Planalto Copper Project
The Planalto Copper Project covers volcano-sedimentary sequences and intrusives of early Proterozoic-age, located between Vale’s Sossego mine and Cristalino development deposit, and BHP’s Pedra Branca 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 herein linking Homestead and Cupuzeiro into a single body of mineralization that is 1,000 north-south and between 200-500m east-west. The company plans to compile a maiden resource once results from the 2023 drill program in hand, targeting a release in Q1-2024.