Vancouver-based Lara Exploration’s (TSXV: LRA) stock soared over 16% Tuesday after reporting drill results from its Planalto copper project in the Carajás Mineral Province of northern Brazil.
The Planalto Project comprises three exploration licenses, totalling 4,726 hectares. Copper-gold mineralization is now recognised to underlie an area with dimensions of more than 350m north-south and 350m east-west and is open down dip to the west of the drill grid, the company said in a press release.
A number of the holes also tested north and south lateral extensions of the significant copper mineralization previously reported from the scout drill programs in 2017 and 2018.
A further three scout holes were drilled to test an anomalous copper in soil anomaly just to the south of the main Homestead target, known as the Silica Cap target and also returned promising zones of copper mineralization, Lara said.
The western-most holes of this program on each of the drill sections all show wide zones of mineralization open to the West in the order of 50m to approximately 80m thick and with the copper grades between 0.46% and 0.61% Cu, 49.95 m @ 0.46% Cu; 78 m @ 0.61% Cu; 82 m @ 0.47% Cu and 55.3 m @ 0.51% Cu).
By market close Tuesday, Lara Exploration’s shares had been traded 247,117 times, over 16 times the average daily volume of 15,317. The company’s market capitalization sits at C$19.7 million.