Lara Exploration Ltd.: High-Grade Flake Graphite Outlined in Trenching at Caninde, Brazil
January 14 2014 - 6:30AM
Marketwired Canada
Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to
report results of its exploration work at the Caninde Graphite Project in Ceara
State, Brazil, conducted on behalf of partner Focus Graphite Inc. ("Focus").
Several new flake graphite occurrences, some with relatively high grades, have
been identified and initial trenching programs have been carried out on a number
of these, as well as on some of the occurrences identified previously by Lara
(see Company news releases of December 05, 2011 and April 11, 2012 for details).
The program of shallow trenching into bedrock totalled 538 metres testing 11
target areas. Trench depths depended on the thickness of the soil cover and
varied between 0.35 metres and 2 metres depth. The program indicated the
presence of significant zones of graphite mineralization that warrant further
systematic trenching and drilling, notably the Pedra Preta, Sao Luis, Mariana
East and Salgueiro targets.
The more significant intervals of graphite mineralization at each target are
shown in the following table:
----------------------------------------------------------------------------
Graphitic
Trench Trench Interval Carbon
Target Number Location(i) (m) (ii) (Cg) % Remarks
----------------------------------------------------------------------------
Sao Luis T1 459020 E 30 2.66 Includes 12 m @ 5.5% Cg
9490304 N
----------------------------------------------------------------
T2 459090 E 11 2.94 Includes 6m @ 4.44% Cg
9490250 N
----------------------------------------------------------------
T3 458690 E 8 5.03 Includes 4m @ 8.93% Cg
9490392 N
----------------------------------------------------------------------------
Sao Luis T1 457193 E 28 1.13
West 9490566 N
----------------------------------------------------------------
T2 457177 E 9 1.22
9490604 N
----------------------------------------------------------------
T3 457159 E 12 1.01
9490614 N
----------------------------------------------------------------------------
Pedra Preta T1 455714 E 8 0.91
9494596 N
----------------------------------------------------------------
T1 A 455696 E 3 8.99
9494596 N
----------------------------------------------------------------
T2 455615E 25.3 13.29 Includes intervals of 4m
9494254 N @ 17.08% Cg; 9.3 m @
20.76% Cg; 4m @ 16.57%
Cg (Estimated true width
of the interval approx.
19m)
----------------------------------------------------------------
T3 455545 E 7.2 13.01 Includes an interval of
9494255 N 5.2 m @ 17.62% Cg
(Estimated true width of
interval of approx. 5.0
m)
----------------------------------------------------------------------------
Geraldo T1 453735 E 18 1.95 Includes 6m @ 3.67% Cg
9497110 N
----------------------------------------------------------------------------
Barra do T1 454400 E 10 0.91
Cancan 9500024 N
----------------------------------------------------------------------------
Mariana East CME/T4 448650 E 4.5 8.25
9498966 N
----------------------------------------------------------------------------
Salgueiro West 449004 E 1.5 30.2
Vein 9495758 N
----------------------------------------------------------------
East 449008 E 2 23.13
Vein 9495732 N
----------------------------------------------------------------------------
Barra do T1 4532961 E 0.9 15.83
Cancan 9498700 N
Southeast
----------------------------------------------------------------
T2 454098 E 27 1.4 Includes an interval of
9498456 N 1.2 m @ 20.99% Cg
----------------------------------------------------------------------------
Sao Salvador T3 461861 E 2 2.48
9490244 N
----------------------------------------------------------------------------
Estiva T1 448910 E 2 0.73
9497827 N
----------------------------------------------------------------------------
Iguassu East T1 459058 E 3 0.1
9487912 N
----------------------------------------------------------------------------
(i) Datum SAD-69- UTM Zone 24 M.
(ii) The sample lengths reported for the Salgueiro target are true widths
but for all other targets the lengths reported are trench intersection
lengths and do not represent true widths).
Sampling at all of the targets, except for Salgueiro, was by continuous channel
samples of nominal 2 metre lengths, however sample lengths varied in places from
0.5 m to as much as 3 m to account for the local geology and structure. It was
not necessary to cut any of the channels with a rock saw, as the rock was
readily broken using a cutter mattock and the broken rock was collected from the
channel using a gardening trowel. The sampling at Salgueiro was a single sample
of continuous rock chips across the face of each of the veins.
Under the terms of the agreement with Lara, Focus can earn an initial 51%
interest in the project by spending $2.5 million on exploration (including a
minimum of 2,000 metres of drilling) and issuing 500,000 common shares to Lara
by December 14, 2015. Focus can then elect to earn an additional 9% (for a total
of 60%) in the Project by investing a further $4.5 million on exploration
(including a minimum of 5,000 metres of drilling and delivering a Preliminary
Economic Assessment (as defined under National Instrument 43-101) within 2
years.
Caninde Graphite Project comprises 15,614 hectares of exploration licenses
accessible on paved highways from the Ceara State Capital, Fortaleza. The
graphite occurrences are hosted within gently dipping schistose rocks and shear
zones developed within a complex of felsic gneisses with local meta-sedimentary
schist enclaves. The mineralized zones are conspicuously related to a system of
sheeted pegmatite veins with individual veins from a few centimetres up to a
metre or so in width.
Quality Control:
Assaying was carried out by SGS-Geosol an ISO 9001 and 14001 accredited
laboratory located in Vespasiano, Minas Gerais, Brazil following sample
preparation in Goiania. The sample analysis for graphitic carbon content was by
Leco Analysis using infrared detection following an HCl acid attack to remove
carbonate minerals and a calcination stage at 4000C for 2 hours to eliminate the
organic content (SGS-Geosol protocol CSA05V).
Industry standard quality assurance and quality control procedures have been
adopted by Lara for the sampling campaigns, including the insertion of blank,
duplicate and in-house reference samples into the batches. SGS - Geosol also
inserted a number of different graphite standards as well as blank, duplicate
and replicate samples at various stages of preparation and analysis. Special
measures were adopted at the preparation stage to avoid contamination by the
high-grade samples.
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 the 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.
About Lara
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 Chile, where it has signed agreements for twelve Joint
Ventures and Strategic Alliances. Lara's common shares trade on the TSX Venture
Exchange under the symbol "LRA".
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of
this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lara Exploration Ltd.
Chris MacIntyre
VP Corporate Development
+1 416 703 0010
info@laraexploration.com
www.laraexploration.com
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