Nickel-PGE Targets Defined At Conceição, Brazil
December 7, 2011 (TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or the “Company”) is pleased to report results of on-going mapping and geochemical surveys by partner, Avanco Resources Ltd. (ASX: AV, “Avanco”), that have extended known anomalies and defined new ones on the Company’s Conceição Nickel Project, in northern Brazil. Avanco has to date collected 120 rock and 2,639 soil samples over six target areas, with further work being directed to the VTEM4, Mineiro and Pyroxenite anomalies that are considered the most promising. Better rock sample results are summarized in the table below:
|Sample *||Ni (ppm)||Ni (%)||Cu (ppm)||Cu (%)||Au (ppb)||Pd (ppb)||Pt (ppb)||Target|
* - The rock chip samples reported here are from outcrops of varying size, selective in nature and are thus unlikely to represent average grades of the deposits.
At the VTEM4 Target a new sulphide occurrence was detected to the SE, which increases the length of the known sulphide mineralization to 700m. Eight rock chip samples were collected in this area, and from those, 7 were highly anomalous for Ni, Cu, and Pd, with peak results of 0.26% Ni, 0.12% Cu, 388ppb Pd respectively.
The soil anomaly at Mineiro was extended north and south, confirming a 2.8km long anomalous trend, remaining open to the south. Mapping shows clearly the existence of fractionation with the elongate magmatic intrusion coincident with the soil anomaly (gabbros overlying pyroxinites, and local peridotites).
At the Pyroxinite Target new soil lines were completed, covering the eastern edge of the prospect where positive results were shown in previous work.
Avanco can earn a 75% interest in any of the licenses comprising the 39,772 hectare Conceição Nickel Sulphide Project by completing a minimum program of surface sampling, geophysics and 1,500 metres of drilling before August 2012. Avanco must then also complete sufficient exploration work within 36 months to generate a JORC (Australasian Joint Ore Reserves Committee) compliant resource with sufficient drill data and metallurgical test work necessary for the Brazilian Department of Mines to approve the Final Exploration Report.
Avanco follows industry standard quality assurance and quality control procedures for all its exploration. 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 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 where it has signed agreements for fifteen joint ventures. 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.