Viridis Mining & Minerals (ASX: VMM) has jagged a phenomenal 21m at 15,339 parts per million total rare earth oxides (TREO) in maiden drilling at its Cupim South prospect in Brazil, shining a brighter spotlight on its emerging Colossus project.
As part of a long suite of new results unveiled by the company today, it says the auger intercept comprises the full depth of the hole from surface and includes a 10m slice between 4m and 14m depth that averages a whopping 28,425ppm TREO. The hole also ended in mineralisation at 3821ppm TREO.
Importantly, the magnet rare earth oxides (MREO) component in the highlight intercept makes up 13 per cent of the TREO value, while the more valuable rare earths pairings of neodymium-praseodymium (NdPr) and dysprosium-terbium (DyTb) show respective grades of 1232ppm and 66ppm.
Viridis says its next-best intercept in the Cupim South licence area was 10m at 5869ppm TREO from 2m depth, which ended in mineralisation going 7359ppm TREO. It included a final 4m carrying 138ppm DyTb oxides.
The latest batch of assays focused mainly on testing new areas in Cupim South and the potential for extensions of the deposit’s big, high-grade zone running at more than 4000ppm TREO. The results have extended that continuous footprint and also highlight a new discovery in the far north-east of the license.
With grades exceeding 7000ppm, as shown by one intercept of 8m at 7856ppm TREO, in a new discovery area, it could have the potential to form another significant zone ranking higher than 4000ppm TREO.
Viridis sees the results as further magnifying the size and grade potential of the Cupim South mineralisation, while the zone’s elevated, near-surface heavy rare earths concentrations could improve the overall basket value for final products from Colossus.
Management says the MREO-to-TREO ratio in the mixed rare earths carbonate (MREC) basket is the critical indicator of a project’s value. That aspect is highlighted by a 7m intercept at 4627ppm TREO, with a combined 39 per cent NdPr and DyTb, while the final 3m throws up a stunning 44 per cent content of the combined four oxides.
The overall Cupim South demonstration of extent, consistency, depth and grade places the licence central to Viridis’ high-basket value and high-margin strategy for its Colossus project.
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. 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.
Viridis Mining & Minerals CEO Rafael Moreno
In other areas, maiden auger drilling results at the company’s Centro Sul prospect have proven to be strong, with several high-grade, near-surface targets already justifying follow-up reverse-circulation (RC) drilling and suggesting the potential for more high-grade discoveries.
Hydrogeological RC drilling at the company’s Northern Concessions, which is testing low-grade blocks, has unveiled areas carrying higher rare earths contents than expected and may represent future resource potential.
A best hit obtained 20m at 4304ppm TREO from surface including 8m running 6570ppm TREO, of which the MREO comprises 34 per cent. The hole returned grades running twice those originally modelled prior to drilling.
Other similar grade hikes include an exceptional 26m going 5270ppm TREO. Such results have proven critical for the company’s environmental study for the Northern Concessions, showcasing the potential for the licence to come up with significantly-improved grades.
Viridis says it remains focused on its resource development and will continue infill drilling of its southern concessions, following successful completion of its 200m-by-200m RC program in the Northern Concessions block.
Non-drilling works include continuing the company’s engineering studies with Hatch and the completion of its maiden MREC metallurgical testing program with the Australian Nuclear Science and Technology Organisation (ANSTO) to establish optimal conditions for key processing aspects of its planned flowsheet.
Management has also navigated a significant milestone at Cupim South with its recent granting of four mining licenses that cover the most critical and high-grade areas of its Colossus project and are crucial to the company’s current project development strategy and pathway.
Under any reported comparison, some of Viridis’ latest assay results are remarkable for clay-hosted rare earths.
Back in Western Australia, Venture Minerals has been capturing what it says are record-breaking clay-hosted rare earths results from its 40-square-kilometre Jupiter target near the Mid West town of Mount Magnet. Venture recently nailed massive hits of 58m at 2723ppm TREO and 57m at 3430ppm TREO, accompanied by a swarm of other long metreage grabs.
Interestingly, Venture’s Jupiter project is parked right atop a discrete, untested alkaline intrusive, while Viridis’ ground covers a vast regional area within the Poços de Caldas complex – one of the biggest intrusions in the world in Brazil’s key mining State of Minas Gerais.
The company’s project is Colossus by name and becoming more so by nature with every new assay.
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