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Viridis Mining and Minerals (ASX:VMM) has signed a binding agreement to secure nearly 10 square kilometers of permits right nextdoor to its Cupim South Prospect in Brazil.
Management are hoping that by bolstering the company’s land footprint geotechs can potentially enhance any future discoveries made at Cupim South.
The expansion includes key assets such as land nearby drillhole “CS-DDH-001,” which revealed promising results of rare earth elements.
With three mining licenses and one mining request in the so-called “New Areas,” this expansion creates a contiguous land position of approximately 15.75 square kilometres.
Ultimately, Viridis is looking to lock in fresh high-grade prospects for drillers to sink their teeth into across the calendar year.
The New Areas also border the Cupim Vermelho Norte Deposit, adding potential further value to Viridis’ portfolio, as far as the company is concerned.
“This [expansion] has increased the footprint of Cupim South from 1.71sq.km to a significant combined corridor of 15.75sq.km,” Viridis chief Rafael Moreno said.
“[This is all comprised of] granted mining licenses, which sets up the potential for Cupim South to be an incredible asset for Viridis concerning both grade and scale,” Chief Executive Officer Rafael Moreno said.
VMM has been trading at $1.14.
