short articlefrom Northern Miner, September 5. Some comments from Brennan included.
Vancouver - Largo Resources' (LGO-V) hunt for higher grade molybdenum at Northern Dancer appears to be paying off.
Based on drill results from its 2006 and 2007 campaigns Largo Resourcesoutlined an indicated resource of 141 million tonnes grading 0.1%tungsten and 0.026% moly at the Yukon property, 290 km southeast ofWhitehorse by road.
But this summer the company's drills targeted areas where itbelieved higher grade moly and tungsten might be uncovered. Largo hadpreviously noted higher grades of tungsten in the southwest portion ofthe mineralized area and higher grades of moly in the northeast.
"The focus at Northern Dancer has been on defining higher gradeareas of both tungsten and molybdenum, not on increasing the tonnage ofthe mineralized area itself," Largo president and CEO Mark Brennan says.
The first eight holes - most collared in the northeast - from the 38 hole 2008 program look to confirm Largo's instincts.
Starting at a depth of 37 metres hole 101 returned 50 metres grading0.13% tungsten and 0.117 % moly. A couple hundred metres to thesoutheast of that hole, Largo cut 31 near-surface metres in hole 97grading 0.08% tungsten and 0.048% moly and another 75 metres grading0.04% tungsten and 0.063% moly.
And about 100 metres to the west of hole 101 Largo intersected 50metres grading 0.09% tungsten and 0.079% moly starting 98 metres belowsurface.
So far Largo has outlined a mineralized area about 1,500 metreslong, 600 metres wide and to a depth of 500 metres. It is open alongstrike and at depth.
Brennan says a scoping study for the project will be out in the next couple weeks.
As for Largo's other project, the Maracas vanadium property inBrazil, Brennan says Largo continues to seek funding for a mine withcapital costs estimated at $271 million dollars.
Although he says all options are on the table, "the ultimate objective we're looking at is debt financing."
Largo produced a feasibility study on Maracas mid-August which isestimated to hold reserves of 13.1 million tonnes grading 1.34%V<sub>2</sub>O<sub>5</sub>.
On news of the Northern Dancer drill results, Largo's share price gained 0.5¢ to close at 38.5¢.