Viridis Mining and Minerals Limited ('Viridis' or 'Company') is pleased to report that the ninth set of assays has been received within the Colossus Project, presenting the best results to date.
The ninth set of assays primarily targeted high-grade rare earth element ('REE') mineralisation along the Cupim South extension, establishing a large continuous footprint of >4,000ppm TREO. The Cupim South extension redefines the initial feed potential for Colossus and establishes a pathway to produce a high basket value product from significant near-surface DyTb mineralisation. Infill drilling has shown Northern Concessions continue to show elevated heavy rare earths and higher-grade zones than the current block model in numerous areas.
Chief Executive Officer, Rafael Moreno commented: 'Another outstanding set of results which reaffirm the remarkable resource we are dealing with at Colossus. The very high-grade core being identified at our Cupim South Extension supports our development strategy to focus on the exceptionally high areas of TREO / MREO in our Northern Concessions and Cupim South Extension. With the RC infill drilling at our Northern Concessions revealing a significant improvement in grade and mineralisation depth compared to our existing resource block model, we are excited to showcase the enormous potential of our resource upgrade at the end of this year. The contiguous nature of both our Northern and Southern areas, plus high grades from surface, means both mine development and processing flowsheet are simplified and support a low-cost operation. The high levels of MREOs, in particular Dy / Tb, and industry-leading recoveries all bode extremely well for project economics.'
Cupim South
The ninth batch of assays predominantly consisted of step-out auger drilling at Cupim South Extension, which has uncovered a large and continuous high-grade zone. These results will confirm high-priority areas for followup RC drilling, which is expected to continue adding significant tonnages for the initial high-grade feed. These results magnify the potential for Colossus with Cupim South having the potential to multi-fold its current resource base. Furthermore, the continuous high-grade zone also shows elevated heavy rare earth concentrations near surface, which is expected to improve the overall basket value for products coming from Colossus.
Contact:
Carly Terzanidis
Tel: + 61 3 9071 1847
Email: cosec@viridismining.com.au
About Viridis Mining and Minerals Viridis Mining and Minerals Limited is a resource exploration and development company with assets in Brazil, Canada and Australia.
The Company's Projects comprise: The Colossus Project, which the Company considers to be prospective for Rare Earth Elements; The South Kitikmeot Project, which the Company considers to be prospective for gold; The Boddington West Project, which the Company considers to be prospective for gold; The Bindoon Project, which the Company considers to be prospective for nickel, copper and platinum group elements and The Poochera and Smoky Projects, which the Company considers to be prospective for kaolinhalloysite and The Ytterby and Star Lake Projects, which the Company considers prospective for Rare Earth Elements.
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