Verity Resources extends Pimenta commitment after high-grade rare earth hits in Brazil
Verity Resources (ASX: VRL) has agreed to extend its expenditure commitment by 12 months after obtaining promising results from the Pimenta project in Brazil.
A reconnaissance program at Pimenta designed to investigate radiometric signatures has identified significant rare earth element (REE), gallium and titanium anomalies.
Notably, the on-ground program has confirmed the high-grade REE signature values previously identified by an airborne geophysical survey that covered approximately 20 kilometres.
Significant REE results
The newly completed surface sampling program returned significant rare earth element results of up to 25,817 parts per million total rare earth oxides (TREO), with 25% high-value magnet rare earths.
The work also identified meaningful gallium surface samples of as high as 89 grams per tonne and titanium samples of up to 9.26%.
The reconnaissance program collected a total of 137 surface samples over the airborne radiometric anomaly zone.
Future work programs
Verity now intends to review the key target areas identified by the program to inform future work plans for REE, gallium and other anomalous elements.
These will likely include grid sampling and auger drilling.
The company said that the presence of up to 8,619ppm zircon and titanium-bearing minerals further enhances the project’s polymetallic potential.
Notably, the results confirm a mineralisation style potentially similar to the Halleck Creek allanite REE deposit owned by American Rare Earths (ASX: ARR), which has a 2.63 billion tonne resource at 3,292ppm TREO.
Brazilian portfolio
Along with its 70% interest in the Pimenta project, Verity now holds a 50% joint venture (JV) interest in a portfolio of nine Brazilian projects covering REE, gold, lithium and other base and precious metals.
Under the original terms of this partnership, Verity had agreed to outlay a minimum of $1 million in exploration expenditure on the JV projects.
The company has now extended its commitment out to February 2026.