US$500,000 by the end of 2025. Lara's priority is to inform the surrounding communities of the benefits of th is n on-metallic mining project to produce phosphate rock, a natural product used for organic farming, which can benefit the community financially and help improve its farming yields.
May 4, 2022 (TSX Venture: LRA) - Lara Exploration Ltd. is pleased to report that it has signed an
agreement to increase its interest in the Mantaro Phosphate Project from 33.33% to 70% by investing
US$500,000 by the end of 2025. Lara's priority is to inform the surrounding communities of the benefits
of th is n on-metallic mining project to produce phosphate rock, a natural product used for organic
farming, which can benefit the community financially and help improve its farming yields.
The Mantaro Project hosts a sedimentary phosphate deposit, where p revious exploration, including
trenching, drilling and technical studies, identified an extensive zone of phosphate mineralization that
is amenable to beneficiation and production of phosphate rock concentrate. The Project is located near
the town of Sincos in the Junin Department of central Peru, with access to a major rail line connecting
Huancayo with Lima and the port of Callao. High tension transmission lines cross the property on its
western side and it is accessible from the national highway connecting Huancayo to Lima via gravel
roads from the towns of Sincos, Aco, Mitu and others.
Lara intermediated the sale of the project to Sprott Resource Corp., in 2008 and, along with the vendors,
retained a royalty interest. Sprott resold the Project to Stonegate Agricom Ltd., which conducted
additional drilling , resource estimates and technical and commercial studies, filing a NI 43 -101
technical report (“Technical Report on the Mantaro Phosphate Deposit Junin District Peru” authored
by Donald H. Hains and Michelle Stone of Hains Technology Associates) on SEDAR on March 16,
2010. Stonegate failed to adequately communicate the benefits of the project and was blocked from
conducting any further work by the local communities. Sto negate was itself acquired by Itafos Inc. in
2017, which elected to return the project to Lara and its two co-owners in June 2021, with each holding
an initial interest of 33.33%.
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, 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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Lara to Acquire a 70% Interest in the Mantaro Phosphate Project in Peru
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