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Viridis Mining and Minerals (ASX:$VMM) continues world-class rare earth discoveries

Overview of Viridis Mining and Minerals' latest rare earth discoveries


Viridis Mining and Minerals Limited (ASX:$VMM) has reported the third set of assays from Phase I and II maiden exploration programs, showcasing high-grade rare earth elements (REEs) at the Colossus Project. The company has received a total of 109 auger hole assays and 4 diamond hole assays, with ongoing exploration drilling at Viridis' Northern Concessions and Cupim South Prospect.

Executive Chairman Agha Shahzad Pervez's perspective on the discoveries


These are the best results we've seen within our Northern Concessions to date, and re-affirms that Colossus is a world-class project. Numerous auger holes have ended in the last few metres at 4,000 - 7,500+ ppm which demonstrates the potential for Viridis to grow the understanding of a world class IAC ore body with deeper drilling. Auger drilling has been effective to identify the highest-grade areas we've seen to date, which will be followed as soon as possible with deeper RC/Diamond drilling which to date has consistently extended mineralisation to depths of 20 to 50 metres. The latest (sixth) diamond drill hole from the Fazenda Prospect returned an impressive 33.5m @3,091ppm TREO, representing the best intercept to date from Viridis' Northern Concessions and the second-best recorded intercept within the entire northern half of the complex.

Summary of the rare earth discoveries and future prospects


The recent assays have unveiled the highest recorded grades within the Northern Concessions, outlining high priority targets for follow-up deeper drilling. The discoveries at Fazenda and Caminho Das Pedras Mining Licenses have re-affirmed the exploration potential with deeper drill programs. Additionally, the Carijo Prospect has recorded intercepts that have doubled the previously known highest grades, significantly upgrading the potential for Carijo. Viridis has also made a breakthrough discovery within the Capão da Onça prospect, marking a regional discovery from a completely new zone within the Poços de Caldas Alkaline Complex. The company's future work includes continuation of the auger, diamond, and RC drilling campaigns, as well as metallurgical sampling and in-depth analysis for optimized metallurgical leaching tests with Ammonium Sulfate.

Sourcehttps://announcements.asx.com.au/asxpdf/20240103/pdf/05z416klf17yl5.pdf

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