Lara Exploration Ltd.: Updated Technical Report for the Lara Copper Project, Peru
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/23/10 -- Lara Exploration Ltd. (TSX VENTURE: LRA) ('Lara' or the 'Company') is pleased to report that joint venture partner Redzone Resources Ltd., ('Redzone') has filed an updated Technical Report on the Lara Porphyry Copper-Molybdenum Deposit, Peru, authored by Simon J. Meldrum, Consulting Geologist and dated March 1, 2010. The Technical Report is available for viewing under the corporate profile of Redzone at www.sedar.com.
In preparation of the new Technical Report, Mr. Meldrum re-logged all the diamond drill core, re-compiled and re-coded the RC drill logs and collated the geological database including 251 drill-hole log records and 61 field samples. He concluded that the overall mineralizing system is much larger than the current mineral resource estimate indicates, with the secondarily enriched portion of the deposit open to the east and west and the primary mineralization open in all directions. Most notably, a large portion of the core of the deposit and the Socos copper target remain untested by drilling.
Mr. Meldrum further noted that there is good potential to expand both the tonnage and grade of the current resource estimate and that the Project deserves a comprehensive evaluation of the low grade (0.15% copper cut-off) potential and what would be economically feasible at US$2.00 & US$3.00 per pound copper prices in line with current and foreseeable metal prices.
Mr. Meldrum recommended that Redzone embark on a rigorous exploration campaign that would involve detailed geological and structural mapping and sampling to define the overall limits of the Lara Porphyry system and core drilling aimed at infilling and expanding the Lara porphyry through to the 1,475m level. A two-staged program is recommended with the first stage comprising project permitting and 4,250 metres of core drilling. The initial program of step out drilling has an approximate cost of US$882,125. The phase two program is contingent on the results of the first phase program and includes an additional 4,400 metres of drilling, additional metallurgical test work and completion of an updated mineral resource estimate. The estimated cost of the second phase program is US$887,000.
The Company is currently engaged, on behalf of Redzone, in the permitting of the first stage drill program, which aims to increase the existing Lara resource and test the nearby Socos target.
Quality Control
Michael Bennell, Lara's Vice President Exploration and a member 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 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
604-688-1157 (FAX)
Lara Exploration Ltd.
Chris MacIntyre
Investor Relations
+1 416 346-7660
info@laraexploration.com
www.laraexploration.com