Copper Mine in northern Brazil. Work began to open up a second mining front at Osmar-2 in December 2020, with production in the coming months derived exclusively of sulphide material from this new pit, while a cut-back is being completed to access deeper material in the Osmar-1 pit.
February 8, 2021 (TSX Venture: LRA) - Lara Exploration Ltd. (“Lara” or the “Company”), is pleased to
report drilling results and provide an update on development work on the Osmar -2 target at the Celesta
Copper Mine in northern Brazil. Work began to open up a second mining front at Osmar-2 in December
2020, with production in the coming months derived exclusively of sulphide material from this new pit,
while a cut-back is being completed to access deeper material in the Osmar-1 pit.
Development of the Osmar-2 pit is based on mineralization indicated by diamond drilling (vertical holes)
completed in 2020, with the best intercepts summarised in the table below. The mineralization is dominated
by fresh chalcopyrite, present from approximately 6 metres vertical depth below the surface.
Drill hole ID From (m) To (m) Width (m) Cu (%) Au (g/t)
DH-NES-12 2.00 8.52 6.52 1.09 0.05
DH-NES-12 13.50 23.00 9.50 3.71 0.42
DH-NES-12 25.60 32.00 6.40 2.97 0.31
DH-NES-14 0.00 20.58 20.58 3.04 0.30
DH-NES-14 22.93 35.27 12.34 1.42 0.48
DH-NES-16 7.04 24.53 17.49 2.85 0.78
DH-NES-16 40.38 44.70 4.32 3.45 0.46
DH-NES-21 55.00 60.32 5.32 1.24 pending
DH-NES-31 44.00 53.86 9.86 1.93 0.37
DH-NES-31 65.23 70.80 5.57 3.22 0.44
DH-NES-32 no significant intercepts
Intercepts were calculated using a 0.5% copper cut-off and a maximum internal downhole waste thickness
of two metres. There is insufficient drill information to determine if the downhole intervals represent the
true widths of the mineralized zones.
Lara owns a 2% net smelter returns royalty on the project and has been receiving regular payments from
Celesta with each concentrate shipment made to O cean Partners. Lara also holds a 5% carried (to
commercial production) equity interest in Celesta Mineração S.A. (“Celesta”), which is jointly operated by
partners Tessarema Resources Inc. ( with 40% interest), and North Extração de Minério Ltda. ( with 55%
interest). Ocean Partners UK Ltd., has provided project finance in exchange for life of mine offtake rights.
Lara is also owed a US$1 million late penalty fee, of which US$200,000 has been paid to date.
Drilling Outlines Osmar-2 Mineralization at the Celesta Copper Mine in 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
QAQC and Qualified Person
Drilling was supervis ed by the technical team at Celesta Mineração, with mineralized core sampled and
analysed at the Intertek laboratory located nearby in Parauapebas. QAQC check samples were confined to
the blanks, repeats and standards reference materials provided by the laboratory.
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.
About Lara
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 and Peru. 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 the Investment Industry Regulatory Organization of Canada
accepts responsibility for the adequacy or accuracy of this release.
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