| Press Release | Source: Largo Resources Ltd. |
Largo Reports Excellent Results From Initial Drilling at Maracas Vanadium-PGM Project in Bahia State, Brazil
Tuesday May 22, 5:40 pm ET - Initial results of the Phase I drill program expected to upgrade and significantly extend known resource- Scoping study re-focused to a two-phased approach TORONTO, ONTARIO--(CCNMatthews - May 22, 2007) - Largo Resources Ltd. (TSX VENTURE:LGO - News) is pleased to provide an update on the exploration program and scoping study in progress on the Company's 2,000 hectare Maracas Vanadium-PGM (platinum group metals) property located 250 kilometres south-west of Salvador, Bahia, Brazil. Exploration UpdateTo date, 27 diamond drill holes totalling 5,579 metres have been completed. All holes have intersected the massive magnetite layer 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). Presently there are 1613 samples in the laboratory with results pending. Largo has received results from the first three drill holes totalling 425 samples. Significant results are shown in Table 1: More assay results will be released as they become available. Highlights from the first three drill holes are: - FGA56 - 32.0 metres true width grading 1.68% V2O5, and 0.49 g PGM/t - FGA57 - 30.0 metres true width grading 1.85% V2O5, and 0.48 g PGM/t - FGA58 - 54.0 metres true width grading 2.22% V2O5, and 0.56 g PGM/t Andy Campbell, P.Geo., Vice President, Exploration commented: "We are very pleased with the initial results of the drill program which continue to confirm, upgrade and significantly expand the known mineral resource at Maracas. Recent 100-metre step out holes indicate that the zone continues to be open along strike and appears to be thickening at depth where it also remains open. Drilling continues at a rapid pace using two drill rigs with the program now expanded to 10,000 from 5,000 metres." Figure 1 shows a geological cross section of the deposit with results of historic and recent drilling. The deposit as outlined from historic drilling 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 about 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 and the zone remains open along strike and down dip. On several sections a second layer of massive magnetite has been intersected and this has significantly increased the overall width of the mineralized zone in deeper holes. In the section on Figure 1, the two zones appear to have merged into one. Exploration work has also commenced to explore a number of other promising targets on the property outside of the main deposit area. A program of 160 line-kilometres of line cutting is being carried out in preparation for ground magnetic and induced polarization (IP) surveys. Geological mapping is being completed at the same time to further evaluate the targets. A particular focus of this work is the evaluation of the Platinum Group Metals (PGM) potential. Scoping Study Update As previously reported, Largo retained Micon International Limited ("Micon"; see press release December 21, 2006) to conduct a Scoping Study on its Maracas Project. The study was designed to evaluate options for the development of the Project and provide guidelines for future geological and engineering work that will be required to bring the Project to the feasibility stage. Tim Mann, P.Eng., Vice President of Engineering for Largo is directing Micon's work. The study was originally planned to be completed at the end of Q1 2007. However, as a result of the new geological information and the continuing positive drill results, the study has been expanded to a two-phased approach to assess the following: - Anticipated increase in tonnage of the overall mineral resource including the potential for increased tonnes of mill feed per vertical metre in the open pit. - Potential opportunity to provide more higher grade mill feed in the early years of production - Significant intersections of PGMs that are currently being quantified - Pending outcome of the in-progress, scoping-level testwork by SGS to establish the methodology and metrics of PGM recovery - Opportunity to more thoroughly optimise the throughput of the process plant on a basis of ferro-vanadium, PGMs and other by-product production Mark Brennan, President & CEO commented: "We are very excited about the rapid progress being made at Maracas. The first phase of the expanded Scoping Study which will only consider recovery of vanadium will be released in early June 2007. A revised Scoping Study based on an updated mineral resource to be completed in August 2007 that will include PGMs and the positive results of new drilling will be issued by the end of Q3 2007. This second phase study will also address the production of ferro-vanadium, the potential recovery of PGMs as well as the potential recovery of other by-products such as sodium sulphate, pig-iron and titanium." 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. Mr. Campbell has reviewed this 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 Platinum-Vanadium 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. 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". Table 1: Summary of Significant Assay Results - Maracas Property, Brazil -------------------------------------------------- Hole Number From To V2O5 Pt Pd PGM Interval True % (g/t) (g/t) (g/t) (metres) thickness (m) -------------------------------------------------- FGA56 82.00 119.00 1.68 0.28 0.21 0.49 37.00 32.00 including 102.00 118.00 2.17 0.40 0.29 0.69 16.00 15.00 FGA57 104.00 140.10 1.85 0.27 0.21 0.48 36.10 30.00 including 121.00 138.10 2.31 0.36 0.28 0.66 19.10 17.00 FGA58 61.30 120.00 2.22 0.45 0.11 0.56 58.70 54.00 including 79.00 103.00 2.55 0.44 0.11 0.55 24.00 21.00 -------------------------------------------------- Drill hole Information - Maracas Property, Brazil -------------------------------------------------- Hole Number Northing Easting Elevation Azimuth Dip -------------------------------------------------- FGA56 8,486,089 318,346 294.04 290 degrees -55 degrees FGA57 8,486,089 318,346 294.04 290 degrees -70 degrees FGA58 8,486,124 318,353 294.96 290 degrees -70 degrees -------------------------------------------------- To view the Figure 1: Cross Section, Maracas Deposit map, please visit the following link: http://www.ccnmatthews.com/docs/largomap.pdf THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Contact:
Mark Brennan Largo Resources Ltd. President & CEO (416) 861-5886 Tony LaMantia Largo Resources Ltd. Corporate Development (416) 861-5882 Website: www.largoresources.com
Source: Largo Resources Ltd. Quelle: http://biz.yahoo.com/ccn/070522/200705220392319001.html?.v=1
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