Lara Exploration Ltd. (TSX VENTURE:LRA) has reported that it has signed an Agreement whereby Codelco do Brasil Mineração Ltda., may earn up to a 75% interest in the Company's Liberdade Copper Project, in the Carajás District of northern Brazil.
Under the terms of the Agreement, Codelco may earn an initial 51% interest in the Liberdade property by investing US$3 million in exploration over a four-year period, with a minimum expenditure of US$400,000 in year one, of which US$300,000 is a work commitment. Codelco may then elect to earn a further 24% interest in the property by sole-funding such additional exploration works as are necessary to define a minimum resource of at least 500,000 tons of copper equivalent, independently reported under National Instrument 43-101 guidelines.
The 6,969 hectare Liberdade property is located in the Municipality of São Felix do Xingu, Pará State, at the western end of the Carajás District. Geology comprises Proterozoic-age volcano-sedimentary sequences of the Aquiri Group and related calc-alkaline intrusives, with evidence of iron-oxide-copper-gold ("IOCG") alteration and mineralization seen in small-scale "garimpeiro" surface workings. Exploration work to date has comprised reconnaissance level mapping and sampling that has identified extensive alteration and anomalous copper values.
Qualified Person: Michael Bennell, Lara's Vice President Exploration and a member of the Australasian Institute of Mining and Metallurgy (AusIMM), is a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for the preparation and verification of the technical information in this release.
Source: Lara Exploration Ltd