Viridis remains on track to produce a Colossus maiden rare earths resource

Phase I and II drilling at Colossus nears completion
Viridis says results will underpin an upcoming maiden resource estimate
Aggressive RC and diamond drilling to continue

Special Report: As the intensive Phase I and II exploration drilling campaigns at Viridis Mining and Minerals’ Colossus ionic adsorption clay (IAC) REE project in Brazil nears completion, preparations are under way to produce a maiden resource estimate (MRE) which will underpin its development.

Viridis Mining and Minerals’ (ASX:VMM) focus at Colossus is on the ‘Alkaline Complex’ within the project area, where drilling from 109 auger holes has produced assays of up to 9,447ppm total rare earth oxides (TREO).

The same complex hosts Meteoric Resources’ (ASX:MEI) adjacent world-class 409Mt @ 2,626ppm TREO Caldeira IAC project.

More drilling milestones

As exploration drilling wraps up, key late takeaways from the last batch of assays and recent drilling observations at the Cupim South prospect have intersected 103m of highly weathered saprolite clay from hole CS-DDH-007.

This confirms the saprolite hosting body extends well beyond the auger holes, with “outstanding thick intercepts” being discovered.

CS-DDH-007 is in close vicinity and along strike of intercepts at CS-DDH-001 and CS-DDH-003, where assays showed high grades of valuable magnetic rare earths (MREO). These include:

24m @ 4,573ppm TREO (38% MREO), including 14m @ 6,177ppm TREO (40% MREO) from 3m at hole CS-DDH-001; and
46m @3,285ppm TREO [27% MREO] within a broader section of 65m @ 2,799ppm TREO (28% MREO) at hole CS-DDH-003.

VMM management believes that the consistent high-grade and thick intercept results across the various tenement packages drilled to date gives the appropriate guidance on the potential target areas for the MRE.

The MRE will encompass four project areas – the Northern Concessions, Cupim South, Capao da Onca (Western area) and Ribeirão das Antas prospects, with an anticipated completion date in Q2 this year.

VMM has engaged BNA Mining Solutions to prepare the Colossus MRE using results from the Phase I and II drilling campaigns.

Exploration highlights at the Colossus IAC REE project. Source: VMM

Unlocking further value in the Alkaline Complex

VMM CEO Rafael Moreno says the team is pleased with the enormous amount of exploration work completed since the acquisition of Colossus, and continues to be impressed with the exceptionally thick intercepts of highly weathered saprolite clays encountered throughout the project.

“The appointment of BNA Mining Solutions signifies a major milestone in our journey from explorer to producer,” Moreno says.

“The exceptional results we’ve seen as part of our Phase I & II drilling programs will support the definition of the company’s maiden MRE, and gives us confidence on being able to deliver a successful development strategy.”

While gearing up for the development phases of the Colossus, VMM says it will continue exploration with aggressive RC and diamond drilling to depth, aimed at unlocking further value within the Alkaline Complex.

This deeper drilling, the company says, aims to test beneath the highest-grade auger portions of the project which will allow VMM to gain a full understanding of the clay mineralisation in these areas.

 

This article was developed in collaboration with Viridis Mining and Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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