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Vancouver, British Columbia--(Newsfile Corp. - August 31, 2021) - Lara Exploration Ltd. (TSXV: LRA) ("Lara"), is pleased to report that it has signed a Mining Rights Transfer Agreement with BHP World Exploration Inc. Sucursal del Peru ("BHP") to acquire the Kenita property in exchange for a commitment to pay a 1% net smelter returns royalty on any future production. The Kenita property comprises five exploration licenses, totalling 2,200 hectares in area, which are adjacent to and surround Lara's 400 hectare Puituco Project, located in the Huancavelica Department of Central Peru.
Lara previously reported high grade surface chip channel samples from Puituco, including 42.6m averaging 4.65% zinc, 4.86% lead and 37 g/t silver (see Lara news release of June 12, 2018 for details). The vertical orientation of the breccia feeder structures to this mineralization and its relationship with the mapped intrusives, indicate potential for the presence of a buried skarn/porphyry system. With the consolidation of the Kenita property Lara intends to extend its surface mapping and sampling and undertake geophysical surveys (Mag and IP) and define targets for a scout drilling program to test this potential.
The Puituco-Kenita property lies to the north of the Riqueza copper porphyry project, being drilled by Inca Minerals Ltd. Minera IRL Ltd.'s Corihuarmi high sulphidation epithermal gold mine and the Bethania polymetallic mine, being redeveloped by Kuya Silver Corp., also lie on the same trend to the northwest of Puituco-Kenita.
About Lara Exploration
Lara is an exploration company following the Prospect and Royalty Generator business model, which aims to minimize shareholder dilution and financial risk by generating prospects and exploring them in joint ventures funded by partners, retaining a minority interest and or a royalty. The Company currently holds a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile. Lara's common shares trade on the TSX Venture Exchange under the symbol "LRA."
Michael Bennell, Lara's Vice President Exploration and a Fellow 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 has approved the technical disclosure and verified the technical information in this news release.
For further information on Lara Exploration Ltd. please consult our website www.laraexploration.com, or contact Chris MacIntyre, VP Corporate Development, at +1 416 703 0010.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94881