Lara Exploration Acquires Tocantins Gold Project in Brazil

Lara Exploration (TSXV:LRA) has entered an agreement with Brazil Americas Investments & Participation Mineração to acquire the Tocantins gold project in central Brazil. Lara will assume project costs going forward, and will pay Brazil Americas 50% of any proceeds from the eventual sale of the project to a third-party.
As quoted in the press release:

The Tocantins Project comprises a 9,103-hectare exploration license, covering Lower Proterozoic age greenstone lithologies that have been mined sporadically on a small scale since colonial times. Vale S.A. (“Vale”) carried out the first systematic exploration of the area in the 1990’s, targeting gold associated with low-angle thrust faults and fold structures, completing 180 shallow reverse circulation drill holes (totalling 9,129 metres) outlining several near-surface gold occurrences. Further work undertaken more recently by a junior explorer, included twelve diamond drill holes (totalling 1,731 metres). The best results from this program were intercepts of 2 metres at an average grade of 18.97 grams per tonne gold (“g/tAu”) from drill hole TO-08 and 17 metres at 3.93 g/tAu, including 4 metres at 9.01 g/tAu and 2 metres at 11.05 g/tAu from drill hole TO-09.

Click here for the full press release.