Maracas Drilling Focus
This last press release, May 17, 2011, reemphasized exciting PGM possibilities so I found a press release from Oct. 2006 that announced the PGM stats from the drill holes. It seems soon afterwards the LGO rose to $1.00 - don't know if that's connected.
From May 17, 2011 Press Release
Largo Commences Drilling at Its Maracas Vanadium Project, Bahia, Brazil
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Andy Campbell,Vice President of Exploration for Largo, commented: "The Maracasproject has tremendous potential for further discoveries of bothVanadium and PGMs and Largo is optimistic that the present drill programwill substantially expand the resource at Maracas. Although the primaryfocus of the exploration campaign will remain vanadium, the PGMpossibilities are also quite exciting and we are looking forward tofurther determining the projects potential in this area."
October 30, 2006 08:00 ET
- Including 20 metres grading 1.2 grams 'g' platinum per tonne 'Pt/t' with 4 metres grading 2.0 grams Pt/t- 4:1 Platinum to Palladium ratio
Six out of the eight holes sampled returned PGM values ranging between0.52g/t and 1.24g/t over widths of 16 to 20 metres. The average platinumto palladium ratio for the 123 samples analyzed is 4:1. These resultsconfirm the presence of significant PGM values in the Maracas deposit asreported in the historic work (see press release of October 24, 2006).It is important to note that the focus of previous work was almostentirely for vanadium and only a small portion of the drill core waspreviously analyzed for PGMs.
Mark Brennan, President and CEO of Largo commented: "These resultsconfirm that Maracas, in addition to hosting an attractive vanadiumdeposit, has excellent potential to host significant PGMs with a highplatinum to palladium ratio."
Andy Campbell, P.Geo., Vice President, Exploration stated: "Theinitial PGM results are very encouraging and the platinum to palladiumratio is comparable to deposits in Africa and in particular the GreatDyke of Zimbabwe and the Bushveld Complex, South Africa. The PGM valuescorrelate very well with the higher grade V2O5 zones. We are planning toexpand the sampling program to better evaluate the nature and extent ofthe PGM mineralization."
The Maracas deposit is hosted within a lower sequence of gabbros andpyroxenites of the 2.64 billion-year-old, Jacare River mafic-ultramaficintrusion. This sheetlike linear intrusion extends for 70 kilometresalong a north-south strike averaging about 1.2 kilometres in width.There are a number of striking similarities to the Great Dyke includingage, rock types, platinum and palladium ratios and style of intrusion aswell as the host rock that it intrudes. The PGMs are associated withdisseminated to massive bodies of titano-magnetite in pyroxenites. Thismassive, titano-magnetite mineralization at Maracas ranges from 2.0 to90 metres in thickness with an average true width of 25 metres.