VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 7, 2011) - Lara Exploration Ltd. (TSX VENTURE:LRA) ("Lara" or the "Company") is pleased to report that its joint venture partner, Codelco do Brasil Mineração Ltda. ("Codelco"), has intercepted anomalous copper bearing intervals of 66 metres with an average grade of 0.5% copper and 37 metres at 0.52% copper in diamond drillhole FTCD-01 on the Company's Liberdade Copper Project, located in the Municipality of São Felix do Xingu, Pará State, at the western end of the Carajás District.
Results from hole FTCD-01:
|FTCD-01||From (m)||To (m)||Down hole Length (m)||Cu %|
Codelco initiated a field program in October 2010 and has completed surface sampling in the more accessible western part of the 8,491 hectare Liberdade license. Soil and rock chip sampling has outlined three zones of copper anomalism associated with hydrothermal breccias, denominated Fortuna, Pista and Pirarucu. Hole FTCD-01 was located to test the Fortuna target. Fieldwork is currently suspended for the rainy season, but is expected to resume in May, with the 2011 program including semi-detailed geological mapping, soil sampling, ground geophysics (magnetic and induced polarization surveys) and additional drilling.
Codelco may earn an initial 51% interest in the Liberdade property by investing US$3 million in exploration over a four-year period, with a minimum expenditure of US$400,000 in year one, of which US$300,000 is a work commitment. Codelco 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 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 stream.
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.
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, Peru, Colombia and China, with eight actively funded joint ventures expected to drill targets in 2011. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".