Lara To Acquire The Tocantins Gold Project In Brazil
VANCOUVER, BRITISH COLUMBIA–(Marketwired - Feb. 1, 2016) - Lara Exploration Ltd. (“Lara” or the “Company”) (TSX VENTURE:LRA) is pleased to announce that it has signed an Agreement with Brazil Americas Investments & Participation Mineração Ltda. (“Brazil Americas”), to acquire the Tocantins Gold Project, located close to the town of Conceição do Tocantins, in Central Brazil. Under the terms of the Agreement, Lara will assume the project costs going forward and will pay Brazil Americas 50% of any proceeds from the eventual sale of the project to a third-party.
The Tocantins Project comprises a 9,103-hectare exploration license, covering Lower Proterozoic age greenstone lithologies that have been mined sporadically on a small scale since colonial times. Vale S.A. (“Vale”) carried out the first systematic exploration of the area in the 1990’s, targeting gold associated with low-angle thrust faults and fold structures, completing 180 shallow reverse circulation drill holes (totalling 9,129 metres) outlining several near-surface gold occurrences. Further work undertaken more recently by a junior explorer, included twelve diamond drill holes (totalling 1,731 metres). The best results from this program were intercepts of 2 metres at an average grade of 18.97 grams per tonne gold (“g/tAu”) from drill hole TO-08 and 17 metres at 3.93 g/tAu, including 4 metres at 9.01 g/tAu and 2 metres at 11.05 g/tAu from drill hole TO-09. Table 1 below summarizes all the intercepts that assayed greater than one gram per tonne of gold.
|Drill Intercepts That Assayed Over 1g/t Gold from the Most Recent Diamond Drilling Program|
|Hole ID||UTM-E||UTM-N||Az||Dip||From (m)||To (m)||Width (m)||Gold (g/t)|
|The drill holes are orthogonal to the mineralization therefore the intercepts represent approximate true thicknesses|
The mineralization intersected in this program is associated with sulphide and sometimes magnetite-rich quartz veining, in deformed mafic and felsic volcanics, which are usually masked at surface by younger lateritic cover.
The drill core was sampled at one-metre intervals and the samples shipped to the certified SGS-Geosol Laboratory in Belo Horizonte (Brazil) for Au assaying. Three different standards (all from Rocklabs Limited in Auckland, New Zealand) and duplicates were inserted after each 20 core samples, and blanks (also from Rocklabs Limited) were inserted at every 30 core samples. As part of the option with Brazil Americas, Lara has acquired the drill core from this program.
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 has approved the technical disclosure and verified 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.
Lara Exploration Ltd.
VP Corporate Development
+1 416 703 0010