Updated Cadastral Records Confirm No Overlap
Between Regional Forest Reserve and Known Mocoa Resource
VANCOUVER, BC, Nov. 12,
2024 /CNW/ - Libero
Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF)
(DE: 29H) ("Libero
Copper" or the "Company") is pleased to
announce a significant advancement in the development of its
flagship Mocoa Project. Following dedicated efforts and close
collaboration with Colombian authorities to implement the Consejo
de Estado Resolution dated August 4,
2022 (clarified on September 29,
2022, Filing No. 25000234100020130245901)—which mandates the
alignment of environmental and mining records—the official mining
cadastral system, ANNA Minería, has updated its records concerning
the Mocoa Project area.
The regional forest reserve was originally established on
November 21, 1984, intended to
protect and compensate for the planned construction of an
11-megawatt hydroelectric plant that was never built. Due to
ambiguous coordinates at the time of its creation, the reserve's
boundaries were inaccurately reflected in official records, leading
to an unintended overlap with the Mocoa Project's mineral resource
area. This pivotal update addresses a previous note in the National
Instrument 43-101 ("NI 43-101") Technical Report titled "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 1,
2021. The updated cadastral records now clarify that the
regional forest reserve no longer overlaps with the Mocoa Project's
existing mineral resource area.
"This update represents a significant step forward in our
collaborative work with Colombian authorities to responsibly
develop the Mocoa Project. The clarified boundaries allow us to
plan with greater certainty, demonstrating the effectiveness of our
cooperative approach in aligning mining and environmental
regulations," commented Ian Harris,
President & CEO of Libero
Copper. "We look forward to completing the next steps and
are more confident than ever in the immense potential of the Mocoa
Project and remain committed to advancing it responsibly for the
benefit of all stakeholders."
This update marks an important milestone in the ongoing
collaboration among the Agencia Nacional de Minería (ANM), the
Ministry of Mines and Energy, and the Ministry of Environment, as
they work to align environmental data with mining title information
and implement the full scope of the Consejo de Estado decision.
This achievement reduces uncertainty by clarifying boundaries,
enabling the Company to proceed with enhanced confidence and
efficiency.
The collective efforts have set the stage for further
advancements that will support the Mocoa Project's compliance with
Colombia's mining regulations.
Ultimately, this collaborative success will allow Libero Copper to finalize its updated Programa
Único de Exploración y Explotación (PUEE), ensuring a robust and
responsible exploration strategy that aligns with regulatory best
practices and Colombia's
sustainable development goals.
Qualified Person and Technical Notes
Edwin Naranjo Sierra, Exploration
Manager of Libero Copper, is the
designated Qualified Person within the meaning of NI 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% Mo) over 1,228.5 metres, including a higher-grade
interval of 840.3 metres 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 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 impact of the
clarification of the Company's boundaries to the Mocoa Project
area, 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
