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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Libero Copper partners with Anglo Asian Mining on new Colombian copper-molybdenum mine

The country is prioritizing the development of its vast potential for renewable energy with emphasis on copper

Libero Copper partners with Anglo Asian Mining on new Colombian copper-molybdenum mine
Image via Libero Copper.

A new partnership between Libero Copper and Gold Corporation (TSXV: LBC) (OTCQB: LBCMF) and Anglo Asian Mining PLC (LON: AAZ) is bringing Colombia closer to achieving a long-term, dependable supply of copper.

On Tuesday, Libero Copper and Anglo Asian announced a partnership for the initial design, engineering and financial modelling of the Mocoa Porphyry Copper-Molybdenum deposit in Putumayo, Colombia.

Anglo Asian is the biggest shareholder and strategic partner of Libero Copper. They have extensive experience in developing and operating projects, building mines, exploring, and have a proven team with expertise in various fields such as mine design, metallurgy, geology, environmental management, and social engagement.

Additionally, they have established long-term relationships with various consulting and manufacturing companies. Before finalizing the mine designs, top-tier external professionals and consulting companies will review the preliminary designs.

“A key objective of the design is maximizing production chain development in Putumayo through a secure, long-term supply of copper for national green industries, in line with the Colombian government’s commitment to industrialization, tackling climate change and transitioning towards sustainable industries,” said Ian Harris, CEO and president of Libero Copper.

This objective aligns with the Green Route Alliance’s mission, which aims to promote a copper-based production chain that involves local communities to the fullest extent possible, while also reducing the environmental impact, promoting circular economic growth, and achieving carbon neutrality.

The Green Route Alliance is an initiative focused on leveraging Colombia’s significant potential for renewable energy, particularly copper, to create a sustainable and eco-friendly industrialization process that supports the transition to a low-carbon economy.

Its members include include several Colombian and international groups from national universities, communities and local start-up companies in Colombia.

Read more: Calibre Mining reports record gold production in Q1 2023

Read more: Calibre Mining Nicaraguan operations thrive with hub-and-spoke model: Raymond James

Colombia shifting away from dependence on fossil fuel exports

With the increasing demand for copper in the renewable energy and electric vehicle sectors, the Mocoa deposit’s inferred resource, which contains over 2 million tonnes of copper, plays a crucial role in the success of the Green Route Alliance.

Also, materials that can be traced back to their sources and are ethically-sourced have high market value, which is essential for the Green Route Alliance’s objective of attracting investments in green energy, climate change, and the energy transition in Colombia. The Green Route Alliance has set ambitious targets to strengthen Colombia’s position as a global leader in the transition to a low-carbon economy.

Colombia is shifting away from its traditional dependence on exporting fossil fuels and is making significant strides towards developing sustainable green industries.

The country is prioritizing the development of its vast potential for renewable energy, with a special emphasis on using copper, a strategic metal that plays a critical role in green technologies, to meet its industrialization and energy transition objectives. The Colombian government has shown a strong commitment to addressing climate change and positioning Colombia as a global leader in the energy transition.

The Mocoa deposit is situated in the Putumayo department, approximately 10 kilometres away from the town of Mocoa. Libero Copper has extensive district-scale holdings that span over 1,000 square kilometres, covering most of the Jurassic porphyry belt in southern Colombia. The discovery of Mocoa dates back to 1973, when the United Nations and Colombian government conducted a regional stream sediment geochemical survey.

Hard at work in Mocoa. Image via Libero Copper.

Read more: Calibre Mining reports record gold production in Q1 2023

Read more: Calibre Mining starts drilling high-grade gold Eastern Borosi open pit

Previous drilling intercepted 840 meters of 0.72% copper equivalent

Between 1978 and 1983, an exploration program was undertaken, consisting of geological mapping, surface sampling, ground geophysics (IP, magnetics), 31 diamond drill holes totalling 18,321 metres, and metallurgical test work, culminating in a positive pre-feasibility study. B2Gold Corp (TSX: BTO) conducted diamond drill programs in 2008 and 2012, followed by Libero Copper’s drilling of Mocoa in 2022, which intercepted 840 metres of 0.72 per cent copper equivalent.

The inferred resource at Mocoa is constrained within a pit and comprises 636 million tonnes of 0.45 per cent copper equivalent, with 0.33 per cent copper and 0.036 per cent molybdenum, calculated using prices of $3 per pound of copper and $10 per pound of molybdenum.

Libero Copper Mocoa mining map. Image via Libero Copper.

The resource contains 4.6 billion pounds of copper and 511 million pounds of molybdenum. The Mocoa deposit seems to be open in both directions along strike and at depth. The ongoing work on the property has identified additional porphyry targets, indicating the potential for the expansion of known mineralization.

Libero Copper shares dipped 3.8 per cent to trade at $0.125 on the TSX Venture Exchange.


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