Viridis Mining's Major Expansion at Cupim South and Centro Sul
VMM (VMM) Share Update August 2024 Tuesday 27th
Viridis Mining Announces Major High-Grade Rare Earth Discoveries at Cupim South
Viridis Mining and Minerals Limited (ASX: VMM) has announced significant high-grade rare earth element (REE) discoveries at its Cupim South and Centro Sul mining licenses, marking a major milestone in the company's development strategy.
Instant Summary:
- Drilling at Cupim South and Centro Sul reveals exceptional high-grade zones.
- Cupim South delivers 21m @ 15,339ppm TREO, including 10m @ 28,425ppm TREO.
- Centro Sul maiden auger drill program delineates large high-grade footprint up to 6,666ppm TREO.
- Cupim South granted Mining License status, covering highest-grade portions.
- Over 210 holes awaiting assays with ongoing RC drilling.
Drilling Results at Cupim South
Viridis Mining's recent drilling at Cupim South has yielded exceptional results, with the standout being drill hole CS-AG-0085, which intercepted 21 meters at 15,339ppm Total Rare Earth Oxides (TREO) from the surface, ending in mineralisation of 3,821ppm TREO. This includes a higher-grade portion of 10 meters at 28,425ppm TREO.
Other notable results include:
- CS-AG-0108: 10m @ 5,869ppm TREO from 2m, ending in mineralisation of 7,359ppm TREO, including last 4m @ 138ppm Dy-Tb Oxide.
- CS-AG-0258: 10m @ 5,770ppm TREO from surface, ending in mineralisation of 5,186ppm TREO, including last 8m @ 118ppm Dy-Tb Oxide.
- CS-AG-0292: 12m @ 4,987ppm TREO from surface, ending in mineralisation of 6,922ppm TREO, including last 4m @ 144ppm Dy-Tb Oxide.
Centro Sul Maiden Auger Drill Program
The maiden auger drill program at Centro Sul has also been highly successful, delineating a large high-grade footprint with results up to 6,666ppm TREO. Key results include:
- CNT-AG-0028: 5m @ 6,666ppm TREO from 10m, ending in mineralisation of 3,501ppm TREO.
- CNT-AG-0046: 6m @ 3,342ppm TREO from 2m, ending in mineralisation of 6,777ppm TREO.
- CNT-AG-0110: 12m @ 3,517ppm TREO from surface, ending in mineralisation of 6,013ppm TREO.
- CNT-AG-0114: 10m @ 5,245ppm TREO from surface, ending in mineralisation of 4,883ppm TREO.
Milestones and Future Plans
Cupim South has been granted Mining License status, covering the highest-grade portions explored to date. This is a significant milestone for Viridis, with now four granted Mining Licenses covering the most critical and high-grade areas of the Colossus Project.
Infill RC drilling continues at Northern Concessions and Cupim South to retest low-grade zones, with substantially higher graded results than previously modelled in numerous areas. Over 210 holes are awaiting assays, with ongoing RC drilling across Cupim South and infill drilling continuing at Northern Concessions. Maiden RC drilling at Centro Sul is also planned.
The significant high-grade discoveries at Cupim South and Centro Sul are likely to positively impact Viridis Mining's stock price. The high TREO grades and the granting of Mining License status for Cupim South enhance the project's potential value and long-term viability. Investors may view these developments as a strong indicator of future profitability and resource expansion.
Investor Reaction:
Analysts are expected to react positively to the high-grade discoveries, viewing them as a validation of Viridis Mining's exploration strategy. The market may respond favorably, with increased investor interest and potential upward movement in the stock price. However, the final impact will depend on the results of the ongoing assays and the company's ability to progress towards production.
Conclusion:
Investors should closely monitor the upcoming assay results and Viridis Mining's progress in advancing the Colossus Project. The high-grade discoveries at Cupim South and Centro Sul represent a significant step forward for the company, with the potential to enhance its resource base and long-term value.