(TheNewswire)
Vancouver, BC – November 13, 2024 –TheNews w ire – GlobalStocks News – Disseminated on behalf of Libero Copper. On November6, 2024 Libero Copper and Gold (TSXV: LBC) (OTCQB: LBCMF) announcedthe details of its ongoing 14,000-metreexploration program at the Mocoa porphyrycopper-molybdenum project.
Libero Copper is developing the Mocoa copper-molybdenumporphyry deposit located in Putumayo, Colombia. The deposit is 10kilometres from the town of Mocoa. Libero Copper's district scaleholdings cover over 1,000 km² - an area 290X bigger than NYC’sCentral Park.
“The Mocoa project has an established compliantresource at Mocoa of 4.6billion pounds of copper and 511 million pounds ofmolybdenum [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 isdesigned to expand the resource, enhance geological understanding, andtest new target areas.”
On November 6, 2024 Libero Copper published a videoproviding an overview of the Mocoa project, and a summary of thecurrent exploration program.
“This Jurassic Porphyry Belt starts in Peru, runsthrough Ecuador and goes all the way up to Colombia,” stated Harris.“It's known for cluster style deposits, so these additional targetsare important.”
“I t's been two years of work toget to this point,” continued Harris. “And now we're finally doingit. We have a known resource and we intend to expand it. About eightdifferent targets have been identified.”
Exploration Highlights:
Significant Resource ExpansionPotential with 14,000 Metres of Drilling : Thisprogram increases the total historical drilling at Mocoa by nearly50%, with a focus on infill and step-out drilling.
Exploration of New TargetAreas: This program targets new prospectiveareas—including Silencio, Neblina, and Piedralisa—where initialsoil anomalies indicate promising mineralization.
Strategic Growth Based onComprehensive Analysis: This 14,000-metre programis designed to address key questions around Mocoa's potential, whileexpanding the resource's scale.
"This program, adding 50% more drilling than all previous work atMocoa , is a major step forward for theproject," said Harris. "It reflects the dedication of ourteam working hand-in-hand with local partners and the backingof Frank Giustra's Fiore Group. Together, we're advancing Mocoa atthe scale and with the care it deserves."
14,000-metre Drill Plan
The 14,000-metre drill program at the Mocoa project isdesigned to refine the understanding of high-grade copper andmolybdenum distribution while potentially expanding the resourcethrough targeted infill and step-out drilling.
This multi-purpose exploration strategy integratesdrilling on the back of extensive geologic, geophysical, andgeochemical groundwork, reflecting Libero Copper's commitment toadvancing Mocoa as a premier copper asset.
Expansion of the Mocoa system
Libero Copper is advancing its resource expansionactivities. The team intends to confirm the extension of high-gradecores and to explore potential areas for resource expansion.
*Copper equivalent (CuEq) for drill hole interceptionsis calculated as: CuEq (%) = Cu (%) + 3.33 × Mo (%), utilizing metalprices of Cu - US$3.00/lb, Mo - US$10.00/lb. Metal recoveries utilizedfor the resource model are 90% for Cu and 75% for Mo.
Historical drilling has intercepted high-grade copperand molybdenum cores, though with wide drill spacing. The in-fill drilling isdesigned to refine the understanding the Cu and Mo grade distributionin areas of wide-space drilling, and to test the deeper sections of the porphyrysystem below the existing pit-constrainedinitial Inferred mineral resource estimate 1 at Mocoa.
Step-out drilling is planned to strategically extend the overall mineral resource of theMocoa project to the north and northeast,aligning with the identified plunge of the high-grade cores.
Existing drill pads are being used to minimize surfacedisturbance and preserve the surrounding environment. Libero has builta rainwater collection system that secures water use for drilling,consumption, and sanitation purposes. The exploration program requiresno external water sources. Libero is committed to responsibleenvironmental stewardship and resource efficiency.
Surface Exploration
Exploration work completed up to date shows four highly prospective areasclose to the Mocoa Cu-Mo porphyry deposit. Surface exploration planned for the 2024-2025 season will follow-upthe Neblina, Piedralisa and Silencio areas.
200 metres x 50 metres spacing soil grid is planned tofully cover the Silencio zone and the northwestern sector of theNeblina area. Additionally, comprehensive Anaconda mapping of the maincreeks in these target areas is planned.
1. "Technical Report on the MocoaCopper-Molybdenum Project, Colombia", dated January 17, 2022,prepared by Michael Rowland Brepsant, FAusIMM, Robert Sim, P.Geo, andBruce Davis, FAusIMM. with an effective date of November 01,2021.
“Since left-wing Gustavo Petro took office asPresident of Colombia in 2022, he has pledged to move away from oiland gas in favour of green alternatives,” reports Oilprice.com . “Petro has spoken publicly on his aims to curb production in favour of renewablealternatives .”
With copper forming the backbone of all renewableenergy initiatives, Petro’s policy creates a positive environmentfor copper developers like Libero.
On June 14, 2024 LiberoCopper announced the approval of a Territorial DevelopmentPlan for the Municipality of Mocoa for theperiod 2024-2028.
The development plan, approved by the Municipal Councilof Mocoa, aims to promote the wellbeing and sustainable development ofthe population of Mocoa.
“Receiving the approval of the Municipal Council isgratifying on a personal level,” Harris told GSN. “It has been ourfocused objective to earn the trust of the local community. This is animportant development milestone for Libero Copperstakeholders.”
“I've been living in South America for 15 years,”continued Harris, “I have a Colombian wife, I speak Spanishfluently. During my tenure as CEO, we have initiated multiplepartnerships 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 alocal resident who wanted to make boots. And now he’s doing that forus and building his business. There are now 14 women, all heads ofhouseholds, making uniforms for multiple clients.”
"Mining and Sustainable Energy," is one ofthe five pillars of economic development for the Putumayo department. The policy highlights exploration and production of strategicminerals, specifically callingout copper.
The plans also show that the mining titles of the MocoaPorphyry Copper-Molybdenum Project are the only titles in Putumayoassociated with copper.
In November2023 , the National Mining Agency (ANM) of Colombia issued Resolution No. 1006, which defines the minerals ofstrategic interest for the country. Copper was listed at the top of thestrategic minerals list .
“What makes Libero stand out is a combination of avaluable asset in a supply deficit, a good mining jurisdiction, anexperienced team, and the sponsorship of Frank Giustra,” Harris toldGSN. “With the launch of this 14,000-meter drill program, we believewe are at the start of a path of significant value creation”.
Edwin Naranjo Sierra, Exploration Manager of LiberoCopper, is the designated Qualified Person within the meaning ofNational Instrument 43-101 and has reviewed and verified the technicalinformation in this news release.
Disclaimer: Libero Copper paid GSN $1,500 for theresearch, writing and dissemination of this content.
Contact: guy.bennett@globalstocksnews.com
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