Libero Copper Extends The Terry Porphyry Copper-gold Discovery

VANCOUVER, Jan. 16, 2023 - Libero Copper & Gold Corp. (TSXV: LBC) (OTCQB: LBCMF) (DE: 29H) provides the results from the summer 2022 drill program at the Big Red project located 70 kilometers north-northwest of the Galore Creek deposit in the golden triangle of British Columbia, Canada. A total of four drill holes were completed (2,790 metres) during the 2022 field season. Three holes tested syenite porphyry intrusion targets to the east of the Terry porphyry copper-gold discovery in an area with an elevated potassic response (radiometric data) and coincidental surface rock samples which contain elevated copper mineralization.

Hole BR-22-043, drilled at the Terry porphyry discovery area intersected 0.24% Cu and 0.03 g/t Au over 100.5 metres (from 7.5 to 108.0 metres). Refer to Tables 1 to 3 for significant intercepts and Figures 1 to 5 for drill hole locations and a cross section of hole BR-22-043. This hole successfully tested the down dip extension of the porphyry copper-gold mineralization intersected in drill hole BR-21-028 which returned 0.26% Cu and 0.06 g/t Au over 118.7 metres (from 8.3 to 127.0 metres).

"We are pleased that we successfully intersected the extension of the Terry porphyry mineralization in hole BR-22-043. We will be analysing all the field data in preparation for the 2023 field season," comments Ian Harris, CEO.

All holes drilled during the 2022 program typically intersected medium grained syenite to granodiorite intrusive units with intercalations of volcanic and volcaniclastics units. The intrusive units are typically potassic altered with trace to 1% disseminated pyrite through. Quartz veinlets and stringers contain locally variable pyrite and chalcopyrite. Copper mineralization is typically associated with a specific crowded porphyry phase which is more abundant in the immediate Terry area. Intrusive contact zones and immediately adjacent wall rock units typically represent favourable depositional sites for higher grade mineralization and veining. No significant copper-gold mineralization was intersected in the three holes drilled to the southeast of the Terry porphyry discovery area. The 2022 drill hole azimuth and dip information is summarized in Table 4.

In addition to drilling in the Terry area, reconnaissance field examinations were carried out on the main mineral occurrences on the property. A total of 614 surface rock samples were collected and assayed. Assays confirm the previous historic sampling results from these areas with mineralized samples containing up to 10 g/t Au. Additional follow-up fieldwork will be completed during the 2023 field program for the Poker, Windy, TGR north, Ridge and West targets to identify the source and scale of the mineralization in these areas (Figure 2 to 4).

Table 1: 2020 Drill Results * Previously released (January 19, 2021)

Table 2: 2021 Drill Results * Previously released (January 27, 2022)

Table 3: 2022 Drill Results

Table 4: 2022 Drill Hole Information

Big Red is a 26,000-hectare district scale land package with both copper and gold targets, road access, and an airstrip. Big Red is located 45 kilometres southwest of Telegraph Creek along the Barrington Road, 70 kilometres north of Galore Creek, and 70 kilometres northwest of Schaft Creek in the Golden Triangle of northwestern British Columbia, Canada. The Golden Triangle is a mining district of prodigious gold and copper mineralization and host to some of Canada's most famous mines (Premier, Red Chris, Snip, Brucejack, Eskay Creek) and porphyry copper deposits (Galore Creek, Schaft Creek, KSM, Saddle).

At Big Red, the Terry porphyry copper target is peripheral to a distinct large magnetic-high feature over the Limpoke Pluton that coincides with a radiometric potassium anomaly, magnetic low, conductivity high, copper, gold, silver and molybdenum anomalies and a mapped Jurassic aged porphyry intrusion. The discovery hole drilled in Terry in October 2020 (BR-20-23) returned 120 metres grading 0.34% Cu, 2.47 gpt Ag, 0.06 gpt Au, including 0.41% Cu, 2.93 gpt Ag and 0.07 gpt Au over 70.1 metres and including 1.02% Cu, 7.23 g/t Ag, 0.11 g/t Au over 12.2 metres. Mineralization is associated with a porphyritic dyke swarm hosted in intermediate volcanic rocks. Chalcopyrite mineralization occurs as fine disseminations within the porphyritic dykes and volcanic host rocks, with higher concentrations along the margins. The age, rock textures, alteration styles and geological setting at Terry share similarities with British Columbia alkalic porphyry deposits, including Galore Creek. The discovery is located just 8 km from road access at an elevation of 700 metres with relatively low snowfall.

Information in this news release relating to the exploration results is based on data reviewed by Matthew C. Wunder, B.Sc. P.Geo., the Vice President Exploration for Libero Copper. Mr. Wunder is a registered Professional Geologist and has in excess of 35 years' experience in mineral exploration and is a Qualified Person as defined under National Instrument 43-101.

Libero Copper is unlocking the value of a collection of porphyry copper deposits throughout the Americas in prolific and stable jurisdictions. The portfolio includes the Mocoa deposit in Putumayo, Colombia; Esperanza in San Juan, Argentina; and Big Red and Big Bulk in the Golden Triangle, BC, Canada. 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 Libero Copper 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 & Gold Corp..