Picha Copper Project Sold To Carajas Copper
VANCOUVER, BRITISH COLUMBIA–(Marketwired - Aug. 2, 2016) - Lara Exploration Ltd. (TSX VENTURE:LRA) (“Lara” or the “Company”) is pleased to report that its partner Kiwanda Copper LLC (“Kiwanda”) and the Carajas Copper Company Limited (“CJC”), have agreed to acquire the Company’s Picha Copper Project in southern Peru. Under terms of an existing agreement between Lara and Kiwanda (see Company news release of June 2, 2015 for details), Lara will receive forty million shares of CJC and will remain entitled to a net smelter returns royalty on any future production of 2% for precious metals and 1% for base metals.
The Picha Project is located in the Moquegua Department of southern Peru. To date Lara has completed geological and alteration mapping, surface sampling and ground geophysics (158 line km of Magnetic and 65 line km of Induced Polarization surveys). The positive copper results from sampling, along with the widespread alteration, brecciation, vein stockworking and geophysical anomalies, are indicative of potential to discover a porphyry system at depth. The Picha property lies approximately 17 kilometres ENE of Compañia de Minas Buenaventura S.A.’s San Gabriel gold deposit, for which indicated and inferred resources of 12.3 million tons at average grades of 6.5 grams per ton gold (2.5 million ounces) are reported.
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