Viridis Mining and Minerals (ASX: $VMM) announcement overview

Viridis Mining and Minerals Limited (ASX: $VMM) has reported the initial results from the Australian Nuclear Science and Technology Organisation (ANSTO) confirming exceptional ionic recoveries at the Colossus Ionic Adsorption Clay Rare Earth Project in Brazil. The testing of the first diamond hole from Cupim South has revealed high ionic recoveries for rare earth elements, including Nd, Pr, Dy, Tb, and Ce, along with low levels of impurities such as Uranium and Thorium. These results de-risk the project and simplify the impurity removal process, reducing capital expenditure and operating expenses.

Executive commentary on the ANSTO testing results

Chief Executive Officer, Rafael Moreno, expressed his satisfaction with the significant milestone achieved, confirming the world-class potential of the Colossus project. He highlighted the low levels of impurities in the leached solution, particularly the minimal extraction of Uranium and Thorium, supporting a streamlined environmental approvals process. Moreno also emphasized the simplified process flowsheet and robust economics of the project, anticipating further metallurgical results and optimization of leaching conditions in the coming months.

Summary of ANSTO testing results and future outlook

The ANSTO testing at Cupim South has validated the high-quality Ionic Adsorption Clay body, showcasing exceptional ionic recoveries and low impurities, positioning the Colossus project as a premier global rare earth development project. The company aims to continue its extensive metallurgical program and further drilling across multiple concessions, expecting results from SGS Laboratories in late April/early May 2024. With the potential for improved recoveries and simplified processing, Viridis is optimistic about the project's outlook and its ambitions to become a significant player in the Rare Earths industry.