Upcoming drilling to follow up on MD-043 that
intersected 1,228.5 metres averaging CuEq* of 0.58%, including
840.3 metres of 0.72% CuEq*
VANCOUVER,
BC, Sept. 17, 2024 /CNW/
- Libero Copper & Gold
Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H)
("Libero Copper" or the
"Company") is pleased to announce mobilization to
support exploration activities at its flagship Mocoa Porphyry
Copper-Molybdenum Deposit, located in Colombia's Jurassic Copper Belt, near the town
of Mocoa, Putumayo. This phase of mobilization marks the final
preparatory steps ahead of a 14,000-metre drill program designed to
expand the resource and test new high-priority porphyry targets
across the region.
Highlights
- Upcoming 14,000-Metre drill program: the team is
in the final stages of planning a 14,000-metre drill program for
Q4-2024 through H1-2025 focused on infill, resources expansion, and
testing of new targets.
- Resource expansion and follow-up of drill hole
MD-043: upcoming drilling will focus on follow-up of i) the
high-grade core of MD-043 that intercepted 250.8m at 1.12% copper equivalent (CuEq*) [0.74%
copper (Cu) and 0.114% molybdenum (Mo) and ii) a 2 kilometre by
800-1,000 metre copper-molybdenum soil anomaly surrounding the
resource area.
- Field program work: Fieldwork will focus on prioritizing
and preparing for drill tests on nine additional porphyry targets
identified in the area, supported by geophysical data and
geochemistry of rock samples (see news release May 03, 2022).
"We're at an exciting milestone at the Mocoa
Porphyry Copper-Molybdenum Deposit, built on a foundation of
extensive geological work and strong relationships. We are
preparing to follow up on the impressive copper intersections from
MD-043. Detailed fieldwork has only reinforced what we believed all
along: Mocoa Deposit holds immense potential," comments
Ian Harris, President and CEO. "But
this moment is about more than just geology—it's about the
foundation we've built through close collaboration with local
communities, key partnerships and government. I'm particularly
proud of the commitment shown by our team and local stakeholders.
Together, we are unlocking the full potential of Mocoa Deposit for
the benefit of Mocoa, Putumayo, and Colombia."
Mobilization Activities
Significant preparatory activities are currently
underway, including the hiring of key personnel (see photo 1),
ensuring the camp is fully equipped and operational, maintenance
and testing of the first drill rig already on site, securing rain
water supply, and reopening vital access routes to the exploration
camp and drill sites. These routes provide crucial access for
personnel and supplies, minimizing operational costs by eliminating
the need for helicopter support.
Mobilization and preparations are expected to be
completed in the coming weeks.
Additionally, construction of a new walking
bridge, providing vital access to Montclar, has begun. This project
was developed in collaboration with the Montclar community under a
mutual benefits agreement signed in November
2022 (see news release Nov 29,
2022). While the bridge's completion is not required for the
start of exploration activities, it will improve efficiency and
safety for the project while delivering long-term infrastructure
improvements for the Montclar community.
Drillhole MD-043
The next phase of exploration at the Mocoa
Porphyry Copper-Molybdenum Deposit will focus on following up the
significant results from drill hole MD-043, which intercepted
1,228.5 metres averaging CuEq* of 0.58%, including 840.3 metres of
0.72% CuEq* (see new release April 26,
2022). This drill hole demonstrated the expansion potential
of the Mocoa Deposit and provided key insights into the high-grade
core of the resource, including 250.78 metres at 1.12% CuEq* (0.74%
Cu and 0.114% Mo) (see Table 1 and Figure 1). These results have
served as a foundation for planning the upcoming 14,000-metre drill
program to be executed Q4-2024 through H1-2025.
Table 1 – Released results from drill hole MD-043.
MD - 043
|
From
|
To
|
Interval
|
Cu
|
Mo
|
CuEq *
|
m
|
m
|
m
|
%
|
%
|
%
|
|
7.0
|
1235.5
|
1228.5
|
0.42
|
0.047
|
0.58
|
incl.
|
108.1
|
948.4
|
840.3
|
0.52
|
0.062
|
0.72
|
and
incl.
|
139.6
|
390.4
|
250.8
|
0.74
|
0.114
|
1.12
|
And, and
incl.
|
265.3
|
295.9
|
30.6
|
1.30
|
0.184
|
1.92
|
And, and
incl.
|
361.9
|
390.4
|
28.5
|
1.30
|
0.093
|
1.61
|
incl.
|
484.9
|
664.9
|
180.0
|
0.74
|
0.078
|
1.00
|
*Libero Copper defines
copper equivalent calculation for reporting purposes only.
Copper-equivalence calculated as:
CuEq (%) = Cu (%) + 3.33 × Mo (%), utilizing metal prices of Cu -
US$3.00/lb, Mo - US$10.00/lb. Metal recoveries utilized for the
resource model are 90% for Cu and 75% for Mo
|
This program will build on extensive fieldwork
already completed, including a 2-kilometre by 800-1,000-metre
multi-element soil geochemical anomaly identified south of the
resource area (see news release November 15, 2022). Geophysical (detailed
airborne magnetic and radiometric survey data) and geochemical
surveys on soils and rocks have helped define multiple new porphyry
targets. Nine high-priority porphyry targets were identified
potentially part of a clustered system, extending up to 6
kilometres from the known Mocoa Deposit area. This data, combined
with the 3D radial symmetric isosurface intrusions, indicates a
significant expansion potential beyond the original resource
area (see news release May 03,
2022).
National Mining Congress Recognition
At the 2024 National Mining Congress in
Cartagena, Libero Copper was
recognized in the Brújula Minera rankings (see figure #2),
an influential annual study on mining sector reputation in
Colombia. Conducted by the
Centro Nacional de Consultoría, in collaboration with
Jaime Arteaga &
Asociados, Revista Mundo Minero, and in alliance with
the Asociación Colombiana de Minería (ACM), Asociación
Nacional de Empresarios de Colombia (ANDI), and the Ministerio de
Minas y Energía (Ministry of Mines and Energy), Brújula
Minera evaluates how mining companies engage with communities,
demonstrate environmental responsibility, and establish trust.
Libero Copper
received the following rankings:
- Reputation in Mining Municipalities: Ranked 12th, the
highest-ranking exploration company on the list.
- Reputation with Government Authorities: Ranked 13th, the
second-highest exploration company after AngloGold Ashanti.
This recognition not only validates Libero
Copper's efforts to build lasting relationships with local
communities and government authorities but also underscores the
solid foundation necessary for advancing a project of Mocoa
Porphyry Copper-Molybdenum Deposit's importance. The company's
strong reputation has been a crucial factor in preparing to move
the project forward, ensuring alignment with all stakeholders and a
commitment to responsible development.
Qualified Person
Edwin Naranjo
Sierra, Exploration Manager of Libero Copper, is the designated Qualified
Person within the meaning of National Instrument 43-101 and has
reviewed and verified the technical information in this news
release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a
Fellow of the Australasian Institute of Mining and Metallurgy
(FAusIMM) and the Society of Economic Geology.
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 through titles and applications,
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 new release April 26, 2022).
A pit constrained inferred
resource1 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 Central
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
Libero Copper is
led by a team with rare experience—having advanced projects from
post-resource discovery to the path of construction, including some
of the few large copper projects built in the last 20 years. This
real-world expertise drives Libero's focus on relationships,
responsibility, trust, and a relentless commitment to sustainable
progress.
At the core of Libero's portfolio is the Mocoa
copper-molybdenum porphyry deposit in Putumayo, Colombia. With a resource of 4.6 billion
pounds of copper and 511 million pounds of molybdenum¹, Mocoa
stands as a cornerstone asset with immense potential for
expansion.
Now, with the Fiore Group's bold company-building
vision behind it, Libero is uniquely positioned to fill a crucial
gap in the copper industry—advancing large-scale projects toward
construction. Through this approach, Libero is committed to
creating lasting value for all stakeholders while positioning
itself at the forefront of meeting the growing global demand for
copper—the metal driving progress in the modern economy.
¹NI-43-101 Technical Report titled "Mocoa
Copper-Molybdenum Project, Colombia" prepared by Michael Rowland Brepsant
(FAusIMM), Robert Sim (P.Geo) and
Bruce Davies (FAusIMM) with
effective date of 1 November 2021.
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