On September 23, 2024, Lara Exploration Ltd., based in Vancouver, British Columbia, announced the successful completion of the necessary investments to increase its ownership stake in the Mantaro Phosphate Project from 33% to 70%. In line with its operational strategy, Lara has launched a new subsidiary named Fosfatos Alli Allpa to facilitate further exploration, technical research, and future development initiatives. The goal of Fosfatos Alli Allpa, which means “good soil” phosphates in the local Quechua language, is to produce and refine phosphate rock to meet the escalating demand for natural fertilizers in the Junín Region, the broader Peruvian market, and potentially for international export.
In emphasizing its dedication to sustainable practices and proactive community involvement, Miles Thompson, Chairman of Lara Exploration Ltd., expressed, “Lara is committed to sustainable practices and proactive community engagement as we aim to advance phosphate fertilizer production through Fosfatos Alli Allpa.”
Lara has partnered with the Peruvian National Institute of Agrarian Innovation (INIA) under a Research Collaboration Agreement to conduct ongoing studies. These studies involve fertilizing soil on designated test plots near the project with crushed phosphate rock to showcase potential enhancements in crop yields utilizing locally sourced phosphates.
Situated between the provinces of Jauja and Concepción in the Junín Region of Central Peru, the Mantaro Phosphate Project boasts substantial layers of sedimentary phosphate. Previous explorations, including trenching, drilling, processing tests, and additional technical evaluations, have identified phosphate mineralization suitable for surface extraction, beneficiation, and creation of marketable phosphate rock concentrates. The project underwent prior examination by Stonegate Agricom Ltd. (later acquired by Itafos Inc.), leading to the publication of a NI 43-101 technical report on SEDAR on March 16, 2010.
The project’s advantageous position near a national highway, major rail line connecting Huancayo with Lima and the port of Callao, and the newly constructed Chinese-run mega-port of Chancay offers additional benefits. The railway is currently undergoing upgrades to bolster capacity, with plans for an extension to Huancavelica under a newly granted concession. High tension transmission lines run along the property’s western border.
Lara Exploration operates as an exploration company employing the Prospect and Royalty Generator business model, which focuses on generating prospects and exploring them through joint ventures funded by partners to minimize shareholder dilution and financial risk. The company maintains a diverse portfolio of prospects, deposits, and royalties in Brazil, Peru, and Chile. Lara’s common shares are traded on the TSX Venture Exchange under the symbol “LRA.”
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada assumes responsibility for the accuracy or adequacy of this release.
