The bulk of the new drilling, 2,569.02 metres comprised infill and step-out drilling on the Homestead target, which remains open to the West, the East and at depth.
Lara completed 1,336.20 metres of drilling on the Homestead target between 2017 and 2018 and there are two historical holes totaling 591.42 metres, giving the Company a dataset now comprising 5,011.72 metres of diamond drilling in 31 holes for the Project. Preliminary metallurgical test work is also being run using coarse rejects from the recent drilling.
The Company completed and filed a Final Exploration Report (“RFP”) with the National Mining Agency at the end of May and expects to release the drill results in the coming weeks. Once the RFP is approved by the ANM, the Company plans additional step-out drilling at Homestead and to advance other targets tested in this last program.
Lara has a staged earn-in agreement with Capstone Mining Corp., (see Company news release of February 4, 2019 for details), whereby Capstone can earn up to a 70% in the Project by funding exploration, feasibility studies and electing to finance, build and operate a commercial mining operation, with Lara repaying its pro-rata share of the production financing out of cash flow.
SOurce: Company Press Release
