Lara Exploration Ltd., (TSX VENTURE:LRA) is pleased to report that joint venture partner Codelco do Brasil Mineracao Ltda. has resumed drilling at the Company’s Liberdade Copper Project in the Carajas District of northern Brazil.
Codelco has mobilized two rigs to site, a diamond drilling rig that started work in late April and subsequently a reverse circulation rig. The current program comprises drill holes targeting extensions on and infill of the Fortuna target, where significant mineralized intercepts have already been made and holes to test other targets. Additional magnetometry and geochemical surveys are underway in various part of the property, both to better define drill targets and test other areas.
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.
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.
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We acknowledge the [financial] support of the Government of Canada.