New VMS Targets Defined At Canabrava In Brazil
Vancouver, British Columbia, February 24, 2009 (TSX Venture: LRA) – Lara Exploration Ltd. (“Lara” or the “Company”) is pleased to report that airborne geophysics has defined twenty-three new targets on its Canabrava Project in Central Brazil. The targets were defined as having geophysical responses similar to those of the known volcanogenic massive sulphide (“VMS”) deposits in the belt.
2,870.8 line kilometres of VTEM (helicopter-borne time domain electromagnetic) geophysics were flown over the belt, covering a 645.6 square kilometre area at a 250 metre line spacing. Of the twenty-three new targets, ten are considered priority one, five as priority two and eight as third priority. Stream sediment geochemistry was also completed over the whole belt. Planned follow-up comprises soil sampling grids, terrestrial geophysical surveys (magnetic and time domain electromagnetic) and detailed geological mapping over the target areas to define drill targets.
The Canabrava VMS Project comprises 53,704 hectares of exploration claims and licenses that cover most of the Proterozoic-age Palmeirópolis volcano-sedimentary sequence and strike extensions of four zinc-lead-copper-silver VMS deposits discovered by the CPRM (Brazilian Geological Survey) in the 1970’s (see Lara new release February 26, 2008).
Work at Canabrava is being conducted by Votorantim Metais Zinco S.A. (“Votorantim”) under the terms of an option and earn-in agreement signed in May 2008 (see Lara new release of May 20, 2008), whereby Votorantim can earn an initial 55% interest in the project, by funding $2.5 million of exploration expenditures over a three year period, with $0.5 million committed in year one (completed).
Michael Bennell, Lara’s Vice President Exploration and a member of the Australasian Institute of Mining and Metallurgy (AusIMM), is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and is responsible for the preparation and verification of the technical information in this release.
Lara is a well-funded prospect generator, with a multi-commodity exploration portfolio in Brazil, Colombia and Peru. Lara’s common shares trade on the TSX Venture Exchange under the symbol “LRA”. For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com or contact: Miles Thompson, President or Kim Casswell, Corporate Secretary at (604) 669-8777.
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