Key facts about Viridis Mining and Minerals (ASX: $VMM) announcement

Viridis Mining and Minerals Limited (ASX: $VMM) has achieved a significant milestone with the maiden JORC-Compliant Mineral Resource Estimate (MRE) at the Colossus Ionic Adsorption Clay (IAC) Rare Earth Element (REE) Project. The estimate returns an outstanding 201Mt at 2,590ppm total rare earth oxide (TREO) at a 1,000ppm TREO cut-off, positioning Colossus as the premier IAC REE Project.

Executive commentary on the milestone

Rafael Moreno, Chief Executive Officer of Viridis Mining and Minerals, expressed his satisfaction with the maiden resource estimate, highlighting the enormous potential at the Colossus Project. He emphasized the high levels of Magnet Rare Earth content and the project's advantageous position in the global market.

Summary of the announcement and outlook

The maiden JORC-Compliant MRE at the Colossus Project marks a significant achievement for Viridis Mining and Minerals, positioning the company as a premier player in the IAC REE space. With only 7% of the Colossus Project area included in the maiden resource, the potential for further resource upgrades and expansion is substantial. The company's aggressive development timeline, infill drilling, and extensive untested tenements indicate a positive outlook for future resource estimates and project economics.