Lara Exploration Ltd.
TSX VENTURE : LRA

Lara Exploration Ltd.

February 22, 2011 07:30 ET

Lara Intercepts 40 Metres with 1.39% Copper at the Lara Project in Peru

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - Lara Exploration Ltd. (TSX VENTURE:LRA) ("Lara" or the "Company") is pleased to report further very encouraging drill results from its Lara Project in southern Peru. Highlights from these latest results are:

  • Hole LA-10-32 - which intercepted 108 metres grading 0.81% copper and 0.015% molybdenum (0.90% copper equivalent "CuEq"), including 40 metres with an average grade of 1.39% Cu and 0.012% molybdenum (1.46% CuEq), establishes a higher-grade, east-west corridor on section 11350N.
  • Hole LA-10-34 - expands the enriched copper mineralization 225 metres to the east on section 11220N by intersecting 30 metres (56-86 metres) of 0.71% copper.
  • Hole LA-10-36 - expands mineralization to the south on section 1130N by returning 6 metres (24-30 metres) of 2.14% copper and 94 metres (36-130 metres) of 0.38% copper and 0.016% molybdenum (0.48% CuEq) and terminated in mineralization grading 0.30% copper and 0.035% molybdenum (0.51% CuEq).

"These drill results have demonstrated the potential for not only supergene enriched secondary mineralization, but also for hypogene (sulphide) mineralization and show the Lara copper-molybdenum porphyry system to still be open in all directions," commented Andre Gauthier, President of Lara.

Eleven diamond drill holes totalling approximately 2,000 metres have been completed on this program, including both infill and step-out holes to the existing resource. The program is being operated by Lara on behalf of Redzone Resources Ltd. ("Redzone"), which has the right to earn up to a 75% interest in the Project (see Lara press release of February 12, 2010 for details).

Hole LA-10-32 was collared on section 11350N approximately 140 metres west of LRC-21 drilled in 1997, which intercepted 36 metres averaging 0.76% copper, ended in mineralization at 114 metres and was not analyzed for molybdenum. Hole LA-10-32 also lies 275 metres west of hole LA-10-35 which intercepted 218 metres with 0.57% copper and 0.042% molybdenum (see Company press release of February 1, 2011 for details).

Hole LA-10-33 was collared on section 11130N approximately 60 metres east of 1997 drill hole LRC-02, which intercepted 0.42% copper over 20 metres from surface and 0.46% copper over 26 metres from 42 metres down hole. Hole LA-10-33 expands the mineralization to the east by returning 0.39% copper over 48 metres from 2 metres down hole.

Hole LA-10-34 was collared on section 11220N approximately 225 metres east of 1997 drill hole LRC-24 (which cut 13 metres grading 0.42% copper) and expanded the mineralization to the east by returning 0.71% copper over 30 metres.

Hole LA-10-36 was collared on section 11130N approximately 270 metres west of hole LA-10-33 and intersected an oxide zone at 26 metres down hole that returned 5.88% copper over 2 metres followed by 94 metres grading 0.38% copper and 0.016% molybdenum starting at 36 metres down hole. This hole terminated in mineralization grading 0.30% copper and 0.035% molybdenum.

Hole LA-10-37 was collared 60 metres northwest of hole LA10-35 and hole LA10-38, which is the south-western most drill hole, was collared on section 11130N approximately 65 metres southwest of 1997 drill hole LRC-23 (terminated in mineralization at 90 metres down hole with the final 64 metres grading 0.38% copper and no analysis for molybdenum). 

Further 2010 Lara Copper-Molybdenum Drill Results:
Drill Hole # From (m) To (m) Length (m) Cu % Mo % CuEq
LA-10-32 54.00 162.00 108.00 0.81 0.015 0.90
  including 58.00 98.00 40.00 1.39 0.012 1.46
LA-10-33 0.00 90.60* 90.60 0.33 NSV 0.33
  including 2.00 50.00 48.00 0.39 NSV 0.39
LA-10-34 52.00 90.00 38.00 0.61 NSV 0.61
  including 56.00 86.00 30.00 0.71 NSV 0.71
LA-10-36 24.00 30.00 6.00 2.14 NSV 2.14
  including 26.00 28.00 2.00 5.88 NSV 5.88
  and 36.00 130.00* 94.00 0.38 0.016 0.48
LA-10-37 48.00 362.00 314.00 0.21 0.012 0.28
  including 222.00 344.00 122.00 0.23 0.017 0.33
  including 280.00 344.00 64.00 0.25 0.021 0.38
LA-10-38 30.00 220.00 190.00 0.28 0.011 0.35
  including 118.00 178.00 60.00 0.33 0.016 0.43
  including 150.00 178.00 28.00 0.39 0.018 0.50
Table notes:
1. All holes drilled vertically and all intervals are core lengths; Cu equivalent in per cent calculated using $2.50 (U.S.) per pound copper and $15 (U.S.) per pound molybdenum, and the following formula: ((percentage Cu times 22 times price Cu per pound) plus (percentage Mo times 22 times price Mo per pound)) divided by (price Cu per pound times 22).
2. (*) end of hole
3. Metallurgical recoveries and net smelter returns are not considered.

Quality Control

The Company follows industry standard quality assurance and quality control procedures for all its samples, under the supervision of Noel Díaz, General Manager Peru. The QA/QC program includes the insertion of blanks, duplicates and certified standards into the sample stream. Core is photographed on site and subsequently sawn in half, with one half sent for analysis and the other half stored for future reference and assay verification. All samples are shipped to a CIMM certified laboratory in Lima, with duplicates sent to ALS Chemex laboratory, where they are analysed for copper (Total and Soluble), gold, and multi-element ICP.

André Gauthier, P. Eng., President of Lara Exploration Ltd., 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 of prospects and deposits in Brazil, Peru, Colombia and China, with eight actively funded 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.

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