Viridis (ASX:VMM) builds Brazilian rare earth Colossus

Viridis (ASX:VMM) builds Brazilian rare earth Colossus

March 6, 2024 Off By Jack Baker

Viridis Mining and Minerals has signed a binding agreement and secured another 998 hectares of licences to extend and adjoin the Cupim South prospect and create a dominant 239 square kilometre land position for its Colossus rare earth project in the Poços de Caldas municipality of Brazil.

Spectacular near-surface intercepts up to 23,556 parts per million total rare earth oxide held the highest grades found by any company in the region’s alkaline complex, providing Viridis a second major discovery in as many months and a taste of sheer scale potential.

The explorer believes the new territory holds lofty potential to expand major discoveries made at Cupim South, connecting it to the Centro Sul prospect for a continual and forming a corridor capable of a high-grade large-scale resource.

Western Australian company Viridis will hold mining rights across all of the new licences which notably adjoin Meteoric Resources‘ (ASX:MEI) 104 million tonne Cupim Vermelho Norte Deposit which is 2,485ppm TREO.

Viridis Mining and Minerals Chief Executive Officer Rafael Moreno said the strategic expansion was critical to ensure Cupim South had a significant land size to complement exceptional grades.

“Our first batch of assays from diamond drilling at Cupim South provided a weighted average grade, in saprolite, of 3,460ppm, ranging from 15 to 45 metres thick and over 1.25 kilometres strike, which indicates the presence of world-class ore body in this area,” he said.

Moreno added the expansion marked the final puzzle piece in its plans to consolidate a corridor of landholdings between two major resources and bridge Centro Sul to Cupim South.

“This has increased the footprint of Cupim South from 1.71 square kilometres to a significant combined corridor of, comprising granted mining licences, which sets up the potential for Cupim South to be an incredible asset for Viridis concerning both grade and scale,” he said.

“We were able to negotiate and secure this vital ground on favourable terms through our strategic partnership with the vendors of the Colossus project and our Brazilian executive team’s rigorous work.”

The CEO noted that after settlement, Viridis would hold a dominant land position of in Poços De Caldas and a runway for continual exploration.

“At the same time, we focus on developing our high-priority targets. Furthermore, with this acquisition, Viridis will have five mining licences to fast-track towards production with minimal bureaucratic and legislative hurdles,” Moreno added.

The Perth-based company has yet to unveil a maiden resource at Colossus, but work is underway and it has just upped the project’s potential scale with the backing for fast-tracked approvals from the Brazilian state and federal governments.

With the world’s third-largest reserves, a proven mining industry, and the potential for true ionic clay deposits, Brazil has looked as likely as anywhere to be a major producer of rare earths, and Viridis has continued to up its stake.

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