Largo Resources Ltd. (“Largo” or the “Company”) (TSX: LGO) (OTCQX: LGORF) is pleased to announce an update on the Novo Amparo Norte deposit (“NAN”) in Maracás, Brazil.

Highlights of the updated resource estimate for NAN:

Total Measured and Indicated Mineral Resources of 12.23 million tonnes grading 0.88% V2O5 with magnetic concentrate grades of 2.41% V2O5;
Inferred Mineral Resources of 11.33 million tonnes grading 0.90% V2O5 with magnetic concentrate grades of 2.46% V2O5;
The resource is defined over a strike length of approximately two kilometers and remains open to the south and at depth;

The Company’s previously announced exploration program has successfully delivered a significant increase to the overall resource base at NAN with the successful conversion of resources from the Inferred category to the Measured and Indicated categories in addition to increasing the Inferred Resources. The updated resource estimate is based on approximately 12,912 m of diamond drilling over 88 holes (including 5,404 m in 47 drill holes completed in 2019) and 5,549 sample intervals across the deposit. NAN is located approximately 6.5 km north of the Company’s current mining operation at the Maracás Menchen Mine, Campbell Pit and has a lower royalty burden than that associated with the Campbell Pit.

Novo Amparo Norte Mineral Resource Estimate as of May 31, 2019

1.

Mineral Resources have been classified using the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

2.

Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.  The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to the Measured and Indicated Mineral Resource.  It is reasonably expected that a portion of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

3.

Magnetite content is determined by Davis Tube Test methodology.  V2O5content of the magnetite concentrate was determined by XRF79C methodology at the SGS facility in Belo Horizonte, Brazil.

4.

Assuming only mineralized zones grading 0.45% V2O5 or greater.

5.

Numbers may not add up exactly due to rounding.

 
NAN lies within the Rio Jacaré intrusion, a mafic to ultramafic intrusive complex that hosts several vanadium rich titanomagnetite deposits including the Maracás Menchen Mine, Campbell Pit (Figure 1). Drilling at NAN was completed over a strike length of approximately two kilometers and the current resource estimate extends to approximately 250 meters below surface where mineralization remains open for further exploration. Vanadium rich magnetite units extend south of the current NAN resource area and the Company is evaluating future drilling plans.
 
Mark Smith, Chief Executive Officer of Largo, stated: “I am very pleased that through our modest drill program completed over the past year, the Company was able to successfully deliver a significant conversion of resources from the Inferred to the Measured and Indicated categories at NAN. In addition, in adding more Inferred mineralization to the total, we have further confirmed our confidence in NAN as a target for further development. We are continuing to advance our work at NAN with geological and engineering studies currently underway to further upgrade our understanding of the deposit and related economics.”
 
Quality Assurance and Quality Control
 
All drill core samples were delivered to the SGS facility in Belo Horizonte, Brazil for analysis of select elements by XRF79C. Davis Tube test work is carried out on all mineralized samples. Quality control entailed the insertion of company blanks and standards into the drill core sample stream. In addition, SGS routinely inserts blanks, standards and duplicate analysis.
 
Qualified Person
 
Mr. Paul Sarjeant B.Sc. P.Geo., Manager of Geology at Largo Resources is a Qualified Person as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects and has reviewed the technical information in this press release.
 
About Largo Resources
 
Largo is a Toronto-based strategic mineral company focused on the production of vanadium flake, high purity vanadium flake and high purity vanadium powder at the Maracás Menchen Mine located in Bahia State, Brazil. The Company’s common shares are principally listed on the Toronto Stock Exchange under the symbol “LGO”.
 
Neither the Toronto Stock Exchange (nor its regulatory service provider) accepts responsibility for the adequacy or accuracy of this press release.

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