Libero Copper (TSXV:LBC) Launches Major Drilling Program to Expand Resources at Mocoa Copper-Molybdenum Deposit in Colombia

Libero Copper & Gold (TSXV:LBC) has initiated a resource expansion program at its Mocoa Porphyry Copper-Molybdenum Deposit in Colombia, with significant progress after two years of groundwork. On October 16, 2024, the Vancouver-based company announced the start of drilling with hole MD-044. This hole is part of a broader plan to drill up to 14,000 meters, advancing the Mocoa Project located in Colombia’s Jurassic Copper Belt near the town of Mocoa, Putumayo.

Ian Harris, President and CEO of Libero Copper, highlighted the collaboration with local communities and regional stakeholders in advancing the project in a press release: “The initiation of drilling marks an important milestone for the project—our drills are turning again after several years,” Harris said. The company aims to expand the deposit’s high-grade copper and molybdenum zones, underlining its commitment to sustainable and responsible development.

Resource Expansion Efforts

Libero Copper has been conducting extensive evaluations of the Mocoa deposit, leading to a refined geological model for the site. The resource expansion program includes step-out drilling to confirm extensions of mineralized zones and in-fill drilling to better understand the distribution of copper and molybdenum grades. Airborne geophysics and fieldwork have informed the resource expansion plan, which targets areas believed to hold significant potential for high-grade copper and molybdenum.

The drilling campaign began with hole MD-044, positioned on the same pad as the previous hole MD-043. The company plans for MD-044 to reach a depth of 1,200 meters, oriented north-to-south with a -60-degree dip. This hole will explore the continuity of high-grade zones extending northeast below an initial inferred mineral resource. Previous drilling at the site, such as the notable MD-043, intersected mineralization with grades of 0.58% copper equivalent (CuEq) over 1,228.5 meters, which included an 840.3-meter section at a higher 0.72% CuEq.

The current drilling program will enhance understanding of the site’s geology, focusing on two high-grade zones with distinct directional trends. One zone trends westward, while the other trends northeast, indicating the complexity of the porphyry system at Mocoa. Earlier drilling by B2Gold in 2008 had already highlighted the potential of the high-grade center of the deposit, revealing extensive potassic alteration and quartz veins that suggest a strong copper-molybdenum mineralization system at depth.

Regulatory Compliance and Environmental Measures

Libero Copper has undertaken a comprehensive review to ensure compliance with Colombian regulatory and environmental standards. The company has implemented various measures to minimize its environmental footprint, including an expanded rainwater collection system that reduces reliance on external water sources. Additionally, a greywater capture system has been put in place to manage wastewater, which is then disposed of by an external contractor.

The company has also ensured that drilling operations use existing pads to limit surface disturbance. According to Libero Copper, the regional environmental agency confirmed in September 2024 that the company’s environmental plans did not require further approval, allowing the project to proceed without delay.

The company’s environmental efforts coincide with recent legal developments that have clarified the path forward for the Mocoa Project. In August 2024, Colombia’s Consejo del Estado annulled a 2018 Municipal Accord from the Mocoa Municipal Council that had restricted medium and large-scale mining activities. Although Libero Copper had argued that the 2018 accord was not enforceable, the ruling has removed legal ambiguities, paving the way for the project’s continuation.

Mobilization and Site Preparation

Libero Copper has completed key mobilization activities to support the drilling program. The Mocoa camp is now fully operational, with accommodation facilities for up to 50 personnel and a secured rainwater supply. The company has reopened essential access routes to facilitate movement of equipment and personnel. Among the equipment on-site is the KD-1000 rig, a modular and portable drilling rig capable of reaching depths of over 1,200 meters.

In preparing the camp, the company undertook significant site work, including terrain leveling, clearing, and pruning to ensure safe and efficient access. These efforts have created a stable base for ongoing exploration and resource expansion at Mocoa.

Libero Copper’s current phase of drilling, up to 14,000 meters, forms part of a long-term strategy to realize the Mocoa Project’s potential. The company acknowledges that further permits may be necessary as the project advances, particularly if new drilling pads are required. However, Libero Copper states that it has the required permits in place for this initial phase and will seek additional permits as needed.

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.