Lara Exploration Ltd.: Antofagasta Relinquishes Sami Option
VANCOUVER, BRITISH COLUMBIA–(Marketwired - April 29, 2014) - Lara Exploration Ltd. (“Lara” or the “Company”) (TSX VENTURE:LRA) reports that Antofagasta Minerals S.A. (“Antofagasta”) has dropped its option to earn up to a 75% interest in the Company’s Sami Gold-Copper Project in southern Peru.
The Sami Project, located in the Ayacucho and Huancavelica departments of southern Peru, comprises approximately 50,000 hectares of mineral rights. Exploration work completed in 2011-12 by the Company outlined 20 gold-copper targets associated with epithermal and porphyry style alteration assemblages with quartz veining, siliceous bodies, hydrothermal breccias, oxidized vein stockworks. This exploration work included systematic alteration, geological and structural mapping and 1,862 rock chip samples, focused primarily on a high sulphidation epithermal gold anomaly at Pitusaja, over 2 kilometres in length and which probably extends through shallow cover to the nearby Condorutca and Pitusaja Sur targets that are interpreted as being part of the same alteration system.
Lara plans to review data from the geophysics and the drill hole completed by Antofagasta on the Sami East target and to seek a new partner for the project.
Andre Gauthier, a member of the Quebec Order of Engineers, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has verified, and approved the disclosure of, the technical information in this news 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 in Brazil, Peru, Colombia and Chile. Lara’s common shares trade on the TSX Venture Exchange under the symbol “LRA”.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.