Viridis Mining and Minerals (ASX:VMM) has yet again reported a fresh batch of ‘world-class’ rare earths drilling results from its Colossus Project in Brazil.
The $91.6 million market capitalisation company has published results from 47 auger holes and 6 diamond holes across the project, with assays from more than 120 auger holes, 14 reverse circulation (RC) holes, and 9 diamond holes still outstanding.
The top new diamond results include a 21.5m hit @ 3,195 parts per million (ppm) total rare earth oxides (TREO) from surface at the Carijo prospect in the project area, within a broader section of 32m @ 2,563ppm TREO.
Viridis says these Carijo results highlight a new ionic adsorption clay (IAC) body with an average thickness of 18m and a weighted average grade of 3,201 ppm TREO.
The new results also include 4 diamond holes from the Fazenda prospect, resulting in an IAC body with an average thickness of 14m and a weighted average grade of 2,979 ppm TREO.
Meanwhile, new rare earths zones uncovered by auger drilling at Fazenda will now become priority targets for deeper drilling by the Viridis team.
Further, assays from the first and only diamond housed at the Central and Caminho Das Pedras prospects both returned ‘outstanding’ rare earth element (REE)-rich clay zones, according to Viridis.
Executive Chairman Agha Shahzad says this latest set of results is ‘groundbreaking’ for the company given that 2 of the 3 new high-grade discoveries — Carijo, Central, and Caminho Das Pedras — adjoin the Fazenda concession.
“Combined with our first batch of results, we are demonstrating the entire Northern Concessions system has the potential to contribute to a substantial REE resource…
The exploration success achieved to date at Colossus is a result of the diligent work by the Viridis team that continues to put money into the ground to generate shareholder value.”
“Combined with our first batch of results, we are demonstrating the entire Northern Concessions system has the potential to contribute to a substantial REE resource”
Viridis says over 95% of its holes in the area have struck more than 1000 ppm TREO, with all 45 auger holes ending in REE mineralisation and grades increasing at depth.
The latest batch of auger results has ‘significantly advanced’ the economic potential of Fadenza.
Alongside its Brazilian rare earths assets, Viridis Mining and Minerals owns the South Kitikmeot gold project in Canada, the Poochera and Smoky kaolin-halloysite projects in South Australia and New South Wales, respectively, and the Boddington West gold and Bindoon nickel-copper-platinum group elements (PGE) projects in Western Australia.
Write to Joshua Smith at Mining.com.au
Images: Viridis Mining and Minerals and Pexels
