LIBERO COPPER STARTS WATER QUALITY BASELINE STUDIES WITH THE TECHNOLOGICAL INSTITUTE OF PUTUMAYO AND THE COLOMBIAN NATIONAL UNIVERSITY

VANCOUVER, BC, June 1, 2022 /CNW/ – Libero Copper & Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) (“Libero Copper”) is pleased to announce that it has entered a framework cooperation agreement with the Technological Institute of Putumayo (“ITP”), the first such agreement with a private company in Colombia.  The first associate project is a three-part program between Libero Copper, ITP, and the National University of Colombia (“UNC”), to jointly begin water quality baseline studies starting in June 2022. The studies will be a significant part of an environmental baseline study at the Mocoa deposit, and potential future ancillary permits. The Mocoa porphyry copper and molybdenum deposit is located in the department of Putumayo, 10 kilometres from the town of Mocoa.    

LIbero Copper Logo (CNW Group/Libero Copper & Gold Corporation.)

Highlights

  • Technological Institute of Putumayo (“ITP”) is the most influential college of the region with 2,700 students. The Governor of Putumayo is the President of the Board of Directors.
  • The water baseline project includes the collaboration with and training for seven communities that are closest to the Mocoa Project, including Montclar, to be participants of the baseline study and results.
  • The first framework cooperation between ITP and a private company, the agreement includes the development of research projects focused on improving scientific knowledge around the Mocoa Project area regarding water, biodiversity, sustainable development, sciences, technology, and innovation in the Department of Putumayo.

The cooperation agreement is an integral part of Libero Copper’s commitment to engagement and maximizing local benefits. For more on our program, please see the following video link: Libero Copper works together with the community at Putumayo.

“It is a great honor to part of this alliance with two prestigious academic institutions, ITP and UNC. This step is significant from multiple perspectives. First it is directly aligned with the Libero’s goal of maximizing local benefits by providing real opportunities and involvement for local and national professionals to apply their studies. The first tangible step of the many opportunities this alliance will create.  Second, it establishes the precedent of working together with independent reputable institutions on the advancement of the Mocoa project collaboratively and transparently with our neighbors,” stated Ian Harris, President and CEO of Libero Copper. “We believe that generating, sharing, and incorporating knowledge with and from communities – our neighbors, government, national and local institutions, is the correct path forward. Libero Copper is committed to making a difference.”

“We firmly believe in the need to consolidate strategic cooperation alliances, with national and international public and private institutions and companies, that allow us to grow and mutually advance in the corporate mission objectives, through research, training, science and technology, creating sustainable benefits and environmental, social, economic and cultural development, contributing to the solutions and changes that our environment and the planet demand today,” commented Miguel Ángel Canchala, Dean of the Technological Institute of Putumayo.

The Technological Institute of Putumayo was founded in 1992 by the then Governor of Putumayo focusing on the following technological careers: Environmental Technology, Forestry, Mining, Programming and Systems, Administration and Systematized Accounting. ITP is a public institution of higher education, committed to regional development, dedicated to the training of technicians, technologists, and professionals in the transformation of their environment.

The National University of Colombia is a national level Colombian public university, founded on September 22, 1867. It is the most important and representative university in Colombia for its tradition, prestige, quality and selectivity. The Mines Department was founded in 1886 at the Medellin campus.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 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 cumulating in a positive pre-feasibility study (the pre-feasibility study is historical in nature only and should not be relied upon as it is not NI 43-101 compliant). B2Gold subsequently executed diamond drill programs in 2008 and 2012.

A pit constrained inferred resource at Mocoa contains 636 million tonnes of 0.45% copper equivalent (0.33% Cu and 0.036% Mo)1 generated using $3/lb Cu and $10/lb Mo, containing 4.6 billion pounds of copper and 511 million pounds of molybdenum. 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 which will receive additional follow-up drilling in 2022.

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 in Ecuador, such as Mirador (438 million tonnes measured and indicated at 0.61% Cu and 235 million tonnes inferred at 0.52% Cu)3, San Carlos (600 million tonnes inferred at 0.59% Cu)3, Panantza (463 million tonnes inferred at 0.66% Cu)4 and Solaris’ Waritza, located in Ecuador.

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.

2 Technical Report “Mocoa Copper-Molybdenum Project” dated effective November 1, 2021
3 Technical Report: “Mirador Copper-Gold Project 30,000 TPD Feasibility Study” dated effective April 3, 2008
4 Technical Report: “Preliminary Assessment Report Panantza & San Carlos Copper Project” dated effective October 30, 2007About Libero Copper & Gold

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

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 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, 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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