{"id":5863,"date":"2024-02-15T00:37:56","date_gmt":"2024-02-15T00:37:56","guid":{"rendered":"https:\/\/economicherald.net\/?p=5863"},"modified":"2024-02-15T00:37:56","modified_gmt":"2024-02-15T00:37:56","slug":"value-driver-hatch-to-scope-out-colossus-rare-earths-project-for-viridis-mining-in-brazil","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5863","title":{"rendered":"\u2018Value driver\u2019 Hatch to scope out Colossus rare earths project for Viridis Mining in Brazil"},"content":{"rendered":"<p>Hatch to deliver scoping study for Colossus, beginning in March<br \/>\n$4.5m raised for development<br \/>\nMaiden resource due in Q2 this year<\/p>\n<p>\u00a0<\/p>\n<p>Special Report: Viridis Mining Minerals has awarded Hatch a scoping study and engineering support contract for the Colossus ionic adsorption clay (IAC) REE project in Brazil with preparations under way for a maiden resource estimate (MRE) which will underpin its development.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/viridis-mining-and-minerals-vmm\/\">Viridis Mining Minerals\u2019 (ASX:VMM)<\/a><span> recent focus at Colossus is on the \u2018Alkaline Complex\u2019 within the project area, where <\/span><a href=\"https:\/\/stockhead.com.au\/resources\/viridis-looks-lively-as-drilling-returns-23556ppm-treo-the-highest-yet-in-the-entire-complex\/\">Phase I and II drilling has produced grades of up to 23,556ppm<\/a><span> total rare earth oxides (TREO) \u2013 the highest surface grade intercept reported by any company at the tenure.<\/span><\/p>\n<p><span>The same complex hosts <\/span><a href=\"https:\/\/stockhead.com.au\/company\/meteoric-resources-mei\/\">Meteoric Resources\u2019 (ASX:MEI)<\/a><span> adjacent world-class 409Mt @ 2,626ppm TREO Caldeira IAC project.<\/span><\/p>\n<p><span>IAC projects are often easier to mine, process, and capable of producing the more valuable magnetic rare earths such as neodymium, praseodymium, terbium and dysprosium at lower costs than hard rock REE projects.<\/span><\/p>\n<p>\u00a0<\/p>\n<h2>Scoping study to Hatch<\/h2>\n<p><span>The Colossus scoping study with Hatch will initially focus on the highly prospective Northern concessions, where VMM is currently putting together a maiden resource estimate.<\/span><\/p>\n<p><span>This work will then expand to the remaining concessions at the project.<\/span><\/p>\n<p><span>Key deliverables from the assessment will include:<\/span><\/p>\n<p><span>Processing and production methods, flow rates and associated life-of-mine options<\/span><br \/>\n<span>Logistics and facility infrastructure, including production plant locations<\/span><br \/>\n<span>Key facility designs<\/span><br \/>\n<span>Mine extraction, backfilling, and rehabilitation options<\/span><br \/>\n<span>CAPEX: Pre-production capital costs and life-of-mine sustaining capital<\/span><br \/>\n<span>OPEX: Mining, processing, and operating costs<\/span><br \/>\n<span>Project development timeline, risks and opportunities<\/span><br \/>\n<span>Economic analysis: NPV, IRR, cashflow, payback period<\/span><\/p>\n<p><span>Hatch will also provide general engineering support.<\/span><\/p>\n<p><span>A further output from the study, VMM says, is to enable it to execute other key scopes that support financial modelling, project financing and offtake discussions.\u00a0<\/span><\/p>\n<p><span>\u201cWe are thrilled to have secured a strategic world-class professional services contractor such as Hatch, with specialist rare earth processing experience to work with our teams here in Perth and Belo Horizonte, Brazil,\u201d VMM chief executive Rafael Moreno says.<\/span><\/p>\n<p><span>\u201cHaving spent most of my career delivering major capital projects, you quickly learn that the calibre of your engineering contractor, early in your development journey, plays a crucial part in de-risking the execution phase of the project including the environmental approvals process.<\/span><\/p>\n<p><span>\u201cDiscussions held with Hatch management have given Viridis confidence that the team understands the value drivers of delivering a scoping study which reduces the complexity of the flow sheet design and technology selection, sets a global benchmark in environmental standards whilst keeping the facility opex at the low end of the cost curve.\u201d<\/span><\/p>\n<p>\u00a0<\/p>\n<h2>Maiden resource<\/h2>\n<p><span>Earlier this month, VMM raised $4.5m through a share placement to continue the development of Colossus and finalise a maiden resource estimate for the project.\u00a0<\/span><\/p>\n<p><span>The maiden resource estimate will encompass four project areas \u2013 the Northern Concessions, Cupim South, Capao da Onca (Western area) and Ribeir\u00e3o prospects \u2013 with an anticipated completion date in Q2 this year.<\/span><\/p>\n<p><span>VMM has engaged BNA Mining Solutions to prepare the Colossus MRE using results from successful Phase I and II drilling campaigns.<\/span><\/p>\n<p>Phase I and II drilling highlights at the Colossus IAC REE project. Pic: Supplied (VMM)<\/p>\n<p><span>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.\u00a0<\/span><\/p>\n<p><span>This deeper drilling, the company says, aims to test beneath the highest-grade auger portions of the project, which will allow the company to gain a full understanding of the clay mineralisation in these areas.<\/span><\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span><span>\u00a0<\/span><\/p>\n<p><span>This article was developed in collaboration with Viridis Mining and Minerals, a Stockhead advertiser at the time of publishing.<\/span><\/p>\n<p>\u00a0<\/p>\n<p><span>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/span><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/value-driver-hatch-to-scope-out-colossus-rare-earths-project-for-viridis-mining-in-brazil\/\">\u2018Value driver\u2019 Hatch to scope out Colossus rare earths project for Viridis Mining in Brazil<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Hatch to deliver scoping study for Colossus, beginning in March $4.5m raised for development Maiden resource due in Q2 this year \u00a0 Special Report: Viridis <a href=\"https:\/\/economicherald.net\/?p=5863\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5864,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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