Aclara Resources raises $25m for Carina project in Brazil
Chilean conglomerate CAP, which has invested $80 million in the company's Penco project, will become a new shareholder.
Lara Exploration (TSXV: LRA) reported that recent work at its Itaítuba property in Brazil has shown that the project not only contains vanadium-bearing magnetite bodies but its host gabbros also contain disseminated vanadium-bearing magnetite that can be concentrated to enrich the vanadium grade.
“Half core samples from four scout holes were subjected to Davis Tube Recovery testing and the resulting magnetic concentrates then assayed for vanadium pentoxide. 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,” the company said in a media statement.
“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%.”
Itatuiba’s host gabbros contain disseminated vanadium-bearing magnetite that can be concentrated to enrich the vanadium grade
According to the Canadian miner, a review of the ground magnetic data indicates that drill hole SR-04 is located central to a large anomaly at the southern end of the complex, indicating the possibility that the vanadium-bearing disseminated magnetite units could have a large horizontal extent in the area.
Lara also pointed out that 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 that surface geological mapping suggests that the entire ridge is underlain by the gabbro complex.
“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,” the company said.
The Itaítuba project is located in the Tapajós region of northern Brazil.
Vanadium is used in redox flow battery systems for renewable energy storage applications.
