This program, adding 50% more drilling than all previous work at Mocoa, is a major step forward for the project
Vancouver, BC – November 13, 2024 – Global Stocks News – Disseminated on behalf of Libero Copper. On November 6, 2024 Libero Copper and Gold (TSXV: LBC) (OTCQB: LBCMF) announced the details of its ongoing 14,000-metre exploration program at the Mocoa porphyry copper-molybdenum project.
Libero Copper is developing the Mocoa copper-molybdenum porphyry deposit located in Putumayo, Colombia. The deposit is 10 kilometres from the town of Mocoa. Libero Copper's district scale holdings cover over 1,000 km² - an area 290X bigger than NYC’s Central Park.
“The Mocoa project has an established compliant resource at Mocoa of 4.6 billion pounds of copper and 511 million pounds of molybdenum [1.]” Libero Copper President & CEO Ian Harris told Guy Bennett, the CEO of Global Stocks News (GSN).
“The current exploration program includes infill, step-out, and regional drilling,” continued Harris. “It is designed to expand the resource, enhance geological understanding, and test new target areas.”
On November 6, 2024 Libero Copper published a video providing an overview of the Mocoa project, and a summary of the current exploration program.
“This Jurassic Porphyry Belt starts in Peru, runs through Ecuador and goes all the way up to Colombia,” stated Harris. “It's known for cluster style deposits, so these additional targets are important.”
“It's been two years of work to get to this point,” continued Harris. “And now we're finally doing it. We have a known resource and we intend to expand it. About eight different targets have been identified.”
Exploration Highlights:
"This program, adding 50% more drilling than all previous work at Mocoa, is a major step forward for the project," said Harris. "It reflects the dedication of our team working hand-in-hand with local partners and the backing of Frank Giustra's Fiore Group. Together, we're advancing Mocoa at the scale and with the care it deserves."
14,000-metre Drill Plan
The 14,000-metre drill program at the Mocoa project is designed to refine the understanding of high-grade copper and molybdenum distribution while potentially expanding the resource through targeted infill and step-out drilling.
This multi-purpose exploration strategy integrates drilling on the back of extensive geologic, geophysical, and geochemical groundwork, reflecting Libero Copper's commitment to advancing Mocoa as a premier copper asset.
Expansion of the Mocoa system
Libero Copper is advancing its resource expansion activities. The team intends to confirm the extension of high-grade cores and to explore potential areas for resource expansion.
*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.
Historical drilling has intercepted high-grade copper and molybdenum cores, though with wide drill spacing. The in-fill drilling is designed to refine the understanding the Cu and Mo grade distribution in areas of wide-space drilling, and to test the deeper sections of the porphyry system below the existing pit-constrained initial Inferred mineral resource estimate1 at Mocoa.
Step-out drilling is planned to strategically extend the overall mineral resource of the Mocoa project to the north and northeast, aligning with the identified plunge of the high-grade cores.
Existing drill pads are being used to minimize surface disturbance and preserve the surrounding environment. Libero has built a rainwater collection system that secures water use for drilling, consumption, and sanitation purposes. The exploration program requires no external water sources. Libero is committed to responsible environmental stewardship and resource efficiency.
Surface Exploration
Exploration work completed up to date shows four highly prospective areas close to the Mocoa Cu-Mo porphyry deposit. Surface exploration planned for the 2024-2025 season will follow-up the Neblina, Piedralisa and Silencio areas.
200 metres x 50 metres spacing soil grid is planned to fully cover the Silencio zone and the northwestern sector of the Neblina area. Additionally, comprehensive Anaconda mapping of the main creeks in these target areas is planned.
1. "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.
“Since left-wing Gustavo Petro took office as President of Colombia in 2022, he has pledged to move away from oil and gas in favour of green alternatives,” reports Oilprice.com. “Petro has spoken publicly on his aims to curb production in favour of renewable alternatives.”
With copper forming the backbone of all renewable energy initiatives, Petro’s policy creates a positive environment for copper developers like Libero.
On June 14, 2024 Libero Copper announced the approval of a Territorial Development Plan for the Municipality of Mocoa for the period 2024-2028.
The development plan, approved by the Municipal Council of Mocoa, aims to promote the wellbeing and sustainable development of the population of Mocoa.
“Receiving the approval of the Municipal Council is gratifying on a personal level,” Harris told GSN. “It has been our focused objective to earn the trust of the local community. This is an important development milestone for Libero Copper stakeholders.”
“I've been living in South America for 15 years,” continued Harris, “I have a Colombian wife, I speak Spanish fluently. During my tenure as CEO, we have initiated multiple partnerships with the local community.”
“For instance, our local team needed steel toe boots. Instead of buying them at a department store in Medellin, we found a local resident who wanted to make boots. And now he’s doing that for us and building his business. There are now 14 women, all heads of households, making uniforms for multiple clients.”
"Mining and Sustainable Energy," is one of the five pillars of economic development for the Putumayo department. The policy highlights exploration and production of strategic minerals, specifically calling out copper.
The plans also show that the mining titles of the Mocoa Porphyry Copper-Molybdenum Project are the only titles in Putumayo associated with copper.
In November 2023, the National Mining Agency (ANM) of Colombia issued Resolution No. 1006, which defines the minerals of strategic interest for the country. Copper was listed at the top of the strategic minerals list.
“What makes Libero stand out is a combination of a valuable asset in a supply deficit, a good mining jurisdiction, an experienced team, and the sponsorship of Frank Giustra,” Harris told GSN. “With the launch of this 14,000-meter drill program, we believe we are at the start of a path of significant value creation”.
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.
Disclaimer: Libero Copper paid GSN $1,500 for the research, writing and dissemination of this content.
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