Viridis Mining and Minerals (ASX:VMM) has engaged and signed a formal contract with BNA Mining Solutions to prepare a maiden JORC (2012) Mineral Resource Estimate (MRE) for the Colossus Ionic Adsorption Clay Rare Earth Project in Brazil.
Viridis, which has a $68.74 million market capitalisation, says the MRE will encompass 4 project areas of the Northern Concessions, Cupim South, Capao de Onca, and Ribeirão das Antas prospects.
The MRE is scheduled for completion in Q2 2024.
Viridis Mining and Minerals Chief Executive Officer (CEO) Rafael Moreno says the appointment of BNA Mining Solutions signifies a ‘major’ milestone in the company’s journey from explorer to producer.
“The appointment of BNA Mining Solutions signifies a major milestone in our journey from explorer to producer.
The exceptional results we’ve seen as part of our phase one and two drilling programs will support the definition of the company’s maiden mineral resource estimate, and gives us confidence on being able to deliver a successful development strategy.”
Today (19 January 2024), Viridis announces phase one and two drilling programs are approaching completion at the project, with only 3 diamond and 3 reverse circulation (RC) holes remaining to be drilled at Cupim South.
Viridis reports 103m of ‘highly weathered’ saprolite clay intersected from the most recent diamond drilling confirms the saprolite hosting body extends well beyond the auger holes.
The company notes consistent and ‘high-grade’ intercepts returned from across the various tenement packages drilled to date has given Viridis management the appropriate guidance on the potential target areas for its maiden resource.
Further assays from multiple ‘thick’ diamond and RC holes are pending.
Samples have been prepared and sent to the Australian Nuclear Science and Technology Organisation (ANSTO) to begin optimised ionic desorption testwork imminently once the next batch of results are received this month.
Moreno says: “We are pleased with the enormous amount of exploration work completed since acquisition of Colossus, and continue to be impressed with the exceptionally thick intercepts of highly weathered saprolite clays encountered throughout the project.”
Viridis Mining and Minerals is a resource explorer and developer with assets in Brazil, Canada, and Australia.
Write to Adam Drought at Mining.com.au
Images: Viridis Mining and Minerals
