Lara Exploration Ltd.

Published : February 01st, 2016

Lara to Acquire the Tocantins Gold Project in Brazil

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Keywords :   Brazil | Diamond | Georgia | Gold | Junior |

Lara to Acquire the Tocantins Gold Project in Brazil

--( - ) - ('Lara' or the 'Company') (TSX VENTURE:LRA) is pleased to announce that it has signed an Agreement with Brazil Americas Investments & Participation Mineração Ltda. ('Brazil Americas'), to acquire the , located close to the town of Conceição do Tocantins, in . Under the terms of the Agreement, Lara will assume the project costs going forward and will pay Brazil Americas 50% of any proceeds from the eventual sale of the project to a third-party.

comprises a 9,103-hectare exploration license, covering Lower Proterozoic age greenstone lithologies that have been mined sporadically on a small scale since colonial times. ('Vale') carried out the first systematic exploration of the area in the 1990's, targeting gold associated with low-angle thrust faults and fold structures, completing 180 shallow reverse circulation drill holes (totalling 9,129 metres) outlining several near-surface gold occurrences. Further work undertaken more recently by a junior explorer, included twelve Diamond drill holes (totalling 1,731 metres). The best results from this program were intercepts of 2 metres at an average grade of 18.97 grams per tonne gold ('g/tAu') from drill hole TO-08 and 17 metres at 3.93 g/tAu, including 4 metres at 9.01 g/tAu and 2 metres at 11.05 g/tAu from drill hole TO-09. Table 1 below summarizes all the intercepts that assayed greater than one gram per tonne of gold.

Drill Intercepts That Assayed Over 1g/t Gold from the Most Recent Diamond Drilling Program
Hole ID UTM-E UTM-N Az Dip From (m) To (m) Width (m) Gold (g/t)
TO-02 250287 8647209 110 -70 186 187 1.00 1.36
TO-03 250608 8646540 90 -60 59 60 1.00 2.77
61 62 1.00 9.08
72 73 1.00 7.13
77 80 3.00 1.37
TO-04 250590 8646615 110 -60 43 44 1.00 1.51
TO-05 250638 8646509
TO-06 250524 8646539 118 -60 112 113 1.00 1.90
114 115 1.00 1.41
129 130 1.00 2.78
TO-07 250524 8646539 0 -90 71 72 1.00 3.46
81 82 1.00 1.62
131 135 4.00 4.07
147 148 1.00 1.42
TO-08 249973 8648248 125 -60 15 16 1.00 2.19
24 25 1.00 4.83
26 27 1.00 3.71
31 32 1.00 5.57
38 39 1.00 2.49
42 43 1.00 1.26
101 102 1.00 2.75
107 109 2.00 18.97
TO-09 249925 8648249 0 -90 61 62 1.00 3.07
66 71 5.00 2.63
Including 66 67 1.00 4.06
67 68 1.00 1.55
69 70 1.00 4.65
70 71 1.00 2.32
80 97 17.00 3.92
Including 80 84 4.00 9.01
89 90 1.00 1.47
92 94 2.00 11.05
96 97 1.00 6.59
102 103 1.00 1.17
157 158 1.00 1.50
TO-10 249817 8648257 0 -90 32 33 1.00 1.18
The drill holes are orthogonal to the mineralization therefore the intercepts represent approximate true thicknesses

The mineralization intersected in this program is associated with sulphide and sometimes magnetite-rich quartz veining, in deformed mafic and felsic volcanics, which are usually masked at surface by younger lateritic cover.

Quality Control

The drill core was sampled at one-metre intervals and the samples shipped to the certified in () for Au assaying. Three different standards (all from in ) and duplicates were inserted after each 20 core samples, and blanks (also from ) were inserted at every 30 core samples. As part of the option with Brazil Americas, Lara has acquired the drill core from this program.

Qualified Person

, Lara's Vice President Exploration and a Fellow of the (AusIMM), is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and has approved the technical disclosure and verified the technical information in this news 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 , , and . Lara's common shares trade on the TSX Venture Exchange under the symbol 'LRA'.

Neither the TSX Venture Exchange nor the accepts responsibility for the adequacy or accuracy of this release.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Brazil | Georgia | All
Gold and Silver Prices for these countries : Brazil | Georgia | All

Lara Exploration Ltd.

EXPLORATION STAGE
CODE : LRA.V
ISIN : CA5166831092
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Lara Expl. is an exploration silver and gold company based in Canada.

Lara Expl. holds various exploration projects in Brazil.

Its main exploration properties are CAMPOS VERDES, SÃO LOURENÇO, CURIONOPOLIS, CONCEICAO BRAZIL, ARAGUAIA, CANABRAVA and LIBERTADE BRAZIL in Brazil and LARA COPPER, PICHA and LAMPA in Peru.

Lara Expl. is listed in Canada and in United States of America. Its market capitalisation is CA$ 16.2 millions as of today (US$ 12.2 millions, € 11.0 millions).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 2.14, and its lowest recent point on August 07, 2015 at CA$ 0.20.

Lara Expl. has 34 210 000 shares outstanding.

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Annual reports of Lara Exploration Ltd.
2008 Annual report
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11/4/2009(Curionopolis)Starts Curionópolis Drill Program
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8/2/2016Picha Copper Project Sold to Carajas Copper
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8/26/2015Lara Exploration Ltd.: Colombia Phosphate Alliance Agreed Wi...
7/27/2015Lara Exploration Ltd.: Granting of Incentive Stock Options
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11/4/2014Lara Amends Option Agreement for Its Caninde Graphite Projec...
10/15/2014Lara Signs Definitive Agreement to Sell Phosphate and Coal I...
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7/29/2014Definitive Agreement Signed for Sale of Corina Project to Mi...
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4/28/2014Lara Adopts Advance Notice Policy and Appoints New President
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7/16/2013Exploration Joint Venture and Portfolio Update
7/10/2013Agrees Sale of Grace Gold Project to Aruntani S.A.C.
6/26/2013Options Sami Property to Antofagasta
5/21/2013Drilling Restarts at Liberdade in Northern Brazil
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2/25/2013Signs Option to Acquire the Planalto Copper Project in North...
2/20/2013to Acquire Shares of Carbhid Coal
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1/21/2013Secures Renewals for the Sergipe Potash Licenses
1/14/2013Agreement Completed with Focus Graphite on Lara's Caninde Pr...
11/14/2012Bahia Inglesa Phosphate Acquisitions, Chile
10/22/2012Successful Completion of $5.0 Million Private Placement
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9/27/2012and Antofagasta form Strategic Alliance to Explore for Coppe...
9/18/2012to Raise up to $3 Million by Private Placement
9/17/2012Codelco Mobilizes Drilling on the Liberdade Copper Project i...
9/10/2012Avanco Mobilizes Drilling on the Conceição Nickel Sulphide P...
7/8/2011Issuance of Bonus Shares And Implentation of Stock Grant Pro...
5/24/2011(Canabrava)Drill Program Started at Canabrava in Central Brazil
4/26/2011New Zone of Mineralization Found on the Tingo Este Copper Pr...
2/22/2011Corporate Update
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