Libero Expands Ridge Drill Program at Big Red

VANCOUVER, July 21, 2020 - Libero Copper & Gold Corp. (TSXV: LBC) (OTC: LBCMF) (Frankfurt: 29H) is pleased to announce the reverse circulation ("RC") reconnaissance drilling program at the Ridge target at Big Red in the Golden Triangle has been expanded to 2,600 metres in 24 holes. Figures 1, 2 and 3 show the location of planned drilled holes looking north, northeast and east. The RC work is intended to rapidly, cost effectively and comprehensively provide confirmation of the significance of the high soil and rock gold values. On-site XRF analysis will analyze rock chip samples and drill core for pathfinder elements to focus exploration in real-time. The drill program will commence in early August with results used to better target an initial round of core drilling in the early fall.

Ridge is a high-grade gold target located to the south of the porphyry gold-copper targets at Big Red coincident with a high-grade gold geochemical anomaly and a conductivity high. Ridge was identified as reporting numerous high-grade gold samples in May 2019 when Libero undertook a large compilation of historical data where location, description, and assay data for 1,714 historical rock chip and 1,957 historical soil samples were digitized from 35 assessment reports for the area dating back to 1963. The compilation provided geochemical coverage of the property never attained by previous operators. Within the Ridge target individual float samples returned as high as 25 g/t Au and historical rock chip samples grade up to 29 g/t Au (news release dated May 27, 2019). Surface exploration work by Libero during the 2019 field season collected 892 surface samples further expanding the database (new release dated September 5, 2019). A recently flown ZTEM survey identified that the conductivity high at Big Red is best developed in Stuhini Group rocks underlying the Ridge target (news release dated April 14, 2020).

The technical information contained in this news release has been reviewed and approved by Libero's Executive Vice President of Exploration, Leo Hathaway P.Geo., who is a Qualified Person as defined under NI 43-101.

About the Big Red Porphyry Gold-Copper Property

Big Red comprises 20 contiguous claims totalling 26,000 hectares in northwestern British Colombia, 45 kilometres southwest of Telegraph Creek along the Glenora Road. Big Red lies within the Golden Triangle 70 kilometres north of Galore Creek and 100 kilometres west of Red Chris.

The Golden Triangle is a geological province of prodigious gold and copper mineralisation and host to some of Canada's most famous mines, including Premier, Red Chris, Snip, Brucejack and Eskay Creek. Within the Golden Triangle porphyry copper and gold, epithermal gold and silver and volcanogenic massive sulfide styles of mineralisation have all been recognised. At Big Red porphyry gold-copper targets are peripheral to a distinct large magnetic-high feature and coincide with a radiometric potassium anomaly, copper, gold, silver and molybdenum anomalies and a mapped Jurassic aged porphyry intrusion. Please see Libero's flickr site for photographs.

About Libero Copper & Gold

Libero holds a collection of porphyry deposits throughout the Americas in prolific but stable jurisdictions. The portfolio includes both exploration properties such as Big Red, a new gold discovery in the Golden Triangle, Canada, and high-quality deposits with significant resources but without any fatal flaws or significant holding costs. The Tomichi copper deposit in the United States and the Mocoa copper deposit in Colombia, both contain large inferred mineral resources. In total, the Mocoa and Tomichi properties contain 7.9 billion pounds of copper and 1.1 billion pounds of molybdenum. These assets are being advanced by a highly disciplined and seasoned professional team with successful track records of discovery, resource development, and permitting in the Americas.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions and regulatory and administrative approvals, processes and filing requirements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.

SOURCE LibEro Copper Corp.