Itaítuba vanadium project , in the Tapaj ós region of northern Brazil. Project w ork initially focused on vanadium-bearing magnetite bodies, but the recent work has shown that the host gabbros also contain disseminated vanadium-bearing magnetite that can be concentrated to enrich the vanadium grade.
April 12, 2021 (TSX Venture: LRA): Lara Exploration Ltd. (“Lara” or “the Company”), is pleased to report
that it has completed a reappraisal of the diamond drilling and ground magnetometer survey results for its
Itaítuba vanadium project , in the Tapaj ós region of northern Brazil. Project w ork initially focused on
vanadium-bearing magnetite bodies, but the recent work has shown that the host gabbros also contain
disseminated vanadium-bearing magnetite that can be concentrated to enrich the vanadium grade. Surface
mapping and the magnetic survey show these gabbros to be extensive within the Lara property and the
Company plans to undertake further geophysical surveys and follow-up drilling later in the year.
Half core samples from four scout holes were subjected to Davis Tube Recovery (“DTR”) testing and the
resulting magnetic concentrates then assayed for vanadium pentoxide (“V2O5”). In the fresh rock sections
of three of the holes (holes SR -02, SR -03 and SR -04), significant intervals were identified , where the
magnetite concentrate recovery values are in the order of 10 to 20% of the original core sample mass. In
two of these holes (SR-03 and SR-04) the V2O5 grades for these concentrates are in the order of 0.8 % to
1.1% (see table below). The hole SR-04 has the thickest interval of 47.65m and is still open to depth. The
down hole intervals are assumed to be approximately true width, based on the surface mapping information
and the drill core logging.
DRILL
HOLE
E-UTM N-UTM From (m) To (m) Width (m) DTR (%) V2O5 in
concentrate
(%)
SR-01 624356 9500481 No significant results
SR-02 624569 9500559 70.90 75.35 4.45 20.75 0.64
SR-03 624463 9500378 24.03 41.80 17.77 17.34 0.83
SR-04 624362 9500104 25.70 73.35 47.65 11.02 0.91
incl 51.40 55.75 4.35 15.56 1.08
and 66.35 71.85 5.50 14.49 1.15
No significant vanadium enrichment was detected in the magnetic concentrates in the weathered saprolite
upper parts of any of the four drill holes. The core logging indicates that the vanadium enriched zones are
associated with intercalated units of magnetite -olivine-gabbro and ferro-gabbro. Contacts observed in the
cores indicate a sub-horizontal or gently west-dipping attitude for these units consistent with the dips of the
overlying massive magnetite bodies.
Diamond Drilling Identifies More Extensive Vanadium Mineralization at the
Itaituba Project in Brazil
TSX-Venture: LRA
Suite 501-543 Granville Street
Vancouver BC, Canada
V6C 1X8
www.laraexploration.com
T: 604.669.8777
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News Release
Review of ground magnetic data indicates that drill hole SR-04 is located central to a large anomaly in the
order of 700m (E-W) by 300m to 400m (N-S), at the southern end of the complex, indicating the possibility
that the vanadium-bearing disseminated magnetite units could have a large horizontal extent in this southern
part of the complex (see Figure 1. below) . Holes SR -02 and SR -03, which reported narrower and lower
grade vanadium pentoxide intersections, are both located in a similar-sized magnetic anomaly immediately
to the north of the SR -04 zone and other strong magnetic anomaly zones are present along the northward
extension for a further 2 ,000m along the main ridge. Surface geolog ical mapping suggests that the entire
ridge is underlain by the gabbro complex.
Figure 1
Further work is planned, including extensions to the original ground magnetics survey, geological mapping
with the objective to identify the more magnetite -rich ferro-gabbro phases within the complex, and drill
testing of the priority target unit already identified at the southern end of the complex, as well as scout
drilling at other priority magnetic zones in the central and northern parts of the complex.
Background
Work at the Itaítuba project initially focused on outcropping massive vanadium and titanium bearing
magnetite bodies, hosted in a gabbro complex, as a possible direct shipping ore. The surface rock chip
sampling indicated that the magnetites contained between 21% and 24% titanium dioxide (“ TiO2”) and
from 0.35 to 0.5% V2O5 (see Lara news release of April 17th, 2012).
Surface geological mapping and the scout drilling of four shallow holes, from 35m to 75m in depth, located
in the southern end of the host gabbro complex, show that these magnetite bodies are flat sheet-like bodies
from 2m to 8m thick with a shallow westerly dip. The early Quemscan and Davis Tube Recovery testing
on selected surface samples suggested that it would not be possible to obtain a concentrate of any better
vanadium grade because the titanium and vanadium are both c ontained within the magnetite crystal
structure (see Lara news release of February 11th, 2014).
Logging of the drill core indicated that the massive magnetites are hosted by a multi -phase system of
different gabbro intrusives, some of which are extremely enriched in disseminated magnetite (ferro -
gabbros). Initial sampling of a few short intervals of these magnetite -rich gabbro phases indicated that it
was possible to obtain a magnetite concentrate from some of the samples of between 6.6% and 42.6% of
the original sample weight and that these concentrates analyzed V2O5 grades from 0.32 % up to 1.03%
V2O5 with enrichment factors up to 10.8 times the vanadium pentoxide values in the core samples (see
Lara news release of February 26th, 2019).
Sampling methodology, Chain of Custody, Quality Assurance and Quality Control
All the rock channel and drill core sampling were carried out by or under the supervision of the Company’s
Vice-President Exploration and the chain of custody of the samples and drill core fro m the project area to
the Company’s sample preparation facilities in Itaituba and Canãa dos Carajás was continuously monitored.
Sample intervals for the drill core samples varied between 0.2m and 3.0m. The core samples were delivered
to the sample prepara tion laboratories of SGS -Geosol in Parauapebas and to ALS in Goi ânia where the
samples were crushed and pulverized. SGS -Geosol dispatched sample pulps to their own analytical
laboratory at Vespasiano, near Belo Horizonte, Minas Gerais State, Brazil , whereas ALS dispatched the
pulps to their dedicated facility in Loughrea, Ireland.
Davis Tube Recovery magnetic concentrates were obtained for each sample , using a magnetic field force
of 3000 Gauss and the concentrates, after drying and weighing to dete rmine the percentage of magnetic
iron concentrate recovery, were analyzed by XRF for V2O5, TiO2, Fe2O3 and seven other oxides after
fusion with lithium tetraborate and for Loss on Ignition, which was determined by heating the sample in a
furnace at 405 degrees centigrade.
Both SGS-Geosol and ALS inserted blank, certified standard and duplicate samples into each sample batch.
Both laboratories are independent from Lara.
Michael Bennell, Lara’s Vice President Exploration and a Fellow of the Australasian In stitute 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 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 the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
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