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Lara Reports New Exploration Licenses Issued for the Planalto Copper Project in Brazil
VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 2016) - Lara Exploration Ltd., ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report that new exp
About this update from Lara Exploration Ltd.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 6, 2016) - Lara Exploration Ltd., (\"Lara\" or the \"Company\") (TSX VENTURE:LRA) is pleased to report that new exploration licenses have been issued for the Planalto Copper Project, located near Vale S.A.'s Sossego copper mine, in the Carajás Mineral Province of northern Brazil. The original licenses were cancelled by the Brazilian Department of Mines (\"DNPM\"), based on perceived deficiencies in the application paperwork, which have been definitively rectified this year under the normal administrative appeals process. The Company originally optioned the property in early 2013 (see Company news release of February 25, 2013 for details) and the terms of the option have been amended to reflect the delay. Past exploration work includes surface sampling, which outlined two copper-in-soil anomalies with values in excess of 300 parts per million (\"ppm\") copper, one approximately 1.3 kilometres (\"km\") by 0.9 km in size, the other 2.9 km by 0.3 km. The historical reporting also includes results of two drill holes executed approximately 100 metres (\"m\") apart on the same East-West section on one of the copper-in-soil anomalies. Hole FD-73 has a reported intercept value of 188m of 0.4% copper, including 15m at 0.67%, 14m at 0.68% and 10m at 1.18% copper. Hole FD-74 has a reported intercept of 50m at 0.38% copper, including 21m at 0.6% copper. The project comprises three exploration licenses, totalling 4,726 hectares in area, covering meta-volcano-sedimentary sequences and intrusives of early Proterozoic-age that are deeply weathered and have an extensive lateritic cover. Data provided by the vendors, includes reports of previous exploration work including soil sampling and two diamond drill holes (the Company does not have access to the drill cores or samples to confirm these historic results). Planalto Purchase Option Under the amended terms of the option agreement to acquire 100% of the properties, Lara has agreed to make staged cash payments totalling up to US$500,000 as follows: Milestone/Date Payment US$ Upon signing the Definitive Agreement (paid) 25,000 Upon issue of Exploration Licenses (paid) 25,000 12 months from issue of the Exploration Licenses 50,000 24 months from issue of the Exploration Licenses 100,000 36 month...