The Grace Gold Project covers 4,800 hectares of predominately Tertiary-age volcanics, located in the Ayacucho District of southern Peru. Reconnaissance mapping and sampling by Lara’s field teams have outlined extensive high-sulphidation epithermal alteration with anomalous gold and silver values, related to northwest southeast oriented faulting that is host to the past-producing Vicuñita gold mine (15 kilometres to the northwest) and contiguous with ground held by Minera Andina de Exploraciones S.A.C. where the Apumayo Target (3 kilometres to the south) is currently being drilled.
The Project geology is andesitic volcaniclastics (lapilli tuffs), cut by brecciated silica bodies and veins with wide quartz-alunite and granular silica halos, indicative of a well-preserved high-sulphidation epithermal system. The property also hosts widespread argillic alteration with patchy and disseminated pyrite. The high-sulphidation epithermal alteration anomaly is roughly boot-shaped, extending approximately 6.0 kilometres in length by 1 to 1.5 kilometres in width, between the Leon Cañana and Piruroyoc peaks at an altitude between 3,900 and 4,200 metres. Individual silica bodies are up to 1,000 metres in length and up to 200 metres in thick.
To date 62 rock chip samples have been collected from the anomaly area, 9 of which returned anomalous gold values ranging between 50 and 275 parts per billion (“ppb”) and 8 returned silver values between 0.7 and 7.5 parts per million (“ppm”). The alteration is also anomalous in arsenic (14 samples between 798 and 5,122 ppm), mercury (20 samples between 1.16 and 12.1 ppm) and antimony (8 samples between 57 and 620 ppm).