11:45 AM EST, 03/05/2024 (MT Newswires) -- Largo Inc. ( LGO ) said Tuesday that it identified significant platinum group metals (PGM) grades in its non-magnetic tailings ponds and ilmenite stockpile from ongoing exploration work at its Maracas Menchen mine.

Results from samples include 3.0 meters grading 0.687g PGM equivalent and 4.3 metres grading 0.480g PGM equivalent.

"The major significance of today's announcement is that higher grades of PGMs could be associated with the company's non-magnetic material rather than massive vanadium ore, as previously thought," said Daniel Tellechea, director and interim CEO of Largo.

Largo said it has initiated a review of its past geology and assay database to establish the existence of PGMs in deposits surrounding the Campbell pit.

Largo at last look surged 8.3% in early Tuesday trading.

Price: 2.61, Change: +0.20, Percent Change: +8.30