Lara Exploration Ltd.: High-Grade Flake Graphite Outlined in Trenching at Caninde, Brazil
January 14 2014 - 7:30AM
Marketwired
Lara Exploration Ltd.: High-Grade Flake Graphite Outlined in
Trenching at Caninde, Brazil
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 14, 2014) - Lara
Exploration Ltd. ("Lara" or the "Company") (TSX-VENTURE:LRA) is
pleased to report results of its exploration work at the Canindé
Graphite Project in Ceará 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:
Target |
Trench Number |
Trench Location* |
Interval (m) ** |
Graphitic Carbon (Cg) % |
|
Remarks |
São Luis |
T1 |
459020 E 9490304 N |
30 |
2.66 |
|
Includes 12 m @ 5.5% Cg |
T2 |
459090 E 9490250 N |
11 |
2.94 |
|
Includes 6m @ 4.44% Cg |
T3 |
458690 E 9490392 N |
8 |
5.03 |
|
Includes 4m @ 8.93% Cg |
São Luis West |
T1 |
457193 E 9490566 N |
28 |
1.13 |
|
|
T2 |
457177 E 9490604 N |
9 |
1.22 |
|
|
T3 |
457159 E 9490614 N |
12 |
1.01 |
|
|
Pedra Preta |
T1 |
455714 E 9494596 N |
8 |
0.91 |
|
|
T1 A |
455696 E 9494596 N |
3 |
8.99 |
|
|
T2 |
455615E 9494254 N |
25.3 |
13.29 |
|
Includes intervals of 4m @ 17.08% Cg; 9.3 m @ 20.76% Cg; 4m @
16.57% Cg (Estimated true width of the interval ~19m) |
T3 |
455545 E 9494255 N |
7.2 |
13.01 |
|
Includes an interval of 5.2 m @ 17.62% Cg (Estimated true width of
interval of ~5.0 m) |
Geraldo |
T1 |
453735 E 9497110 N |
18 |
1.95 |
|
Includes 6m @ 3.67% Cg |
Barra do Cancan |
T1 |
454400 E 9500024 N |
10 |
0.91 |
|
|
Mariana East |
CME/T4 |
448650 E 9498966 N |
4.5 |
8.25 |
|
|
Salgueiro |
West Vein |
449004 E 9495758 N |
1.5 |
30.2 |
|
|
East Vein |
449008 E 9495732 N |
2 |
23.13 |
|
|
Barra do Cancan Southeast |
T1 |
4532961 E 9498700 N |
0.9 |
15.83 |
|
|
T2 |
454098 E 9498456 N |
27 |
1.4 |
|
Includes an interval of 1.2 m @ 20.99% Cg |
São Salvador |
T3 |
461861 E 9490244 N |
2 |
2.48 |
|
|
Estiva |
T1 |
448910 E 9497827 N |
2 |
0.73 |
|
|
Iguassu East |
T1 |
459058 E 9487912 N |
3 |
0.1 |
|
|
* |
Datum
SAD-69- UTM Zone 24 M. |
** |
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.
Canindé Graphite Project comprises 15,614 hectares of
exploration licenses accessible on paved highways from the Ceará
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.
Lara Exploration Ltd.Chris MacIntyreVP Corporate Development+1
416 703 0010info@laraexploration.comwww.laraexploration.com
Lara Exploration (TSXV:LRA)
Historical Stock Chart
From Dec 2024 to Jan 2025
Lara Exploration (TSXV:LRA)
Historical Stock Chart
From Jan 2024 to Jan 2025