- The Company is working to establish a correlation between
the known mineralization intercepted from Novo Amparo North (“NAN”)
to the Campbell Pit with the goal of opening a potential
mineralized trend measuring more than 7 kilometres (“km”) along
strike
- The Company is also reviewing exploration work south of the
Campbell Pit to assess the potential of continued
mineralization
Largo Inc. ("Largo" or the "Company") (TSX:
LGO) (NASDAQ: LGO) is pleased to provide an update on
the ongoing exploration program surrounding its Maracás Menchen
Mine, including an initial phase of drilling conducted in 2023 and
the further analysis of past exploration work completed at the
Company’s Campbell Pit and exploration targets located both north
and south of the Campbell Pit.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20231218584081/en/
Figure 1: Campbell Pit and Northern
District Targets (Graphic: Business Wire)
Daniel Tellechea, Director and Interim CEO of Largo, stated: “As
a part of its ongoing operations, Largo continues to undertake
exploration work in the areas surrounding the Campbell Pit to both
optimize current operations and plan for future development and
expansion through the identification and conversion of resources.
This exploration program aims to expand our understanding of the
mineralization surrounding the Campbell Pit so that we may gauge
the possibility of continued mineralization north and south of the
Campbell Pit. With analysis of recent drilling and historical
exploration work underway, we anticipate providing the market with
updates as our program progresses."
Exploration Program Overview
Largo is working to expand its knowledge and establish a
correlation with the known mineralization intercepted to the north
of the Campbell Pit where, in 2021, mineral reserves and resources
were reported in the Company’s current technical report at the
Campbell Pit, Gulçari A Norte (“GAN”) and Novo Amparo Notre
(“NAN”). Currently, the Company is exploring the potential
for a 7 km trend of mineralization between the Campbell Pit and the
satellite deposits (from south to north); GAN, São José
(“SJO”), Novo Amparo, and NAN (collectively, the
“Northern District”).
Additionally, the Company is also working to understand and
establish a correlation with the known mineralization intercepted
south of the Campbell Pit, which includes further analysis of
exploration work performed on satellite deposits (from north to
south): Gulçari A Sul, Agua Branca, Jacaré, Braga, Ilha Grande, and
Rio de Contas (collectively, the “Southern District”).
2023 Drill Program
In 2022 and 2023, the Company conducted a drill program in the
Northern District consisting of 19 drill holes and 245 surface
samples, 148 infill holes in the Campbell Pit and 33 holes in the
Southern District (the “2023 Campaign”). The Company is also
performing a comprehensive review of its existing exploration data
in the Northern District, including, without limitation, 161
historical drill holes and 5,869 samples collected between 1981 and
2020.
The Company’s 2023 Campaign in the Northern District includes 19
new diamond drill holes aimed at improving the Company’s geological
knowledge of the Campbell Pit and GAN and SJO deposits. Of those
holes, six step-out holes were drilled between the Campbell Pit and
GAN deposit with the aim of confirming the potential for continued
mineralization. The Company believes the initial results for the
six step-out holes provide greater confidence in the continuity of
mineralization between the Campbell and GAN mineralized zones.
Assay results from the six step-out drill holes are provided in
Table 1, along with a plan view and cross-section of the drill
holes in Figure 2 and 3.
The Company is in the process of analyzing its historical drill
data and the remaining holes from its 2023 Campaign with results
expected in Q1 2024.
Table 1: 2023 Drill Program - GAN Step-out Drill Result
Highlights
Hole ID
From (m)
To (m)
Length (m)
True Width (m)
V2O5 (%)
TiO2 (%)
Magnetic Mass Recovery
(%)*
Target
GAN-DD-001
48.00
55.00
7.00
5.25
0.43
8.32
19.61
GAN
56.00
58.86
2.86
2.15
0.32
6.57
11.62
GAN
61.00
71.00
10.00
7.58
0.36
6.86
13.69
GAN
74.00
87.00
13.00
9.97
0.40
6.91
15.35
GAN
249.00
255.00
6.00
4.84
0.60
14.10
37.82
GAN
390.00
394.75
4.75
3.93
0.56
7.70
18.87
GAN
414.00
418.19
4.19
3.48
0.58
5.13
15.01
GAN
GAN-DD-004
83.60
102.32
18.72
14.48
0.65
13.94
38.98
GAN
293.00
295.97
2.97
2.46
0.67
9.96
25.96
GAN
339.00
348.00
9.00
7.59
0.43
3.59
3.99
GAN
GAN-DD-005
68.50
71.90
3.40
3.00
0.44
9.31
18.36
GAN
77.00
80.64
3.64
3.22
0.49
9.12
19.19
GAN
GAN-DD-006
322.00
328.00
6.00
4.80
0.48
3.42
2.93
GAN
GAN-DD-007
235.73
240.13
4.40
3.47
0.87
11.43
32.50
GAN
GUA-DD-001
281.00
284.00
3.00
2.87
0.35
2.69
0.82
GAN
* Davis Tube concentrate
Table 2: 2023 Drill Program - GAN Step-out Drill Hole
Information
Hole ID
X UTM (m)
Y UTM (m)
RL (m)
Az (°)
Dip (°)
Depth (m)
Target
GAN-DD-001
318878
8486173
275.3
290
60
268.3
GAN
318876
8486172
268.5
290
60
265.64
GAN
318870
8486172
264.3
290
60
254.3
GAN
318861
8486172
253.4
290
60
240.4
GAN
318763
8486172
110.6
290
60
104.6
GAN
318678
8486175
-0.95
290
60
-5.7
GAN
318664
8486176
-19.7
290
60
-23.89
GAN
GAN-DD-004
318800
8486580
237.1
270
60
218.38
GAN
318689
8486592
65.41
270
60
62.44
GAN
318658
8486597
29.1
270
60
20.1
GAN
GAN-DD-005
318803
8486579
260.6
270
45
257.2
GAN
318797
8486579
254.6
270
45
250.96
GAN
GAN-DD-006
318619
8486303
39.5
270
60
33.5
GAN
GAN-DD-007
318644
8486386
109
270
60
104.6
GAN
GUA-DD-001
318556
8486228
112.5
270
45
109.5
GAN
Sampling, QA/QC, and Analytical Procedures
Drill core is logged, photographed and split in half using a
diamond core saw at the secure core logging and storage facilities
of Largo Vanádio Maracás S.A. (“LVMSA”). Half of the drill
core is retained on site and the other half core is used for
analysis, with samples collected on one meter sample intervals
unless an interval crosses a geological contact.
The sample preparation and analytical work was carried out at
the SGS facility in Belo Horizonte and the LVMSA secure on-site
laboratory, which are both ISO 9001 certified laboratories. All
sample results during the period have been monitored through a
QA/QC program that includes the insertion of certified standards,
blanks, and pulp and reject duplicate samples. Davis Tube test work
was carried out on all mineralized samples.
Review of Technical Information
Mr. Emerson Ricardo Re., MSc, MBA, MAusIMM (CP) (No. 305892),
Registered Member (No. 0138) (Chilean Mining Commission) is the
geology advisor and responsible for the geological management of
the Maracás Menchen Mine. Mr. Re is a Qualified Person as defined
under National Instrument 43-101 Standards of Disclosure for
Mineral Projects and has reviewed and approved the scientific and
technical information in this press release.
About Largo
Largo is a globally recognized vanadium company known for its
high-quality VPURETM and VPURE+TM products, sourced from its
Maracás Menchen Mine in Brazil. The Company is currently focused on
implementing an ilmenite concentrate plant and is undertaking a
strategic evaluation of its U.S.-based clean energy business,
including its advanced VCHARGE vanadium battery technology to
maximize the value of the organization. Largo's strategic business
plan centers on maintaining its position as a leading vanadium
supplier with a growth strategy to support a low-carbon future.
Largo’s common shares trade on the Nasdaq Stock Market and on
the Toronto Stock Exchange under the symbol "LGO". For more
information on the Company, please visit www.largoinc.com.
Cautionary Statement Regarding Forward-looking
Information:
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
Canadian and United States securities legislation. Forward‐looking
information in this press release includes, but is not limited to,
statements with respect to work to establish correlations between
known mineralization intercepted from NAN and the Campbell Pit;
exploration results at the Maracás Menchen Mine; future development
and expansion at the Campbell Pit; providing future updates on the
Company’s program; the timing and delivery of the Company’s
analysis on historical drill holes its 2023 Campaign and surface
sampling; and the timing and delivery of the Company’s analysis on
the Southern District and Northern District exploration work.
The following are some of the assumptions upon which
forward-looking information is based: that general business and
economic conditions will not change in a material adverse manner;
demand for, and stable or improving price of V2O5, other vanadium
products, ilmenite and titanium dioxide pigment; receipt of
regulatory and governmental approvals, permits and renewals in a
timely manner; that the Company will not experience any material
accident, labour dispute or failure of plant or equipment or other
material disruption in the Company's operations at the Maracás
Menchen Mine or relating to Largo Clean Energy; the availability of
financing for operations and development; the availability of
funding for future capital expenditures; the ability to replace
current funding on terms satisfactory to the Company; the ability
to mitigate the impact of heavy rainfall; the reliability of
production, including, without limitation, access to massive ore,
the Company's ability to procure equipment, services and operating
supplies in sufficient quantities and on a timely basis; that the
estimates of the resources and reserves at the Maracás Menchen Mine
are within reasonable bounds of accuracy (including with respect to
size, grade and recovery and the operational and price assumptions
on which such estimates are based); the accuracy of the Company's
mine plan at the Maracás Menchen Mine, the competitiveness of the
Company's vanadium redox flow battery ("VRFB") technology;
the ability to obtain funding through government grants and awards
for the green energy sector, the accuracy of cost estimates and
assumptions on future variations of VCHARGE battery system design,
that the Company's current plans for ilmenite and VRFBs can be
achieved; the Company's "two-pillar" business strategy will be
successful; the Company's sales and trading arrangements will not
be affected by the evolving sanctions against Russia; and the
Company's ability to attract and retain skilled personnel and
directors; the ability of management to execute strategic
goals.
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". All
information contained in this news release, other than statements
of current and historical fact, is forward looking information.
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 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 www.sedarplus.ca and available on
www.sec.gov from time to time. Forward-looking statements are based
on the opinions and estimates of management as of the date such
statements are made. 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&A
which also apply.
Trademarks are owned by Largo Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231218584081/en/
Investor Relations Alex Guthrie Senior Manager, External
Relations +1.416.861.9778 aguthrie@largoinc.com
Largo (NASDAQ:LGO)
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