- Viridis Mining and Minerals (ASX:VMM) inks two binding agreements for additional mining rights within and adjacent to the Poços De Caldas Alkaline Complex in Brazil
- A target along the eastern edge of the complex has been named the Bandeira prospect and has four exploration licenses and two exploration licensee requests
- Meanwhile, the northeastern license encompasses the Tamoyo prospect, with historical samples returning 3848ppm and 2019ppm TREO
- The expansion announced today covers an additional 10,085 hectares, doubling the company’s landholding in the region to more than 22,000 hectares
- VMM shares are up 4.12 per cent, trading at $1.27 at 11:12 am AEDT
Viridis Mining and Minerals (ASX:VMM) has inked two binding agreements for additional mining rights within and adjacent to the Poços De Caldas Alkaline Complex in Minas Gerais, Brazil.
The company reported that the new licenses cover an additional 10,085 hectares, doubling the company’s landholding in the region to more than 22,000 hectares.
A target along the eastern edge of the complex has been named the Bandeira prospect, which consists of four exploration licenses, and two exploration licensee requests.
Previous auger drilling at the prospect has returned 3.6 metres at 1924 parts per million (ppm) total rare earth oxides (TREO).
Meanwhile, the company’s northeastern license encompasses a previously tested target, which has been named the Tamoyo prospect. Historical samples have returned 3848ppm and 2019ppm TREO.
“I’m thrilled we have secured these additional mining rights, with the Tamoyo prospect already showing exciting results from grab samples, and Bandeira representing an extremely large and low-cost opportunity for Viridis to explore in an adjacent alkaline complex,” VMM CEO Rafael Moreno said.
“As Viridis kicks off work on its maiden resource estimate and gears up for the next phase of project advancement, I’m extremely excited about the potential opportunity these new tenements present the company and how they support the overall development strategy for the ColossusIAC rare earth project.”
Mr Moreno further stated that Viridis remained on track to becoming the second major IAC project within the complex, as work continues to explore and expand the project’s true value.
VMM shares were up 4.12 per cent, trading at $1.27 at 11:12 am AEDT.