Largo Identifies Significant Platinum- Palladium Grades from Sampling of the Non- Magnetic Tailings Ponds at its Maracás Menchen Mine; Commences Further Analysis of Platinum Group Metals as Part of its Ongoing Exploration Program
Largo Identifies Significant Platinum-
Palladium Grades from Sampling of the Non-
Magnetic Tailings Ponds at its Maracás
Menchen Mine; Commences Further
Analysis of Platinum Group Metals as Part of
its Ongoing Exploration Program
TORONTO--(BUSINESS WIRE)--March 5, 2024--Largo Inc. ("Largo" or the "Company")
(TSX: LGO) (NASDAQ: LGO) today announces it has identified significant platinum group
metals (“PGMs”) grades in its non-magnetic tailings ponds and ilmenite stockpile from ongoing
exploration work at its Maracás Menchen Mine, including a total of 28 vertical auger drill holes
and 83 samples. The Company has also initiated a review of its past geology and assay database
to establish the existence of PGMs in deposits surrounding its Campbell Pit.
Daniel Tellechea, Director and Interim CEO of Largo, stated: “Preliminary analysis of the
Company’s non-magnetic tailings pond and ilmenite stockpile has returned significant PGM
grades, prompting our team to plan for an additional drill program to enhance our knowledge of
grade distribution within the non-magnetic tailings ponds. Simultaneously, our team is
performing a database review, relogging, and re-assay program of past exploration work related
to PGMs, alongside a focused drilling initiative to gain a deeper understanding of PGM grade
distribution in deposits north and south of the Campbell Pit, where past exploration efforts have
demonstrated various grades of PGMs.”
He continued: “In 2014, Largo contracted Société Générale de Surveillance SA. (SGS) to
conduct metallurgical and PGM flotation tests on the massive vanadium ore at the Maracás
Menchen Mine with encouraging results. The major significance of today's announcement is that
higher grades of PGMs could be associated with the Company’s non-magnetic material rather
than massive vanadium ore, as previously thought. We plan to conduct further studies to
evaluate the potential to recover PGMs as an additional by-product of Largo’s vanadium and
ilmenite operations following the completion of our ilmenite concentrate plant. We anticipate
providing updates on this initiative and other exploration progress as our efforts continue going
forward.”
Non-Magnetic Tailings Pond Auger Drill Hole Highlights
BN3TR15: 3.0 metres grading 0.410g Pt/t and 0.209g Pd/t and 0.07g Au/t totalling
0.687g PGM equivalent (“PGM eq.”)
BN2TR1: 4.3 metres grading 0.321g Pt/t and 0.118g Pd/t and 0.04g Au/t totalling
0.480g PGM eq.
There are three non-magnetic tailings ponds at the Maracás Menchen Mine (see Figure 1). Pond
four is active but has not been sampled as it is still under operation and receiving non-magnetic
material from ongoing operations. The current tonnage of pond four is approximately 3.0 million
tonnes as of December 31, 2023. Further analysis has also identified gold grades, which has been
added to the ongoing analysis.
Table 1: Non-Magnetic Tailings Ponds Tonnage Statistics
Non-Magnetic Tailings Ponds
(Effective Date - December 31, 2023)
Pond Volume Density Tonnage
km3 t/m3 kt
BNM02 640.30 1.80 1,152.53
BNM03 521.14 1.80 938.05
Total in Ponds 1,161.44 1.80 2,090.58
The non-magnetic tailings material is the result of the process of separating material that contains
vanadium. The non-magnetic flow contains silicates (mostly amphiboles and pyroxenes) and
ilmenite. This material feeds the flotation plant and then the ilmenite is separated from the
silicates generating the ilmenite concentrate.
Table 2: Auger Drill Program Results (Non-Magnetic Tailings Ponds Two and Three)
Hole ID X Coordinators Y Coordinates Z From To Length Au Pd Pt PGM PGM eq.
(Pt+Pd) (Au+PGM)
(m) (m) (m) g/t g/t g/t g/t g/t
BN2TR1 317,069 8,486,353 326 0.0 4.30 4.3 0.041 0.118 0.321 0.439 0.480
BN2TR2 317,131 8,486,325 327 0.0 1.00 1.00 0.020 0.089 0.228 0.317 0.337
BN2TR3 317,190 8,486,300 327 0.0 2.50 2.50 0.032 0.127 0.347 0.473 0.505
BN2TR4 317,092 8,486,311 327 0.0 3.80 3.80 0.040 0.158 0.428 0.586 0.626
BN2TR5 317,150 8,486,284 327 0.0 1.00 1.00 0.029 0.110 0.297 0.407 0.436
BN2TR6 317,051 8,486,295 327 0.0 0.60 0.60 0.040 0.162 0.437 0.599 0.639
BN2TR7 317,110 8,486,269 327 0.0 1.60 1.60 0.034 0.133 0.341 0.473 0.507
BN2TR8 317,169 8,486,243 327 0.0 1.70 1.70 0.033 0.126 0.338 0.463 0.496
BN2TR9 317,070 8,486,253 327 0.0 1.60 1.60 0.040 0.165 0.431 0.596 0.635
BN2TR10 317,130 8,486,228 327 0.0 3.00 3.00 0.041 0.132 0.378 0.510 0.551
BN2TR11 317,031 8,486,238 327 0.0 3.00 3.00 0.043 0.155 0.411 0.566 0.609
BN2TR12 317,090 8,486,212 327 0.0 2.20 2.20 0.033 0.118 0.311 0.430 0.462
BN2TR13 317,154 8,486,184 327 0.0 3.00 3.00 0.038 0.140 0.374 0.514 0.552
BN3TR1 317,309 8,486,198 323 0.0 2.00 2.00 0.088 0.205 0.358 0.563 0.650
BN3TR2 317,309 8,486,063 324 0.0 4.00 4.00 0.061 0.156 0.301 0.457 0.518
BN3TR3 317,309 8,486,109 323 0.0 3.00 3.00 0.058 0.150 0.319 0.469 0.527
BN3TR4 317,309 8,486,159 323 0.0 3.00 3.00 0.075 0.156 0.328 0.484 0.559
BN3TR5 317,343 8,486,178 323 0.0 3.70 3.70 0.080 0.171 0.338 0.509 0.588
BN3TR6 317,378 8,486,156 323 0.0 3.00 3.00 0.079 0.156 0.333 0.489 0.568
BN3TR7 317,276 8,486,216 323 0.0 3.00 3.00 0.076 0.203 0.380 0.584 0.659
BN3TR8 317,238 8,486,238 323 0.0 4.00 4.00 0.063 0.207 0.360 0.567 0.630
BN3TR9 317,308 8,486,242 323 0.0 3.00 3.00 0.075 0.208 0.376 0.584 0.659
BN3TR10 317,307 8,486,292 323 0.0 3.60 3.60 0.054 0.152 0.381 0.533 0.587
BN3TR11 317,308 8,486,345 323 0.0 3.30 3.30 0.050 0.124 0.359 0.483 0.533
BN3TR12 317,270 8,486,175 323 0.0 3.00 3.00 0.073 0.192 0.391 0.583 0.656
BN3TR13 317,348 8,486,221 323 0.0 3.00 3.00 0.068 0.179 0.343 0.522 0.590
BN3TR14 317,398 8,486,248 324 0.0 3.60 3.60 0.074 0.188 0.339 0.527 0.601
BN3TR15 317,222 8,486,147 322 0.0 3.00 3.00 0.068 0.209 0.410 0.619 0.687
The Company also performed random sampling around the limit of its ilmenite stockpile (8,700
tonnes of material effective date of January 19, 2024). A total of 19 samples were collected and
submitted for further analysis with the results presented in table 2.
Table 2: Result of 2023 Ilmenite Stockpile Sampling Program
Sample ID TiO2 Ranges Au Pd Pt Weight Sample Pd + Pt Pd + Pt +Au
ppm ppm ppm g g/t g/t
ILM-PC-001-0001
>45%TiO2
0.09 0.20 0.51 15.76 0.71 0.80
ILM-PC-001-0002 0.10 0.21 0.54 15.68 0.75 0.85
ILM-PC-001-0003 0.06 0.19 0.44 15.09 0.63 0.69
ILM-PC-001-0004 0.09 0.27 0.63 15.31 0.90 0.99
ILM-PC-001-0005 0.07 0.25 0.52 15.59 0.77 0.84
ILM-PC-001-0006 0.08 0.22 0.53 15.72 0.75 0.83
ILM-PC-001-0007 0.06 0.25 0.55 15.71 0.80 0.86
ILM-PC-001-0008 0.08 0.20 0.46 15.40 0.66 0.74
ILM-PC-001-0009 0.07 0.24 0.55 15.46 0.79 0.86
ILM-PC-001-0010 0.09 0.20 0.56 15.16 0.76 0.85
ILM-PC-001-0011
<45%TiO2
0.05 0.17 0.39 15.33 0.56 0.61
ILM-PC-001-0012 0.10 0.21 0.53 15.76 0.74 0.84
ILM-PC-001-0013 0.07 0.21 0.47 15.25 0.68 0.75
ILM-PC-001-0014 0.10 0.22 0.52 15.21 0.74 0.84
ILM-PC-001-0015 0.07 0.20 0.54 15.33 0.74 0.81
ILM-PC-001-0016 0.07 0.20 0.48 15.22 0.68 0.75
ILM-PC-001-0017 0.06 0.20 0.47 15.62 0.67 0.73
ILM-PC-001-0018 0.05 0.19 0.43 15.59 0.62 0.67
ILM-PC-001-0019 0.05 0.20 0.47 15.70 0.67 0.72
ILM-PC-001-0019 0.05 0.20 0.45 15.22 0.65 0.70
Minimum 0.05 0.17 0.39
15.46
0.56 0.61
Average 0.07 0.21 0.50 0.71 0.79
Maximum 0.10 0.27 0.63 0.9 0.99
Past Exploration Work Performed: PGMs at the Maracás Menchen Mine
Past exploration work was conducted on the Company’s Gulçari A Norte (“GAN”), São José
(“SJO”), Novo Amparo (“NAO”), and Novo Amparo Norte (“NAN”) targets, (collectively, the
“Northern District”) in 2006, 2008, 2011, 2012 and 2014 and 2018. These exploration efforts
demonstrated various grades of PGMs, however, further studies to explore PGMs was
discontinued as the Company focused solely on advancing its vanadium operations.
Highlighted PGMs Results from Past Exploration Work
FGA23 – 9.0 metres grading 0.860g Pt/t and 0.410g Pd/t
FGA43 – 9.0 metres grading 0.108g Pt/t and 0.005g Pd/t
FGA25 – 9.0 metres grading 0.740g Pt/t and 0.110g Pd/t
Table 3: Past PGM Results of the Campbell Pit (see news release dated April 24, 2007)
Hole - ID X Y Z Az Dip From To Length Pd Pt Pt+PD
m m m g/t g/t g/t
FGA10 8,486,183.00 318,332.00 307.01 284.00 59.00 70.50 100.00 29.50 0.06 0.44 0.50
FGA16 8,486,071.00 318,251.00 304.76 284.00 60.00 121.00 131.29 10.29 0.18 0.31 0.48
FGA23 8,486,160.00 318,236.00 314.84 108.00 78.00 46.00 55.00 9.00 0.42 0.86 1.28
FGA25 8,486,165.00 318,293.00 311.13 284.00 44.00 46.00 65.00 19.00 0.11 0.74 0.85
FGA37 8,486,098.00 318,319.00 302.07 292.00 50.00 98.00 108.00 10.00 0.25 0.54 0.79
FGA42 8,486,162.00 318,390.00 295.70 284.00 60.00 105.90 116.00 10.10 0.03 0.39 0.42
FGA43 8,486,108.00 318,372.00 295.71 286.00 70.00 96.00 105.00 9.00 0.05 1.08 1.13
FGA48 8,486,058.00 318,300.00 298.45 293.00 50.00 47.00 79.00 32.00 0.18 0.34 0.52
FGA51 8,486,033.00 318,355.00 298.00 296.00 50.00 124.00 136.00 12.00 0.27 0.35 0.62
FGA54 8,486,113.00 318,345.00 295.93 288.00 50.00 96.00 112.00 16.00 0.21 0.26 0.47
The Company is performing a further review of past drill data with the intention of developing a
new database to assess the possibility of the continuity of PGMs in the Northern District.
Table 4: Past PGM Drill Result Highlights from the Northern District
Hole - ID X Y Z Az Dip From To Length Pd Pt Pt+PD
m m m g/t g/t g/t
FGAN01 318772.29 8487089.64 310.63 270 -45 218 220 2 0.57 0.58 1.15
FGAN12 318622.32 8486596.46 302.83 290 -45 106 109 3 0.55 0.70 1.24
FGAN06 318663.09 8486495.13 300.57 290 -45 172 175 3 0.45 0.45 0.91
FGAN09 318565.79 8486377.18 297.16 270 -45 89.3 90 0.7 0.16 1.84 1.99
FSJ19 318989.24 8488478.16 322.47 290 -45 66 68 1 0.78 0.34 1.12
FSJ20 318960.64 8488414.93 321.27 290 -45 56 57.4 1.4 0.89 0.58 1.48
FSJ21 318998.93 8488337.34 317.74 290 -45 114 115.2 1.2 0.97 0.49 1.46
FNAN02 319951.94 8492475.99 350.73 290 -45 91 93 2 1.46 0.53 1.99
FNAN12 320051.47 8492748.08 349.85 290 -45 133 135 2 1.38 0.69 2.07
FNAN16 319904.35 8492353.48 349.60 290 -45 92.2 94.7 2.5 2.03 0.80 2.82
Sampling, QA/QC, and Analytical Procedures
The Auger sample developed in 2023 was logged and photographed by the Largo Vanádio
Maracás S.A. team. The sample preparation and analytical work was conducted at the SGS
facility in Belo Horizonte, which is ISO 9001 certified laboratory. 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 developed by SGS. The sampling,
logging, custody of samples and QAQC routines were validated by Emerson Ricardo Re during
the site visit developed in December 2023.
The QAQC program conducted during past exploration work conducted utilized industry and
market practices that include certified standards, blanks, rejects and pulp 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 VPURE TM and
VPURE+TM products, sourced from its Maracás Menchen Mine in Brazil. The Company is
currently focused on ramping-up production of its 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"
(collectively, “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 the existence of PGMs in the
deposits surrounding 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; and the assessment of possible PGMs in the Northern District.
The following are some of the assumptions upon which forward-looking statements based: that
general business and economic conditions will not change in a material adverse manner; 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; 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 Company's ability to procure equipment,
services and operating supplies in sufficient quantities and on a timely basis; the accuracy of the
Company's mine plan at the Maracás Menchen Mine; the ability to obtain funding through
government grants and awards for the green energy sector; that the Company's current plans for
drilling and exploration 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; the Company's ability to attract and retain skilled personnel and
directors; and 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.
Contacts
For further information:
Investor Relations
Alex Guthrie
Senior Manager, External Relations
+1.416.861.9778