Lara Exploration Ltd. (TSX VENTURE:LRA) is pleased to report results of follow-up drilling at the Liberdade Copper Project in northern Brazil, received from joint venture partner Codelco do Brasil Mineracao Ltda. ("Codelco"). Six diamond drill holes have been completed in follow-up to the discovery hole FTCD-01 (see Lara news release of March 7, 2011 for details). The best sulphide (chalcopyrite) only intercepts are summarized in Table-1, with complete results in Table-2. Hole LBCD-02 and LBCD-06 are located approximately 650 metres apart on the same geophysical and geochemical anomaly; LBCD-06 was terminated prematurely in 1% copper mineralization for technical reasons.
Miles Thompson, Chairman and CEO of Lara Exploration commented: "The Company believes these drill results represent the possible discovery of a large IOCG ("iron oxide copper gold") mineralized system, consistent with the style and average grades of mineralization from known deposits in the Carajas District."
Drill holes FTCD-01, LBCD-01 and LBCD-02 were drilled at approximately 200 metre intervals along on a north-south section on the Fortuna target; all intercepted mineralization from surface in both oxidized saprolite and in fresh rock associated with sulphides. Hole LBCD-06, a step-out hole drilled approximately 650 metres to the northeast of hole LBCD-02, on the same geophysical and geochemical anomaly, also intercepted wide zones of mineralization. Hole LBCD-06 was terminated at 200 metres for technical reasons, in mineralized material grading over 1% copper. LBCD-04 and -05 were scout holes, testing geophysical and geochemical targets to the southeast of Fortuna, both holes returned encouraging values. Mineralization at Liberdade is considered to be IOCG-type typical of the known copper deposits in region.
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.