Business
Lara to Acquire the Tocantins Gold Project in Brazil
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 1, 2016) - Lara Exploration Ltd. ("Lara" or the "Company") (TSX VENTURE:LRA) is pleased to announce that it has
About this update from Lara Exploration Ltd.
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 1, 2016) - Lara Exploration Ltd. (\"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 Tocantins Gold Project, located close to the town of Conceição do Tocantins, in Central Brazil. 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. The Tocantins Project 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 S.A. (\"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 ...