Lara Exploration Ltd.: Codelco Intercepts 197 Metres at 0.72% Copper Equivalent at Liberdade
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/01/13 -- Lara Exploration Ltd. (TSX VENTURE: LRA) is pleased to report results of follow-up drilling at the Liberdade Copper Project in northern Brazil, received from joint venture partner Codelco do Brasil Mineracao Ltda. ("Codelco"). Six diamond drill holes have been completed in follow-up to the discovery hole FTCD-01 (see Lara news release of March 7, 2011 for details). The best sulphide (chalcopyrite) only intercepts are summarized in Table-1, with complete results in Table-2. Hole LBCD-02 and LBCD-06 are located approximately 650 metres apart on the same geophysical and geochemical anomaly; LBCD-06 was terminated prematurely in 1% copper mineralization for technical reasons.
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Liberdade Table 1 - Best Intercepts - Primary Chalcopyrite Zone
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From To Intercept Copper Gold Cu Eq
Drill hole Target (m) (m) (m) (%) (ppb) (%)(i)
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LBCD-02 Fortuna 49 246 197 0.65 118 0.72
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LBCD-06 Fortuna 72.6 200.7 128.1 0.69 104 0.75
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(i) Copper Equivalent calculated as ((Copper%) + (0.6 x g/t Gold))
Miles Thompson, Chairman and CEO of Lara Exploration commented: "The Company believes these drill results represent the possible discovery of a large IOCG ("iron oxide copper gold") mineralized system, consistent with the style and average grades of mineralization from known deposits in the Carajas District."
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Liberdade Table 2 - Summarized Drill Intercepts 0.1% Copper Cut-off Oxide
and Sulphide Mineralization
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From To Intercept Copper Gold Cu Eq
Drill hole Target (m) (m) (m) (%) (ppb) (%)(i)
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FTCD-01 Fortuna 0 66 66 0.50 20 0.51
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139.5 176.5 37 0.52 8 0.52
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189 223 34 0.15 7 0.15
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290 310.15 20.1 0.19 4 0.19
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LBCD-01 Fortuna 4 110 106 0.27 42 0.30
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117 125 8 0.28 51 0.31
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133 195.5 62.5 0.40 60 0.44
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220 229 9 0.47 81 0.52
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LBCD-02 Fortuna 0 129.5 129.5 0.61 93 0.67
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138 246 108 0.73 136 0.81
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254 272 18 0.38 11 0.39
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LBCD-03 Fortuna 10 18 8 0.12 5 0.12
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LBCD-04 Fortuna 0 17.4 17.4 0.17 32 0.19
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24 31.55 7.6 0.27 121 0.34
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208 216 8 0.17 5 0.17
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301.25 337.3 36.1 0.19 25 0.21
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347 359.25 12.3 0.13 13 0.14
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LBCD-05 Pirarucu 0 17 17 0.13 6 0.13
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37 46 9 0.10 5 0.10
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142 150 8 0.13 10 0.14
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LBCD-06 Fortuna 10 23 13 0.35 568 0.69
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35 64.6 29.6 0.19 57 0.22
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72.6 103.1 30.5 0.48 75 0.53
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111.3 200.7 89.4 0.83 123 0.90
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(i) Copper Equivalent calculated as ((Copper%) + (0.6 x g/t Gold))
Drill holes FTCD-01, LBCD-01 and LBCD-02 were drilled at approximately 200 metre intervals along on a north-south section on the Fortuna target; all intercepted mineralization from surface in both oxidized saprolite and in fresh rock associated with sulphides. Hole LBCD-06, a step-out hole drilled approximately 650 metres to the northeast of hole LBCD-02, on the same geophysical and geochemical anomaly, also intercepted wide zones of mineralization. Hole LBCD-06 was terminated at 200 metres for technical reasons, in mineralized material grading over 1% copper. LBCD-04 and -05 were scout holes, testing geophysical and geochemical targets to the southeast of Fortuna, both holes returned encouraging values. Mineralization at Liberdade is considered to be IOCG-type typical of the known copper deposits in region.
The Liberdade Copper project comprises an Exploration License of 8,491 hectares, located in the Municipality of Sao Felix do Xingu, Para State, at the western end of the prolific Carajas District. Codelco can earn an initial 51% interest in the property by investing US$3 million in exploration over a four-year period and may then elect to earn a further 24% interest by sole-funding such additional exploration works as are necessary to define a minimum resource of at least 500,000 tons of copper equivalent, independently reported under National Instrument 43-101 guidelines.
Codelco has advised the Company that it will be undertaking another 3,000-4,000 metres of diamond and reverse circulation drilling starting in April after the end of the rainy season.
Quality Control
Codelco follows industry standard quality assurance and quality control procedures for all its samples, including the insertion of blanks, duplicates and certified standards into the sample analysis stream.
Michael Bennell, Lara's Vice President Exploration and a Fellow 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 primarily in Brazil and Peru, where it has signed agreements for fourteen Joint Ventures and three Strategic Alliances. 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.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010
info@laraexploration.com
www.laraexploration.com