Lara Exploration Limited announced that its JV partner, Codelco do Brasil Mineracao Ltda has mobilized a drill rig to the Company's Liberdade Copper Project in northern Brazil where it plans to complete approximately 2,000 meters of diamond drilling in the coming months.

The Liberdade Copper project comprises an Exploration License of 8,491 hectares in area, located in the Municipality of Sao Felix do Xingu, Para State at the western end of the prolific Carajas District. To date, Codelco has completed surface sampling and mapping and a single diamond drillhole, FTCD-01 which intercepted two copper bearing intervals of 66 meters with an average grade of 0.5% copper and 37 meters at 0.52%. Mineralization is considered to be IOCG-type typical of the known copper deposits in region.

Codelco can earn an initial 51% interest in the property by investing USD 3 million in exploration over 4 year period and may then elect to earn a further 24% interest by sole-funding such additional exploration works as are necessary to define a minimum resource of at least 500,000 tonnes of copper equivalent, independently reported under National Instrument 43-101 guidelines.

Source - Lara Exploration

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