VANCOUVER, BC, Dec. 21,
2023 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB:
LBCMF) (DE: 29H) ("Libero
Copper"), announces the termination of its option
agreement with Latin Metals Inc. for the Esperanza exploration
project in Argentina. Libero Copper has made the strategic decision to
direct its focus and resources solely on the much more advanced,
district scale and 100% owned Mocoa Porphyry Copper-Molybdenum
Deposit in Colombia.
Esperanza had entered its third year of escalating option
obligations negotiated in a much different market, without
receiving exploration permits due to underlying issues inherited
from previous operators.
Libero Copper's initial drill
hole in Mocoa intercepted 840 metres of 0.72% 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 were assured by Latin Metals when entering into the
Esperanza option agreement in January
2021 that Latin Metals would secure permits to allow us to
commence drilling quickly. However, the previous exploration
permit, held by Latin Metals, had been suspended by a resolution of
the Ministry of Mines in San Juan, which made recommencing drilling
much more difficult than expected. I have been dramatically
impressed with the dedicated Libero team on the ground, which has
very agilely navigated the complex process of obtaining permits for
the Esperanza project, and established excellent relationships with
local stakeholders to overcome the social and political barriers
left behind," commented Ian Harris,
President & CEO of Libero
Copper. "However, we have reached a point in the option
agreement where, financially, it no longer makes sense to continue
under the current terms. The original terms were based on the
anticipation of drilling being significantly more advanced after
almost three years. However, the reality does not align with these
expectations, and current market conditions do not support
advancing under the existing terms. Therefore, we have taken the
strategic decision that focusing our resources and efforts on
the Mocoa project in Colombia, especially with new local and
regional officials taking office in Putumayo and Mocoa, on
January 1, 2024, is in the best
interest of our shareholders and the most effective way to create
value for Libero Copper's
shareholders."
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 18,321 metres and metallurgical test work
cumulating in a positive pre-feasibility
study1. 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 is open in both directions
along strike and at depth. Current work on the property has
also identified a cluster of additional porphyry targets.
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 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.
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1 the
pre-feasibility study is historical in nature and should not be
relied upon as it is not NI 43-101 compliant
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SOURCE Libero Copper & Gold
Corporation.