Libero Mining Corp. on Dec. 19 said it secured a five-year option from Kris Weckerling and partners to acquire a 100% stake in the Tomichi porphyry copper-molybdenum deposit in Colorado.

The company has until Dec. 16, 2021, to exercise the option for US$4 million.

To maintain the option, Libero Mining will pay US$455,000 by Dec. 16, 2020, in increasing annual installments. The deal is subject to approval from the TSX Venture Exchange.

Previous diamond drilling at Tomichi intersected copper-molybdenum mineralization over a surface area of about 1,500 meters by 800 meters and to a depth of at least 600 meters, with mineralization remaining open to the north, to the east and at depth.