Lara Exploration Ltd.: Positive Drill Results From the Curionopolis Copper-Gold Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/01/11 -- Lara Exploration Ltd. (TSX VENTURE: LRA) ('Lara' or the 'Company') is pleased to report positive results from the recently completed drill program by partner Codelco do Brasil Mineracao Ltda. ('Codelco'), at the Company's Curionopolis Copper-Gold Project in northern Brazil. The 3,000 metre program tested geophysical and geochemical anomalies in an area where high-grade IOCG (iron oxide copper gold) veins have been exposed by artisanal miners; with intervals tabulated below:
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Drillhole From (m) To (m) Interval (m) Copper (%) Gold (ppb)
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CRCD-01 196.5 198.0 1.50 1.44
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CRCD-02 31.0 33.0 2.00 0.48
137.0 139.0 2.00 0.67
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CRCD-03 No significant intercept
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CRCD-04 114.5 119.5 5.00 3.61 139
135.2 138.0 2.85 0.45
306.5 307.0 0.50 0.99
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CRCD-04A 112.7 117.5 4.75 5.02 291
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CRCD-05 296.0 297.5 1.50 0.89
321.9 323.8 1.85 0.54
370.0 371.9 1.85 0.43 139
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CRCD-06 90.0 143.8 53.80 9.59 3,302
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CRCD-07 146.0 148.0 2.00 0.94
365.0 369.0 4.00 1.03 168
387.0 389.0 2.00 1.55
391.0 393.0 2.00 0.53 553
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CRCD-08 56.5 58.0 1.50 0.56
91.8 98.5 6.70 0.38
108.5 117.0 8.50 2.26 220
153.5 159.5 6.00 0.48
201.5 219.5 18.00 0.39
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CRCD-09 0.0 4.7 4.70 0.61 428
174.0 183.0 9.00 2.11 319
189.0 203.1 14.05 8.04 718
224.6 226.0 1.40 0.55
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CRCD-10 92.4 95.6 3.15 0.69
115.0 119.0 4.00 0.80 284
131.0 133.0 2.00 0.35
142.0 148.0 6.00 0.94 99
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The mineralized intervals have been calculated using a cut-off of 0.3% copper and reporting weighted average gold values within the copper intervals. In the case of CRCD-06 the drillhole is interpreted as cutting a vein structure obliquely, such that the interval exaggerates the width of the mineralization. The other intercepts are interpreted as closer to true widths of mineralization.
The Company's 100%-owned Curionopolis Copper-Gold Project now includes 3 exploration licenses, covering 15,518 hectares, located in the prolific Carajas District. Under the terms of the Agreement, Codelco can earn an initial 51% interest by investing US$3.8 million in exploration over a four-year period, with US$1.82 million invested in year one. Codelco has advised the Company that it plans to continue exploration and has already begun a follow-up drilling program of between 1,000-1,500 metres to be completed before the end of 2011.
Quality Control: Codelco followed industry standard quality assurance and quality control procedures for all its samples from Curionopolis. 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 and Peru, plus a JV in 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
