Viridis Mining and Minerals Ltd (ASX:VMM) says drilling work at the Cupim South and Centro Sul prospects of its Colossus rare earth project in Brazil has revealed several zones of high-grade mineralisation, including 21 metres at 15,339 ppm (parts per million) TREO (total rare earth oxides) at Cupim South.
At Centro Sul, a maiden auger drilling program showed grades of up to 6,666ppm TREO, and indicated the presence of a large quantity of high-grade mineralisation in general across the prospect.
Viridis says these results contribute to positive expectations for Colossus’ initial feed, and open the door to a potential long-life mine plan built around grades of more than 4,500ppm TREO.
In particular, it was noted the high basket value of Cupim South, which features several zones of surface and shallow heavy rare earth mineralisation, including Dysprosium and Terbium alongside strong grades.
Chief Executive Officer Rafael Moreno said the exploration work at Colossus was yielding a raft of exciting results.
“We know how prolific this part of the complex is becoming, but these new results are surreal and serve to further validate the remarkable landholding we have at our disposal,” he said.
“The incredible grades we are seeing at our Cupim South Extension will support a long-life high-grade early mine plan from both our initial Northern and now Southern concessions.
“I’m pleased to get the drill bit into our Centro Sul tenements, which didn’t disappoint, with an exceptional footprint identified at surface and the holes ending in high grade mineralisation.
“One of the key elements to a high margin and robust Rare Earth project is the value of its basket price.
“The ratio of MREO/TREO in the MREC basket is the critical indicator of its value, and with the consistent high levels of MREO/TREO in our assays, Shareholders should be excited with the potential value the Colossus Project is expected to deliver.”
Viridis has been trading at 74 cents.