- Massive chromite grab samples range from 30 to 42% Cr2O3 and 110 to 2,500 ppbs platinum
- Gravity survey has begun to outline potential drill targets
Symbol: LGO (TSX.V)
TORONTO, Nov. 24, 2014 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") is pleased to announce the results from initial grab samples as part of an ongoing exploration program at its Capivara Prospect which is located in the Maracas region of Bahia State, Brazil.
The initial 12 grab samples were collected from surface over the prospective area described further below. Samples were analyzed by both SGS Canada Inc. (8 samples), Lakefield, Ontario and ALS Mineral Division (4 samples), Vancouver, B.C. The results were as follows:
- Chromite reporting as Cr2O3 ranging from 30.04 to 41.68%
- Platinum values reported as ppbs (parts per billions) ranging from 110 to 2,500
Largo has recently announced the discovery of this new chromite showing on its Capivara (See press release dated November 10, 2014). The Capivara Prospect lies 32 km north of the Campbell pit at the Maracas Menchen Mine.
Currently a gravity survey has begun over the prospective area in order to identified targets for further evaluation and drill testing. The prospective area which includes the chromite layers have been traced over an area of 3km (north-south) by 0.5 km (east-west). There are at least two zones of chromite layers from 20 to 25 metres wide. These zones lay 400 metres west of the magnetite horizon that contains vanadium and anomalous platinum.
Robert Campbell, P.Geo., Vice President of Exploration to Largo, commented: "We continue to be encouraged by the results and intend to complete further work including drilling in the near term to delineate this prospective area."
Quality Assurance and Quality Control
The potential quantity and grade is conceptual in nature at this stage and additional work will be required to define any mineral resource. The data verification and analytical work for the above results was carried out by SGS Canada Inc. in Lakefield, Ontario, Canada and ALS Mineral Division, Brazil. The scientific and technical information in this press release has been reviewed and approved by Mr. Robert Campbell, P.Geo., Vice President of Exploration to Largo and a Qualified Person as defined by National Instrument 43-101.
Largo (TSX-V: LGO) is a growing strategic mineral company with projects in Brazil and Canada. The immediate goal of the Company is to ramp-up production at its Vanadio de Maracás Menchen Mine.
Largo's Maracás Menchen Mine boasts the highest grade vanadium deposit yet discovered and is expected to be a low cost producer. With an off-take in place with commodities giant Glencore, Largo is well positioned to become a leading producer of vanadium globally and is expected to generate substantial cash-flows.
Vanadium is primarily used as an alloy to strengthen steel and reduce its weight. Vanadium enhanced steels are used in a vast and growing range of products that are used and encountered every day; including, rebar, automobiles, transport infrastructure etc. With a compound annual growth rate of over 6% for the past several years (Roskill, 2013), vanadium is a bourgeoning commodity which lacks opportunities for investment in the wider market place. As trends in the steel industry now demand increasingly stronger and lighter products for advanced applications, the use of vanadium is expected to continue this growth over the medium and long term.
Largo also has interests in a portfolio of other projects, including: a 100% interest in the Currais Novos Tungsten Tailings Project in Brazil; a 100% interest in the Campo Alegre de Lourdes Iron-Vanadium Project in Brazil; and a 100% interest in the Northern Dancer Tungsten-Molybdenum property in the Yukon Territory, Canada.
Largo is listed on the TSX Venture Exchange under the symbol "LGO".
For more information please refer to Largo's website: www.largoresources.com
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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 Maracás 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. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&As.
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SOURCE: Largo Resources Ltd.
For further information: Darcie Ladd, Corporate Development, 416-861-9406, [email protected]; Mark Brennan, President & CEO