Lara Exploration Ltd.
TSX VENTURE : LRA

Lara Exploration Ltd.

November 30, 2010 07:00 ET

Lara Discovers New Gold Targets on Its Sami Gold Project in Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2010) - Lara Exploration Ltd. ("Lara" or "the Company") (TSX VENTURE:LRA) is pleased to report that it has discovered a new high sulphidation epithermal gold target at Pitusaja on its Sami Gold Project in the Ayacucho region of southern Peru. Reconnaissance mapping and sampling has also outlined a further 6 mineralized anomalies on the property and the Company has staked another 3,200 hectares to cover extensions of one of these, bringing the property total to 32,600 hectares.

The Pitusaja target has a signature typical of a precious metals rich, high sulphidation epithermal system, with anomalous gold values associated with quartz-alunite alteration, strong silicification and accompanying argillization. Also indicative is the presence of volatile pathfinder elements: mercury, arsenic and antimony, associated with barium, bismuth, silver and molybdenum.

The Pitusaja target is hosted by tuffs and lapilli of andesitic composition and Tertiary age. The thirty-two rock chip samples taken during reconnaissance mapping returned anomalous gold values in all but 7 cases, with 19 of the samples returning values in excess of 100 parts per billion gold ("ppb Au"), and a high of 1,450 ppb Au. The core of the target comprises a zone of strong silica alteration 200 metres (east-west) by 10-40 metres in width (north-south) comprising veins and hydrothermal breccias with abundant disseminated pyrite. Extensions of the target are covered by quaternary soils, but outcrops approximately 200 metres to the north indicate continuity. The Pitusaja samples were also anomalous in silver (up to 25 grams per ton "g/t"), copper (up to 560 parts per million "ppm"), molybdenum (up to 581 ppm), mercury (up to 152 ppm), arsenic (up to 2,298 ppm), antimony (up to 1,304 ppm), bismuth (up to 2,433 ppm) and barium (up to 1,029 ppm).

The other six anomalies: Pirca, Sami West, Nuños North, Titiminas, Yanasora South and Nañate (Sami 35) were defined using satellite imagery, with ground confirmation of alteration and anomalous values from rock chip samples during the recent reconnaissance field programs.

The Company plans to undertake more detailed sampling, geophysical surveys (to map the extensions of the Pitujasa target under cover) and more detailed mapping of the volcanic stratigraphy and structures in the coming months.

Quality Control and Qualified Person: The Company follows industry standard quality assurance and quality control procedures for all its samples, under the supervision of Noel Díaz, General Manager Peru and André Gauthier, P. Eng., President of Lara Exploration Ltd., who is the Qualified Person and responsible for the preparation and content of this press release pursuant to NI 43-101.

About Lara

Lara is an exploration company following the Prospect Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and then exploring them in joint ventures funded by partners. The Company currently holds a diverse portfolio prospects and deposits in Brazil, Peru, Colombia and China, nine of which are in joint ventures. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA".

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Lara Exploration Ltd.
    Miles Thompson
    CEO
    +1 604-669-8777
    or
    Lara Exploration Ltd.
    Andre Gauthier
    President
    +1 604-669-8777
    +1 604-688-1157 (FAX)
    or
    Lara Exploration Ltd.
    Chris MacIntyre
    Investor Relations
    +1 416 346-7660
    www.laraexploration.com