Mr. Michael Bennell of Lara Exploration reports
LARA EXPLORATION LTD.: HIGH-GRADE FLAKE GRAPHITE OUTLINED IN TRENCHING AT CANINDE, BRAZIL
Lara Exploration Ltd. has released results of its exploration work at the Caninde graphite project in Ceara state, Brazil, conducted on behalf of partner Focus Graphite Inc. Several new flake graphite occurrences, some with relatively high grades, have been identified and initial trenching programs have been carried out on a number of these, as well as on some of the occurrences identified previously by Lara (see company news releases of Dec. 5, 2011, and April 11, 2012, for details).
The program of shallow trenching into bedrock totalled 538 metres testing 11 target areas. Trench depths depended on the thickness of the soil cover and varied between 0.35 metre and two metres depth. The program indicated the presence of significant zones of graphite mineralization that warrant further systematic trenching and drilling, notably the Pedra Preta, Sao Luis, Mariana East and Salgueiro targets.
MORE SIGNIFICANT INTERVALS OF GRAPHITE MINERALIZATION AT EACH TARGET
Graphitic
Trench Trench Interval carbon
Target No. location(i) (m) (ii) (Cg) % Remarks
Sao Luis T1 459020 E 30 2.66 Includes 12 m at 5.5% Cg
9490304 N
T2 459090 E 11 2.94 Includes 6 m at 4.44% Cg
9490250 N
T3 458690 E 8 5.03 Includes 4 m at 8.93% Cg
9490392 N
Sao Luis T1 457193 E 28 1.13
West 9490566 N
T2 457177 E 9 1.22
9490604 N
T3 457159 E 12 1.01
9490614 N
Pedra Preta T1 455714 E 8 0.91
9494596 N
T1 A 455696 E 3 8.99
9494596 N
T2 455615E 25.3 13.29 Includes intervals of 4 m
9494254 N at 17.08% Cg; 9.3 m at
20.76% Cg; 4 m at 16.57%
Cg (estimated true width
of the interval approx.
19 m)
T3 455545 E 7.2 13.01 Includes an interval of
9494255 N 5.2 m at 17.62% Cg
(estimated true width of
interval of approx. 5.0
m)
Geraldo T1 453735 E 18 1.95 Includes 6 m at 3.67% Cg
9497110 N
Barra do T1 454400 E 10 0.91
Cancan 9500024 N
Mariana East CME/T4 448650 E 4.5 8.25
9498966 N
Salgueiro West 449004 E 1.5 30.2
vein 9495758 N
East 449008 E 2 23.13
vein 9495732 N
Barra do T1 4532961 E 0.9 15.83
Cancan 9498700 N
Southeast
T2 454098 E 27 1.4 Includes an interval of
9498456 N 1.2 m at 20.99% Cg
Sao Salvador T3 461861 E 2 2.48
9490244 N
Estiva T1 448910 E 2 0.73
9497827 N
Iguassu East T1 459058 E 3 0.1
9487912 N
(i) Datum SAD-69-UTM zone 24 m
(ii) The sample lengths reported for the Salgueiro target are true widths but
for all other targets the lengths reported are trench intersection lengths and
do not represent true widths.
Sampling at all of the targets, except for Salgueiro, was by continuous channel samples of nominal two-metre lengths, however sample lengths varied in places from 0.5 metre to as much as three metres to account for the local geology and structure. It was not necessary to cut any of the channels with a rock saw, as the rock was readily broken using a cutter mattock and the broken rock was collected from the channel using a gardening trowel. The sampling at Salgueiro was a single sample of continuous rock chips across the face of each of the veins.
Under the terms of the agreement with Lara, Focus can earn an initial 51-per-cent interest in the project by spending $2.5-million on exploration (including a minimum of 2,000 metres of drilling) and issuing 500,000 common shares to Lara by Dec. 14, 2015. Focus can then elect to earn an additional 9 per cent (for a total of 60 per cent) in the project by investing a further $4.5-million on exploration (including a minimum of 5,000 metres of drilling and delivering a preliminary economic assessment (as defined under National Instrument 43-101) within two years.
Caninde graphite project comprises 15,614 hectares of exploration licences accessible on paved highways from the Ceara state capital, Fortaleza. The graphite occurrences are hosted within gently dipping schistose rocks and shear zones developed within a complex of felsic gneisses with local metasedimentary schist enclaves. The mineralized zones are conspicuously related to a system of sheeted pegmatite veins with individual veins from a few centimetres up to a metre or so in width.
Quality control
Assaying was carried out by SGS-Geosol, an ISO 9001- and 14001-accredited laboratory, located in Vespasiano, Minas Gerais, Brazil, following sample preparation in Goiania. The sample analysis for graphitic carbon content was by Leco Analysis using infrared detection following an HCl acid attack to remove carbonate minerals and a calcination stage at 4,000 C for two hours to eliminate the organic content (SGS-Geosol protocol CSA05V).
Industry-standard quality assurance and quality control procedures have been adopted by Lara for the sampling campaigns, including the insertion of blank, duplicate and in-house reference samples into the batches. SGS -- Geosol also inserted a number of different graphite standards as well as blank, duplicate and replicate samples at various stages of preparation and analysis. Special measures were adopted at the preparation stage to avoid contamination by the high-grade samples.
Michael Bennell, Lara's vice-president, exploration, and a fellow of the Australasian Institute of Mining and Metallurgy, is a qualified person as defined by the National Instrument 43-101 Standards of Disclosure for Mineral Projects, and is responsible for the preparation and verification of the technical information in this release.
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