Geophysical Survey Extends Targets At Picha In Peru
November 28, 2011 (TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or the “Company”) is pleased to report results of the recently completed geophysical surveys at the company’s Picha Copper-Silver Project located in the districts of Ichuña and San Antonio, Department of Moquegua, in Southern Peru. The surveys outlined six chargeability anomalies indicative of sulphide mineralization, in a wider area of moderate chargeability and higher magnetic response interpreted as volcanic or intrusive rocks.
Andre Gauthier, President of Lara commented: “These results indicate size and depth continuity to the alteration we’ve mapped and sampled at surface, and will provide a valuable guide to the forthcoming exploration program with our new partner Network Exploration.”
The geophysical program comprised 158.22 line kilometres of Magnetic (“Mag”) surveys and 65.5 line kilometres of Induced Polarization (“IP”) surveys, targeting disseminated and semi-massive copper sulphide mineralization down to maximum depth of approximately 300 metres. The Mag results indicate the presence of magnetic rocks at shallow depths forming a semicircular shape in the center of the survey grid, with the strongest magnetic responses generally corresponding to volcanic and intrusive rocks. Structures and geological contacts can be inferred from the magnetic profiles and form a complex pattern with a strike direction generally NE. The IP survey shows a large area of relatively high background chargeability in the center and eastern part of the grid, within which six weak-moderate chargeability anomalies have been outlined, interpreted as corresponding to the presence of sulphides.
The Picha Copper-Silver Project is located within the prolific Tertiary Volcanic Arc of Southern Peru, adjacent to the properties of Gold Fields Limited and Compañía de Minas Buenaventura S.A., and lies roughly 15 kilometres to the northeast of their recent Chucapaca discovery, with reported mineral resources recently increased to 7.6 million gold equivalent ounces.
Lara’s surface work at Picha mapped widespread alteration, brecciation and vein stockworking, indicative of the presence of a porphyry system at depth, and outlined seven zones with anomalous copper and associated silver values. The Company has signed an Option and Joint Venture Agreement whereby Network Exploration Ltd. (TSX Venture: NET, “Network”) may earn up to a 75% interest in the project by making cash and share payments to Lara and funding exploration and a Pre-Feasibility study (see Company press release of October 19, 2011 for details).
Quality Control: VDG del Perú S.A.C. followed industry standard quality assurance and quality control procedures for the geophysical surveys. Réjean Pineault, General Manager of VDG del Perú S.A.C. and André Gauthier, President of Lara Exploration are members of the Order of Engineers of Quebec, acted as Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and are responsible for the preparation and verification of the technical information in this release.
About Lara: Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio of prospects and deposits primarily in Brazil 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 Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.