Viridis Mining and Minerals (ASX:VMM) has appointed HIDROEX to carry out a maiden drilling program at its Colossus Project in Brazil.
According to an August 1 announcement, Viridis has signed a deal to acquire 100% of the rare earths present at Colossus, which consists of 41 licences — including 2 mining licences — totalling 56km-square within the Poços De Caldas Alkaline Complex in Minas Gerais.
The project sits directly adjacent to thenorthern boundary of the Caldeira Ionic Adsorption Clay Project, where Meteoric Resources (ASX:MEI) has defined a resource measuring 409 million tonnes at 2,626 parts per million (ppm) total rare earth oxides (TREO).
Scheduled to begin in early September, an initial phase of drilling will comprise 213 auger holes — totalling 3,200m — at the Caminho Das Pedras, Fazenda, Ceten and Carijo prospects. These areas represent possible northern extensions to the Caldeira Project’s Dona Maria 1 and 2 resource, which measures 94 million tonnes at 2,320ppm TREO.
Though they are the only 2 mining licences, previous drilling at Fazenda was limited to just 3m, while no historical drilling was undertaken at Caminho Das Pedras. A nearby hole previously completed by JOGMEC, however, returned 11.3m at 2,502ppm TREO.
A second phase of drilling will then focus on southern extensions of Caldeira’s Cupim Vermelho Norte resource, which boasts 104 million tonnes at 2,485ppm TREO.
Viridis also intends to collect and send bulk samples for metallurgical testing during the program, which will be carried out under the supervision of newly appointed in-country executives Jose Marques Braga Junior and Klaus Petersen.
“We have developed a multi-phased drill plan to establish a significant ionic rare earth resource that would make the Colossus Project a globally significant deposit,” Executive Chairman Agha Shahzad Pervez says.
“The team has worked diligently to ensure we can commence drilling imminently. All permits and contractors have been put in place, and the Viridis team will conduct a final site visit in early September 2023 before its maiden drilling campaign begins.”
Viridis spent a total of US$2 million (A$3.1 million) to acquire the project, which it considers a “transformative step” in its growth strategy.
The company also owns the South Kitikmeot Gold Project in Canada, the Boddington West and Bindoon gold projects in Western Australia, the Poochera Project in South Australia, and the Smoky Project in New South Wales.
Write to Oliver Gray at Mining.com.au
Images: Viridis Mining and Minerals
