAusIMM) and the Society of Economic Geology.
About Libero
Copper
Libero Copper is a mineral
exploration company which is focussed on unlocking the value of the
Mocoa copper-molybdenum porphyry deposit located in Putumayo,
Colombia. Mocoa is being advanced
by a highly disciplined and seasoned professional team with
successful track records of discovery, resource development, and
permitting in Colombia.
Libero Copper prioritizes building
strong relationships with the communities in which we operate and
is dedicated to creating long-term value for our shareholders
through responsible exploration to fuel the green energy
future.
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 actual receipt of TSXV for the
issuance of the Shares, 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.