The Mocoa deposit contains an Inferred mineral resource estimated at 636 million tonnes at a grade of 0.33% copper and 0.03% molybdenum 4.6Blbs copper and 511Mlbs molybdenum. The resource exhibits reasonable prospects for eventual economic extraction using open-pit mining methods. The table below shows the sensitivity of the resource, listed at a variety of cut-off grades for comparison purposes, contained inside a resource limiting pit shell that has been generated based on a copper price of $3/lb and a molybdenum price of $10/lb. The base case resource assumes a cut-off grade of 0.25% copper equivalent.
SENSITIVITY OF INFERRED MINERAL RESOURCE AT MOCOA
|Cut-off||Mtonnes||CuEq (%)||Cu (%)||Mo (%)||Contained Metal|
|(CuEq%)||CuEq (Blbs)||Cu (Blbs)||Mo (Mlbs)|
1) In-pit resource contained within shell generated using US$3/lb Cu and US$10/lb Mo. CuEq%=Cu%+Mo% × 3.33.
2) Base case cut-off grade for in-pit resources is 0.25% CuEq.
3) Metal recoveries applied: 90% Cu, 75% Mo (preliminary historical internal metallurgical testing)
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.