Rare earths explorer Viridis Mining and Minerals (ASX:VMM) has struck a binding $320,000 deal to expand its landholding within its Colossus Project in Brazil by 9.98km-square.
Viridis, which has a $60.15 million market capitalisation, says the expansion comes from 3 mining licences and a mining request in which it will hold the mining rights across all tenements.
The licences expand the Cupim South prospect in the area and connect it to the Centro Sul prospects, forming a continual land position of 15.75km-square in the central and southern portion of the alkaline complex in the area. This complex forms a corridor that Viridis says is now capable of being both a ‘large-scale’ and ‘high-grade’ resource.
Viridis CEO Rafael Moreno says the ‘strategic’ expansion of its land position ensures that the Cupim South prospect has a ‘significant’ land size to complement the ‘exceptional’ grades from the area.
“Our first batch of assays from diamond drilling at Cupim South provided a weighted average grade, in saprolite, of 3,460ppm, ranging from 15m to 45m thick and over 1.25km strike, which indicates the presence of world-class ore body in this area.
This expansion marks the final puzzle piece in our plan to consolidate a corridor of landholdings between two major resources and bridge Centro Sul to Cupim South.”
Images: Viridis Mining and Minerals
