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

Published

TORONTO--(BUSINESS WIRE)-- 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.

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Figure 1: View of Non-Magnetic Tailings Ponds Two and Pond Three with the Auger Drill Hole Positions (Photo: Business Wire)

Figure 1: View of Non-Magnetic Tailings Ponds Two and Pond Three with the Auger Drill Hole Positions (Photo: Business Wire)

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

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