Lara Exploration Ltd.: Drilling Intersects 27 Metres At 4.37% Copper At Curionopolis In Brazil
VANCOUVER, BRITISH COLUMBIA–(Marketwired - June 8, 2015) - Lara Exploration Ltd. (“Lara” or the “Company”) (TSX VENTURE:LRA) is pleased to report results from a further four diamond drill holes completed by partner Tessarema Resources Inc. (“Tessarema”), at the Galpão target within the Curionópolis Copper Project, in Pará State, Brazil, including hole MGFE-02 which intersected 27 metres averaging at 4.37 % copper and 0.40 parts per million (“ppm”) gold. The Galpão target is located approximately five hundred metres southeast of the high-grade Osmar target, for which drilling results were released last week (see Company news release of June 1, 2015 for details). The following table summarizes the results from the Galpão drill holes:
Copper Equivalent calculated as ((Copper %) + (0.6 * g/t Gold))
The mineralized intervals have been calculated using a cut-off of 0.3% copper and reporting weighted average gold values within the copper intervals. A maximum of 3 metres of internal waste was incorporated into the mineralized intervals. No top cut was applied to the gold values. All the holes reported here are inclined holes (-60 degrees to the west) and as such cut the steep east-dipping mineralized structure at a slightly oblique angle, so the intervals reported do not necessarily represent true mineralized thicknesses. The drill hole collar locations are shown on a map available in the Projects section of the Company website (www.laraexploration.com).
All four holes at Galpão were drilled on a single drill fence along a strike of 125 metres to test the Galpão mineralized structure between 40 and 70 meters vertical depth below the surface. The target is located along the crest of a north-south-orientated ridge, where artisanal miners have in the past made a number of shallow open pit excavations and sunk a number of shallow shafts. Previous drilling in this target was a single diamond drill hole, CRCD-08, (see Lara news release of December 1, 2011) that targeted this mineralized structure at greater than 250 metre depth below the surface. This hole intersected anomalous copper and gold values in the upper part of the hole corresponding to mineralized structures located to the east of, and parallel to, the Galpão structure. Only weak alteration, without any economic copper values (albeit with trace amounts of chalcopyrite present), was noted in the section of the drill hole corresponding to the interpreted down-dip projection of the Galpão structure.
Drill core from these holes shows wide zones of carbonate and silica alteration that appear to overprint earlier amphibole-magnetite alteration and evidence for strong structural deformation with shearing and local brecciation. A late hydrothermal brecciation is present in holes MGFE-01 and MGFE-02 and is closely related to higher copper grades. Copper mineralized zones correspond to zones dominated by chalcopyrite with lesser bornite occurring, both in stringer veinlets and massive veins up to 50 centimetres wide, hosted by sheared gabbro and as coarse (mm-cm-size) disseminated grains and aggregates within the carbonate-silica alteration zones. Unlike the Osmar target, where weathering and supergene alteration has been developed to over 150 metres vertical below the surface down the mineralized structure, the weathering at Galpão does not reach below 15 to 20 metres vertical depth below the surface.
Intertek Brasil (part of Intertek Group plc.) carried out the sample preparation and copper and gold analyses at its laboratory Parauapebas close to the project, and multi-element analyses were made in their laboratory in São Paulo. Intertek follows industry standard quality assurance and quality control procedures with duplicates, multiple standards and blank samples run with each sample batch. Michael Bennell, Lara’s Vice President Exploration and a Fellow 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 in Brazil, Peru, Colombia and Chile. 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.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.