Lara Exploration Ltd.: New Zone of Mineralization Found on the Tingo Este Copper Project in Peru
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/26/11 -- Lara Exploration Ltd. (TSX VENTURE: LRA) ('Lara' or the 'Company') is pleased to report that its first pass exploration program, on behalf of partner Redzone Resources Ltd. ('Redzone'), has discovered a new zone of exposed copper-molybdenum mineralization 200 by 600 metres in area on the Tingo Este Copper Project in southern Peru.
The Tingo Este Copper Project comprises four exploration licenses covering a total of 3,700 hectares, located in the western foothills of the Cordillera Occidental with steep topography between 2,100 and 3,600 metres above mean sea level. Other copper projects in the same belt include: Lara (Lara and Redzone), Anita de Tibillos (Tinka), Pucacorral and Puquio (Teck). The project geology at Tingo Este is granitic rocks of the Coastal Batholith and Jurassic-Cretaceous age sediments. Exploration on the western end of the property previously identified surface mineralization that was part tested with 8 reverse circulation drill holes (1,037 metres) that also intercepted primary mineralization.
The Lara exploration team has completed a first pass exploration program over the central part of the property comprising geological mapping, alteration mapping and channel sampling. This work has identified three areas with copper-molybdenum mineralization related to faulting. The most prominent area, Suitojasa, shows alteration with pyrite and chalcopyrite veining and dissemination over a 200 by 600 metre area, with samples returning between 0.15% to 0.94% copper and 4 to 120 parts per million ('ppm') molybdenum.
The second mineralized area, Azuljaja, contains some small-scale underground workings, with a 1.2 metre thick vein sampled by the Company returning 2.55% copper and 119ppm molybdenum and a four metre thick andesite dyke in the same area returning 1.91% copper and 78ppm molybdenum. The third area, Agua Salada, located to the west of the main alteration is characterized by granodiorite with veining, where one sample returned 804ppm copper and 295ppm molybdenum. At informal workings on veining nearby, samples returned 0.45% to 2.86% copper and 19ppm to 64ppm molybdenum.
Andre Gauthier, President of Lara, commented: 'We are very excited with this new porphyry copper system discovered at Tingo. This is only a very small sector of the property and opens a new area of exploration for the Redzone joint venture and we now plan a more aggressive program this year.'
Lara acquired Tingo Este from Tinka Resources Ltd. ('Tinka') in 2009 and there is a 1% net smelter return royalty payable to Tinka on any production from the property. In February 2010, Lara signed an Option Agreement whereby Redzone may earn up to a 75% interest in both the Lara Copper and Tingo Este Projects.
Quality Control and Qualified Person: The Company follows industry standard quality assurance and quality control procedures for all its samples, under the supervision of Noel Diaz, General Manager Peru and Andre Gauthier, P.Eng., President of Lara Exploration Ltd., who is the Qualified Person and responsible for the content of this press release pursuant to NI 43-101.
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'.
For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com.
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.
Chris MacIntyre
VP Corporate Development
1 416 703 0010
info@laraexploration.com
www.laraexploration.com