Brazil - Campo Alegre de Lourdes Property
Large Fe-Ti-V Deposits
The Campo Alegre de Lourdes property hosts a large potentially world class iron, titanium and vanadium deposits. The 9,275-hectare property is located 875 kilometres north-northeast of Brasilia, the capital of Brazil, and 650 kilometres northwest of Salvador, the capital of Bahia State. These Fe-Ti-V deposits are hosted within the Campo Alegre de Lourdes mafic-ultramafic intrusion which consists of a sequence of pyroxenite, gabbro and gabbro-anorthosite intrusive rocks. The mineralization consists of wide zones of massive titaniferous magnetite and ilmenite mineralization with high V2O5 grades. The deposits are open along strike and at depth. The mineralization has been traced for eleven kilometres along strike and two kilometres wide and are characterized by 11 deposits aligned roughly north-south as elongated hills.
The property has had a significant amount of work done in the past in particular between late 1970's to early 1980's by the CBPM (Companhia Baiana de Pesquisa Mineral). Work has consisted of geochemical soil sampling, airborne geophysical survey, geological mapping, prospecting, preliminary metallurgical test work, petrographic studies and 60 holes totalling 5,257 metres of diamond drilling. This work resulted in a reported historical mineral resource (non-compliant), estimated by CBPM of 133 million tonnes of 50% Fe, 21% TiO2, and 0.75% V2O5 to a vertical depth of less than 60 metres.
All drill cores from the previous work have been moved to Largo's core storage facility at its Maracas Vanadium Project to complete systematic sampling and logging of the drill cores in order to confirm the Fe, TiO2 and V2O5 values of the deposits. Results will be used to do geological modelling and a new resources estimate. An independent consulting firm will be retained to review our modeling and resource estimate as well as review the historical resource estimate, complete independent sampling to verify previous results, and to prepare an independent NI 43-101 technical report. The goal would be to have a NI43-101 compliant resource estimate complete so we could move the property forward in the future.