Viridis sees Colossus resource as clear proof of project's 'scale and exceptional quality'
Viridis Mining and Minerals (ASX:VMM) is now firmly convinced Colossus will be “a leading global Ionic Adsorption Clay REE project” after delivering a maiden JORC resource that came in at 201Mt at 2,640ppm total rare earth oxide.
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The reserve is reported as “100% probable” under the JORC code and underpins a 40-year shallow open-pit operation targeting an average 5.0Mtpa ore feed with a low 0.45:1 strip ratio, the explorer told shareholders today.
And, HotCopper understands, the area that contributed to the windfall maiden reserve only represents a fraction (around 12%) of the Colossus landholding.
All this together means one thing – Colossus moves from exploration to execution.
“The declaration of our maiden JORC Reserve marks another important milestone for Viridis,” managing director Rafael Moreno explained.
“To deliver 201 million tonnes at an outstanding 740 parts per million MREO underscores both the scale and exceptional quality [the explorer has at] Colossus.
“Our robust reserve base now underpins a potential mine life of up to 40 years, doubling the scale of our recent PFS. [This] provides the platform to establish Viridis as a long-term, tier-one supplier of magnet rare earths.”
“With a strengthened balance sheet and a catalyst-rich period ahead, Viridis is firmly focused on advancing Colossus [into] final investment and execution.”
Critical infrastructure is already in place to help with those aims, HotCopper can confirm, with paved road access and a renewable grid power network some of the first things the Australian explorer added on-site.
Viridis will also take advantage of the many experienced local miners already working in the area, as well as the services ecosystem built up over past years.
Work is expected to start on the 20,966-hectare strike zone by late 2025; mine life is pencilled in to last until 2065. Viridis is using a Micromine 2024 sequence.
“This Colossus foundation places us in an ideal position to capture the surging demand for critical magnet rare earths that are essential to the global energy transition,” Mr Moreno added on Viridis’ first financial targets.
VMM heads into Wednesday trade selling at $1.40 a share.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please clickhere.
Viridis Mining and Minerals (ASX:VMM) is now firmly convinced...
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