Symbol: LGO (TSX.V)
- Intersected 27 metres grading 1.07% V2O5 on the Novo Amparo Norte Zone
- Intersected 20.00 metres grading 1.13% V2O5 on the Novo Amparo Norte Zone
- Intersected 12 metres grading 1.05% V2O5 on the Sao Jose West Zone
- Intersected 12 metres grading 1.03% V2O5 on the Gulcari "A" North Zone
TORONTO, March 29, 2012 /CNW/ - Largo Resources Ltd. (TSXV:LGO) ("Largo" or the "Company") is pleased to announce the final assay results from the final 25 drill holes totalling 3,981 meters from the recently completed drill program at its Maracas Vanadium Project in Bahia, Brazil. The below stated results are from the Novo Amparo Norte, Sao Jose West and Gulcari "A" North zones, located north of the Gulcari "A" deposit which hosts all the previously reported resources on the Maracas property (see Figure 1).
Significant results include (these are all true thickness):
- Hole FNAN10 - 27.00 metres grading 1.07% V2O5, including 21.00 metres grading 1.18% V2O5 (Novo Amparo Norte Zone)
- Hole FNAN15 - 20.00 metres grading 1.13% V2O5 (Novo Amparo Norte Zone)
- Hole FGAN06 - 7.00 metres grading 1.09% V2O5, including 3.00 metres grading 1.18% V2O5 (Gulcari "A" North Zone)
- Hole FGAN15 - 12.00 metres grading 1.03% V2O5 (Gulcari "A" North Zone)
- Hole FGAN17 - 9.00 metres grading 1.10% V2O5 (Gulcari "A" North Zone)
- Hole FSJ21 - 12.00 metres grading 1.05% V2O5 (Sao Jose West Zone)
The current drill holes are step out holes testing new zones north and east from the Gulcari "A" deposit (see Figure 1). The complete results are presented below in Table 1.
Andy Campbell, P.Geo., Vice President, Exploration of the Company commented: "I am very pleased with the results that the recently completed drill program has produced and anticipate that this program will lead to a significant increase in the global resources at the project. We targeted specific stepout holes away from the Gulcari "A" deposit which have led to some of what we believe are considerable extensions to the existing resource. With the drill program completed we are now focused on incorporating these new results into our database and updating our geological model in order to produce a new mineral resource for the project."
|FGAN06||169.00||176.00||7.00||6.00||1.09|| Gulcari "A" North
|FGAN07||177.00||184.00||7.00||6.00||1.05||0.41||0.44|| Gulcari "A" North
|FGAN08||138.00||143.00||5.00||5.00||0.88|| Gulcari "A" North
|FGAN09||89.30||97.50||8.20||8.00||0.87||0.11||0.58|| Gulcari "A" North
|FGAN10||26.00||29.00||3.00||3.00||0.73|| Gulcari "A" North
|FGAN11||34.00||38.00||4.00||4.00||1.04|| Gulcari "A" North
|FGAN12||106.00||110.00||4.00||4.00||0.47||0.55|| Gulcari "A" North
|FGAN13||82.50||86.50||4.00||4.00||0.50||0.33||0.33|| Gulcari "A" North
|FGAN14||31.00||34.30||3.30||3.30||1.06|| Gulcari "A" North
|FGAN15||60.00||63.00||3.00||3.00||1.00|| Gulcari "A" North
|FGAN16||109.00||112.00||3.00||3.00||1.08|| Gulcari "A" North
|FGAN17||77.00||79.20||2.20||2.00||1.07|| Gulcari "A" North
|FSJ18||44.00||50.00||6.00||6.00||1.00||Sao Jose West Zone|
|FSJ20||21.00||29.00||8.00||8.00||0.93||Sao Jose West Zone|
|FSJ21||77.00||89.90||12.90||12.50||1.05||Sao Jose West Zone|
|FSJ22||12.00||23.00||11.00||11.00||0.67||Sao Jose West Zone|
|FSJ24||9.00||12.00||3.00||3.00||1.00||Sao Jose West Zone|
|FSJ25||31.00||34.00||3.00||3.00||0.94||Sao Jose West Zone|
|FNAN09||102.00||106.80||4.80||4.50||0.84||Novo Amparo Norte|
|FNAN10||106.45||134.45||28.00||27.00||1.07||Novo Amparo Norte|
|FNAN11||190.00||200.00||10.00||9.00||0.95||Novo Amparo Norte|
|FNAN12||72.00||84.00||12.00||12.00||1.02||Novo Amparo Norte|
|FNAN15||203.00||224.35||21.35||20.00||1.13||Novo Amparo Norte|
|FNAN16||78.50||94.70||15.50||15.00||0.90||Novo Amparo Norte|
|FNAN17||86.00||88.00||2.00||2.00||1.46||0.72||Novo Amparo Norte|
Quality Assurance and Quality Control
Analytical work 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
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 Maracás 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 Maracás Vanadium Project bythe end of summer 2013 and continue to 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
This press release contains forward-looking information under Canadian securities legislation. forward-looking information includes, but is not limited to, statements with respect to completion of the private placement, Largo's development potential and timetable of the Maracas and Northern Dancer projects; Largo's ability to raise additional funds necessary; the future price of tungsten and molybdenum; the estimation of mineral reserves and mineral resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental risks. 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.
NEITHER THE TSX VENTURE EXCHANGE (NOR ITS REGULATORY SERVICE PROVIDER) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
Image with caption: "Figure 1 Property Map (CNW Group/Largo Resources Ltd.)". Image available at: http://photos.newswire.ca/images/download/20120329_C8958_PHOTO_EN_11732.jpg
Manager Business Development