Colossus Delivers Highest Reported Near-Surface Grades in Alkaline Complex
Spectacular Shallow Intercepts up to 23,556ppm TREO
Sydney, Feb 1, 2024 AEST (ABN Newswire) - Viridis Mining and Minerals Limited (
ASX:VMM) is pleased to report the fourth set of assays received from Phase I and II maiden exploration programs. Furthermore, over 100 holes are still awaiting assays. The Company has also doubled its exploration fleet with another Diamond and RC rig added recently, allowing simultaneous drilling to continue across Centro Sul ("CNS"), Capao da Onca ("CDO"), Ribeirao ("RA") and recently acquired prospects.
Maiden RC assays have been received for Northern Concessions which have resulted in the highest-grade surface intercept reported in the complex. Moreover, these intercepts have shown significant concentrations of MREO and HREO with individual grades reaching 23,556ppm TREO. The significantly elevated heavy rare earths concentrations present within this intercept - in particular Dysprosium and Terbium - have uncovered breakthrough economic potential within this area of the Fazenda Mining License, which is now the first known region of the complex consisting of both high-grade and heavy rare earth mineralisation at surface, designating even greater strategic importance of the project due to its elevated Dy and Tb contents.
Furthermore, this latest batch continues to re-affirm the significantly high-grade corridor present at the CDO Prospect, in addition to a fresh greenfield discovery at Ribeirao Prospect, both of which are to be included into the Colossus Maiden Resource.
Highlights
- Maiden RC assays have already uncovered a major high-grade zone within the Fazenda Mining License.
o FZ-RC-29: 5.5m @ 14,896ppm TREOA[47% MREOB] within broader section of 18.5m @ 6,253ppm TREO [36% MREO] from 1m depth.
o FZ-RC-29 grades at 1 to 2m depth reaching: 23,556ppm TREO which includes 7,407ppm Neodymium, 1,753ppm Praseodymium, 441ppm Dysprosium and 96ppm Terbium Oxides.
This intercept is the highest surface grade reported by any company in the Pocos de Caldas Alkaline Complex to date and represents the sheer exploration potential of Colossus. The high-grade portion itself has an impressive 5.5m @ 6,154ppm HREOC which demonstrates an entire new potential for this area of the complex to predominantly produce the high-value and critical heavy rare earths - in particular Dysprosium and Terbium.
- High-Grade Rare Earth Elements ("REEs") returned from maiden auger and diamond drilling at the Ribeirao Prospect, representing a second breakthrough discovery in as many months which will contribute to the Company's maiden resource and re-affirms the incredible exploration upside of the Colossus Project.
o RA-AG-020: 10.0m @ 3,033ppm TREO, ending in mineralisation, from 1m, ending in 3,630ppm TREO.
o RA-AG-030: 8.0m @ 3,083ppm TREO, ending in mineralisation, from 3m, ending in 4,868ppm TREO.
o RA-AG-025: 15.0m @ 2,310ppm TREO, ending in mineralisation, from 7m, ending in 2,329ppm TREO.
o RA-DDH-003: 15.5m @ 3,223ppm TREO [28% MREO] within broader section of 24.0m @ 2,643ppm TREO from 0.5m.
o RA-DDH-001: 10.5m @ 3,016ppm TREO [29% MREO] within broader section of 21.0m @ 2,418ppm TREO from 8m.
- Deeper Diamond and maiden RC drilling assays continue to showcase thick saprolite horizons mineralised in high-grade REE which continue improving the grade and tonnage potential at Colossus, while containing extraordinarily elevated MREO content:
o FZ-RC-08: 18.0m @ 4,268ppm TREO [36% MREO] within a broader section of 31.0m @ 3,080ppm TREO from surface.
o CDP-DDH-003: 12.0m @ 6,039ppm TREO [32% MREO] within a broader section of 24.0m @ 4,058ppm TREO from 11m.
o CDP-DDH-005: 13.0m @ 3,664ppm TREO [30% MREO] within a broader section of 36.0m @ 2,604ppm TREO from 2m.
oCDO-DDH-004: 11.5m @ 3,344ppm TREO [34% MREO] within broader section of 17.0m @ 2,904ppm TREO from 2.5m
- Latest batch of auger drilling has returned outstanding widespread high-grade REE assays, with Capao da Onca ("CDO") continuing to return exceptional grades above 6,000ppm which strengthens the recent discovery:
o CDO-AG-045: 4.0m @ 6,870ppm TREO, ending in mineralisation, from 0m, ending in 3,918ppm TREO.
o CDO-AG-047: 11.0m @ 2,847ppm TREO, ending in mineralisation, from 0m, ending in 2,414ppm TREO.
o RA-AG-026: 11.0m @ 2,885ppm TREO, ending in mineralisation, from 9m, ending in 6,066ppm TREO.
Including last 3m @ 4,893ppm TREO [32% MREO]
- Fourth batch of assays has made a fresh new discovery at the Ribeirao Prospect, and uncovered the highest grades seen at the surface within the entire complex from maiden RC assays at the Fazenda Mining License.
- More importantly FZ-RC-029 has shown the highest concentrations of Dysprosium ("Dy") and Terbium "Tb") present at surface levels within the entire complex, which uncovers a new economic dimension to the Fazenda Mining License to predominantly host critical high-value Heavy Rare Earths alongside Neodymium ("Nd") and Praseodymium ("Pr").
- Over 100 drill holes are still pending assays with aggressive exploration ongoing. Viridis continues to make the full transition from auger to deep RC/Diamond drilling which is expected to produce thicker intercepts. Auger drilling will continue for greenfield exploration work to scout new areas of interest and has already commenced in new areas comprising the recent strategic expansion of Colossus.
Chief Executive Officer, Rafael Moreno commented:
"These results are truly staggering. This set of assays not only contains another greenfield discovery which will contribute to our Maiden Resource, but also contains the highest reported grade intercept at surface within the entire Pocos de Caldas Alkaline Complex by any company.
FZ-RC-29 is the best hit we've seen to date within Colossus, not only in terms of grade, but to have 47% MREO and a remarkable 23% HREO starting near surface completely changes the economic potential of this area. Nowhere else in the Complex have we seen over 500ppm of Dysprosium and Terbium so close to the surface. This has resulted in Colossus holding a critically important position and project within the entire complex, with the first known Mining License to predominantly host HREO mineralisation within its basket. It's the first time I've seen an Ionic Clay project report grades this high at surface with almost a quarter being mineralised in high-value HREO. Heavy Rare Earths such as Dysprosium and Terbium fetch 5 to 10 times the value of Neodymium and Praseodymium - and this intercept shows we are fortunate to have all four in significant amounts. This area of Fazenda has now become a significant area of interest for Viridis, with grades at 1m depth reaching a peak of 23,556ppm TR O, 7,407ppm Nd, 1,753ppm Pr, 441ppm Dy, 96ppm Tb.
The latest batch of results continues to demonstrate that Colossus is yet to uncover its full potential.
With aggressive exploration, we continue to make discoveries at depth and in new areas. Capao da Onca Prospect has demonstrated further correlation of the lithology - Breccia Tinguaite - with high grade REO contents, with intercepts in this batch showing 4m @6,870ppm TREO. We've also made another discovery in the newly drilled Ribeirao Prospect which has assayed 15.5m @ 3,223ppm TREO."
Future Work
Future works include continuation of the auger, diamond and RC drilling campaigns, geological mapping, geochemical and metallurgical tests, and mineralogical characterisation.
RC drilling has commenced within the significantly high-grade corridor at the CDO Prospect and will follow up deeper drilling into the RA Prospect. Diamond drilling has commenced at Centro Sul ("CNS") and newly acquired prospects within Colossus.
Metallurgical sampling has also commenced and with further samples from this set of results expected to be sent for in-depth analysis and optimised metallurgical leaching tests with Ammonium Sulfate.
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About Viridis Mining and Minerals 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
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