Lara Exploration has announced that a drilling rig has been mobilized by Codelco do Brasil Mineração, Lara’s joint venture (JV) associate, to the Liberdade copper project located in North Brazil. There are plans to conduct diamond drilling of about 2,000 m at the project in the coming months.
The Liberdade project includes an Exploration License of 8,491 ha in the region, situated in the São Felix do Xingú Municipality at the west boundary of the productive Carajás District. A surface mapping and sampling has been completed by Codelco, which drilled a single diamond hole, FTCD-01. The company encountered two copper containing intervals of 66 m together with a grade of 0.5% copper and 0.52% copper over 37 m. The company believes this mineralization to be of iron oxide copper gold-type (IOCG-type) which is typical of the region’s popular copper deposit areas.
Codelco by spending US$3 million can earn a preliminary 51% interest in the Liberdade property for exploration over a period of four years. Then, the company may possibly choose to earn an additional 24% interest by solitary-funding. Further exploration activities are essential to outline at least 500,000 t of copper equivalent as minimum resource. Lara’s VP of Exploration, Michael Bennell is the person qualified for mineral projects.
Lara follows the Prospect Generator business model that intends to reduce fiscal risk and shareholder dilution by producing prospects and evaluating them in JVs that are financed by partners. At present, the company has various portfolios of deposits and prospects mainly in Peru and Brazil, where 2 strategic alliances and 15 joint ventures have been signed.