Viridis Mining And Minerals Limited
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How Will Viridis Mining Integrate the New Mining Rights into Their Existing Operations?
Viridis Mining and Minerals' Major Expansion at Colossus REE Project
Viridis Mining and Minerals Limited, an ambitious player in the global rare earth elements (REE) market, has announced a strategic expansion of its Colossus IAC Rare Earth Project in Brazil. This expansion is set to significantly bolster the company's position in the rare earth sector.
Securing New Mining Rights
Viridis has inked two binding agreements, securing additional mining rights contiguous to its current licenses in the Poços De Caldas Alkaline Complex in Minas Gerais, Brazil. This expansion covers an impressive additional 10,085 Hectares, bringing the total landholding to 22,863 Hectares, a substantial increase in the company’s exploration footprint.
The New Prospects: Tamoyo and Bandeira
Tamoyo Prospect: Comprising 3 Mining Licenses, this prospect is anticipated to strengthen Viridis' dominant position in the Northern part of the Alkaline Complex. Surface grab samples from Tamoyo have yielded high TREO (Total Rare Earth Oxide) assays.
Bandeira Prospect: Located on the Eastern edge of the Alkaline Complex, Bandeira includes 4 Exploration Licenses and 2 Exploration License Requests.
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Auger drilling results from this prospect have also indicated promising TREO values.
CEO Rafael Moreno's Vision
Rafael Moreno, CEO of Viridis, expressed excitement about the potential these new tenements present. Moreno stated, "The acquisition of these mining rights, particularly the Tamoyo Prospect, is already showing promising results. Along with Bandeira, this marks a significant, low-cost opportunity for Viridis to explore adjacent alkaline complexes. "
Strategic Significance of the Expansion
The Colossus IAC rare earth project is set to benefit immensely from this expansion, aligning with Viridis' development strategy. The deal terms provide the company with considerable optionality for these tenements, strengthening its path to becoming a major IAC project within the complex.
Project Details and Future Plans
Geological Potential: The Bandeira and Tamoyo prospects exhibit favourable conditions for discovering higher grades of mineralisation.
Exploration Strategy: Viridis plans to swiftly integrate these new areas into its exploration program, with preliminary geological surveys already in the pipeline.
Financial Terms and Agreements
Viridis entered into agreements with two vendors, involving both performance rights and cash payments. The terms include payments based on the delineation of inferred rare earth resources within specific grades and recovery rates.
The Mining Rights Schedule
The acquisition encompasses a range of exploration and mining licenses, with specifics provided in the announcement. These rights form the foundation for Viridis’ expanded exploration and development activities.
About Viridis Mining and Minerals
Viridis, with assets in Brazil, Canada, and Australia, focuses on the exploration and development of rare earth elements and other minerals. The company's portfolio includes the Colossus, South Kitikmeot, Boddington West, Bindoon, Poochera, Smoky, Ytterby, and Star Lake Projects, each with its unique mineral prospects.
The strategic expansion of the Colossus REE Project marks a pivotal step for Viridis Mining and Minerals Limited. With these new acquisitions, Viridis is well-positioned to advance its exploration strategy and strengthen its standing in the global rare earth elements market. This expansion is a testament to the company's commitment to growth and value generation for its shareholders.
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