Mineral Resource
The resource update is based on a total of 25,198 meters of drilling in 42 drill holes and was generated using drill holes sample assay results for copper and molybdenum, and qualitative geological core logging information. The mineral resource estimate shown here has an effective date of November 01, 2021.
Table 1.1. Mineral resource estimate at a series of cut-off limits for comparison purposes.
| Cut-off | Mtonnes | CuEq (%) |
Cu (%) |
Mo (%) |
Contained Metal | ||
| (CuEq%) | CuEq (Blbs) | Cu (Blbs) | Mo (Mlbs) | ||||
| 0.15 | 721 | 0.42 | 0.31 | 0.035 | 6.68 | 4.85 | 550 |
| 0.20 | 683 | 0.43 | 0.32 | 0.035 | 6.54 | 4.77 | 530 |
| 0.25 | 636 | 0.45 | 0.33 | 0.036 | 6.31 | 4.60 | 511 |
| 0.30 | 553 | 0.48 | 0.35 | 0.039 | 5.81 | 4.24 | 470 |
| 0.35 | 433 | 0.52 | 0.38 | 0.042 | 4.96 | 3.62 | 405 |
| 0.40 | 330 | 0.57 | 0.41 | 0.047 | 4.12 | 2.99 | 342 |
| 0.45 | 259 | 0.61 | 0.44 | 0.051 | 3.47 | 2.50 | 293 |
| 0.50 | 201 | 0.65 | 0.46 | 0.056 | 2.87 | 2.04 | 248 |
| 0.55 | 148 | 0.69 | 0.49 | 0.061 | 2.26 | 1.60 | 200 |
| 0.60 | 106 | 0.74 | 0.52 | 0.067 | 1.73 | 1.21 | 156 |
The resource estimate presented table 1.2 is the total inferred resource, divided between oxide/transition and sulphide mineralization.
Table 1.2. Mineral resource estimate at a series of cut-off limits for comparison purposes.
| LOCATION | MTONNES | CuEq (%) |
Cu (%) |
Mo (%) |
CuEq (Blbs) |
Cu (Blbs) |
Mo (Mlbs) |
| Oxide and Transition | 139 | 0.41 | 0.32 | 0.026 | 1.25 | 0.99 | 78.3 |
| Sulphide | 497 | 0.46 | 0.33 | 0.04 | 5.06 | 3.61 | 432.7 |
| Total | 636 | 0.45 | 0.33 | 0.036 | 6.31 | 4.6 | 510.5 |
Notes:
- The mineral resources were estimated in accordance with the CIM Definition Standards for Mineral Resources and Reserves.
- In-pit resource contained within shell generated using US$3/lb Cu and US$10/lb Mo. CuEq%=Cu%+Mo% × 3.33.
- Base case cut-off grade for in-pit resources is 0.25% CuEq.
- Metal recoveries applied: 90% Cu, 75% Mo (preliminary historical internal metallurgical testing.
- The resource was constrained by an optimized pit shell using the following parameters: Cu $3.00/lb and Mo $10/lb, slope of 45°, a mining cost of $2.50/t, G&A cost of $2.00/t and an average process cost of $10.00/t.
- Effective date November 01, 2021
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Cautionary Note: A Regional Forest Reserve intersects, and is located on, the western part of the deposit. A resource-limiting pit shell is restricted by the Regional Forest Reserve to 325M tonnes at 0.46% CuEq, 0.34% Cu and 0.036% Mo (at a 0.25% CuEq cut-off grade). Libero must follow the procedures set out in Resolution No. 110 dated January 28 2022, from the Ministry of Environment and Sustainable Development of Colombia, as may be amended, suspended or replaced from time to time, in order to proceed with any mineral exploration in the Regional Forest Reserve. While Libero believes that it can likely satisfy the procedures set out in Resolution No. 110, there is no guarantee that it will do so, and the procedures may be subject to change.
For further information refer to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report, entitled “Technical Report on the Mocoa Copper-Molybdenum Project, Colombia, dated January 17th 2022, prepared by Michel Rowland Brepsant, FAusIMM, Robert Sim, P.Geo, and Bruce Davis, FAusIMM. with effective date of November 01, 2021”.
Qualified Persons
The mineral resource estimate for the Mocoa Copper-Molybdenum Project in Colombia. was made by Michel Rowland (FAusIMM); Robert Sim (P.Geo) and Bruce Davis (FAusIMM), all independent to the company and qualified persons (QP) as defined by Canadian Securities Administrators National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).