Largo Inc (LGO)

[Slashnuts]

Largo Substantially Upgrades Vanadium Resource!$!$

Largo Resources Substantially Upgrades Mineral Resources at its Novo Amparo Norte Deposit in Maracás, Brazil
June 11, 2019

TORONTO, June 11, 2019 /CNW/ - Largo Resources Ltd. ("Largo" or the "Company") (TSX: LGO) (OTCQX: LGORF) is pleased to announce an update on the Novo Amparo Norte deposit ("NAN") in Maracás, Brazil.
Highlights of the updated resource estimate for NAN:
Total Measured and Indicated Mineral Resources of 12.23 million tonnes grading 0.88% V2O5 with magnetic concentrate grades of 2.41% V2O5
Inferred Mineral Resources of 11.33 million tonnes grading 0.90% V2O5 with magnetic concentrate grades of 2.46% V2O5
The resource is defined over a strike length of approximately two kilometers and remains open to the south and at depth

The Company's previously announced exploration program has successfully delivered a significant increase to the overall resource base at NAN with the successful conversion of resources from the Inferred category to the Measured and Indicated categories in addition to increasing the Inferred Resources. The updated resource estimate is based on approximately 12,912 m of diamond drilling over 88 holes (including 5,404 m in 47 drill holes completed in 2019) and 5,549 sample intervals across the deposit. NAN is located approximately 6.5 km north of the Company's current mining operation at the Maracás Menchen Mine, Campbell Pit and has a lower royalty burden than that associated with the Campbell Pit.
Novo Amparo Norte Mineral Resource Estimate as of May 31, 2019
Category
Tonnes
(Mt)
Head Grade
V2O5 %
% Magnetite
Magnetic
Concentrate
V2O5 %
Contained V2O5 in
Magnetic
Concentrate
(Tonnes)
Measured
6.25
0.91
33.1
2.32
45,274
Indicated
5.98
0.85
28.1
2.50
37,811
Total M & I
12.23
0.88
30.7
2.41
83,086

Inferred
11.33
0.90
31.2
2.46
78,782

1.
Mineral Resources have been classified using the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM"), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
2.
Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to the Measured and Indicated Mineral Resource. It is reasonably expected that a portion of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
3.
Magnetite content is determined by Davis Tube Test methodology. V2O5 content of the magnetite concentrate was determined by XRF79C methodology at the SGS facility in Belo Horizonte, Brazil.
4.
Assuming only mineralized zones grading 0.45% V2O5 or greater.
5.
Numbers may not add up exactly due to rounding.

NAN lies within the Rio Jacaré intrusion, a mafic to ultramafic intrusive complex that hosts several vanadium rich titanomagnetite deposits including the Maracás Menchen Mine, Campbell Pit (Figure 1). Drilling at NAN was completed over a strike length of approximately two kilometers and the current resource estimate extends to approximately 250 meters below surface where mineralization remains open for further exploration. Vanadium rich magnetite units extend south of the current NAN resource area and the Company is evaluating future drilling plans.
Figure 1: Rio Jacaré Sill Showing the Maracás Menchen Mine - Campbell Pit and Satellite Deposits

Mark Smith, Chief Executive Officer of Largo, stated: "I am very pleased that through our modest drill program completed over the past year, the Company was able to successfully deliver a significant conversion of resources from the Inferred to the Measured and Indicated categories at NAN. In addition, in adding more Inferred mineralization to the total, we have further confirmed our confidence in NAN as a target for further development. We are continuing to advance our work at NAN with geological and engineering studies currently underway to further upgrade our understanding of the deposit and related economics."
Quality Assurance and Quality Control

https://largoresources.com/investors/news/press-release-details/2019/Largo-Resources-Substantially-Upgrades-Mineral-Resources-at-its-Novo-Amparo-Norte-Deposit-in-Maracs-Brazil/default.aspx

Good Luck To All!$!$