How Close Is Viridis Mining to Completing its Phase I & II Drilling?

Colossus Exploration and Development: On the Verge of a Major Breakthrough

Viridis Mining's ambitious exploration initiative at the Colossus site has reached a pivotal phase. The company is nearing the completion of its Phase I and II drilling campaigns at the highly prospective Cupim South prospect. This marks a significant step forward in the company's journey from an exploration entity to a potential producer in the mining sector.

Drilling Campaigns: Impressive Progress and Findings

With only three diamond and three reverse circulation (RC) holes remaining, the drilling campaigns at Cupim South are approaching their culmination. This intensive exploration effort is a cornerstone of Viridis Mining's strategy to uncover the full potential of the Colossus site.

Remarkable Discoveries

The most recent diamond drill hole, CS-DDH-007, has unveiled a 103-meter section of highly weathered saprolite clay. This discovery confirms that the saprolite hosting body extends well beyond initial auger holes, with outstanding thick intercepts being discovered.

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It's a significant indication of the site's potential.

Impressive Intercept Results: A Consistent Pattern of High-Grade Intercepts

The drilling results have consistently revealed high-grade and thick intercepts across various tenement packages, including:

CS-DDH-001 and CS-DDH-003: Demonstrating impressive results with high TREO (Total Rare Earth Oxides) concentrations.
Additional Intercepts: Further assays from multiple thick diamond and RC clay intercepts are pending, which have already significantly extended far beyond the nearby auger depths across Colossus’ concessions.

The Path to Maiden Resource Estimation: Engaging BNA Mining Solutions

Viridis has taken a major step by engaging BNA Mining Solutions to prepare its Maiden JORC Mineral Resource Estimate for the Colossus Ionic Adsorption Clay Rare Earth Project. This decision marks a major milestone in the company's development and reflects confidence in the project's potential.

Anticipated Completion and Scope

The Resource Estimate, expected to be completed in Q2 2024, will encompass four project areas of the Northern Concessions, Cupim South, Capao da Onca (Western area), and Ribeirão das Antas prospects. This comprehensive approach underlines the extensive scope of the Colossus project.

Ongoing Test Work and Future Prospects: Ionic Desorption Test-Work

Samples have been prepared and sent to ANSTO for optimized Ionic desorption test-work, set to commence imminently following the receipt of the next batch of drilling assays expected this month. This test-work is crucial for understanding the economic viability and processing methodologies of the rare earth elements found at Colossus.

CEO’s Vision

Rafael Moreno, Chief Executive Officer of Viridis, expressed his satisfaction with the exploration work completed since the acquisition of Colossus. He emphasized the significance of the appointment of BNA Mining Solutions and the impressive results from the Phase I & II drilling programs. Moreno's optimism about delivering a successful development strategy highlights the project's promising future.

As Viridis Mining nears the completion of its drilling campaigns at the Colossus site, the promising results and the engagement of BNA Mining Solutions for the resource estimate preparation reflect a bright future. The Colossus project, with its impressive intercepts and strategic development, stands as a potential game-changer in the rare earth elements industry.

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