Largo Reports More Positive Drill Results From Maracas Vanadium-PGM Project in Brazil 08:30 EDT Tuesday, June 19, 2007
- Thickness and grade of mineralized zone increasing with depth - Drill results continue to confirm, upgrade and significantly extend the known mineralization. - PGMs continue to be a significant component of the mineralization TORONTO, ONTARIO--(CCNMatthews - June 19, 2007) - Largo Resources Ltd. (TSX VENTURE:LGO) is pleased to provide an update on the exploration drilling program in progress on the Company's 2,000 hectare Maracas Vanadium-PGM (platinum group metals) property located 250 kilometres west of Salvador, Bahia, Brazil.
To date, 37 diamond drill holes totalling 8,440 metres have been completed. 33 of 37 holes have intersected massive magnetite layers which hosts the Vanadium-PGM mineralization and the previously announced inferred mineral resource of 15.0 million tonnes grading 1.37% Vanadium Pentoxide (V2O5) (see press release November 22, 2006). Largo has received results from an additional ten (10) drill holes and one previously reported hole (FGA58) that has some additional sampling, totalling 1460 samples. Significant results are shown in Table 1.
Highlights from the new results include:
- FGA58 - A second deeper zone 22.0 metres true width at 2.15% V2O5 and 0.66 g PGM/t incl. a higher grade PGM zone 5.0 metres true width grading 1.93% V2O5, and 1.60 g PGM /t (1.27 g Pt/t and 0.33 g Pd/t)
- FGA59 - 72.0 metres true width grading 2.02% V2O5, and 0.65 g PGM/t incl. a higher grade zone 8.0 metres true width grading 2.65% V2O5, and 1.02 g PGM/t (0.92 g Pt/t and 0.10 g Pd/t)
- FGA61 - 32.0 metres true width grading 2.31% V2O5, and 0.57 g PGM/t incl. a higher grade zone 10.0 metres true width grading 2.64% V2O5, and 0.78 g PGM/t (0.57 g Pt/t and 0.21 g Pd/t)
- FGA62 - 42.0 metres true width grading 1.77% V2O5, and 0.46 g PGM/t incl. a higher grade zone 20.0 metres true width grading 2.13% V2O5, and 0.70 g PGM/t (0.36 g Pt/t and 0.34 g Pd/t)
- FGA64 - 40.0 metres true width grading 1.42% V2O5, and 0.46 g PGM/t incl. a higher grade zone 16.0 metres true width grading 2.03% V2O5, and 0.70 g PGM/t (0.37 g Pt/t and 0.33 g Pd/t)
- FGA66 - 43.0 metres true width grading 1.75% V2O5, and 0.55 g PGM/t incl. a higher grade zone 23.0 metres true width grading 2.03% V2O5, and 0.70 g PGM/t (0.39 g Pt/t and 0.31 g Pd/t)
- FGA67 - 46.0 metres true width grading 2.10% V2O5, and 0.61 g PGM/t incl. a higher grade Pt zone 10.0 metres true width grading 2.72% V2O5, and 0.78 g PGM/t (0.67 g Pt/t and 0.11 g Pd/t) and 10.0 metres true width grading 2.24% V2O5, and 0.83 g PGM/t (0.57 g Pt/t and 0.26 g Pd/t)
- FGA68 - 40.0 metres true width grading 1.80% V2O5, and 0.50 g PGM/t incl. a higher grade Pt zone 10.0 metres true width grading 2.24% V2O5, and 0.77 g PGM/t (0.44 g Pt/t and 0.33 g Pd/t) (additional assays are pending for this hole)
Andy Campbell, P.Geo., Vice President, Exploration commented: "The intersections in 8 out of 11 drill holes reported in this press release significantly exceed the average resource grade of 1.37% V2O5 with 7 of these holes intersecting much thicker true widths than the average of the resource (25 metres). Significant and consistent PGM values with high platinum (Pt) to palladium (Pd) ratios have been returned throughout all of the holes. The recent 100-metre step out and down dip holes continue to confirm, upgrade and significantly expand the known mineral resources. The magnetite-rich zone remains open along strike and down dip."
The deposit as outlined from historic drilling on which the inferred resource is based, extends 325 metres in length to a vertical depth of 150 metres with true widths ranging from 11 to 100 metres with an average width of 25 metres. The current program has already extended the mineralized zone for a strike length of 400 metres to a vertical depth of 300 metres. Recent drilling results indicate that both the thickness and grade of the zone is increasing with depth.
Analytical work was carried out by SGS Minerals in Belo Horizonte, Brazil, an ISO 9001-2000 certified laboratory. Largo employs a systematic QA/QC program including standards, duplicates and blanks. Andy Campbell, P. Geo., Largo's Vice President of Exploration, is the Qualified Person responsible for the scientific and technical work for the program as defined under National Instrument 43-101 and has verified the scientific and technical information in this news release.
About Largo
Largo Resources is a Canadian natural resource development and exploration company with two advanced stage projects: the Northern Dancer Tungsten-Molybdenum deposit in the Yukon and the Maracas Vanadium-PGM deposit in Brazil. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador; one of which, the 5,000 hectare Macuchi property, is under option to Aur Resources Inc. The company is listed on the TSX Venture Exchange under the symbol LGO.
For more information please refer to Largo's website: www.largoresources.com.
Disclaimer
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of applicable securities laws. Readers are cautioned that any such statements are not guarantees of future performance and those actual developments or results may vary materially from those in these "forward-looking statements".
-------------------------------------------------- Hole From To V2O5 Pt Pd PGM Interval True Number % (g/t) (g/t) (g/t) (metres) thickness (m) -------------------------------------------------- FGA58 61.30(i) 120.00 2.22 0.45 0.11 0.56 58.70 54.00 -------------------------------------------------- incl. 79.00(i) 103.00 2.55 0.44 0.11 0.55 24.00 21.00 -------------------------------------------------- 136.00 158.00 2.15 0.45 0.21 0.66 22.00 22.00 incl. 136.00 141.00 1.93 1.27 0.33 1.60 5.00 5.00 -------------------------------------------------- FGA59 50.00 122.00 2.02 0.56 0.09 0.65 72.00 72.00 incl. 65.00 73.00 2.65 0.92 0.10 1.02 8.00 8.00 -------------------------------------------------- FGA60 75.00 91.00 0.82 0.12 0.13 0.25 16.00 16.00 -------------------------------------------------- FGA61 84.00 118.00 2.31 0.46 0.11 0.57 34.00 32.00 incl. 95.00 106.00 2.64 0.57 0.21 0.78 11.00 10.00 -------------------------------------------------- FGA62 62.00 104.00 1.77 0.24 0.22 0.46 42.00 42.00 incl. 83.00 103.00 2.13 0.36 0.34 0.70 10.00 10.00 and 160.00 191.00 1.13 0.08 0.11 0.19 31.00 31.00 -------------------------------------------------- FGA63 54.47 70.00 0.90 0.20 0.11 0.31 15.53 15.00 -------------------------------------------------- FGA64 74.00 116.00 1.42 0.25 0.21 0.46 42.00 40.00 incl. 96.87 114.34 2.03 0.37 0.33 0.70 17.47 16.00 and 238.05 262.40 1.27 0.44 0.28 0.72 24.35 23.00 -------------------------------------------------- FGA65 129.08 155.52 1.09 0.18 0.08 0.26 26.44 25.00 -------------------------------------------------- FGA66 136.91 182.80 1.75 0.32 0.23 0.55 45.89 43.00 incl. 156.94 182.00 2.03 0.39 0.31 0.70 25.06 23.00 -------------------------------------------------- FGA67 30.00 76.00 2.10 0.44 0.17 0.61 46.00 46.00 incl. 32.00 42.00 2.72 0.67 0.11 0.78 10.00 10.00 incl. 63.00 73.00 2.24 0.57 0.26 0.83 10.00 10.00 and 137.00 154.00 1.42 0.13 0.10 0.23 17.00 17.00 -------------------------------------------------- FGA68(ii) 105.00 147.00 1.80 0.36 0.14 0.50 42.00 40.00 incl. 135.00 147.00 2.24 0.44 0.33 0.77 12.00 10.00
(i) Results in upper part of Hole FGA58 previously reported (ii)Partial results only for Hole FGA68; additional assay results pending All diamond drill core is NQ size --------------------------------------------------
-------------------------------------------------- Drill Hole Information - Maracas Property, Brazil -------------------------------------------------- Hole Number Northing Easting Elevation Azimuth Dip FGA58 8,486,124 318,353 294.96 290 degrees -70 degrees FGA59 8,486,151 318,358 294.76 290 degrees -45 degrees FGA60 8,486,032 318,360 297.52 290 degrees -50 degrees FGA61 8,486,162 318,364 296.29 290 degrees -60 degrees FGA62 8,486,074 318,332 296.09 290 degrees -50 degrees FGA63 8,486,038 318,334 293.09 290 degrees -50 degrees FGA64 8,486,074 318,332 295.09 290 degrees -65 degrees FGA65 8,486,020 318,402 299.25 290 degrees -50 degrees FGA66 8,486,073 318,409 299.18 290 degrees -65 degrees FGA67 8,486,090 318,296 301.09 290 degrees -45 degrees FGA68 8,486,111 318,405 297.73 290 degrees -65 degrees --------------------------------------------------
FOR FURTHER INFORMATION PLEASE CONTACT:
Largo Resources Ltd. Mark Brennan President & CEO (416) 861-5886
Email: mbrennan@largoresources.com
or Largo Resources Ltd. Tony LaMantia Corporate Development (416) 861-5882
Email: tlamantia@largoresources.com Website: www.largoresources.com THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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