molybdenum

Libero Copper Finalizes Surface Access and Land Use Agreements for the Mocoa Porphyry Copper-Molybdenum Deposit in Putumayo, Colombia

Libero Copper & Gold Corporation (TSXV:LBC) (OTCQB:LBCMF) (DE:29H) is pleased to announce it has signed an access and land use agreements with all landowners required to provide easier access to the Mocoa porphyry copper-molybdenum project deposit area. The five-year renewable agreement allows for free transit of workers and contractors, including equipment, and the construction of all necessary infrastructure to support the upcoming drill program.  The agreements allow for two separate accesses to the existing resource area and historical drilling platforms.

Libero Copper recently completed a high-resolution airborne magnetic-radiometric and LiDAR surveys over an 8,100 hectare area (see News Release dated October 19, 2021 ). Interpretation of data is currently focusing on identifying potential extensions to the north, south, east, and at depth of the deposit and targeting new potential porphyry centers.

"The ability to sign multiple long-term land use agreements in months with the majority of landowners covering access to the project area is a testament to the relationship established with the communities closest to the project.  I would like to congratulate both the commitment of the entire Libero Copper team to our core values of respect and responsibility and working under a Good Neighbor operating philosophy, and the collaborative relationship established with our local partners," comments Ian Harris , President & CEO.  "The agreements are the last critical step to start both our geochemistry and exploration drilling programs. Our goal is to, in parallel, upgrade the existing inferred resource, continue resource expansion, and generate and test new targets."

About the Mocoa Porphyry Copper-Molybdenum Deposit

The Mocoa deposit is located in the department of Putumayo, 10 kilometres from the town of Mocoa. It was discovered in 1973 when the United Nations (UN) and the Colombian government conducted a regional stream 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.  B2Gold subsequently executed diamond drill programs in 2008 and 2012.

A pit-constrained inferred resource at Mocoa contains 636 million tonnes of 0.45% CuEq* at 0.25% cut-off containing 4.6 billion pounds of copper and 511 million pounds of molybdenum. Mocoa is open in both directions along strike and at depth. Additional porphyry surface targets have been identified and are drill ready.

The Mocoa deposit is situated in the Eastern 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, such as Mirador (438 million tonnes measured and indicated at 0.61% Cu and 235 million tonnes inferred at 0.52% Cu) 1 , San Carlos (600 million tonnes inferred at 0.59% Cu) 2 , Panantza (463 million tonnes inferred at 0.66% Cu) 2 , and Solaris' Waritza, located in Ecuador .

Copper-molybdenum mineralization is associated with a dacite porphyry intrusion 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 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.

1 Technical Report: "Mirador Copper-Gold Project 30,000 TPD Feasibility Study" dated effective April 3, 2008

2 Technical Report: "Preliminary Assessment Report Panantza & San Carlos Copper Project" dated effective October 30, 2007

About Libero Copper & Gold

Libero is unlocking the value of a collection of porphyry copper deposits throughout the Americas in prolific and stable jurisdictions. The portfolio includes Big Red (a new grassroots discovery) and Big Bulk in the Golden Triangle, Canada ; Esperanza in San Juan, Argentina ; and Mocoa in Putumayo, Colombia . These assets are advanced by a highly disciplined and seasoned professional team with successful track records of discovery, resource development, and permitting in the Americas.

Thomas Mumford , Ph.D., P.Geo, a qualified person under National Instrument 43-101, has reviewed the technical information contained in this news release on behalf of Libero Copper .

*Copper equivalent grades (% CuEq) are for comparative purposes only. Calculations are uncut and recovery is assumed to be 100% as insufficient metallurgical data is available. Metal prices used USD$3.00 /lb copper, USD$10.00 /lb molybdenum.

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 the Company 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.

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Libero Copper & Gold

Libero Copper & Gold

Overview

Canada’s West Coast is becoming one of the world’s hottest exploration regions for copper and gold. Home to the renowned Golden Triangle of British Columbia, the area hosts some of the most resource-rich mineral deposits that have piqued the interest of investors globally.

The Golden Triangle is situated within the Sulphurets Hydrothermal System, known for its large mineral concentrations. Gold and copper estimated reserves hover around 188 million ounces and 55 billion pounds, respectively. With these inferred resources, British Columbia offers prospective mining companies exceptional discovery potential and exploration opportunities.

Libero Copper & Gold (TSXV:LBC) is a mineral exploration and development company focused on developing a collection of highly prospective porphyry deposits throughout the Americas. The company currently operates assets out of the prolific and stable Golden Triangle jurisdiction of British Columbia and can work year round in South America in the mining-friendly San Juan province of Argentina and Colombia.

The flagship Big Red project in British Columbia hosts 19 porphyry copper-gold and high-grade gold targets over its 26,000 hectare land span. Libero optioned the asset in 2019 after the project saw years of sampling on individual titles and consolidation in the mid-2010s.

Big Red could see similar mining and production success to neighboring GT Gold’s (TSXV:GTT) projects, which hosts a similarly aged geological profile and widespread copper and gold soil anomalies.

In December 2020, Libero confirmed a significant porphyry copper discovery at the deposit’s initial Terry target drill hole. The discovery saw grades of 0.45 percent copper equivalents over 24 meters from surface-level. “We are encouraged with the results from this first hole into the Terry target as it confirms our geological model for the area and is consistent with the copper grades discovered at surface earlier in the season,” Libero CEO Ian Slater commented. This hole was followed up in January with a further five holes all mineralized from surface to end of hole, including 0.41 percent copper equivalent over 120 meters from surface level. Depth of drilling was limited by the reverse circulation drill rig.

Another of the company’s projects is its Mocoa deposit located on the Jurassic porphyry belt in Central Colombia. The property has already seen a prefeasibility study conducted by the Colombian government and United Nations in 1983. Since then, extensive work has been performed on the property to advance this exciting mineral project towards economic success, including further drilling and metallurgical testing, including drilling 0.67 percent copper equivalent over 634 meters ending in high grade mineralization.

In January 2021, Libero announced its option for the Esperanza porphyry copper-gold and epithermal gold project located in the prolific precious and base metal-rich Huachi Mining district in San Juan Province, Argentina. This advanced-stage exploration project leverages excellent existing infrastructure and offers Libero extensive geological data and potential for fast-tracked drilling of an advanced exploration project.

The company’s market cap currently sits at C$20 million with 148 million shares outstanding. Its ownership portfolio includes management at 10 percent and B2Gold Corp (TSX:BTO) at 7 percent.

Libero Copper & Gold’s Company Highlights

  • Libero Copper & Gold is a mineral exploration company focused on developing its highly- prospective mineral projects in North and South America. Fantastic available funding, drill-ready conditions and an experienced exploration team primes Libero for mining success.
  • The company’s flagship projects are the Big Red project in British Columbia; the Esperanza project in San Juan, Argentina; and the Mocoa project in Central Colombia. All projects have seen extensive groundwork and some initial drilling, with Mocoa hosting a resource of 636 million tonnes at 0.45 percent copper equivalent.
  • The Big Red asset leverages similar mining conditions to its direct geographic neighbors, including GT Gold. The property hosts 19 identified targets, including the Terry target with high conductivity and high grade copper rock samples over a kilometer.
  • Libero currently holds a 100 percent interest in the Mocoa property and intends on unlocking the value of the enormous resource with ongoing permitting and community engagement. Similar projects in the same Jurassic porphyry belt include Corriente’s Mirador mine which was sold for $690 million and Solaris’ Waritza project which has a valuation of $600 million.
  • The company optioned the Esperanza porphyry copper-gold and epithermal gold project in the mining-friendly Huachi Mining district, Argentina. The advanced stage project hosts multiple copper-gold drill targets and high-grade surface rock samples. The discovery hole included 1 percent copper equivalent from surface over 232 meters.
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