Massive Colombia Copper Deposit Shows Exciting Potential

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Libero Copper and Gold Corp. (LBC:TSX.V; LBCMF:OTCQB) announced that it has started drilling the third hole of its 14,000-meter resource expansion program at its Mocoa copper-molybdenum project in Colombia.

The exploration program is building on results from holes MD-043 (released in 2022) and MD-044 and MD-045 (released earlier this year).

The hole is designed as a step-out to test mineralization beyond previously drilled areas, the company said in a release.

"Our team is excited to move eastward with MD‑046, building confidence built off MD-044," said President and Chief Executive Officer Ian Harris. "This step-out hole is a direct response to the consistent zones we've encountered, and it exemplifies our commitment to methodically expand Mocoa's footprint. Each new meter drilled reaffirms Mocoa's standing as one of Colombia's most significant copper-molybdenum systems."

Last month, the company said that holes MD-043, MD-044, and MD-045 "form the backbone of the company's current resource expansion strategy, bridging data between known high-grade zones and enabling more targeted step-out drilling."

The holes showcased robust results over a broad area, from surface to depth, each remaining open, leading Harris to say the company may have found "the tail of an elephant."

Analyst Taylor Combaluzier of Red Cloud Securities wrote in an update research note on February 27 that the project has a "very large, mineralized footprint with excellent expansion potential."

"A well-mineralized breccia domain exists at Mocoa, extending >1,000m below surface," wrote Combaluzier, who maintained a Buy rating but did not set a target price. " It suggests excellent vertical continuity of a system that opens potential for deeper mineralization."

'A Critical Component' of Co.'s Resource Growth Strategy

The Mocoa project is in the Putumayo Department of southern Colombia, about 10 kilometers north of Mocoa. The deposit contains an inferred mineral resource of 636 million tonnes (Mt) grading 0.45% CuEq (0.33% Cu and 0.036% Mo), representing 4.6 billion pounds of contained copper and 511 million pounds of molybdenum.

This year, the 14,000-meter drilling program at the project will increase total drilling by 50%.

As of March 12, MD-046 had reached a depth of 650 meters, the company said. The hole is strategically designed to extend mineralization beyond previously drilled areas and assess the continuity of the deposit within the pit-constrained resource model.

"This eastern expansion is a critical component of Libero Copper's resource growth strategy, aiming to unlock additional copper-molybdenum potential and further define the scale of the Mocoa deposit," Libero said in the release. "Results from MD-046, along with recent released results from holes MD-044 and MD-045, will contribute to defining the scale and continuity of the Mocoa porphyry deposit."

Co. Poised to Capitalize on Structural Bull Market in Copper

*Mineralization at Mocoa remains open along strike and at depth, offering "significant exploration upside," wrote John Newell of Newell & Associates on February 24. "The company has identified multiple high-priority drill targets, including additional porphyry systems adjacent to the main Mocoa deposit. The next phase of work will include permitting, community engagement, and an expanded drill campaign aimed at expanding the resource base and further de-risking the project."

Newell said recent chart analysis suggested a potential breakout for the stock, "as technical indicators, such as the MACD, signal a potential uptrend while increasing volume indicates growing investor interest."

"Libero Copper is poised to capitalize on the structural bull market in copper, underpinned by its world-class Mocoa deposit and a leadership team with a proven ability to advance projects," wrote Newell. "With a tight share structure, increasing investor awareness, and robust market fundamentals, Libero Copper offers an attractive investment opportunity at current prices for those seeking exposure to the next wave of copper expansion at the low end of the share price range."

Also, on February 24, Libero announced its stock had been recognized as of the 2025 TSX Venture 50, an annual ranking of the top 50 performing companies from more than 1,600 companies on the TSX Venture Exchange. Selection is based on share-price appreciation, market capitalization growth, and trading volume, the company said.

Combaluzier with Red Cloud wrote that results from the drilling "should bolster a future MRE (mineral resource estimate) update at Mocoa."

"The drill program is expected to continue through H1/25, with a continued focus on bridging data between known the high-grade zones and targeted step-out drilling," the analyst noted. "We believe the results should help support an expansion of resources in an updated future MRE for Mocoa."

Combaluzier continued, "We continue to believe that additional discoveries and resource expansion at Mocoa are two factors that are key to a potential re-rating of Libero's stock price."

The Catalyst: Hunt for Red Metal Accelerating

With just about every leg of the energy transition depending on copper and its importance as an electrical conductor, the hunt for the red metal "has been accelerating, as companies involved in all parts of the copper supply chain realize the structural supply deficit," wrote Rick Mills, author of the newsletter Ahead of the Herd.

"They understand the need to find sources — existing mines, expansions, brownfield projects, greenfield projects, etc. — and are making deals to acquire the base metal, which is not only essential to electrification and decarbonization but industry in general," Mills wrote.

According to a report by Ben Hernandez on March 13 for VettaFi, U.S. manufacturers have been stocking up on copper ahead of potential tariffs being levied by President Donald Trump, leading to increased demand.

"President Trump said that the Commerce Department will be investigating  the impact of copper imports, particularly with regard to national security," Hernandez wrote. "The concern is that China is looking to dominate the global copper market, leading to the probe of imports. Of course, all of this is only helping to support the bullish case for copper."

Both the S&P GSCI Copper and the Bloomberg Copper Subindex have risen over 10% this year so far, Hernandez reported.

According to a report in EV Magazine in December by Stella Nolan, "With copper mines often requiring years to begin production, immediate investments in exploration are necessary to secure future supply chains."

The Swiss bank UBS estimates that the copper supply deficit will exceed 200,000 tons by 2025, she wrote. The International Energy Forum adds that, to meet the growing demand, more than a billion tons of new copper mining capacity will be needed annually until 2050.

Ownership and Share Structure

According to the company's investor presentation updated in February, 29% of Libero is owned by management, insiders, and affiliates, including 11% held by Guistra.

About 18% is held by institutions.

13% is held by High Net Worth (HNW) investors, 4.5% by Anglo Asian Mining Plc, and 35.5% is retail.

Refinitiv reports that other major shareholders include Harris with 0.93% and directors Ernest Mast with 0.08% and Rob Van Egmond with 0.07%.

Libero has a market cap of CA$12.72 million. Its 52-week range is CA$0.22-0.84.