Viridis Mining & Minerals says it has recorded the highest surface-grade rare earths results reported by any explorer in the Poços de Caldas alkaline complex to date at its Colossus project in Brazil.
Reverse-circulation (RC) drilling from the company’s Fazenda prospect delivered a 1m hit grading an astounding 23,556 parts per million total rare earth oxides (TREO) from just 1m, as part of a 5.5m intercept at 14,896ppm TREO from 1m.
The impressive section also includes 7407ppm neodymium and 1753ppm praseodymium, in addition to highly-valued heavy rare earth oxides (HREO), with 441ppm dysprosium and 96ppm terbium. Management says HREO such as dysprosium and terbium fetch up to 10 times the value of neodymium and praseodymium, with the latest intercept showing all four present in significant amounts.
Viridis believes the high-grade portion that hosts an impressive 5.5m at 6154ppm HREO and also contains 47 per cent magnet rare earth oxides (MREO), demonstrates the new potential for the Fazenda area of the complex to predominantly produce high-value and critical heavy rare earths.
Additional results from drilling at Fazenda show 31m at 3080ppm TREO from surface including 18m going 4268ppm at 36 per cent MREO, while a third hole delivered 22m grading 2318ppm TREO from surface including 13m reading 2853ppm.
A second breakthrough discovery was also made from auger and diamond drilling at the company’s Ribeirão prospect, with assays showing results of up to 4868ppm TREO. The latest figures show 8m at 3083ppm TREO from 3m, ending in mineralisation recording 4868ppm. Wider hits at Ribeirão returned 24m grading 2643ppm from 0.5m including 15.5m going 3223ppm at 28 per cent MREO.
Auger drilling at the Capão da Onça target also continued to deliver consistent results with 4m grading 6870ppm TREO from surface and ending in mineralisation grading 3918ppm. Earlier this year, the company recorded a 7m intercept going 8227ppm TREO from just 1m downhole, including a 4m hit at 9447ppm TREO from 3m that ended in mineralisation at a grade of 8275ppm TREO. The 4m section also included 35 per cent MREO.
These results are truly staggering. This set of assays not only contains another greenfield discovery which will contribute to our Maiden Resource, but also contains the highest reported grade intercept at surface within the entire Poços de Caldas Alkaline Complex by any company. The latest batch of results continues to demonstrate that Colossus is yet to uncover its full potential. With aggressive exploration, we continue to make discoveries at depth and in new areas. Viridis Mining & Minerals chief executive officer Rafael Moreno
Colossus sits alongside Meteoric Resources’ Caldeira rare earths project, which hosts a JORC-compliant mineral resource of a massive 409 million tonnes at 2626ppm TREO. Late last year, Viridis increased its previous 91-square-kilometre holding in the emerging Brazilian mineral district of Minas Gerais by a further 5388 hectares to bring its total concessions in the area to 144.57sq km.
Just last month, the company revealed plans to double the size of its Colossus clay-based rare earths project after signing option agreements to secure additional mining rights to tenements next to its current licence. The option covers more than 10,000ha and would take the company’s holdings in the Poços De Caldas alkaline complex in Minas Gerais out to an impressive 22,863ha.
With more than 100 drillholes still pending assay results and plans to follow up auger results with deeper RC and diamond drilling as part of an aggressive exploration push, many punters will be keeping a close eye on what Viridis can reveal when it delivers the upcoming resource for its exciting Colossus project.
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