Lara Exploration TSX-V: LRA Ltd.’s first diamond drill hole at the Planalto copper project, DDH-17-01, has intercepted 222.29 metres from surface with an average grade of 0.38 per cent copper and 39 parts per billion gold (0.41 per cent copper equivalent). Within this wider zone, there is an intercept of 117.47 m (between 62.08 m and 179.55 m downhole) with an average grade of 0.53 per cent copper and 54 ppb gold (0.57 per cent copper equivalent). The second hole, DDH-17-02, drilled below DDH-17-01 on the same section, intercepted a lower-grade mineralized zone of 101.36 m at 0.14 per cent Cu, and within this zone, the best intersections were 15.00 m at 0.32 per cent copper and 4.70 m at 0.3 per cent copper.
Miles Thompson, president and chief executive officer of Lara, commented: “We are very pleased with our first intercept from Planalto and excited to have potentially identified a new style of copper mineralization in the Carajas province. We look forward to reporting results of the additional holes in the coming weeks.”
DRILL RESULTS Drill hole UTM-N UTM-E From (m) To (m) Interval (m) Cu (%) Au (ppb) CuEq (%) 17-01 9294910 636859 0.00 229.29 222.29 0.38 39 0.41 including 62.08 179.55 117.47 0.53 54 0.57 17-02 9294862 636842 102.84 204.1 101.36 0.14 20 including 119.05 134.05 15.00 0.32 27 and 183.25 187.95 4.70 0.30 29 Notes: Copper equivalent values for byproduct gold are calculated using a copper price of $3 (U.S.) per pound and a gold price of $1,340 (U.S.) per ounce. No allowance is made for losses in a normal mining situation. The reported intercepts are not necessarily true widths, as there are insufficient data at this time to determine the orientation of the mineralized body.
Drill hole 17-01 was drilled at an angle of 55 degrees at an azimuth of 030 degrees, 17-02 at an angle of 65 degrees to the same azimuth direction to test the northern end of a copper-in-soil geochemistry anomaly extending over one kilometre in strike length and up to 400 m in width, interpreted as proximal to an important structural break between granitic intrusives and mafic-intermediate meta-volcanics and gabbro intrusives. Channel samples of rock and saprolite, where exposed across the main soil anomaly, included intervals with 12 m averaging 5,180 parts per million copper, 45 m averaging 2,561 ppm, 33 m averaging 2,062 ppm and 33 m averaging 2,702 ppm Cu.
Copper mineralization logged in these first two drill holes was surprising in that it comprised predominantly chalcopyrite in a stockwork-like pattern of narrow submillimetre to centimetrewide veins, veinlets and disseminations, hosted in altered (biotite, actinolite and K-feldspar) mafic metavolcanics and gabbroic intrusive rocks. Chalcopyrite also occurs associated with magnetite in early K-feldspar-rich veins, as well as in later crosscutting quartz, epidote, calcite and fluorite veins ranging in widths from a few millimetres to several metres. This style of mineralization differs from the more complex and pervasive alteration, associated with major brecciation and mineralization of the iron-oxide-copper-gold deposits typical of the Carajas province. Molybdenite occurs sporadically in the low-grade copper zone of 17-02 with the best intersection of 591 ppm Mo over 0.85 m. Lara is in the process of drilling an additional two holes to better understand this mineralization, but provisionally it is interpreted as being related to a late Lower Proterozoic-age A-type granite porphyry.
Sampling methodology, chain of custody, quality assurance and quality control
All rock channel and drill core sampling was carried out by or under the supervision of the company’s vice-president, exploration, and the chain of custody of the samples and drill core from the project area to the company’s sample preparation facility in Canaa dos Carajas was continuously monitored. Sample intervals for channel sampling varied between two m and four m, and for drill core, the sampling interval varied from a little less than one m to a maximum of 1.5 m, being guided by the degree of copper mineralization and rock types.
Blank and certified reference materials were inserted approximately every 20th sample, and the company routinely reanalyzes laboratory pulps and crushed rejects for a number of samples from previous sample batches with each new sample batch. The samples were delivered to SGS-Geosol in Parauapebas, where they were crushed and pulverized, with the sample pulps then dispatched by SGS-Geosol to its own analytical laboratory at Vespasiano, near Belo Horizonte, in Minas Gerais state, Brazil. The pulps are subjected to agua regia digestion with copper and 36 other elements being determined by ICP. Gold was determined by fire assay fusion and an atomic absorption (AAS) finish on a 50-gram charge. Copper values above 1 per cent Cu are determined by fusion with sodium peroxide with an ICP OES finish. SGS-Geosol also routinely runs, and reports, a number of certified standards and blank samples with each sample batch. Check assays for copper and gold determinations have been carried out on a number of reject material samples from SGS-Geosol at a second commercial laboratory in Parauapebas.
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 Lara Exploration Ltd.
Lara is an exploration company following the prospect generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures financed by partners. The company currently holds a diverse portfolio of prospects and deposits, located mostly in Brazil and Peru.