Largo Reports Additional Encouraging Tungsten and Molybdenum Results ...

Tag : tungsten

TORONTO, ONTARIO -- (Marketwire) -- 09/24/08 -- Largo ResourcesLtd. ( TSXV:LGO ) announced that it has received additional results for five (5)drill holes that are part of the recently completed 2008 drillprogram of 38 holes totalling 11,500 metres at the Company'sNorthern Dancer Tungsten-Molybdenum property in the Yukon. The 2008drill program focused on upgrading and expanding the limits of thehigher-grade tungsten and molybdenum zones outlined during the 2007drill program and further upgrading a significant portion of theInferred and Indicated resource (reported in the April 10, 2008press release) to a Measured and Indicated category in order tosupport a Pre-feasibility Study. Preliminary pit modelling was usedin order to help maximize the effectiveness of the drill program.
Wide zones of mineralization consisting of numerous quartz veinsand veinlets continue to be intersected in the drill corecontaining varying amounts of scheelite and molybdenite. The truewidth of the mineralization varies from 17.50 to 432.80 metres.LT08-106 was lower grade and marks the northeast limit to thehigher grade mineralization. LT08-105 is in a molybdenum rich zone.The remaining three holes (LT08-107, 108 & 111) are movingtowards the centre of the tungsten rich part of the deposit. Largohas received additional results for five (5) holes totalling 936samples. Results are pending on the remaining 25 holes. Corelogging and splitting is continuing and is expected to be completedbefore the end of September.
Andy Campbell, Vice President, Exploration at Largo Resourcescommented: "This is a very large mineralized system and the resultscontinue to be encouraging with four of the holes reportingextended widths and good grades. Higher grade molybdenum resultswere reported in LT08-105 and LT08-108. These molybdenum resultsare two to three times higher than the average deposit grade.Higher grade tungsten values were also reported in LT08-107, 108,and 111. LT08-108 was an exceptional hole reporting good values fortungsten and molybdenum and wide widths. Drill results continue toconfirm the higher-grade tungsten and molybdenum zones. Theseresults will have a positive impact on an updated resource and themodeling of the higher-grade zones. With encouraging resultsexpected in the remaining holes, these results from the 2008program should have a significant impact on the economics of theproject."
Northern Dancer, hosts widespread tungsten-molybdenum porphyrystyle mineralization, the core of which has been partiallydelineated by 94 diamond drill holes and 496 metres of undergroundworkings. This work was done by AMAX Minerals Exploration from 1977to 1980 (51 holes) and by Largo Resources which completed a 17-holediamond drill program in 2006 and 26-hole program in 2007. On April10, 2008 (see press release April 10, 2008) Largo announced anupdated NI 43-101 compliant resource consisting of Indicated of140.8 million tonnes grading 0.10% WO3 and 0.026% Mo and Inferredresources totalled 253.2 million tonnes grading 0.10% WO3 and 0.022% Mo. This resource includes a higher grade tungsten zonecontaining an Indicated resource of 17.1 million tonnes grading0.17% WO3 and 0.029 % Mo and Inferred resources of 18.7 milliontonnes grading 0.16% WO3 and 0.023 % Mo.
Please refer to Table 1 (Summary of Significant Assay Results -Northern Dancer Property, Yukon) which is appended to this newsrelease for a summary of the above-noted drill results. Largo'swebsite has the Northern Dancer 2008 Drilling Plan Map whichprovides a reference for the location of these holes on theproperty via the following link:
http://www.largoresources.com/nd_map.htm
The Northern Dancer deposit is one of the world's largest knowntungsten-molybdenum porphyry systems. The mineralization is hostedin fractures and veins associated with a northeast-trending sheetedvein system in calc-silicate (skarn) rocks and spatially related toa felsic intrusion (quartz-feldspar porphyry). The deposit, whichhas been tested by drilling for 1500 metres along strike, 500metres vertically and 600 metres in width, remains open alongstrike to both the northeast and southwest as well as at depth.
Tungsten and molybdenum mineralization are concentrated in twozones which partially overlap. In the core of the deposit, there isa higher-grade molybdenum zone where molybdenite occurs within andadjacent to the felsic intrusion. Surrounding and partiallyoverlapping the molybdenum zone is a much more extensive tungstenzone where scheelite occurs in northeast-trending sheeted quartzveins in skarn.
Analytical work is being carried out at Acme AnalyticalLaboratories Ltd. in Vancouver, British Columbia, an ISO 9001-2000certified laboratory. The samples are crushed to 70% passing 10mesh, split to 250 g and pulverized to 95% passing 150 mesh. A5-gram split is analyzed for Mo and W using a phosphoric acid leachfollowed by ICP-emission spectrometry. Then a second 5-gram splitis analyzed for 36 elements by ICP-mass spectrometry using a hot(95 degrees centigrade) aqua regia leach. Routine check assays areperformed at SGS Minerals in Lakefield, Ontario on sample rejects.Largo employs a systematic QA/QC program including standards,duplicates and blanks. Andy Campbell, P. Geo., Largo's VicePresident of Exploration, is the Qualified Person responsible forthe scientific and technical work for the program as defined underNational Instrument 43-101 and has reviewed this press release.
About Largo
Largo Resources is a Canadian natural resource development andexploration company with two advanced stage projects: the MaracasVanadium-PGM deposit in Brazil and the Northern DancerTungsten-Molybdenum deposit in the Yukon. Largo also has a large(60,000 hectare) land position and prospective gold explorationproperties in Ecuador. The company is listed on the TSX VentureExchange under the symbol LGO.
For more information please refer to Largo's website: www.largoresources.com
Disclaimer
Certain statements contained in this news release may containforward-looking information within the meaning of Canadiansecurities laws. Such forward-looking information is identified bywords such as "estimates", "intends", "expects", "believes", "may","will" and include, without limitation, statements regarding thecompany's plan of business operations, estimates regarding mineralresources, exploration plans and budgets, timing of receipt ofassay results, projections regarding mineral prices, anticipatedrevenues and projected expenditures. There can be no assurance thatsuch statements will prove to be accurate; actual results andfuture events could differ materially from such statements. Factorsthat could cause actual results to differ materially include, amongothers, metal prices, risks inherent in the mining industry,financing risks, labour risks, uncertainty of mineral resourceestimates and ability to economically mine such deposits, equipmentand supply risks, title disputes, regulatory risks andenvironmental concerns. Most of these factors are outside thecontrol of the company. Investors are cautioned not to put unduereliance on forward-looking information. Except as otherwiserequired by applicable securities statutes or regulation, thecompany expressly disclaims any intent or obligation to updatepublicly forward-looking information, whether as a result of newinformation, future events or otherwise.

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