Lara Reports Further Wide Intercepts in the Cupuzeiro and Homestead Targets and a Significant High-Grade Intercept at the Silica Cap Target

Posted on November 15th, 2023 | Filed under Press Releases

Vancouver, British Columbia–(Newsfile Corp. – November 15, 2023) – Lara Exploration Ltd. (TSXV: LRA) (“Lara”) is pleased to report the final results of the recently completed 9,100m diamond drill program at the Planalto Copper Project.

A significant new zone of shallow copper mineralization was identified in the northern extension of the Cupuzeiro target where drill hole 23-018 intersected 21.49m @ 0.583% Cu from 43.51m down hole. This hole is located approximately 500m to the north of the near surface Cupuzeiro high-grade copper zone. Deeper copper intersections in this same area of the Cupuzeiro target were identified in holes 23-016 (16.3m @ 0.55%Cu from 310.7m down hole) and in hole 23-021 (28m @ 0.358%Cu from 246m down hole).

Significant new intersections in the east and north of the Homestead target include holes 23-013 (with 54.52m @ 0.529%Cu from 311m down hole) and 23-020 (with 24.8m @ 0.641%Cu from 88m down hole).

At the Silica Cap target, hole 23-017 made a significant high-grade intersection of 15.36m @ 1.014%Cu from 141m down hole. This intercept is located between two previously recorded high grade copper intersections (19-018: 15.8m @ 0.94%Cu and 19-025: 13.1m @ 0.65%Cu) and indicates that the copper mineralization in the mafic volcanics close to the granite contact in the Silica Cap target may be more widespread than previously interpreted.

The results for the first part of this program were reported on October 4, 2023. The new results include assays for five holes in the northern extension of the Cupuzeiro target (holes 23-016, 23-018, 23-019-, 23-021 and 23-022), five holes (23-011, 23-013, 23-014, 23-015 and 23-020) in the north, east and west parts of the Homestead target and two holes (23-017 and 23-023) in the Silica Cap target. Significant drill intersections for all the holes are reported in Table 1.

Table 1: Composite copper and gold analyses for the Q2-23 to Q3-23 drilling on the Cupuzeiro, Homestead and Silica Cap targets of the Planalto Copper Project, Para, Brazil.

Drillhole Cut off (%) From (m) To (m) Width (m) Cu (%) Au (ppm) Cu Eq (%)
23-011 0.1 9 23 14 0.182
23-013 0.1 235 411 176 0.352
Including 0.3 251.5 276 24.5 0.434 0.033 0.459
and 0.3 291 303.02 12.02 0.397 0.029 0.419
and 0.3 311 365.52 54.52 0.529 0.045 0.564
and 0.3 385 389 4 0.377 0.070 0.431
And 0.1 427 502 75 0.215
Including 0.3 467 470 3 0.327 0.024 0.345
23-014 0.1 230 250 20 0.215
and 0.1 268 359 91 0.179
Including 0.3 330 334 4 0.358 0.019 0.373
And 0.1 369 409 40 0.255
including 0.3 371 375 4 0.778 0.146 0.890
And 0.3 385 393 8 0.331 0.025 0.350
And 0.1 293.86 333.88 40.20 0.279
And 0.1 417 457 40 0.188
Including 0.3 418.7 422 3.3 0.538 0.048 0.575
And 0.3 431 435 4 0.447 0.031 0.471
23-015 No significant intercept
23-016 0.3 93 101 8 0.543 0.030 0.566
And 0.1 156 174.99 18.99 0.252
And 0.1 195 223 28 0.222
including 0.3 209 213 4 0.349 0.043 0.382
And 0.1 290 327 37 0.345
Including 0.3 310.7 327 16.3 0.550 0.213 0.714
23-017 0.1 139 156.36 17.36 0.930
Including 0.3 141 156.36 15.36 1.014 0.006 1.019
23-018 0.1 4 181 177 0.246
including 0.3 43.51 65 21.49 0.583 0.100 0.660
And 0.3 69 73 4 0.35 0.048 0.387
And 0.3 92 97 5 0.610 0.062 0.658
And 0.3 158 164 6 0.473 0.023 0.491
And 0.1 256.13 276 20.87 0.144
23-019 0.3 18 22 4 0.475 0.091 0.545
And 0.1 53.6 66 12.4
And 0.1 80 91.3 11.3
including 0.3 84 91.3 7.3 0.354 0.085 0.419
23-020 0.1 62 136 74 0.364
including 0.3 88 112.85 24.85 0.641 0.053 0.682
And 0.3 156 160 4 0.511 0.008 0.517
And 0.1 197 254 57 0.226
including 0.3 214 224 10 0.435 0.029 0.457
And 0.1 286 310 24 0.214
And 0.1 317 347 306 0.258
23-021 0.1 230 282 52 0.306
including 0.3 231.2 237 5.8 0.502 0.031 0.526
And 0.3 246 274 28 0.358 0.070 0.412
And 0.1 314 323 9 0.304
including 0.3 314 320 6 0.382 0.032 0.407
23-022 0.1 87 114.35 27.35 0.168
And 0.1 137.37 172 34.63 0.179
And 0.1 184 214.47 30.47 0.212
including 0.3 190 198 8 0.453 0.328 0.706
And 0.1 281 295 14 0.226
23-023 0.1 1.4 26 24.6 0.167
And 0.1 65 103.19 38.19 0.162
including 0.3 98 103.19 5.19 0.437 0.019 0.452

 

Notes: Copper equivalent values in this table were calculated using a copper price of US$3.40/lb and a gold price of US$1,800/oz, with only sulphide values, a minimum interval width of 4m and a maximum of 6m of internal waste considered. No allowance has been made for metallurgical recoveries of either copper or gold. The intercepts reported are down hole intervals and additional offset holes are required to better define the trend and attitude of the mineralized envelope and the higher-grade zones within it.

Link to Figure 1 – Planalto Drillhole Map:
Planalto Drillhole Map

Drillhole collars, Sampling methodology, Chain of Custody, Quality Assurance and Quality Control

Drillhole E-UTM N-UTM Azimuth Hole Angle Length (m)
23-011 637603 9295215 270 -45 348.14
23-013 637320 9295200 270 -35 532.32
23-014 637283 9294991 270 -60 483.88
23-015 636423 9294899 120 -45 478.90
23-016 636778 9296277 090 -45 367.61
23-017 637645 9294554 230 -45 247.67
23-018 636895 9296161 090 -60 392.73
23-019 636774 9296277 270 -65 320.30
23-020 636812 9295226 100 -60 369.46
23-021 637228 9296164 270 -45 327.70
23-022 636852 9296026 90 -60 350.78
23-023 637394 9294767 230 -50 206.72

 

All the drill core is cut and sampled under the supervision of the company’s Vice President Exploration and the chain of custody of the drill core from the Project area to the Company’s sample preparation facility in Canãa dos Carajás was continuously monitored. Sample intervals for the drill core were mostly maintained at about 2m with some variation in the weathered saprolite zones and at times guided by the degree of copper mineralization. Blank, duplicate core or certified gold and copper reference materials were inserted at approximately every 10th sample.

The drill core samples were delivered by courier to the ALS preparation laboratory located in Parauapebas, 65km to the north from the Project, where they were crushed and pulverized. The sample pulps were then dispatched to the ALS laboratory in Lima for analysis. The pulps were subjected to multi-acid digestion with copper and 47 other elements were determined by ICP-MS. Gold was determined by fire assay fusion and an ICP-AES finish on a 30-gram charge.

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 has approved the technical disclosure and verified the technical information in this news release.

About the Planalto Project:

The Planalto Copper Project covers volcano-sedimentary sequences and intrusives of early Proterozoic-age, located between Vale’s Sossego copper mine and Cristalino copper development project, and BHP’s Pedra Branca copper 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 linking Homestead and Cupuzeiro into a single body of mineralization. Lara plans to deliver a maiden mineral resource estimate and then complete a Preliminary Economic Assessment in 2024.

About Lara Exploration

Lara is an exploration company following the Prospect and Royalty Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures funded by partners, retaining a minority interest and or a royalty. The Company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. 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, or contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187384

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