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Lara Exploration Ltd.
Summary
| Project: | Grace | |
|---|---|---|
| Deposit: | Grace | |
| Location: | Peru | |
| Commodities: | Gold | |
| Date: | 4/10/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 10-4-2018: Lara Exploration Ltd. announces an Exploration/Drilling Update report for its Grace deposit at the Grace project. Drilling results incl. 76m @ 0.46g/t Au from 0m. April 10, 2018 (TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or the “Compa | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Michael Bennell (Internal) | |
| ABSTRACT: | April 10, 2018 (TSX Venture: LRA) - Lara Exploration Ltd., (“Lara” or the “Company”) is pleased to report that Minera Apumayo S.A.C. (“Apumayo”) has completed 88 shallow drill holes on Lara’s Grace Gold Project in Southern Peru, 34 of which intercepted anomalous gold mineralization (tabled below), associated with high sulphidation epithermal alteration and brecciation of andesitic volcanics. Miles Thompson, President of Lara, commented that “While we would have focused exploration more on the areas of silica flooding and drilled deeper holes, results of the work by Apumayo are highly encouraging, outlining several areas of epithermal gold mineralization that warrant further drilling.” Apumayo’s option to acquire the Grace property from Lara expired in December 2017 and despite a stated wish to extend, Apumayo has been unwilling to make financial commitments, still owes the property fees for 2017 and has not provided details of the work completed. Lara formally notified Apumayo of its default in March, requesting immediate payment of the 2017 property fees and copies of all the data related to the 2017 work program. While Lara is still open to further negotiations with Apumayo, it also intends to begin the search for a new partner for the project. The Grace Project lies immediately to the north of Apumayo’s open pit mines and mill (currently on care and maintenance), which have reportedly produced more than 150,000 troy ounces of gold from oxide material. The Grace project area covers Tertiary-age andesitic volcanics, cut by brecciated silica bodies and veins with wide quartz-alunite and granular silica halos, indicative of a well-preserved high-sulphidation epithermal system. Surface work by Lara and subsequently by Apumayo outlined various hydrothermal alteration zones, where rock chip samples have returned anomalous gold values. | |
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