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Lara Reports High Grade Resource Estimate for the Maravaia Copper Gold Deposit at Curionopolis Project in Brazil as Tessarema Earns 49% Interest
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 9, 2015) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report an initial re
About this update from Lara Exploration Ltd.
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 9, 2015) - Lara Exploration Ltd. (\"Lara\" or the \"Company\") (TSX VENTURE:LRA) is pleased to report an initial resource estimate for mineralization at its Maravaia Copper Gold Deposit, located within its Curionopolis exploration license in northern Brazil. Indicated resources were estimated for the Osmar Target at 2.14 million tonnes with average grades of 4.2% copper and 0.66 parts per million (\"ppm\") gold. Inferred resources were estimated for the Galpão Target at 0.38 million tonnes, with average grades of 3.16% copper and 0.69 ppm gold. The effective date of the estimates is September 28, 2015, with the key assumptions, parameters and methods used to make the estimates being: The Osmar indicated resource is based on data from sixteen drill holes (2,565.7 metres in total) completed between 2009-2014, on a grid spacing of approximately 25 metres. The geology was modeled on eight 25 metre-spaced East-West sections through the mineralization. The resource model was then constructed in Gemcom Surpac software with 12.5 x 12.5 x 4.5 metre blocks, 3.125 x 3.125 x 1.125 metre sub-blocks, using a cut-off grade of 0.75% copper; The Galpão inferred resource is based on four drill holes (334.45 metres in total) spaced between 30 and 48 metres along a single north-south section through the mineralization; The potential development of these resources remains subject to test work to assess copper and gold recoveries, engineering and feasibility studies, and the securing of environmental and mining licenses. The project data and resource estimates in this news release are derived from and presented in more detail in the Technical Report entitled: \"Maravaia Copper-Gold Deposit, Carajás Mining District, Para, Brazil\", dated September 28, 2015, prepared for Tessarema Resources Inc. (\"Tessarema\") and Lara by Dr. João Batista G. Teixeira, P.Geo. The report will be available on SEDAR (www.sedar.com) and the company website (www.laraexploration.com). To fulfill the conditions to earn an initial 49% interest in Curionopolis, Tessarema has made payments to Lara totalling US$700,000, completed over 2,000 metres of drilling, filed a Final Exploration Report with the Brazilian Department of Mines and outlined a minimum resource with over 100,000 tonnes of contained copper equivalent. Tessarema ca...