Viridis Mining and Mineral Ltd Stock Market Press Releases and Company Profile
Maiden Drilling Program Commences at Colossus Ionic Clay Project
Maiden Drilling Program Commences at Colossus Ionic Clay Project

Perth, Sep 14, 2023 AEST (ABN Newswire) - Viridis Mining and Minerals Ltd (googlechartASX:VMM) is pleased to report that it has commenced its maiden exploration program on the Colossus project with HIDROEX as the contractor.

Highlights

- HIDROEX has commenced maiden drilling program at the Colossus Rare Earth Project.

- Three auger rigs have arrived on site with the campaign simultaneously targeting all four priority prospects of the Phase I drilling campaign, which adjoin the Caldeira Resource (409Mt @2,626ppm TREO)

- The maiden exploration program will allow Viridis to gain a better understanding of the extent of mineralisation within the Colossus Project

- Historic auger drilling has been limited to 3 metres deep onto the saprolite/clay profile's leached layer, generally presenting the lowest grades of REE mineralisation

- Phase II will consist of auger drill holes to target new areas of the Alkaline Complex, focusing on the western and southeast licenses.

Executive Chairman Agha Shahzad Pervez commented:
"I am very pleased with the diligent work carried out by the Viridis team, resulting in the mobilisation of rigs and commencement of drilling within 6 weeks of signing a potential Tier-One Rare Earth Acquisition.

This program is critical to understanding the extent of mineralisation of the Colossus Project, as we can now drill up to a depth of 20 metres into the 'REE Accumulation Zone' to see the real potential grades and optimised recoveries of Ionic Rare Earth Mineralisation.

The recent success in our due diligence sampling and review of exceptional historic drill holes has provided Viridis with numerous high-priority targets. We will now execute our multi-phased drill plan with a goal to establish Colossus as a globally significant deposit."

Viridis has commenced its Phase I maiden drilling program under the direct supervision and guidance of our experienced in-country Executives, Dr Klaus Petersen and Dr Jose Marques Braga Junior. The work of Dr Petersen over the last year in Rare Earths within the Pocos de Caldas Alkaline Complex, along with Dr Marques' experience with speciality metals and leading the CBMM exploration team, will play a critical role in executing a successful exploration program. The first holes will be drilled into Carijo Prospect, a large saprolite body that hosted surface grab sample PC-10 (2,753ppm TREO, 48% Nd Recovery, 45% Nd Recovery - Ammonia Sulfate, pH4, room temperature).

Maiden Drilling on Colossus Project Commenced

Phase I

The primary focus of Phase I will be Auger Drilling on the Mining Licenses and adjoining concessions of the Caldeira project, which can be fast-tracked to production for Rare Earths upon completion of exploration and research studies.

The Mining Licenses consist of Caminho das Pedras and Fazenda Prospects, which have confirmed surface highgrade rare earth mineralisation. These concessions comprise the northern extension of the Dona Maria 1 & 2 Resource (94Mt at 2,320ppm TREO ), which forms part of the Caldeira Ionic Clay Project. Auger drilling completed by JOGMEC intersected 11.3m @2,502ppm less than 5 metres from the Caminho das Pedras Mining License boundary held by Viridis (see Figure 2*).

The adjoining Ceten prospect has had 15 historic hand-held shallow auger holes, drilled to a depth of 3 metres from the surface, all of which ended in mineralisation. These holes were drilled into the leached oxidised layer, which generally presents the lowest grades, however, all 15 holes still returned exceptional results with an average grade of 1,450ppm TREO.

The Carijo prospect has had 2 randomised surface grab samples which returned high grades of up to 2,700ppm TREO and confirmation of ionic mineralisation through single step leaching using a weak acid (Ammonium Sulfate, pH4, room temperature, 30 minutes leach).

As part of its maiden exploration program, Viridis also intends to subsequently complete a systematic and largerscale metallurgy program to increase the scale and confidence of ionic mineralisation and exhibit the truly optimised recoveries of the Colossus Ionic Rare Earth Project.

Phase II

The primary focus of Phase II will consist of drilling into the Cupim South Prospect which is the southern extension of the Cupim Vermelho Norte Resource (104Mt @2,485ppm TREO) body. JOGMEC drilled numerous auger holes within 100 metres of the Cupim South Prospect.

Hole CVN-187 was drilled 5 metres away from the Cupim South Prospect and intersected a remarkable 15m @3,127ppm TREO, ending in mineralisation. Hole CVN-186 was drilled by JOGMEC 14 meters away from the Prospect, intersecting 20m @1,727ppm TREO, ending in mineralisation, with 3,005ppm TREO being intersected at end of hole.

Furthermore, as part of Phase II exploration, Viridis will also test the Sien Prospect (Southeast Concessions), which consists of 2 concessions covering an area of ~2.9km2 . The Sien Prospect is ~950m east of the Soberbo Deposit (92Mt @2,948ppm TREO) which is MEI's highest grade JORC compliant resource body. Similarly, historic drilling at the Sien Prospect which is located east of Soberbo has shown the highest average grade of Rare Earths within shallow historic auger drilling of the Colossus Project.

A total of 4 historic 3-metre auger holes have been drilled into the Sien prospect. These four holes ended in mineralisation and were likely drilled into the "leached layer" of the saprolite/soil body, averaging 1,679 ppm TREO. More importantly, these four holes showed the highest and most consistent levels of magnet rare earths ("MREO"), with an average MREO content of 32%.

Viridis Mining and Minerals Limited is a resource exploration and development company with assets in Brazil, Canada and Australia. The Company's Projects comprise:

- The Colossus Project, which the Company considers to be prospective for Rare Earth Elements;

- The South Kitikmeot Project, which the Company considers to be prospective for gold;
- The Boddington West Project, which the Company considers to be prospective for gold;

- The Bindoon Project, which the Company considers to be prospective for nickel, copper and platinum group elements; and

- The Poochera and Smoky Projects, which the Company considers to be prospective for kaolinhalloysite; and

- The Ytterby and Star Lake Projects, which the Company considers prospective for Rare Earth Elements

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/A58CVD95


About Viridis Mining and Mineral Ltd

Viridis Mining and Minerals Limited (ASX:VMM) is a resource exploration and development company with assets in Brazil, Canada and Australia. The Company's Projects comprise:

- The Colossus Project, which the Company considers to be prospective for Rare Earth Elements; 

- The South Kitikmeot Project, which the Company considers to be prospective for gold; 

- The Boddington West Project, which the Company considers to be prospective for gold; 

- The Bindoon Project, which the Company considers to be prospective for nickel, copper and platinum group elements; and 

- The Poochera and Smoky Projects, which the Company considers to be prospective for kaolinhalloysite; and 

- The Ytterby and Star Lake Projects, which the Company considers prospective for Rare Earth Elements

abnnewswire.com 


Contact

Shannon Robinson
Company Secretary
Tel: + 61 3 9071 1847
Email: cosec@viridismining.com.au

Agha Shahzad Pervez
Executive Chairman
Tel: + 61 3 9071 1847
Email: agha@viridismining.com.au

Media Enquiries
Fadi Diab
Phoenix Global Investments
info@phoenixglobalinvestments.com.au



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