I'm not particularly interested in making a list of living fossils, c_b. I prefer the concept of a lazarus taxon, one that has a large gap in its known evolutionary history, to that of a "living fossil". Everything living today has been evolving for the same amount of time, and anything older than 10,000 years old is a fossil by definition, so lots of things qualify as living fossils. But I'm happy to comment, and make suggestions of lazarus taxa (like wollemi pine).
Cool ant, lousy reporting! It's not the first new ant species discovered since 1923--dozens of new ant species are named every year. What makes it unusual is being a member of a previously unknown group that branched off early in ant evolution. Also, the species isn't 120 million years old, rather, it's estimated that its lineage diverged from other ants about 120 million years ago.