Rare earths explorer Viridis Mining and Minerals (ASX:VMM) has reported another round of ‘world-class’ drilling results from its Colossus Rare Earth Element (REE) Project in Brazil.
The company says results from its maiden auger and diamond drilling program at the Capão da Onça (CDO) prospect in the project area showcase the highest grades reported from the project to date and represent a ‘breakthrough’ discovery within the unexplored western quarter of the Alkaline Complex.
The top results from this prospect include hole CDO-AG-071 with 7m @ 8,277 parts per million (ppm) total rare earth oxides (TREO) from 1m, hole CDO-AG-059 with 6m @ 5,248 ppm TREO from 0m, and hole CDO-AG-006 with 10m @ 3,338 ppm TREO from 1m.
Each of these holes ended in mineralisation.
Meanwhile, diamond drilling at the Fazena Mining Licence and the Cupim South area has struck ‘widespread homogeneous’ mineralisation, with deeper drilling confirming that the saprolite-hosting body extends beyond Viridis’ auger holes.
From this area, hole FZ-DDH-006 hit 33.5m @ 3,091 ppm TREO (28% magnet rare earth oxides) within a broader section of 48.5m @ 2,662 ppm TREO from 0m.
Finally, Viridis says auger drilling across 3 additional licences has returned ‘outstanding’ high-grade REE assays, with all holes ending in mineralisation.
These auger results include hole CDP-AG-001 with 5m @ 5,313 ppm TREO from 2m, ending in mineralisation.
The company says its third batch of auger and diamond results continues to illustrate the scale and quality of Colossus, laying the foundation for the project to potentially rank among the highest-grade and largest ionic adsorption clay projects on the planet.
Shares in Viridis Mining and Minerals have spiked 18.35% to $1.58 as of 3:15 pm AEDT on 3 January.
Viridis Executive Chairman Agha Shahzad Pervez says these are the best results the company has seen from its northern concessions to date.
“We’ve made a significant discovery on the western quarter of the Alkaline Complex on our Capão da Onça Prospect, with auger holes at this prospect returning the highest grades to date at Colossus and the first and only diamond drill hole returning 15m @ 2,712ppm TREO from surface.
The western quarter of the Alkaline Complex has previously had no drilling or exploration for REEs conducted within a 9km radius.”
“We’ve made a significant discovery on the western quarter of the Alkaline Complex on our Capão da Onça Prospect, with auger holes at this prospect returning the highest grades to date at Colossus and the first and only diamond drill hole returning 15m @ 2,712ppm TREO from surface”
Pervez adds that the company is actively acquiring data, drilling, and enhancing its understanding of the high-grade mineralisation in the area to capitalise on this ‘standout’ opportunity.
The company is still waiting on assays for more than 100 auger holes, 34 adapted reverse circulation (RC) holes, and 19 diamond holes, with exploration drilling to recommence ‘imminently’ across the Northern Concessions and Cupim South prospect in the Colossus area.
Write to Joshua Smith at Mining.com.au
Images: Viridis Mining and Minerals
