VANCOUVER, BC, Oct. 16,
2024 /CNW/ - Libero Copper & Gold Corporation
(TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) ("Libero Copper" or the
"Company") is pleased to announce a significant milestone in
advancing the resource expansion, with the start of hole MD-044, at
its flagship Mocoa Porphyry Copper-Molybdenum Deposit
("Mocoa" or the "Mocoa Project"), located within
Colombia's Jurassic Copper Belt,
near the town of Mocoa, Putumayo. MD-044 is the start of a program
of up to 14,000 metres. This phase marks the culmination of over
two years of extensive groundwork in establishing a sustainable and
responsible base for ongoing project development and follows up on
recent mobilization activities.
Highlights
- Commencement of resource expansion activities with hole
MD-044, designed to test the extension at depth of the
high-grade copper-molybdenum zone, which is interpreted to plunge
northeastward
- Upcoming 14,000-metre resource expansion program,
focused on expansion, in-fill, and testing new areas based on
detailed geological updates.
- Montclar Bridge construction advancing on schedule,
expected to be complete by the end of November 2024, enhancing community connectivity
under the Cooperation Framework Agreement with the community of
Montclar.
- Mobilization activities successfully concluded,
including hiring key personnel, fully equipping the camp,
maintaining and testing the first drill rig, securing a reliable
rainwater supply, and reopening vital access routes to the
exploration camp and resource expansion sites.
- Prior to the expansion of activities, a detailed permit
review was conducted. Based on this review, Libero Copper
implemented additional measures—including expanding the rainwater
collection system and enhancing waste management practices—to
ensure compliance without requiring additional permits.
The progress we are seeing at Mocoa is a testament to the
collaborative efforts between Libero Copper, the local community,
and regional stakeholders," commented Ian
Harris, President and CEO. "The initiation of drilling marks
an important milestone for the project—our drills are turning again
after several years, and we are advancing towards our goal of
responsibly unlocking the full potential of the Mocoa deposit.
Resource Expansion Program
Libero Copper is advancing its resource expansion activities at
the Mocoa Project deposit, focusing on increasing the potential of
the high-grade zones. The team has completed a detailed review of
drill holes at the Mocoa deposit, enabling a reconstruction and
update of both the geological and alteration models. Based on these
updates, the team has planned a comprehensive resource expansion
program at Mocoa. The program includes a combination of step-out
activities to confirm extensions of the mineralized system and
identify potential resource expansion areas, as well as in-fill
work to improve the understanding of the geological structure and
the distribution of copper (Cu) and molybdenum (Mo) grades. The
resource expansion areas are based on extensive fieldwork and
airborne geophysics. (see news release May
03, 2022 and February 7,
2023).
Hole MD-044
Commencement of resource expansion activities has begun with
hole MD-044, located on the same pad as MD-043 (see Table 1). This
in-fill hole is designed with a target depth of 1,200 meters,
oriented in a north-to-south direction with a dip of -60
degrees.
|
Easting
|
Northing
|
Elevation
|
Target
depth
|
Azimuth
|
Dip
|
MD-044
|
313831
|
137655
|
1673
|
1,200m
|
0
|
-60
|
Table 1 - Collar and designed information of drill
hole MD-044 at Mocoa. Coordinates are UTM system, zone 18N and
WGS84 projection.
|
This hole will focus on testing the high-grade zone continuity,
which plunges northeastward (see Figure 1), below the existing
pit-constrained initial Inferred mineral resource estimate¹ (see
Figure 2). The previous hole, MD-043, tested a gap between the
northeast-trending high-grade zone and the high-grade intercept of
historical hole M25 (see news release February 16, 2022), returning notable results of
0.58% CuEq* (0.42% Cu and 0.047% Mo) over 1,228.5 meters, including
a higher-grade interval of 840.3 meters at 0.72% CuEq* (0.52% Cu
and 0.062% Mo) (see news release April 26,
2022). The updated grade distribution at Mocoa reveals the
presence of two distinct high-grade zones, with different trending
plunges: one plunging to the west and the other one plunges to the
northeast.
Figure 1 – Plan (upper part) and cross-section (bottom part)
views of drill hole MD-044 and northeastward plunging CuEq* (%)
grade distribution at Mocoa porphyry system.
*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.
|
Continuing resource expansion to a depth of 1,200 meters will
provide valuable information regarding the extent of historical
high-grade intercepts. This will improve our understanding of the
geology and distribution of Cu-Mo grades within the porphyry system
at Mocoa. The high-grade zones at Mocoa are characterized by
intense potassic alteration (K-spar) and multiple generations of
quartz veins (A and B types). Hole Mc08DH035, drilled in 2008 by
B2Gold, reached a depth of 699.1 meters and was terminated over
strong potassic alteration with multiple A and B-type veinlets,
indicating that the high-grade center of the porphyry system
remains open at depth (see Figure 3).
Figure 2 – Cross section along drill hole MD-044.
*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.
|
Figure 3 – Deep porphyry mineralization observed
at the end of the hole Mc08DH-035 (total depth of 699.13m) drilled by B2gold in 2008. Note the
historical CuEq* grade for each sample length. Left: Kspar
altered dacite porphyry with stockwork of B-type veins (moly and
minor chalcopyrite). Center: Kspar altered dacite porphyry with
overprinted sericite, with A-type veinlets cross-cutting by B-type
veinlets (only moly type). Right: Kspar altered dacite porphyry
with overprinted sericite, with B-type veinlet (quartz + moly)
cross-cutting by late D-type vein (pyrite + minor quartz
content).
*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. Mineralized zones
at Mocoa are bulk porphyry-style zones and drilled widths are
interpreted to be very close to true widths
|
Regulatory Update
Before commencing the expansion activities, Libero Copper
conducted a detailed internal review to ensure all regulatory and
permitting requirements are fully met, demonstrating the Company's
alignment with legal and environmental standards. Based on this
review, the Company took proactive steps to minimize environmental
impact and eliminate the need for additional permits. These
measures included expanding our rainwater collection system to
eliminate dependence on external water sources, implementing a
system to capture 100% of greywater—which is removed and disposed
of by an external contractor—and ensuring that all processes are
100% recycled with all cuttings from activities being captured.
Additionally, existing pads are being utilized to minimize surface
disturbance.
On September 19, 2024, the
regional environmental agency confirmed that the Company's
environmental guideline plans had been submitted and did not
require approval. Since then, Libero Copper has completed the work
on the rainwater and greywater systems, among other measures, which
explains the timeline leading up to the commencement of resource
expansion activities.
Furthermore, the recent nullification by the Consejo del Estado
of Colombia on August 13, 2024, of a 2018 Municipal Accord from
the Municipal Council of Mocoa, has provided additional clarity for
the advancement of the Mocoa Project. While this accord had
previously restricted medium and large-scale mining activities, its
annulment has helped clear the path for ongoing work. Although it
was the Company's opinion that the 2018 Municipal Accord was not
enforceable, it had created uncertainties among various agencies
and the public; therefore, this ruling helped eliminate those
ambiguities.
While additional permits may be required for future activities,
such as the establishment of new pads, Libero Copper believes that
all necessary permits are currently in place to execute the initial
phase of up to 14,000 meters of the current program. The Company is
already working for any further permits that may be needed,
ensuring compliance as the Mocoa Project advances.
Mobilization Activities
All preparation and mobilization activities have been
successfully completed. Key personnel have been hired, the camp is
now fully equipped and operational, a reliable rainwater supply has
been secured, and vital access routes to the exploration camp and
resource expansion sites have been reopened (see Figure 4).
In addition, including the KD-1000 rig (a proprietary build of
Kluane Drilling) at site has been
maintained and tested. The KD-1000 is modular and highly portable
and can reach depths over 1,200 metres.
Camp & Access Preparation
Camp preparation involved several key activities, including
clearing, pruning, and leveling uneven terrain to ensure easy and
safe access for the team and to facilitate the movement of
equipment. These efforts have significantly improved the
accommodation facilities, which can now comfortably host up to 50
people. These activities were crucial in preparing the camp to meet
operational requirements and provide a safe and comfortable
environment for personnel on-site.
Rainwater Supply
Rehabilitation and improvements of the rainwater collection
system have been completed to ensure a sustainable water supply for
both the camp and resource expansion activities. Given the frequent
and abundant rainfall in the area, the system efficiently captures
and stores rainwater for various operational needs, including
consumption, sanitation, and drilling.
This initiative reflects Libero Copper's commitment to
responsible water management, eliminating dependence on external
water sources. By leveraging the area's natural rainfall, combined
with recirculation, and actively working to lower the overall water
usage of the Mocoa Project, Libero Copper is reducing its
environmental footprint.
Water monitoring
Since March 2023, Libero Copper
has implemented a collaborative water monitoring program since
March 2023, focusing on six principal
creeks within the mining concessions (see Figure 5). This
initiative includes ten water monitoring stations and utilizes a
portable multi-parameter device to track key water parameters such
as pH, temperature, dissolved oxygen, turbidity, electrical
conductivity, and salinity. In addition, over 2,000 native trees
have also been planted around key water sources within the Mocoa
Project area to restore and enhance the local ecosystem.
The local community of Montclar plays an active role in
this program, observing the monitoring procedures and participating
throughout the process. Throughout the preparation phase, Libero
Copper has prioritized responsible practices to minimize
environmental impact. In September
2022, training began of local community members by SENA
(Colombia's National Learning
Service) for water quality monitoring, and part of a program with
the National University of Colombia, and Putumayo Technological
Institute, for community members to participate with the
universities in the water oversite of the Mocoa Project, (see
Figure 6). Their involvement fosters transparency and helps ensure
they remain informed about the baseline water conditions prior to
resource expansion activities. This monitoring initiative is part
of the Cooperation Framework Agreement (refer to the news release
from November 29, 2022), which
outlines a cooperative framework between Libero Copper and
Montclar. By working closely with the community, Libero Copper aims
to build trust and ensure shared responsibility in protecting water
resources as activities progress.
New Montclar Bridge Construction
Under the Cooperation Framework Agreement signed between Libero
Copper and the local Montclar community (see news release
November 29, 2022), significant
progress has been made in the construction of a new walking bridge.
This bridge serves as a crucial link, providing access to both the
project site and the Montclar community, and its development is
moving forward as scheduled (see Figure 7). The bridge is expected
to be fully completed by the end of November
2024, delivering long-term infrastructure that will not only
benefit the community by improving mobility and connectivity but
also enhance the overall safety and operational efficiency of the
project. The construction of the walking bridge represents the core
principles of the Cooperation Framework Agreement, ensuring both
community development and project success.
Social Engagement and Community Commitment
At Libero Copper, our core values of Responsibility and Respect
guide every action we take. We take ownership of our role in
advancing projects of global significance. These values are
reflected in our environmental stewardship, community
collaboration, and efforts to foster shared development.
Libero Copper's Good Neighbor Meetings Program is a cornerstone
of our commitment to fostering open communication and collaboration
with local communities. The program started in 2022 with Montclar,
the closest community to the Mocoa project (see Figure 8), and have
been held on an almost monthly basis. Last year the program was
extended at the request of the township of Pueblo Viejo the largest population closest to
the project and is currently on its 5th Good Neighbor
meeting. This program ensures that all significant company
activities are communicated in advance, allowing for transparent
dialogue and co-planning. In November
2022, Libero Copper established a Cooperation Framework
Agreement with Montclar, supported by 95% of Montclar families (see
news release November 29, 2022).
The Cooperation Framework Agreement encompasses initiatives in
employment, training, cultural preservation, and environmental
participation, reinforcing the foundation of trust and mutual
respect.
In 2024, Libero Copper also implemented "Coffee with Libero" to
create a space where the urban area of Mocoa shares a coffee and
discusses the different stages of the Mocoa Project (see Figure 9).
Currently, the Company has hosted a second meeting, promoting open
dialogue and transparency.
Libero Copper prioritizes local employment to ensure that the
benefits of the Mocoa Project are shared equitably among local
stakeholders. Currently, 85% of the employees are from Putumayo,
with 62% of professional staff being women. Through partnerships
with SENA, the Company also contributes to capacity building and
professional development, ensuring long-term positive impact for
the community.
In preparation of expansion of activities and to maintain
the Company's commitment to maximizing local employment, on
June 15, 2024, Libero Copper also
organized the first Employment Fair in Mocoa, attended by over
1,000 individuals, providing a platform for community members to
present their résumés, promote their businesses, and explore
employment opportunities within the Mocoa Project (see Figure
10).
These comprehensive social engagement initiatives are
fundamental to advancing a project of this magnitude. By fostering
open communication, building trust, and ensuring that local
communities are active participants in the project's development,
the Company is creating a sustainable path forward for the Mocoa
Project. This collaborative approach is essential for the
successful expansion of Libero Copper's activities and aligns with
the Company's commitment to responsible and respectful development.
It's not just about being a good neighbor; it's about doing what's
necessary to responsibly move a project of this importance
forward.
Digital Marketing Service Agreement
The Company further reports that it has entered into an
agreement with Machai Capital Inc. ("Machai") dated
October 1, 2024, pursuant to which
Machai will provide a digital marketing campaign (the "Machai
Agreement". The term of the Machai Agreement is for three
months for a total retainer of $250,000, to be paid upfront.
Under the Machai Agreement, Machai will execute a comprehensive
digital media marketing campaign for the Company commencing in
October 2024 including branding and
content creation, data optimization services including search
engine optimization, search engine marketing, lead generation,
digital marketing, social media marketing, email marketing, and
brand marketing.
Machai is a marketing, advertising and public awareness firm
based out of Vancouver, British
Columbia, specializing in advertising and public awareness
in the metals & mining, technology, and special situation
sectors. Machai and its principal, Suneal Sandhu, are arms length
to the Company and currently hold no interest, directly or
indirectly, in the securities of the Company, however will be
receiving 125,000 warrants of the Company exercisable into common
shares at $0.20, until February 15, 2027 and 75,000 warrants of the
Company exercisable into common shares at $0.50, until March 11,
2027 as a part of the private transaction. The engagement of
Machai is subject to the approval of the TSX Venture Exchange.
Qualified Person and Technical Notes
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 Geologist.
Copper equivalent (CuEq) for drill hole interceptions is
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.
Mineralized zones at Mocoa are bulk porphyry-style zones and
drilled widths are interpreted to be very close to true widths.
Libero Copper operates according to a rigorous Quality Assurance
and Quality Control (QA/QC) protocol consistent with industry best
practices. Primary sample collection involves secure transport from
Libero Copper's core logging facilities in Mocoa, Colombia to the ActLabs certified sample
preparation facility in Medellin,
Colombia. Samples are processed in the Medellin facilities where they are analyzed
for copper and molybdenum by 4-Acid digest AA analysis. The sample
pulps are air freighted from Medellin to the ActLabs certified laboratory
in Guadalajara, Mexico, where they
are analyzed using 4-Acid digest ICP multi element analysis.
In order to monitor the ongoing quality of assay data and the
database, Libero Copper has implemented QA/QC protocols which
include standard sampling methodologies, the insertion of certified
standard materials, blanks and field duplicates and ongoing
monitoring of data entry, QA/QC reporting and data validation. No
material QA/QC issues have been identified with respect to sample
collection, security and assaying.
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 B2Gold subsequently
executed diamond drill programs in 2008 and 2012. Libero Copper
drilled Mocoa in 2022 and intercepted notable results of 0.58%
CuEq* (0.42% Cu and 0.047% Mi) over 1,228.5 meters, including a
higher-grade interval of 840.3 meters at 0.72% CuEq* (0.52% Cu and
0.062% Mo) (see news release April 26,
2022).
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'
Warintza.
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.
For further information refer to National Instrument 43-101 –
Standards of Disclosure for Mineral Projects ("NI 43-101")
Technical Report, entitled "Technical Report on the Mocoa
Copper-Molybdenum Project, Colombia", dated January 17, 2022, prepared by Michael Rowland
Brepsant, FAusIMM, Robert Sim,
P.Geo, and Bruce Davis, FAusIMM.
with an effective date of November 01,
2021.
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
Copper's focus on relationships, responsibility, trust, and a
relentless commitment to sustainable progress.
At the core of Libero Copper's portfolio is the Mocoa
copper-molybdenum porphyry deposit in Putumayo, Colombia. Mocoa stands as a cornerstone asset
with immense potential for expansion.
Now, with the Fiore Group's bold company-building vision behind
it, Libero Copper is uniquely positioned to fill a crucial gap in
the copper industry—advancing large-scale projects toward
construction. Through this approach, Libero Copper 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.
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, including
statements regarding anticipated drilling and other activities and
achievements of the Company, including but are not limited to: the
potential for the Mocoa Project resource estimate to expand in
size, the timing and completion of the Montclar Bridge, the belief
that all necessary permits are currently in place for the initial
phase of the Mocoa Project, and the timing and success for the
advancement of the Mocoa Project, 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 and volatility
with the Company's common shares, exploitation and exploration
successes, uncertainty of reserve and resource estimates, risks of
not achieving production, continued availability of capital and
financing, processes, permits and filing requirements, risks
related to operations in foreign and developing countries and
compliance with foreign laws and including risks related to changes
in foreign laws and changing policies related to mining and local
ownership requirements in Colombia, and general economic, market,
political or business conditions and regulatory and administrative
approvals. 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