Viridis Mining and Minerals (ASX:VMM) has completed a drill campaign focused on updating the mineral resource estimate (MRE) for the Colossus Rare Earth project in Brazil.
Assay results from the Northern Concessions and Tamoyo prospects have returned grades that are above those in the current block model, particularly for dysprosium and terbium oxides, reinforcing the growth potential and quality of Colossus, the company notes.
Key highlights include from the drill campaign are as follows:
- 8m @ 7,076 parts per million total rare earth oxides (TREO), including 4m @ 9,546ppm TREO and 4,024pppm magnet rare earth oxides (MREO)
- 16m @ 7,434ppm TREO, including 6m @ 10,426ppm TREO and 3,956ppm MREO
- 12m @ 6,754ppm TREO, including 6m @ 8,843ppm TREO and 2,932ppm MREO
Managing Director Rafael Moreno says that the infill results have confirmed the company’s expectations for the mineralisation at Colossus, “including strong concentrations of high-value magnetic rare earths such as dysprosium and terbium”.
“Importantly, drilling focused on the planned initial mining areas is significantly increasing resource confidence ahead of final investment decision (FID) targeted for Q3 2026, supporting conversion to measured classification, an updated reserve, and further strengthening project bankability,” Moreno adds.
“The results continue to reinforce the potential for a long-life, high-grade MREO feed profile, with shallow dysprosium, terbium, neodymium, and praseodymium enrichment expected to enhance basket value and future revenue potential.
“In parallel, geotechnical, density, mineralogical, and hydrogeological studies continue to advance in support of Definitive Feasibility Study (DFS) completion, and mine optimisation as Colossus progresses towards commencing project execution in Q3 2026.”
The drill results and assay grades underpin the upcoming MRE update, with a conversion of indicated and inferred resources to measured classification.
Viridis is also focused on several additional workstreams to progress Colossus through feasibility, permitting, financing, and project execution, including a rare earth research and processing centre (CPTR) and mixed rare earth carbonate demonstration plant; a Definitive Feasibility Study; project financing and offtakes; and additional strategic partners.
Viridis Mining and Minerals is a resource exploration and development company with assets in Brazil, Canada, and Australia.
Write to Amy Rotman at Mining.com.au
Images: Viridis Mining and Minerals
