Business
Lara Signs Option to Acquire Damolandia Nickel Sulphide Project in Brazil
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2016) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to report that it has
About this update from Lara Exploration Ltd.
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2016) - Lara Exploration Ltd. (\"Lara\" or the \"Company\") (TSX VENTURE:LRA) is pleased to report that it has signed an Option Agreement (\"the Agreement\") with BCV Consultoria e Projetos Ltda. (\"BCV\"), to acquire the Damolândia Nickel Project in central Brazil. The property comes with an extensive database of airborne and terrestrial geophysics, geochemistry and drilling, including seven diamond drill holes (for a total of 1,553 metres) completed in 2008, which intersected a shallowly-plunging, pipe-like body of disseminated nickel-copper sulphide mineralization approximately 600 metres long and open down plunge. Table 1., below, summarizes the drill intersections that reported greater than 0.2% nickel values. Table 1. Damolândia Drill Intercepts (0.20% Nickel Cut-off) Hole ID From (m) To (m) Width (m) Ni (%) Cu (%) FSDM-01 6.25 12.90 6.65 0.22 0.06 FSDM-02 98.00 138.60 40.60 0.26 0.10 FSDM-03 75.85 106.50 30.65 0.42 0.19 including 82.80 87.00 4.20 0.70 0.24 including 82.80 83.85 1.05 0.98 0.54 FSDM-04 8.00 18.80 10.80 0.24 0.06 FSDM-05 6.00 24.50 18.50 0.44 0.10 including 14.55 19.70 5.15 0.77 0.14 FSDM-06 107.00 114.00 7.00 0.24 0.08 FSDM-07 114.20 137.45 23.25 0.29 0.11 Notes: drilling is believed to have intercepted the mineralization close to perpendicular, but widths may not represent true-thicknesses Lara's interpretation is that the target may represent the distal extension of more massive mineralization. Certainly there are several geophysical anomalies along the trend, including electromagnetic (conductivity) anomalies, with coincident soil geochemical anomalies that may reflect more massive sulphides, which were not tested at the time. Damolândia Purchase Option Under the terms of the Agreement with BCV, Lara has agreed to make staged cash payments totalling US$580,000 as follows in Table 2. Milestone/Date Payment US$ Upon tran...