Why is the Fazenda Discovery Important for Viridis Mining and Minerals?

Viridis Mining and Minerals Unearths High-Value Rare Earth Elements at Colossus Project

On February 1, 2024, Viridis Mining and Minerals Limited announced an extraordinary find within the Poços de Caldas Alkaline Complex, marking a significant stride in rare earth element (REE) exploration. This development in the Colossus Project has uncovered some of the highest near-surface grades reported to date.

The Fazenda Mining License: A New Economic Frontier

The maiden RC assays from the Fazenda Mining License have revealed an impressive high-grade zone. Notably, drill hole FZ-RC-29 encountered an exceptional grade of 23,556ppm TREO (Total Rare Earth Oxides) at just 1 to 2 meters depth. This includes significant quantities of high-value elements like Neodymium, Praseodymium, Dysprosium, and Terbium Oxides.

A Shift in Exploration Potential

This finding at FZ-RC-29 is not only the highest surface grade reported within the entire complex but also signifies a new potential for predominantly extracting critical heavy rare earths like Dysprosium and Terbium. With 47% MREO (Magnet Rare Earth Oxides) and an impressive 23% HREO (Heavy Rare Earth Oxides), this zone redefines the economic prospects of the Fazenda Mining License.

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Ribeirão Prospect: Second Breakthrough Discovery

The maiden auger and diamond drilling at the Ribeirão Prospect have yielded high-grade REE results, marking it as the second significant discovery in recent months. This includes:

10. 0m @ 3,033ppm TREO in RA-AG-020
8. 0m @ 3,083ppm TREO in RA-AG-030
15. 0m @ 2,310ppm TREO in RA-AG-025
15. 5m @ 3,223ppm TREO in RA-DDH-003

These discoveries add to the Colossus Project's potential and reinforce the area's remarkable exploration upside.

Advanced Drilling Techniques Revealing More

Viridis's deeper diamond and maiden RC drilling continue to unveil thick saprolite horizons mineralized in high-grade REE. For instance, FZ-RC-08 showed 18. 0m @ 4,268ppm TREO, and CDP-DDH-003 reported 12. 0m @ 6,039ppm TREO. These results indicate an improving grade and tonnage potential at Colossus, with an extraordinarily elevated MREO content.

New Discoveries and Ongoing Exploration

Recent auger drilling results at Capão da Onça have consistently shown exceptional grades above 6,000ppm TREO, bolstering the recent discovery. For example, CDO-AG-045 reported 4. 0m @ 6,870ppm TREO.

Ribeirão Prospect: A Fresh Discovery

The fourth batch of assays from Ribeirão Prospect has uncovered the highest grades at the surface within the entire complex, confirming the significance of maiden RC assays at the Fazenda Mining License.

CEO's Perspective

Rafael Moreno, CEO of Viridis, expressed excitement over these results, highlighting the unprecedented grades and the new economic dimension they bring to the Fazenda Mining License. Moreno emphasized the importance of hosting critical high-value HREOs, which are significantly more valuable than other rare earths. He noted, "This area of Fazenda has now become a significant area of interest for Viridis. "

A New Chapter in REE Exploration

With over 100 drill holes still pending assays and aggressive exploration underway, Viridis continues its full transition from auger to deep RC/Diamond drilling. These developments at the Colossus Project are not just a leap in REE exploration but also a step towards reshaping the economics of rare earth extraction.

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