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Curionópolis Copper Project

Curionópolis Copper comprises 3 exploration licenses, covering 15,548 hectares in area, located in Pará State, within the prolific Carajás District. Artisanal copper-gold workings and drilling on the project in 2011 identified high-grade IOCG-type copper and gold bearing breccias (see Lara news release of December 1, 2011 for details) that could be amenable to open pit mining.

 

Curionópolis Best Intercepts 2011 Drilling Program

Drill hole

From (m)

To (m)

Intercept (m)

Copper (%)

Gold (ppb)

CRCD-04

114.5

119.5

5.00

3.61

139

CRCD-04A

112.7

117.5

4.75

5.01

291

CRCD-06

90.0

143.8

53.80

9.59

3,302

CRCD-08

108.5

117.0

8.50

2.26

220

CRCD-09

174.0

183.0

9.00

2.11

319

CRCD-09

189.0

203.1

14.05

8.04

718

 

The mineralized intervals tabled above have been calculated using a cut-off of 0.3% copper and reporting weighted average gold values within the copper intervals. In the case of CRCD-06 the drill hole is interpreted as cutting a vein structure obliquely, such that the interval exaggerates the width of the mineralization; the other intercepts are interpreted as closer to true widths of mineralization.

 

In 2013 Lara executed an Option Agreement with Tessarema Resources Inc. (“Tessarema”), whereby Tessarema can earn a 100% interest in the project by funding exploration, development of mining operations, making US$2 million in cash payments and granting royalties of between 2-5% to Lara. Under the terms of the Agreement, Tessarema can earn an initial 49% interest by making staged cash payments to Lara totalling US$750,000, completing 2,000 metres of drilling, and delivering a National Instrument 43-101 report confirming a mineral resource which could be economically mined of at least 100,000 tonnes of contained copper and copper equivalent by-products, all before September 30, 2015.

 

Tessarema can earn a further 11% interest (for a total of 60%) by paying Lara US$500,000 within one year, completing permitting for pilot mining and granting Lara a royalty of 5% on any pilot scale production. Finally, subject to completion of the first two stages (that can be run concurrently), Tessarema can earn an additional 40% interest in the project (for a total of 100%) by paying Lara US$750,000, placing the project into commercial production at a minimum rate of 500 tonnes per day (whereupon the 5% pilot royalty would terminate) and granting Lara a 2% production royalty. If Tessarema is unable, or elects not to complete any of the three stages, ownership of the project reverts to Lara.

 

On June 1, 2015 the Company reported results from fourteen, diamond core drill holes (total 2,156.9 metres) completed by Tessarema at the Osmar target. The best intercepts from this program are summarized in the following table:

 

Hole #

Section

From

(m)

To

(m)

Interval

(m)

Copper (%)

Gold

(ppm)

CuEq *

(%)

MO-FD3

9327500 N

102

158

56

16.51

0.34

16.71

MO-FD6

9327450 N

56

66

10

2.48

2.13

3.76

MO-FD9

9327550 N

7

49

42

4.48

0.27

4.64

MO-FD10

9327550 N

89

101

12

8.94

0.47

9.22

MO-FD11

9327500 N

178

196

18

5.51

0.68

5.92

MO-FD14

9327600 N

129

137

8

6.83

0.25

6.98

MO-FD15

9327500 N

191

198

7

4.40

0.77

4.86

MO-FD16

9327450 N

9

43

34

3.04

0.87

3.56

MO-FD18

9327475 N

121

162

41

6.17

0.96

6.74

MO-FD19

9327525 N

52

103

51

5.38

0.79

5.85

Copper Equivalent calculated as ((Copper %) + (0.6 * g/t Gold))

 

The Tessarema drill program at Osmar was to follow up on drill hole CRCD-06 from 2011 which intersected strong supergene copper and gold mineralization from this target. The results reported here are for drill holes on the same section as CRCD-06 and on cross-sections at a 25 metre and 50 metre spacings both to the north and to the south of the section, in order to define the extensions along the strike trend and down-dip of the supergene mineralization identified previously. The following table summarizes all the results and intercepts from this program:

 

Hole #

Section

From (m)

To (m)

Interval (m)

Copper (%)

Gold

(ppm)

CuEq *

(%)

MO-FD3

9327500 N

 

 

 

 

including

0

34

34

1.79

0.37

2.01

41

58

17

0.69

0.08

0.74

68

71

3

0.47

0.09

0.52

90

93

3

2.94

0.85

3.45

102

158

56

16.51

0.34

16.71

111

130

19

43.31

0.63

43.69

163

174

11

6.46

0.26

6.62

MO-FD5

9327450 N

No significant intersections

MO-FD6

9327450 N

11

52

41

2.28

0.3

2.46

56

66

10

2.48

2.13

3.76

71

73

2

1.52

0.36

1.74

MO-FD9

9327550 N

7

49

42

4.48

0.27

4.64

79

84

5

0.31

0.01

0.32

MO-FD10

9327550 N

6

17

11

2.73

0.02

2.74

29

36

7

0.88

0.01

0.89

44

53

9

0.73

0.10

0.79

68

70

2

0.93

0.03

0.95

89

101

12

8.94

0.47

9.22

130

135

5

0.52

0.02

0.53

MO-FD11

9327500 N

0

23

23

1.14

0.44

1.41

129

151

22

0.89

0.16

0.99

166

169

3

1.94

0.37

2.16

178

196

18

5.51

0.68

5.92

MO-FD13

9327600 N

4

50

46

2.11

0.25

2.26

60

68

8

0.41

0.00

0.41

107

109

2

0.76

0.02

0.77

MO-FD14

9327600 N

7

11

4

0.67

0.00

0.67

129

137

8

6.83

0.25

6.98

MO-FD15

9327500 N

3

10

7

0.72

0.04

0.74

185

187

2

0.53

0.07

0.57

191

198

7

4.40

0.77

4.86

214

217

3

1.04

0.13

1.12

MO-FD16

9327450 N

9

43

34

3.04

0.87

3.56

78

80

2

5.2

0.42

5.45

MO-FD17

9327425 N

11

33

22

1.35

0.02

1.36

MO-FD18

9327475 N

4

41

37

1.27

0.52

1.58

61

72

11

0.84

0.16

0.93

76

80

4

1.27

1.03

1.89

92

108

16

1.15

0.16

1.24

121

162

41

6.17

0.96

6.74

MO-FD19

9327525 N

0

38

38

2.36

0.11

3.02

52

103

51

5.38

0.79

5.85

MO-FD20

9327525 N

0

22

22

1.31

0.97

1.89

62

64

2

4.07

0.37

4.29

95

103

8

1.63

0.14

1.71

109

116

7

1.76

0.11

1.82

125

148

23

2.29

0.18

2.40

Copper Equivalent calculated as ((Copper %) + (0.6 * g/t Gold))

 

The mineralized intervals from the Tessarema program have been calculated using a cut-off of 0.3% copper and reporting weighted average gold values within the copper intervals. A maximum of 3 metres of internal waste was incorporated into the mineralized intervals. No top cut was applied to the gold values. All the holes reported here are vertical holes and as such cut the steep east-dipping mineralized structure at an oblique angle, so the intervals reported do not necessarily represent true mineralized thicknesses.

 

Quality Control

Sampling and analyses for the 2011 drilling followed industry standard quality assurance and quality control procedures for all samples. For the more recent Tessarema drilling, Intertek Brasil (part of Intertek Group plc.) carried out the sample preparation and copper and gold analyses at its laboratory Parauapebas close to the project, and multi-element analyses were made in their laboratory in São Paulo. Intertek follows industry standard quality assurance and quality control procedures with duplicates and multiple standards and blank samples are run with each sample batch. 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 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.

   

Images

Drill Map: Galpão Target

Drill Map: Osmar Target

Drill Map: Shear Zone

Drill Core - Supergene

Drill Core - Breccia

  

Technical Report

NI 43-101 Technical Report

Lara Exploration

Corporate Office
Address: Suite 414, 100 Richmond Street West,
Sheraton Centre, Toronto,
Canada M5H 3K6
Telephone: 416-703-0010
Fax: 416-964-0823
Contact:
Christopher MacIntyre,
Vice President of Corporate Development

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