{"id":5364,"date":"2024-02-05T02:03:48","date_gmt":"2024-02-05T02:03:48","guid":{"rendered":"https:\/\/economicherald.net\/?p=5364"},"modified":"2024-02-05T02:03:48","modified_gmt":"2024-02-05T02:03:48","slug":"a-rare-earths-colossus-one-of-2023s-top-exploration-stocks-is-stepping-on-the-accelerator-in-2024","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5364","title":{"rendered":"A rare earths Colossus: One of 2023\u2019s top exploration stocks is stepping on the accelerator in 2024"},"content":{"rendered":"

Special Report: Viridis Mining and Minerals raised $4.5m via popular placement to expand exploration, conduct comprehensive met work, and finalise a maiden resource at the aptly-named Colossus rare earths project in Brazil.<\/p>\n

Viridis Mining and Minerals (ASX:VMM<\/a>) finished 2023 with a 560% gain, making it one of the year\u2019s top performing ASX stocks.<\/a><\/p>\n

The catalyst was the August acquisition of Colossus, an Ionic Adsorption Clay (IAC) rare earths (REE) project within Brazil\u2019s pro-mining state of Minas Gerais, directly adjacent to Meteoric Resources\u2019 (ASX:MEI)<\/a>\u00a0Caldeira project.<\/p>\n

IAC projects are ostensibly easier to explore, mine and process, which offsets their low grades compared to their hard rock counterparts.<\/p>\n

But the good ones are hard to find. VMM and MEI have now sewn up the available ground in the area prospective for IAC-hosted REE that isn\u2019t held by the big players.<\/p>\n

Caldeira itself is world class, hosting an existing resource of 409Mt grading 2,626 parts per million (ppm) total rare earth oxides (TREO) \u2013 the highest grade for any Ionic Adsorption Clay (IAC) resource.<\/p>\n

VMM is hoping to replicate MEI\u2019s success with aggressive work programs in 2024.<\/p>\n

\u00a0<\/p>\n

A big 2024 ahead for Viridis<\/strong><\/h2>\n

Exceptional drill results received to date from Colossus from new and existing discoveries have set the foundation for an accelerated work program in 2024, the company says.<\/p>\n

Highlights from phase 1 and 2 drill programs include grades up to 23,556ppm TREO, the highest surface grade intercept reported by any company<\/a> in the Po\u00e7os de Caldas Alkaline Complex.<\/p>\n

Funds from the heavily oversubscribed $4.5m placement \u2013 supported by board and management, including $1m from exec chairman Agha Shahzad Pervez \u2014\u00a0 will be used to expanding exploration, conducting comprehensive metallurgical studies, and complete the maiden resource.<\/p>\n

\u201cThe overwhelming support from the investment community is a true testament to the quality of the Colossus Ionic Adsorption Clay REE Project and pace with which the Viridis team is progressing,\u201d CEO Rafael Moreno says.<\/p>\n

\u201cOur strengthened cash position will support Viridis in delivering on our aggressive development timeline.<\/p>\n

\u201cThe exceptional drilling results received to date have set the foundations to allow the company to fast-track its planned work program, which includes an extensive deep drill program in existing and greenfield sites, widespread metallurgical testing, and the release of the Colossus maiden mineral resource estimate.\u201d<\/p>\n

Over 100 drill holes are still pending assays, with aggressive exploration ongoing.<\/p>\n

VMM continues transitioning from auger to deep RC\/diamond drilling, which is expected to produce thicker intercepts.<\/p>\n

Auger drilling will continue for greenfield exploration work to scout new areas of interest and has already commenced in new areas comprising the recent strategic expansion of Colossus.<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

\u00a0<\/p>\n

This article was developed in collaboration with Viridis, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post A rare earths Colossus: One of 2023\u2019s top exploration stocks is stepping on the accelerator in 2024<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Special Report: Viridis Mining and Minerals raised $4.5m via popular placement to expand exploration, conduct comprehensive met work, and finalise a maiden resource at the [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5365,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nA rare earths Colossus: One of 2023\u2019s top exploration stocks is stepping on the accelerator in 2024 - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=5364\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A rare earths Colossus: One of 2023\u2019s top exploration stocks is stepping on the accelerator in 2024 - 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