Lara Exploration Ltd. (TSXV:LRA) announced that it’s completed a preliminary review of the Brazil-based Azul tin project.
The company looked at historical data, recent exploration results and drill core, and also made field visits to the project; based on the information it’s gained, Lara has completed the second payment due under the terms of its purchase option agreement for Azul with Best Metais e Soldas SA (BEST).
As quoted in the press release:
Sixty-one diamond drill holes were completed by BEST in the early 1980’s to test extensions of the tin mineralization exposed in the pits. The position of the older drill holes from the 1980’s are mostly still marked with concrete posts that can be located in the field (and which have been surveyed into the database), but the cores are no longer in a usable state. However, as part of the Agreement with BEST, Lara has acquired the data and drill core from seven more recent check holes, completed in 2014, results of which are summarized in Table 2.
The 2014 drilling program intercepted mineralization over similar widths and at similar grades as the original programs from the 1980’s and greatly increases the confidence in the historical data. Lara’s review of the project and the historical data has been very encouraging and clearly demonstrates the potential to outline tin mineralization of economic significance within the Azul Project.