Lara Reports Further Wide Intercepts in the Cupuzeiro and Homestead Targets and a Significant High-Grade Intercept at the Silica Cap Target

November 15th, 2023 (TSX Venture: LRA) - Lara Exploration Ltd. (“Lara”) is pleased to report the final results of the recently completed 9,100m diamond drill program at the Planalto Copper Project.

A significant new zone of shallow copper mineralization was identified in the northern extension of the Cupuzeiro target where drill hole 23-018 intersected 21.49m @ 0.583% Cu from 43.51m down hole. This hole is located approximately 500m to the north of the near surface Cupuzeiro high-grade copper zone. Deeper copper intersections in this same area of the Cupuzeiro target were identified in holes 23-016 (16.3m @ 0.55%Cu from 310.7m down hole) and in hole 23-021 (28m @ 0.358%Cu from 246m down hole)

Significant new intersections in the east and north of the Homestead target include holes 23-013 (with 54.52m @ 0.529%Cu from 311m down hole) and 23-020 (with 24.8m @ 0.641%Cu from 88m down hole).

At the Silica Cap target, hole 23-017 made a significant high-grade intersection of 15.36m @ 1.014%Cu from 141m down hole. This intercept is located between two previously recorded high grade copper intersections (19-018: 15.8m @ 0.94%Cu and 19-025: 13.1m @ 0.65%Cu) and indicates that the copper mineralization in the mafic volcanics close to the granite contact in the Silica Cap target may be more widespread than previously interpreted.

The results for the first part of this program were reported on October 4, 2023. The new results include assays for five holes in the northern extension of the Cupuzeiro target (holes 23-016, 23-018, 23-019-, 23-021 and 23-022), five holes (23-011, 23-013, 23-014, 23-015 and 23-020) in the north, east and west parts of the Homestead target and two holes (23-017 and 23-023) in the Silica Cap target. Significant drill intersections for all the holes are reported in Table 1.

Table 1: Composite copper and gold analyses for the Q2-23 to Q3-23 drilling on the Cupuzeiro, Homestead and Silica Cap targets of the Planalto Copper Project, Para, Brazil.

Notes: Copper equivalent values in this table were calculated using a copper price of US$3.40/lb and a gold price of US$1,800/oz, with only sulphide values, a minimum interval width of 4m and a maximum of 6m of internal waste considered. No allowance has been made for metallurgical recoveries of either copper or gold. The intercepts reported are down hole intervals and additional offset holes are required to better define the trend and attitude of the mineralized envelope and the higher-grade zones within it.

Link to Figure 1 – Planalto Drillhole Map:

Planalto Drillhole Map

Drillhole collars, Sampling methodology, Chain of Custody, Quality Assurance and Quality Control

All the drill core is cut and sampled under the supervision of the company´s Vice President Exploration and the chain of custody of the drill core from the Project area to the Company´s sample preparation facility in Canãa dos Carajás was continuously monitored. Sample intervals for the drill core were mostly maintained at about 2m with some variation in the weathered saprolite zones and at times guided by the degree of copper mineralization. Blank, duplicate core or certified gold and copper reference materials were inserted at approximately every 10th sample.

The drill core samples were delivered by courier to the ALS preparation laboratory located in Parauapebas, 65km to the north from the Project, where they were crushed and pulverized. The sample pulps were then dispatched to the ALS laboratory in Lima for analysis. The pulps were subjected to multi-acid digestion with copper and 47 other elements were determined by ICP-MS. Gold was determined by fire assay fusion and an ICP-AES finish on a 30-gram charge.

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.

About the Planalto Project:

The Planalto Copper Project covers volcano-sedimentary sequences and intrusives of early Proterozoic-age, located between Vale’s Sossego copper mine and Cristalino copper development project, and BHP’s Pedra Branca copper mine and Antas mill, in the Carajás Mineral Province of northern Brazil. Lara owns 100% of the Homestead discovery, subject to a 2% NSR royalty payable on any production (Lara retains the right to purchase 50% of this royalty for a cash payment of US$2 million). Lara has further options to acquire outright two adjacent licenses, covering northward strike extensions to the Homestead mineralization and the new Cupuzeiro discovery, from Mineração Tariana and Mineração Zaspir (see news releases of January 11 and March 15, 2021, for details). To date 26,016m of diamond drilling have been completed on the Planalto Copper Project, with the latest holes reported linking Homestead and Cupuzeiro into a single body of mineralization. Lara plans to deliver a maiden mineral resource estimate and then complete a Preliminary Economic Assessment in 2024.

About Lara Exploration

Lara is an exploration company following the Prospect and Royalty Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures funded by partners, retaining a minority interest and or a royalty. The Company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru 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, 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.