Lara VMS

Lara VMS

Offering a unique investment opportunity in the revitalization of an undeveloped mineral resource

Overview

The Lara Project contains 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) 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 and 2.30 g/t Au.

A high grade, historic resource  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 (4.73 g/t Au) and 2.92 opt Ag (100.11 g/t Ag) over an 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.

Looking through samples at Chemainus Warehouse
High Grade Grab Sample

Project Overview

Resource

Copper, Zinc, Gold, Silver, Lead

Ownership

Option to earn 100% (vendors retain 2% NSR)

Stage

Developed Prospect

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.

LARA Property map with Mineralized Zones

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. Lara has previously been classified as a VMS deposit because of the apparent stratabound nature of the mineralized zone. The deposit has been further classified as belonging to the Bimodal Felsic sub-type of VMS deposits, as defined by Galley et al. (2007). This sub-type typically contains a barite cap and generally contains more precious metals than most VMS deposits.

Bimodal-felsiv VMS deposit

Geology and Mineralization

Nova Pacific Metals’ Lara Property is situated in the belt of rocks that 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 and 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 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

  • A non current 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.
  • 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 meters, averaging about 6 meters (Crick, 2003; MINFILE, 1990a).

Schematic cross-section, illustrating the thrust-fault model for the Cowichan Uplift property

Overall Interpretation

The Coronation Zone, as outlined by historical drilling, contains significant massive and semi-massive sulphide, good grade mineralization 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 could be economic and deserves further investigation.  Furthermore, there is abundant exploration potential to depth and along 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). Proximity to former producing mines may not be indicative of the potential of the Lara Project.

Geology of Vancouver Island showing major geological features, structures and components of the Insular Superterrane of the Wrangella Terrane
Diamond Drill Rig

Exploration History

Since the 1980’s, a 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 historical resource estimate is based on the Coronation Trend, which includes the Coronation Zone, the Coronation Extension and the Hanging Wall deposits. 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). This report was updated in 2024.

Lara Property Geology, Mineralized Zones and Historical Drill Holes
  1. 1981

    Work Begins

  2. 1983

    Geological mapping, geophysical and geochemical surveys and backhoe trenching completed

  3. 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)

  4. 1985

    61 diamond drill holes completed (7,437 m)

  5. 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)

  6. 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)

  7. 1986

    75 Diamond drill holes completed (11,339m). Mineralogical testing by CANMET

  8. 1987

    Delineate Coronation Trend. Randy North Zone 83 Diamond drill holes (15,038 m)

  9. 1987

    Black Monday Stock Market Crash

  10. 1988

    Diamond drilling (surface included). Metallurgical testing from Coronation. Underground work: 770m of ramping and drifting at Coronation Zone

  11. 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

  12. 1990

    Exploration focussed on the 262 Felsic volcanic rocks defining the structural hanging wall to the Coronation Trend. 49 Diamond drill holes (11,167m)

  13. 1998

    Operations suspended due to depressed metal prices.

  14. 1998

    Nucanolan option the property. 12 drill holes at Coronation Trend (2,559 m)

  15. 2000

    Dot Com Bubble

  16. 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."

  17. 2007

    Resource Estimate

  18. 2008

    Financial Crisis

  19. 2014

    Mapping, whole rock geochemical sampling and a Preliminary Environmental Baseline Study.

  20. June 2014 to Feb 2015

    Global commodity prices fell 38%

  21. 2018

    Lidar survey on the Lara property

  22. 2020

    COVID-19 Pandemic

  23. 2024

    Nova acquired the Lara claims.

Historical, Non-current, Mineral Resource Summary

1% ZnEq Block Cut-off*

1% ZN BLOCK CUT-OFF - Mineral Resource Summary Table

2% Zn Block Cut-off

2% Zn Block Cut-off - Resource Summary Table

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 confirm previous historical results with a 40 hole drill program currently in the planning stage

Project Details

The Lara project has seen extensive exploration activity starting in 1981. 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 670m of underground workings. Historically the focus has been on the Coronation Trend but there exist 3 more zones that warrant further exploration (Randy North zone, Silver Creek zone, 262 zone).

South facing perspective view of Coronation Zone models with zone numbers assigned to each lens

*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.

Go to Top