Largo Resources Ltd
Yukon Territory - Brazil - Ecuador: Gold-Copper, Vanadium PGE , tungsten/molybdenum
Message: Exercises Option to Acquire 70% Interest in Northern Dancer Property
| March 26, 2009 |
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Largo Resources Exercises Option to Acquire 70% Interest in Northern Dancer Property
Company has until March 11, 2010 to exercise option to purchase final 30% |
| TORONTO, ONTARIO--(Marketwire - March 26, 2009) - Largo Resources Ltd. ("Largo" or the "Company") (TSX VENTURE:LGO) is pleased to announce that it has acquired a 70% interest in the Northern Dancer property in Yukon Territory (the "Property") pursuant to its previously announced option agreement. Largo has also acquired one-third of the 3% NSR on the Property. Largo has a right to earn the remaining 30% interest in the Property by making a cash payment of $5,000,000 or issuing the equivalent value in shares of the Company within twelve months. The Property remains subject to a 2% NSR, a further 1% of which may be acquired by the Company upon acquiring the remaining 30% interest in the Property. Northern Dancer hosts widespread tungsten-molybdenum porphyry style mineralization. The updated mineral resource for the deposit at a cut-off grade of 0.06% WO3 is estimated as measured mineral resources of 30.8 million tonnes grading 0.114% WO3 and 0.030% Mo, indicated mineral resources of 192.6 million tonnes grading 0.100% WO3 and 0.029% Mo. The measured and indicated mineral resource estimate contains 500.1 million pounds of WO3 (226.9 k tonnes) and 143.8 million pounds of Mo (65.2 k tonnes). Inferred mineral resources were estimated to be 201.2 million tonnes grading 0.089% WO3 and 0.024% Mo containing 393.1 million pounds of WO3 (178.3 k tonnes) and 107.7 million pounds of Mo (48.9 k tonnes). For details of the resource estimates, see press release dated March 12, 2009. Tungsten and molybdenum mineralization are concentrated in two zones which partially overlap. In the core of the deposit, there is a higher-grade molybdenum zone where molybdenite occurs within and adjacent to the felsic intrusion. Surrounding and partially overlapping the molybdenum zone is a much more extensive tungsten zone where scheelite occurs in northeast-trending sheeted quartz veins in skarn. About Largo Largo Resources is a Canadian natural resource development and exploration company with two advanced stage projects: the Maracas Vanadium-PGM deposit in Brazil and the Northern Dancer Tungsten-Molybdenum deposit in the Yukon. Largo also has a large (60,000 hectare) land position and prospective gold exploration properties in Ecuador. The company is listed on the TSX Venture Exchange under the symbol LGO. Mr. Andy Campbell, P.Geo., the Vice President Exploration of the Company and a Qualified Person as defined under National Instrument 43-101, has reviewed the scientific and technical information in this press release. For more information please refer to Largo's website: www.largoresources.com. |
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