Preliminary Assessment Report, Grace Property- Gold Silver Anomaly
LARA EXPLORATION LTD. MAXY GOLD PERU S.A.C. subsidiary
PRELIMINARY ASSESSMENT REPORT GRACE PROPERTY – GOLD-SILVER ANOMALY
INTRODUCTION
Since its acquisition from SOUTWESTERN RESOURCES, this is the first field reconnaissance program to assess the potential of the property. The visit occurred in May and 2 experimented geologists completed the work task. During this visit, over 174 samples including rocks, Soils and stream sediments were collected and assayed.
Mining Property Description
The “GRACE” property consists of six 100 % owned mining rights totaling 4800 hectares and named: Grace 1, Grace 2, Grace 3, Grace 4, Grace 5 and Grace 6. The rights are owned by Maxy Gold Peru SA, wholly-owned subsidiary of LARA EXPLORATION and were acquired in 2008 from Minera del Suroeste S.A.
Location and access
The property is located approximately 461 km in strike line southeast from Lima, the capital of Peru at an altitude of 3,900 to 4,200 m.a.s.l. It belongs to San Pedro and Chavin~a districts, Lucanas province of Ayacucho department of central-south Peru. Access to Grace is relatively easy and is by 4 wheel drive. Access from Lima is as follows:
- Lima - Nazca, 460 km. South Panamerican Highway, approximately 5 hours.
- Nazca – Puquio, 148 km. Paved road, approximately 2.5 hours.
- Puquio – Chavin~a, 72 km. Unpaved road approximately 2 hours. At 50km from Puquio a detour to south drives to the studied area.
History
The claims were staked in 2004 by Minera del Suroeste S.A subsidiary of Southwestern resources and were acquired on the basis of a Crosta anomaly.
In 2005 a report carried out by Henry M. Marsden for Minera del Suroeste stated the following:
Grace consists in a large area of argillic to High Sulfidation alteration. Four zones with silica alteration were outlined. In Zone 2, large zone of silicification and quartz-alunite carries very weakly anomalous gold with local anomalous arsenic, antimony and copper. Zone 1 contains some strong silica and alunite bearing alteration but low gold values. An area of silica in the SE part of the zone carries strongly anomalous Arsenic, antimony and copper. Zone 3 consists in strong alunite in a rhyolite dome with one silica pyrite rib carrying weakly gold (200 ppb). Zone 4 has sporadic thin veneers of silica and lacks of anomalous gold. Northwestern sector of the property was not evaluated due to lack of community permit for access”.
In the first half 2008, Maxy Gold Peru S.A.C. acquired 15 mining properties totaling 139,000 hectares from Minera del Suroeste S.A. Grace was amongst these concessions, and Maxy did not explore the property in its original 2008-2009 prospection program.