Lara Exploration Ltd.announces drill permit granted for the Picha copper-silver project in Peru
Thursday, Feb 07, 2013
Lara Exploration Ltd. (TSX VENTURE:LRA) is pleased to report that on behalf of partner Network Exploration Ltd. ("Network"), it has secured authorization from the General Mining Directorate of the Ministry of Energy and Mines of Peru, to undertake a drilling campaign on the Picha copper-silver porphyry project. This is one of the first drill permits to be granted since the implementation of the new regulations in July 2012.
Network has identified seven priority exploration targets at Picha, based on geochemical and geophysical data, five closely associated with significant Induced Polarization geophysical anomalies and two based primarily on geochemistry. The planned drilling program will comprise approximately seven holes to test these targets (for a total of approximately 1,500 metres), to be mobilized as soon as is feasible after the end of rainy season. Given the time it has taken to secure permission to drill, the Company has agreed to extend Network's initial option period to June 6, 2013.
The Picha Project is located within the Tertiary Volcanic Arc of Southern Peru, host to various epithermal gold-silver deposits and copper porphyry-skarn deposits and is adjacent to the properties of Gold Fields Limited and Compania de Minas Buenaventura S.A., that are host to the recent Chucapaca discovery with reported mineral resources of 7.5 million gold equivalent ounces.
Andre Gauthier, Lara's President, a member of the Quebec Order of Engineers, 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.