The CEO of Lara said that they have extended the payment terms on their underlying option, secured three-year renewals of the exploration licenses with the Brazilian government and identified a number of drill-ready targets at the project.
Lara Exploration (TSXV:LRA) has reported that it has recently completed a geological review of its Damolândia project in Goiás State, Central Brazil, which has identified potential for disseminated and stringer-style sulfide nickel-copper-cobalt mineralization that has either not been, or at best only partially tested by historic drill programs.
President and CEO of Lara, Miles Thompson said:
“Reinterpretation of the historical exploration data, combined with additional mapping and surface sampling over the last twelve months, suggests a target geometry and size potential considerably better than we had first thought. We have extended the payment terms on our underlying option, secured three-year renewals of the exploration licenses with the Brazilian government and identified a number of drill-ready targets at the Damolândia project, for which we are now seeking a partner.”
The company said the Damolândia target is between 600m and 700m long and was tested (in 2007-2008) by 6 historical diamond drill holes, four of which are located with a nominal 100m spacing along the central and western parts of the target zone, representing a strike length of approximately 450m. All four holes intersected significant wide low-grade disseminated sulphide nickel mineralization associated with low but anomalous copper and cobalt values.