Overview of Viridis Mining & Minerals announcement

Viridis Mining & Minerals Limited (ASX:VMM) has reported the second set of assays from its Phase I and II maiden exploration programs. The company has received a total of 47 auger hole assays and 6 diamond hole assays, with over 120 auger holes, 14 adapted-RC holes, and 9 diamond holes still awaiting assays as exploration drilling continues. The assays confirm further widespread high-grade Ionic Adsorption Clay (IAC) mineralisation across multiple concessions, with significant potential for substantial Rare Earth Element (REE) resources.

Executive commentary on the discoveries

The Executive Chairman, Agha Shahzad Pervez, expressed satisfaction with the ongoing success at the Colossus Project, highlighting the groundbreaking nature of the results. He emphasized the potential for substantial REE resources across the Northern Concessions system, particularly at the Cupim South concession, which holds the potential to be the highest-grade deposit within the entire complex. Pervez also noted the impressive thickness and high-grade mineralisation discovered at the Carijo and Central prospects, underscoring the diligent work of the Viridis team in generating shareholder value.

Summary of the announcement and outlook

The second set of assays from Viridis Mining & Minerals has confirmed the widespread and homogenous nature of high-grade REE mineralisation at the Colossus Project. The results illustrate the potential for substantial REE resources across multiple concessions, with over 140 holes still awaiting assay results. The company's ongoing exploration activities, including auger, diamond, and RC drilling campaigns, geological mapping, and metallurgical tests, are expected to further uncover the project's true potential. With consistent grades of 2,400-3,500ppm TREO within the intermediate layer, the Colossus Project presents significant upside scope for both grades and thickness, indicating a promising outlook for Viridis Mining & Minerals' corporate strategy and the announcement.