Lara Exploration Signs Option to Acquire Damolandia Nickel Project in Brazil

Lara Exploration (TSXV:LRA) has signed an option agreement to acquire the Damolândia Nickel project in central Brazil with BCV Consultoria e Projetos Ltda.. Under the terms of the agreement, Lara will make staged payments totaling US$580,000 for the project. BCV will retain a 1 percent net smelter royalty on any future production, but Lara may purchase this royalty for US$2 million.
As quoted in the press release:

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.
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.

Click here for the full press release.