According to a recent report, Lara Exploration (TSXV:LRA) announced that it had signed an option agreement with Minera ã oTariana, a subsidiary of Anglo American do Brasil, to obtain an exploration license adjacent to its Planalto copper project in Brazil. Lara said in a press release that the license was being acquired by its subsidiary PlanaltoMinera ã o and would be part of an existing phased profit agreement with Capstone Mining.
Under the terms of the agreement, Planalto will make the first payment, totaling US $150000, and must complete at least 2000 meters of diamond drilling and resources and reserves research by May 2022. Lara said the soil geochemical data in the license outlined the potential for existing Homestead targets to extend northward by 1500 metres.
Geological mapping shows that the permit has extensive laterite hard top coverage, but sparse outcrops of mafic volcanic rocks have been found at 1200m in the north, in which quartz-quartz-potash feldspar-magnetite veins carry chalcopyrite. The company plans to complete additional sampling, mapping and geophysical surveys in the 1-21-2 quarter, with a view to mobilizing diamond drilling in the second quarter to supplement approved follow-up drilling for other potential extensions to the Homstead target.
The Planalto project, located in Caraje á s Minerals Province in northern Brazil, covers protuberant volcanic sedimentary sequences with IOCG-type mineralization and early Proterozoic intrusions. It is located near the Sossego copper mine in Vale and the Antas and Pedra Branca copper mines in Oz Minerals.