Celesta Copper Mine
The Celesta Copper Project comprises multiple high-grade IOCG breccias, the first of which, Osmar, is being mined under a joint venture and royalty agreement with Tessarema Resources Inc. (“Tessarema”) and North Extração de Minério Ltda. (“North”), in 2019. Drilling at Osmar has so far defined a resource of 2.14 million tonnes grading 4.2% copper and 0.66 parts per million (“ppm”) gold (Please refer to the Company’s 43-101 Technical Report “Maravaia Copper-Gold Deposit, Carajás Mining District, Pará, Brazil” by João Batista G. Teixeira, dated September 28, 2016, and available below and on Sedar). Ocean Partners UK Ltd., has provided project finance for the miner and plant in exchange for life-of-mine offtake rights.
Lara owns 5% of the shares of Celesta without the obligation to contribute to the start-up costs and a 2% Net Smelter Returns Royalty on production.
Recent Project Milestones:
July 2020 - Production Commenced
September 2015 - Final exploration report with resource statement submitted to the Brazilian Department of Mines
January, 2016 - National Instrument 43-101 Technical Report entitled “Celesta Copper-Gold Deposit, Carajás Mining District, Pará, Brazil”, prepared for Tessarema and Lara by João Batista G. Teixeira, Geologist, PhD, P.Geo. (see link below).
August 2016 - Installation License issued for the Processing Plant.
October 2016 – Pilot Mining License renewed.
October 2016 - Final Exploration Report approved.
November 2016 – Installation License issued for the Tailings Dam.
December 2016 – PAE Feasibility Study filed with the Brazilian Department of Mines.
May 2018 - Mining License Granted