Lara VMS
Offering a unique investment opportunity in a project with demonstrated potential for significant mineral wealth.
Overview
The Lara Project is a polymetallic volcanogenic massive sulphide (VMS) deposit hosting gold, silver, copper, zinc, and lead. The Property is underlain by the McLaughlin Ridge Formation (Horne Lake-Cowichan uplift) which is correlative with the Myra Formation (Buttle Lake uplift) sequence of bimodal volcaniclastic rocks that hosts the Zinc (Zn)-Lead (Pb)-Copper (Cu)-Silver (Ag)-Gold (Au) Volcanogenic Massive Sulphide (“VMS”) deposit of Myra Falls (~145 km to the north). The past producing Zn-Cu-Pb-Ag-Au mine and mineralized zones at Mt. Sicker, ~9 km southeast of the Property, are also hosted by the McLaughlin Ridge Formation (Belik, 1981; MINFILE, 1990a).
The Lara Project was the subject of previous exploration activity in the 1980’s consisting of 323 historical drill holes totalling more than 58,263 meters, as well as 679 meters of pre-production underground access and drifting. The most recent exploration work on the Property was a carried out in 1998 by Nucanolan Resources Ltd. who completed a diamond drilling program of 12 drill holes (2,559 meters) with their best reported intersection of 3.16 m@ 2.48% Cu, 1.19% Pb, 12.3% Zn, 49.80 g/t Ag, 2.30 g/t Au.
A high grade, historic resource (not NI 43-101 compliant) was reported in 1998 by Nucanolan Resources Ltd. to be 580,000 tonnes grading 5.87% Zn, 1.22% Pb, 1.01% Cu, 0.138 opt Au (4.3 g/t Au) and 2.92 opt Ag (90 g/t Ag) over and average thickness of 8.3 feet or 2.53 meters (ARIS 26021, Archibald 1999).
A Mineral Resource Estimate was completed on the mineralized zones within the Coronation Trend in 2008. Wireframe models were generated for mineralization envelopes in which a continuous zone of >1.0% Zinc-Equivalent could be consistently followed and modeled. In most instances, the significant intersections were reconciled from section to section without the inclusion of low-grade intervals. The Coronation Trend was modeled as six discrete zones with a total strike length of approximately 1,180 meters along a 118° trend. The average dip of the zones is approximately 65° to the north-northeast. The true width of the zone models ranges from 2 to 15 meters and averages approximately 5 meters.
The presence of additional polymetallic zones in a predominantly felsic volcanic package and the presence of numerous untested geochemical and geophysical anomalies are encouraging for continued exploration on the property. These features are complimented by existing infrastructure including nearby power and population centers.
Project Overview
Resource
Copper, Zinc, Gold, Silver, Lead
Ownership
Option to earn 100% (vendors retain 2% NSR)
Stage
Developed Prospect
Resource Estimate
Indicated
1,146,700 TONNES with following cutoffs Copper= 1.05%, Zinc=3.01%, Gold =1.97 g/t, Silver=32.97 g/t, Lead=0.58%
Inferred
669,600 TONNES: Copper= 0.90%, Zinc=2.26%, Gold=1.90 g/t, Silver =32.99 g/t, Lead=0.44%*
Size
1,848.1 Hectares
Number of Drill Holes to Date
323 drill holes, totalling 58,262 meters
Underground development:
679 meters of pre-production underground access and drifting (1989)
Note: 1%=22 lb, resource estimates at 1% zinc cutoff (43-101 2024 report)
Location
The Lara Property, located in the southern part of Vancouver Island, lies approximately 64 km northwest of Victoria, 15 km west of the port of Chemainus and 12 km west of the Village of Chemainus, British Columbia, Canada (Figures 4-1 and 4-2). The Property, situated in the Victoria Mining Division, is centered at 48°52'52" N and 123°54'18" W (NAD83 Zone 10 North: 5414789mN and 433651mE) and is covered by the 1:50 000 National Topographic Series (“NTS”) map sheet 92B/13 [Duncan] and 92C/16 [Cowichan Lake].
What is a VMS Deposit?
Franklin et. al. (2005) defined volcanogenic massive sulphide deposits as stratabound accumulations of sulphide minerals that precipitated at or near the sea floor. All VMS deposits occur in terrains dominated by volcanic rocks, although individual deposits may be hosted by volcanic or sedimentary rocks that form part of the overall volcanic complex (Franklin, 1996). VMS deposits primarily occur in subaqueous, rift related environments (i.e. oceanic, fore-arc, back-arc, continental margins, or continental) and hosted by bi-modal mafic-felsic successions, where the felsic volcanic rocks have specific geochemical characteristics. The Property has previously been classified as a VMS deposit because of the apparent stratabound nature of the mineralized zone. However, the Property also has affinities to epithermal deposits which is common in VMS deposits and the reported conformable nature of the mineralized zone could be due to the development of preferred mineralization along zones of structural weakness. The most common deposit types in the area are porphyry deposits, polymetallic base metal veins and the subvolcanic Cu-Ag-Au (As-Sb) deposit type.
Geology and Mineralization
Nova Pacific Metals’ Lara Property is situated in the same belt of rocks as hosts the nearby Mt. Sicker VMS deposits, in a geological setting similar to the Myra Falls Mine (pre-mining resource estimate of over 40 Mt grading 1.8% Cu, 6.1% Zn, 0.5% Pb, 49.0 g/t Ag & 2.1 g/t Au) to the northwest. Note to reader: Proximity to former producing mines may not be indicative of the potential of the Lara Project
The property lies within a broad anticline structure in Paleozoic volcanic and sedimentary formations, with two mineralized zones called the Coronation zone & the Coronation Extension zone, together referred to as the Coronation Trend. The rocks have been strongly deformed, with an early event producing strong schistosity and cleavage. The property is underlain by the Sicker Group volcanics exposed within the Cowichan Lake uplift. The Lara property itself is underlain by the McLaughlin Ridge Formation which has been thrust over the younger Cameron River Formation and the Nanaimo Group sediments along a major fault called the Fulford fault thrust. The McLaughlin Ridge Formation has been locally intruded by gabbro and diorite sills. On the property the Sicker Group and Mt. Hall gabbros are unconformably overlain by clastic sediments of the Late Cretaceous Nanaimo Group. The McLaughlin Ridge Formation, host to the VMS mineralization, consist of west-northwest striking, north-northeasterly dipping rhyolitic to andesitic rocks.
Additional Highlights
- Indicated resource of 1,146,700 tonnes at 3.01% Zn, 32.97 g/t Ag, 1.05% Cu, 0.58% Pb and 1.97g/t Au and inferred of 669,600 tonnes at 2.26% Zn, 32.99 g/t Ag, 0.90% Cu, 0.44% Pb and 1.90 g/t Au at a 1% Zn cut-off. NATIONAL INSTRUMENT 43-101 INDEPENDENT TECHNICAL REPORT10.07-2024. *
- The inventory files of the British Columbia government (MINFILE 092B 129) report a smaller but significantly higher grade for the Lara Deposit as 528,839 tonnes grading 5.87% Zn, 1.22% Pb, 1.01% Cu, 100.09 g/t Ag and 4.73 g/t Au which has a reported source of the “George Cross Newsletter No. 188, September 29, 1992”.
- One massive sulphide lens exposed by trench 86-43 (ARIS 29840) in the Coronation Zone graded 24.58 g/t Au, 513.6 g/t Ag, 3.04% Cu, 43.01% Zn and 8.30% Pb over 3.51 m. Repeated sampling of 86-43 trench returned very similar grades in 2006 and by portable XRF in 2024 (ARIS 29840).
- The Coronation Trend consists of several stratiform massive sulphide lenses within an envelope of banded or laminated sulfides. The Trend is made up of three zones: the original discovery of the Coronation Zone, the Coronation Extension Zone (east and stratigraphically above the Coronation Zone) and the Hanging Wall Zone which consists of stringer mineralization that is also stratigraphically above the Coronation Zone (Roscoe and Postle, 1988).
- The Coronation sulphide mineralization exhibits variation in thickness from 3 to 16 metres, averaging about 6 metres (Crick, 2003; MINFILE, 1990a).
Overall Interpretation
The Coronation Zone, as outlined by historical drilling, contains significant massive and semi-massive sulphide grades and tonnes as well as over potentially mineable widths (>2 m). It is the most significant VMS deposit outside of the Mt. Sicker deposits in the area and occurs at shallow depths of <150 m below surface. Previous metallurgical testing and pre-feasibility studies (Roberts, 2007; Broughton, 1987) although not current, demonstrate the possibility that the deposit can be economic and deserves further investigation. Furthermore, there is abundant exploration potential to depth and on strike along the Coronation Trend to warrant additional exploration as VMS deposits such of these tend to occur as clusters including the most immediate analogues (Mt. Sicker and Buttle Lake Myra Falls deposits).
Exploration History
Since the 1980’s substantial amount of exploration work has been completed at the Lara project with approximately 323 diamond drill holes totaling over 58,000 m, as well as 679 m of pre-production underground development (decline, drifting, crosscuts and raises) on the Coronation Zone. The main resource, also known as the Coronation Trend was modeled using Datamine Studio as six discrete zones and consists of continuous pods of zinc and gold rich mineralization. The current resource estimate is based on the Coronation Trend, which includes the Coronation Zone, the Coronation Extension and the hanging wall deposit. In 2008, Caracle Creek International Consulting completed a historic resource for Treasury Metals Inc. described in an Independent Technical Report and Mineral Resource Estimation, Lara Polymetallic Property, April 2008 (Iain Kelso, H.B.Sc., P.Geo., and Stephen Wetherup, B.Sc., P.Geo., co-authors).
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1981
Work Begins
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1983
Geological mapping, geophysical and geochemical surveys and backhoe trenching completed
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1984
12 diamond drill holes completed (1,346 metres; backhoe trenching). Discovery of Coronation Zone(discovery hole: 7.95 m of 0.68% Cu, 0.45% Pb, 3.01% Zn, 67.54 g/t Ag, 3.46 g/t Au)
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1985
61 diamond drill holes completed (7,437 m)
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1985
Discovery of Coronation Extension (3.03 m of 1.16% Cu, 2.53% Pb, 9.22% Zn, 8.6 g/t Ag, 0.213 oz/Au)
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1986
Discovery of Randy North Zone - Coronation Trend – Trench 86-43 (width of 3.51m of 3.04% Cu, 43.01% Zn, 8.3% Pb, 513.6 g/t Ag, 24.58 g/t Au)
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1986
75 Diamond drill holes completed (11,339m). Mineralogical testing by CANMET
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1987
Delineate Coronation Trend. Randy North Zone 83 Diamond drill holes (15,038 m)
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1987
Black Monday Stock Market Crash
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1988
Diamond drilling (surface included). Metallurgical testing from Coronation. Underground work: 770m of ramping and drifting at Coronation Zone
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1989
Delineate extent of Coronation Trend, geological work, lithological sampling, line-cutting, geophysical surveys (EM and IP). 43 Diamond drill holes (10,328 m). Reclamation and closure plan prepared
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1990
Exploration focussed on the 262 Felsic volcanic rocks defining the structural hanging wall to the Coronation Trend. 49 Diamond drill holes (11,167m)
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1992
Project expanded by optioning the neighbouring Falconbridge
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1998
Nucanolan option the property. 12 drill holes at Coronation Trend (2,559 m)
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2000
Dot Com Bubble
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2007
Airborne TDEM geophysical survey, drill core re-sampling and resource estimate on the Lara property. According to Carracle Creek International Consulting Inc (CCIC) who conducted the work on behalf of Laramide states: "It is of the opinion of CI that the results of the core duplicate assaying positively attest to the veracity of the historic sample data base."
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2007
Resource Estimate
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2008
Financial Crisis
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2014
Mapping, whole rock geochemical sampling and a Preliminary Environmental Baseline Study.
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June 2014 to Feb 2015
Global commodity prices fell 38%
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2018
Lidar survey on the Lara property
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2020
COVID-19 Pandemic
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2024
Nova acquired the Lara claims.
Mineral Resource Summary
1% Zn Block Cut-off*
2% Zn Block Cut-off
The historical estimate was prepared using wireframe models for zinc thresholds, with grade interpolation completed using the inverse power of distance method. The reliability of the historical estimate is considered reasonable, but a qualified person has not completed sufficient work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource. To upgrade the historical resource to a current resource a constrained mineral estimation should be constructed by a qualified person. Nova intends to use this work to guide further exploration on the Lara Project.
With over 80% of this project remaining under-explored, we are excited to expand on an exceptional historical result and further develop this exceptional opportunity
—Malcolm Bell, Nova Pacific CEO
Project Details
The Lara project has seen extensive exploration activity starting in 1981, until 2018. With its easy year-round access, mild weather and close proximity to infrastructure it’s poised to see a resurgence of exploration activity starting in early 2025. Nova’s Lara claims currently have some 323 historical diamond drill holes completed for a total of 58,000m, including 23 underground drill holes and 770m of underground workings. Historically the focus has been on the Coronation Trend but there exists 3 more zones that warrant further exploration (Randy North zone, Silver Creek zone, 262 zone).
Planned Exploration
Nova’s objective
Further Drilling and characterization
Characterize the existing mineralized zones by commencing further drilling within the mineralized zones to enhance the current resource. 40 short (~100-200m) drill holes within the Coronation zone over 4 phases for a total of 6,000m drilling.
Increase Resource Estimates and Discovery
In addition, there remains excellent potential to increase the current resource estimate and the discovery of additional massive sulphide mineralization by drilling at depth along strike of the already known mineralized zones.
In the late 1990s, the geological potential was projected to yield a multi-tonne deposit with similar grades to the Myra Falls Mine north of Lara deposit.
With Phase I exploration activities being planned for early 2025, we see real potential to increase the current resource estimate with a potentially higher grade. Given today’s metal prices, this could translate into a very attractive and highly valuable mineral deposit.
J. Malcolm Bell
Nova Pacific Metals’ CEO
*The mineral resources quoted above are historical in nature and the reader is cautioned when analyzing this data as the Company has not yet conducted exploration necessary to re-confirm these results.
*To date within a much larger mineralized Trend
*Historical estimate means an estimate of the quantity, grade, or mineral content of a deposit that an issuer has not verified as a current mineral resource or mineral reserve, as such the reader is cautioned not to rely on the estimates unless verified by confirmation drilling.
