Brazil. GE21 Consultoria Mineral Ltda . (GE21), an independent mining and geological consulting company, estimated the Mineral Resources for the Planalto project as summarized in Table 1. Indicated Resources are estimated to be 47.7 million tonnes (Mt) at an average grade of 0.53% copper (Cu) and 0.
October 9, 2024 (TSX Venture: LRA) - Lara Exploration Ltd. (Lara) is pleased to report the initial resource
estimate of the 100% owned Planalto Copper -Gold Project in the Carajás Mineral Province of northern
Brazil. GE21 Consultoria Mineral Ltda . (GE21), an independent mining and geological consulting
company, estimated the Mineral Resources for the Planalto project as summarized in Table 1. Indicated
Resources are estimated to be 47.7 million tonnes (Mt) at an average grade of 0.53% copper (Cu) and 0.06
grams per tonne (g/t) gold (Au), or 0.56% copper-equivalent (CuEq), containing 253 thousand tonnes (0.56
billion pounds) Cu or 267 thousand tonnes (0.59 billion pounds) CuEq. Inferred Resources are estimated
to be 154 Mt at an average grade of 0.36%Cu and 0.04g/t Au, or 0.38%CuEq, containing 549 thousand
tonnes (1.2 billion pounds) Cu or 585 thousand tonnes (1.3 billion pounds) CuEq.
The Planalto Copper Project is located between Vale’s Sossego copper mine and Cristalino copper deposit,
and BHP’s Pedra Branca copper mine and Antas mill, in the Carajás Mineral Province of northern Brazil.
The Mineral Resources contain a shallow dipping higher grade Main Mineralization domain , surrounded
by a lower grade Host Rock Mineralization domain, constrained within an open pit shell representing a
reasonable prospect of eventual economic extraction (RPEE). The 43.101 Technical Report on a Mineral
Resources Estimate for the Plan alto Project, Canã a dos Carajás , Pará, Brazil, September, 2024 (the
"Technical Report") will be available on SEDAR + (www.sedarplus.ca) and the Company web site
www.laraexploration.com within 45 days of the date of this news release.
Table 1: Mineral Resource Statement as at July 03, 2024 for the Planalto Deposit
Resource
Category
Domain Resource
(Mt)
Cu
grade
(%)
Copper
Equivalent
( %)
Au
grade
(g/t)
Cu
(Kt)
Cu
(Mlbs)
Au
(Koz)
Indicated Main
Mineralization
47.7 0.53 0.56 0.06 253 557 92
Host Rock
Mineralization
- - - - - - -
Total Indicated 47.7 0.53 0.56 0.06 253 557 92
Inferred Main
Mineralization
77.7 0.51 0.54 0.06 396 874 149.9
Host Rock
Mineralization
76.3 0.2 0.22 0.03 153 336 73.6
Total Inferred 154.0 0.36 0.38 0.4 549 1210 223.5
Lara Reports Maiden Copper-Gold Resource for the Planalto Project, Brazil
TSX-Venture: LRA
Suite 501-543 Granville Street
Vancouver BC, Canada
V6C 1X8
www.laraexploration.com
T: 604.669.8777
F: 604.688.1157
News Release
Notes related to the Mineral Resource Estimate:
1. The Mineral Resource Estimate (MRE) was restricted by a pit shell defined using metal prices of 10,000 US$/t
Cu and 2,200 US$/oz Au, mining cost of 2.9 US$/t mined, processing and G&A cost of 11.50 US$/t
processed. Process recovery of 88% Cu and 68% Au. Concentrate transport and selling costs of 208 US$/t
concentrate. Commercial smelter terms, copper treatment and refining charges 59.5 US$/t concentrate, 0.06
US$/t metal, gold refining charge 4.47 US$/Oz.
2. Indicated and Inferred Resources are reported above a 0.16 % copper-equivalent cut off.
3. Copper-equivalent grade (CuEq) = Cu grade + ((Au Recovery x Au price x Payable Au) / (Cu Recovery x Cu
price x Percentage Payable for Cu in NSR)) x Au grade , where: Payable Au = 90% and Percentage Payable
for Cu in NSR = 83.7%.
4. The MRE contains fresh rock domains only, the oxide mineralization is not reported.
5. Grades reported using dry density.
6. The MRE is within Planalto Mineração tenement areas.
7. The MRE was estimated using ordinary kriging in 40m x 40m x 20m blocks with sub -blocks of 10m x 10m x
5m.
8. The MRE was produced using Leapfrog Geo software.
9. The MRE was prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical
and/or classical methods, plus economic and mining parameters appropriate to the deposit.
10. The effective date of the MRE is July 3rd, 2024.
11. The QP responsible for the Mineral Resources Estimate is geologist Leonardo Soares (MAIG #5180).
12. Mineral Resources are not ore reserves and are not demonstrably economically recoverable.
13. The MRE numbers provided have been rounded to estimate relative precision. Values may not be added due
to rounding.
Dr. Simon Ingram, President and CEO of Lara Exploration Ltd., commented: “This initial Mineral Resource
estimate marks a milestone on the discovery history of the Planalto copper-gold deposit, located in the heart
of the Carajás mining province, which benefits from excellent mining infrastructure and strong local support
to build new mines. The Planalto deposit starts near surface, is shallow dipping, with a low strip ratio and
contains clean chalcopyrite copper -gold mineralization. Situated in flat farmland, close to cheap renewable
power and on the highway with a 30km drive to the regional mining town of Canãa dos Carajás. Copper is
a core metal for the energy transition , and we believe that the Planalto project has many outstanding
attributes desirable for open pit copper mine development, and importantly, the potential to deliver into the
projected step change in copper demand as the energy transition accelerates.”
"Lara has been exploring in S outh America and particularly Brazil since 2006, following the Project
Generator business model . L ed by Mike Bennell , our VP of Exploration , we have had a number of
exploration successes where Lara now holds royalties and continues to develop our diverse portfolio of new
prospects. Much of our core executive team was involved in the discovery of the Cukaru Peki copper gold
deposit in Serbia. We look forward to seeing our 100%-owned Planalto project move forward through the
various technical studies , with s coping study PEA work already well advanced. " remarked Miles
Thompson, Chairman of Lara Exploration Ltd.
The Resource Estimate:
The Planalto resource is reported as a higher -grade Main Mineralization domain containing 47.7 Mt of
Indicated Resources at an average grade of 0.53% Cu and 77.7Mt of Inferred resource with an average
grade of 0.51% Cu . The lower grade Host Rock domain mineralization that surrounds the Main
Mineralization is reported as containing 76.3Mt of Inferred resources at an average grade of 0.2 % Cu.
The Planalto copper gold deposit has many of the characteristics similar to other IOCG deposits in the
Carajás. Mineralisation is interpreted to occur in stacked sub -parallel sheet -like structures that can be
modelled fairly continuously over the 1,500m north-south strike length. Individual zones vary from a few
meters to up to several tens of meters thick, and where there is an amalgamation of zones the mineralization
can be as much as 100m in thickness. Chalcopyrite is the only copper -bearing mineral recognized in the
deposit. Pyrite is rarely seen in the drill core in the south of the deposit ( Homestead sector). In the north
(Cupuzeiro sector above a northing coordinate value of 9295400N), pyrite can locally constitute up to 5%
of the rock and is very abundant in the drill core intervals with more than 1% Cu.
The geological model for the Planalto mineralization was created from 8 1 diamond drill holes totaling
25,337m. East-west oriented cross-sections were used to define continuity of the mineralization within and
between sections, while taking account of structure, alteration and lithology. A 0.3% copper grade shell for
modelling purposes was identified as providing a good level of continuity of mineralization . Several
discrete mineralization domains were modelled, which have a south to north orientation, dipping to the east
at 18-40 degrees. In the southeast of the Planalto deposit , the Silica Cap Target mineralization has been
modelled as a separate domain with strike of 340 (NNE) and a 40° east dip. Mineralization modelled within
the 0.3% Cu grade shells is characterized as the Main Mineralization domain, whereas the mineralization
adjacent to and between the 0.3% Cu grade shells is characterized as the Host Rock Mineralization domain.
Resource estimation parameters are summarized below:
• Assay and geological data available on or before July 03, 2024 . were included in this resource
estimate.
• Sample preparation and analytical procedures are described in the Company's previous news releases
on the project and in the Technical Report. Industry -standard levels of QAQC checks were
performed on assay data, including validation by umpire laboratories.
• Samples were composited to 2m lengths.
• High grade copper samples above 4% Cu were restricted to ensure these samples were not used to
estimate model cells in which the centre of the cell was more than 35m from the sample.
• GE21 classified 3 different density zones in the geological model; the Oxide, the northern Cupuzeiro
sector and the southern Homestead sector . The Cupuzeiro sector is characterized as
mineralization with a more elevated occurrence of pyrite compared to the southern Homestead
sector. For Domains with sufficient density measurements, the Domain density was calculated
using the mean density of the samples within that domain after treating for outliers. Average
values of density were applied for each domain individually. Domains with a low number of
density measurements were assigned the overall aver age density of the Cupuzeiro, Homestead,
or Oxide domains. The average densities of the Cupuzeiro, Homestead and Oxide domains are
2.87, 2.85 and 1.66 g/cm3, estimated from the average of 144, 749 and 66 measurements,
respectively.
• Ordinary Kriging ("OK") was used for the grade estimation for the Main Mineralization and Host
Rock Mineralization domains for copper and gold . Inverse distance weighting (IDW) and
Nearest Neighbour interpolation (NN) were used for verification of the OK estimates for copper
and gold.
• The Mineral Resource classification by GE21was based on the assessment of a number of factors,
including, sampling procedure, analysis, the sample grid spacing, the survey methodology, and
the quality of assay data
o The classification of Indicated Mineral Resources was based on the first and second search
step of Ordinary Kriging, which utilizes the variogram range in the search ellipsoid of up
to: 105m x 60m x 20m in the Main Mineralization domain only.
o The Inferred Mineral Resource classification is all remaining estimated blocks in the Main
Mineralization domain.
o The Host Rock Mineralization domain zone was classified as Inferred Resource class,
irrespective of the search step used, due to the lower confidence in mineralization
continuity.
• Mineral Resources of the Main Mineralization and the Host Rock Mineralization domains are
reported inside a Reasonable Prospect of Eventual Economic Extraction (RPEEE) pit
optimization shell and above a cut -off of 0.16% Copper Equivalent (CuEq) , with simplified
formula (CuEq% = Cu% + (Au g/t x 0.578). Parameters used to define RPEEE pit shell, and the cut-
off grade are included the footnotes to Table 1.
The Mineral Resources have been estimated in conformity with generally accepted CIM "Estimation of
Mineral Resource and Mineral Reserves Best Practices" guidelines and are reported in accordance with the
Canadian Securities Administrators' National Instrum ent 43 -101 – Standards of Disclosure for Mineral
Projects (“NI 43 -101”). Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into
Mineral Reserves.
GE21 Recommendations:
The following are summarized from the comments made by GE21 in their Technical Report:
The primary recommendation is to continue the development of the Project through more detailed
exploration, technical and engineering studies. The aim being to first complete a Preliminary Economic
Assessment (PEA) to better understand the high level economic and engineering drivers to the project.
Infill drilling to upgrade the Mineral Resource Classification and new Mineral Resource Estimate after
infill drilling program completion.
• Conversion of Indicated Resources to Measured Resources. A 50m x 50m infill drilling program
recommended in the domain of Indicated Resource classification.
• Conversion of Inferred Resources to Indicated Resources. A 100m x 100m infill drilling program
recommended in the domain of Inferred Resource classification.
Exploratory drilling campaign to test other existing geochemical and geophysical anomalies within the
Planalto licenses.
Qualified Person:
Mr. Leonardo de Moraes Soares MAIG, is a Qualified Person under NI 43-101 and is an independent
consultant to the Company . Mr. Moraes co-authored the Technical Report, signed off on the Mineral
Resource Statement and approved the technical disclosure in this release.
Mr Michael Bennell BSc, MSc, FAusIMM, is a Qualified Person under NI 43-101 and is the Vice President
Exploration of the Company. Mr. Bennell approved the technical disclosure in this release and has verified
the data disclosed.
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".
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 its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the
information contained herein.
Cautionary Statement on Forward-Looking Information
This news release contains “forward -looking information” within the meaning of applicable Canadian
securities legislation based on expectations, estimates and projections as at the date of this news release.
Any statement that involves predictions, expecta tions, interpretations, beliefs, plans, projections,
objectives, assumptions, future events or performance are not statements of historical fact and constitute
forward-looking information. This news release may contain forward-looking information pertaining to the
Planalto Copper-Gold Project, including, among other things, the ability to identify additional resources
and reserves (if any) and exploit such resources and reserves on an economic basis; the preparation of a
Preliminary Economic Assessment; the conduct of additional drilling; and upgrading of current mineral
resource estimates.
Forward-looking information is not a guarantee of future performance and is based upon a number of
estimates and assumptions of management, in light of management’s experience and perception of trends,
current conditions and expected developments, as well as other factors that management believes to be
relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable
equity and debt capital markets; the ability and timing of funding to advance the development of the
Planalto Project and pursue planned exploration and development; future spot prices of copper, gold and
other minerals; the timing and results of exploration and drilling programs; the accuracy of mineral
resource estimates; production costs; political and regulatory stability; the receipt of governmental and
third party approvals; licenses and permits being received on favourable terms; sustained labour stability;
stability in financial and capital markets; availability of mining equipment and positive relations with local
communities and groups. Forward-looking information involves risks, uncertainties and other factors that
could cause actual events, results, performance, prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Factors that could cause actual results to differ
materially from such forward-looking information are set out in the Company’s public disclosure record
on SEDAR+ (www.sedarplus.ca) under the Company’s issuer profile. Although the Company believes that
the assumptions and factors used in preparing the forward -looking information in this news r elease are
reasonable, undue reliance should not be placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events will occur in the disclosed time frames
or at all. The Company disclaims any intention or obligation to update or revise any forward - looking
information, whether as a result of new information, future events or otherwise, other than as required by
law.