Viridis Mining and Minerals makes major ionic clay discovery at Colossus project

Viridis Mining and Minerals (ASX: VMM) has made a major ionic adsorption clay (IAC) rare earth elements (REE) discovery at the Colossus project in Brazil, including an assay of 3,285 parts per million total rare earth oxides (TREO) from surface.

Initial results from auger and diamond drilling have revealed an IAC body at the project’s Fazenda prospect measuring up to 20 metres in thickness with a weighted average grade of 2,938ppm TREO.

The first two diamond holes at Fazenda returned “outstanding” REE-rich clay intercepts from surface such as 40m at 2,162ppm TREO including 17m at 3,042ppm total rare earth oxides (TREO) (34% MREO, or magnetic rare earth oxides) from 7m; and 21m at 2,132ppm TREO including 10m at 2,760ppm TREO (32% MREO) from 11m.

Cupim South IAC body

At the greenfields Cupim South target, Viridis has identified a similar IAC body up to 45m thick with a weighted average grade of 3,460ppm TREO.

The first three diamond holes returned 24m at 4,573ppm TREO (38% MREO) including 14m at 6,177ppm TREO (40% MREO) from 3m; 15m at 2,214ppm TREO (29% MREO); and 46m at 3,285ppm TREO (27% MREO) within a broader section of 65m at 2,799ppm TREO (28% MREO).

The results represent a small portion of the Viridis exploration program completed to date, and have demonstrated homogenous high-grade REE mineralisation across multiple Colossus tenements.

They signify a major IAC discovery within the Poços de Caldas alkaline complex and could potentially underpin a world-class maiden resource estimate.

Highest-Grade Deposit

Executive chair Agha Shahzad Pervez said the grades position Colossus to potentially become the world’s highest-grade ionic clay rare earths deposit.

“As we advance our exploration program, we are encountering widespread thick saprolite clay profiles which exemplify the potential for Colossus to host a world-class resource in terms of size and grade,” he said.

One of the diamond holes completed at Cupim South is already the third-best intercept reported in the entire complex in terms of grade and thickness.

“This is exceptional given it is only the third diamond hole assay received,” Mr Pervez added.