Lara Exploration Ltd.: High-Sulphidation Gold Target Outlined at Grace Property, Southern Peru
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/28/10 -- Lara Exploration Ltd. (TSX VENTURE: LRA) ('Lara' or 'the Company') is pleased to report that reconnaissance work by its field teams has outlined extensive high-sulphidation epithermal alteration with anomalous gold and silver values on its Grace Property in the Ayacucho District of southern Peru.
The Company's 100% owned Grace Property is 4,800 hectares in size, covering Tertiary-age andesitic volcaniclastics (lapilli tuffs), cut by brecciated silica bodies and veins with wide quartz alunite and granular silica halos, indicative of a well-preserved high-sulphidation epithermal system. The property also hosts widespread argillic alteration with patches and disseminated pyrite. Mineralization and alteration are related to northwest-southeast oriented faulting that is host to the past-producing Vicunita gold mine (15 kilometres to the northwest) and contiguous with ground held by Minera Andina de Exploraciones S.A.C. where the Apumayo Target (3 kilometres to the south) is currently being drilled.
The anomaly is roughly boot-shaped extending approximately 6.0 kilometres in length by 1 to 1.5 kilometres in width between the Leon Canana and Piruroyoc peaks, at an altitude between 3,900 and 4,200 metres. Individual silica bodies are up to 1,000 metres in length and up to 200 metres thick. To date 62 rock chip samples have been collected from the anomaly area and analyzed, 9 of which returned anomalous gold values ranging between 50 and 275 parts per billion ('ppb') and 8 returned silver values between 0.7 and 7.5 parts per million ('ppm'). The alteration is also anomalous in arsenic (14 samples between 798 and 5,122 ppm), mercury (20 samples between 1.16 and 12.1 ppm) and antimony (8 samples between 57 and 620 ppm).
Andre Gauthier, President, commented, 'We are very excited about these preliminary results and optimistic that we have a substantial new disseminated gold-silver target at Grace. We plan more detailed mapping and sampling in the coming months.'
For maps and an extended summary of exploration results, please refer to the Company's website: www.laraexploration.com.
Quality Control
The Grace samples are fresh rock chips collected over 1.5- to 10-metre widths of alteration, with individual chips typically 2 to 3 centimetres in size and individual samples 3.5 to 4.5 kilograms, with each tenth sample a field duplicate. The samples were prepared at the CIMM laboratory in Lima and analyzed for gold by 50 gram fire assay with atomic absorption finish and for other elements by ICP-35. Mercury was analyzed by the cold vapour method. The field duplicate samples were analyzed in the same way at ALS Chemex in Lima.
Andre Gauthier, Lara's President, a member of the Quebec Order of Engineers, is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for the preparation and verification of the technical information in this release.
About Lara
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 China. 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.
Contacts:
Lara Exploration Ltd.
Miles Thompson
CEO
+1 604-669-8777
Lara Exploration Ltd.
Andre Gauthier
President
+1 604-669-8777
Lara Exploration Ltd.
Julia Maxwell
Investor Relations
+1 604-669-8777
+1 604-688-1157 (FAX)
Lara Exploration Ltd.
Chris MacIntyre
Investor Relations
+1 416-346-7660 or +381 63 571-425
info@laraexploration.com
www.laraexploration.com