‘Incredible’ REE grades extend Colossus mineralisation

High grades extend Colossus mineralisation into Southern Concessions
Cupim South mining license granted taking total to four
Infill drilling continues at the Southern Concessions and metallurgical testing is ongoing

Special Report: Viridis Mining & Minerals has made a major expansion to the Cupim South high-grade zone within the Colossus REE project in Brazil, with assays of up to 15,339ppm TREO.

Viridis Mining & Minerals (ASX:VMM) has made a major impact since acquiring Colossus a year ago and is continuing to expand the project area with an aim to become a significant producer of high-grade, high-demand magnetic rare earths.

The mining license for Cupim South has now been granted, which covers the highest-grade portions of the current 201Mt at 2590ppm total rare earth oxides (TREO) Colossus has explored to date.

This significant milestone means that VMM now has four granted mining licenses at Cupim South – covering the most critical and high-grade areas of the Colossus project.

Best hits at this 10th batch of assays at Colossus and recovered from Cupim South show an intercept of 21m at 15,339ppm TREO, from surface, ending in mineralisation – with a higher-grade portion of 10m at 28,425ppm TREO.

At Centro Sul, first assays from the maiden augur drill program show near-surface TREO grades of up to 6777ppm – yet only a small portion of the prospect has been explored to date.

Highlights of the plan view at Cupim South Deposit and extension with auger drills. Pic: VMM

Ongoing exploration and testing

More than 210 holes are awaiting assays at Cupim South, with RC drilling ongoing across the entirety of the project and infill drilling continuing across the Northern Concessions, which will be followed up by maiden RC drilling at Centro Sul after acquiring seven new tenements earlier this month.

It’s also completed hydrogeological drilling at the projects’ 147Mt at 2516ppm Northern Concessions deposit for its environmental studies permit.

Maiden mixed rare earth carbonate (‘MREC’) production is on track and expected to be announced in the near future, with full suite of REE recoveries across the entire process flowsheet.

There’s also a follow-up metallurgical testing program that’s commenced within the southern licenses of Cupim South and Centro Sul.

“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,” VMM CEO Rafael Moreno 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.

“As we progress engineering, metallurgical testing and more, we are making important strides to maximise the value of Colossus.”

One of the key elements to a high-margin and robust REE project is the value of its magnetic rare earth oxides (MREO) to TREO 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,” Moreno says.

This article was developed in collaboration with Viridis Mining & Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.