Largo Announces Positive Drill Results from 11 Additional Drill Holes at Its Maracas Vanadium Project in Bahia, Brazil -Intersected 8 Metres Grading 1.02% V2O5 Including 3.5 Metres Grading 1.21% V2O5 on the Gulcari 'A' North Zone-Intersected 9 Metres
-Intersected 8 Metres Grading 1.02% V2O5 Including 3.5 Metres Grading 1.21% V2O5 on the Gulcari 'A' North Zone
-Intersected 9 Metres Grading 1.08% V2O5 Including 6 Metres Grading 1.25% V2O5 on the Sao Jose West Zone
TORONTO, ONTARIO -- (Marketwire) -- 10/19/11 -- Largo Resources Ltd. (TSX VENTURE: LGO) is pleased to announce assay results from eleven additional drill holes from the ongoing 11,000-metre diamond drill program (reported May 17, 2011) at its Maracas Vanadium-PGM Project in Bahia, Brazil.
The current drill holes are step out holes which tested prospective zones to the north and east of the Gulcari 'A' deposit. The complete results are presented below in Table 1 and Table 2. See Figure 1 for a visual layout of the additional target areas.
Significant results include (these are all true thickness):
-- Hole FGAN04 - 8.00 metres grading 1.02% V2O5,including 3.50 metres
grading 1.21% V2O5(600 metres north of the Gulcari 'A' deposit)
-- Hole FSJ17 - 9.00 metres grading 1.08% V2O5, including 6.00 metres
grading 1.25% V2O5, (2,364 metres north of the Gulcari 'A' deposit)
Andy Campbell, P.Geo., Vice President of Exploration for the Company commented: 'We have drilled significant step out holes from the Gulcari 'A' deposit that have led to these new discoveries. We are pleased with the positive and consistent results that this drill program has produced thus far.' He continued, 'FGAN04 was a 600-metre step out hole that intersected multiple zones to the north of the Gulcari 'A' deposit. Additionally, Holes FSJ15 and FSJ17 from the Sao Jose West Zone, which respectively lie 2,200 and 2,400 metres north of Gulcari 'A', have also returned encouraging values.' He continued, 'We expect to release more results shortly from additional new discoveries both east and north of the Gulcari 'A' deposit. We have now tested the horizon north for about 6.5 kilometres.'
Table 1: Assay Results
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True
thick-
Hole V2O5 Pt Pd PGM Au Interval ness
Number From To (%)(g/t)(g/t)(g/t)(g/t) (metres) (m) Zones
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Gulcari
FGAN01 211.80 220.00 1.00 0.1 0.1 0.2 8.20 8.00 'A' North
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including 216.00 220.00 1.16 0.1 0.1 0.2 4.00 4.00
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Gulcari
FGAN02 192.00 195.45 1.00 0.1 0.1 0.2 3.45 3.00 'A' North
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Gulcari
FGAN03 No significant results 'A' North
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FGAN04 55.69 57.40 3.9 1.71 1.50
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and 105.00 107.82 0.95 0.1 0.1 0.2 2.82 2.50
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Gulcari
and 153.78 162.00 1.02 0.22 0.25 0.47 8.22 8.00 'A' North
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Gulcari
including 157.00 160.63 1.21 0.39 0.44 0.83 3.63 3.50 'A' North
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Gulcari
FGAN05 48.94 62.70 0.75 0.2 0.1 0.3 13.76 13.50 'B'
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Gulcari
FGB10 13.00 29.00 0.83 0.2 0.1 0.3 16.00 16.00 'B'
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Gulcari
FGB11 92.90 101.30 0.89 0.15 0.12 0.27 8.40 8.40 'B'
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Sao Jose
FSJ13 71.00 75.00 0.86 4.00 4.00 West
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Sao Jose
FSJ14 96.00 100.20 0.90 4.20 4.20 West
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Sao Jose
FSJ15 36.00 46.00 0.98 10.00 10.00 West
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including 40.00 45.00 1.16 5.00 5.00
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Sao Jose
FSJ17 57.00 66.00 1.08 9.00 9.00 West
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including 60 66 1.25 6.00 6.00
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Table 2: Drill Hole Locations
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Hole Number Northing Easting Elevation Azimuth Dip Depth (m)
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FGAN 01 8,487,100 318,775 354 270 -45 degrees 259.00
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FGAN 02 8,487,000 318,785 362 270 -45 degrees 260.80
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FGAN 03 8,487,000 318,925 354 270 -45 degrees 225.40
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FGAN 04 8,486,800 318,700 341 270 -45 degrees 196.00
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FGAN 05 8,486,800 318,875 295 270 -45 degrees 196.00
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FSJ 13 8,488,230 318,884 320 270 -45 degrees 187.70
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FSJ 14 8,488,230 318,884 320 270 -70 degrees 169.15
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FSJ 15 8,488,364 318,940 325 270 -65 degrees 152.30
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FSJ 17 8,488,564 319,041 323 270 -45 degrees 124.60
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FGB 10 8,487,091 318,928 316 270 -65 degrees 99.33
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FGB 11 8,487,068 318,984 320 270 -65 degrees 171.06
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Largo will continue to drill additional step out holes in order to further define the limits of the mineralization. The drill program has now moved away from Gulcari 'A' Zone in order to test other zones such as the Gulcari 'B' zone which lies 500 metres to the east. Drilling is also ongoing at a target 6.5 kilometres north of Gulcari 'A' in what is now called Novo Amparo North Zone.
Largo presently has two diamond drill rigs operating on the property with the objective to significantly increase the 13.1 million tonne mineral reserve on the property (see press release dated August 12, 2008. As a result of work done by Largo over the past few years, the Company has identified several high priority targets along the Gulcari 'A' trend and the Gulcari 'B' trend. A third objective is to continue evaluating the PGM content. Further drill results will be released as assays are received.
Quality Assurance and Quality Control
The analytical work for the above assay results was carried out by SGS Minerals in Belo Horizonte, Brazil. The scientific and technical information in this press release has been conducted, reviewed and approved by Andy Campbell, P.Geo., Vice President of Exploration to Largo and a Qualified Person as defined by National Instrument 43-101.
About Largo
Largo is a Canadian-based mineral resource exploration and development company focused on creating a world leading strategic metals company. Largo currently holds a 90% interest in the Maracas Vanadium Project, a 100% interest in the Currais Novos Tungsten Tailing Project, a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project, all in Brazil, and a 100% interest in the Northern Dancer Tungsten-Molybdenum property located in the Yukon Territory, Canada. The immediate goal of the Company is to develop the Maracas Vanadium Project by Q1 2013 and produce WO3 concentrate from the reprocessing of tungsten tailings from Currais Novos. Largo's skilled management team both in Canada and Brazil, are confident in their ability to advance these projects.
Largo is listed on the TSX Venture Exchange under the symbol 'LGO'.
For more information please refer to Largo's website: www.largoresources.com
Disclaimer
This press release contains forward-looking information under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company's understanding of the project, the development potential and timetable of the project; the estimation of mineral resources and mineral reserves; realization of mineral resource estimates; the timing and amount of estimated future exploration and production; costs of future activities; capital and operating expenditures; and success of exploration activities. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on SEDAR from time to time. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
To view, 'Figure 1: Geological Map Maracas Project, Bahia, Brazil Northern Part,' please visit the following link:
http://media3.marketwire.com/docs/largo.jpg.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Contacts:
Largo Resources Ltd.
Darcie Ladd
Manager Business Development
416-861-5938
dladd@largoresources.com
