Viridis Mining's Cupim South Drilling Yields Exceptional Results - 30 July 2024
VMM (VMM) Share Update July 2024 Monday 29th
Viridis Mining's Cupim South Drilling Yields Exceptional Results
Viridis Mining and Minerals Limited (ASX: VMM) has announced remarkable results from its latest step-out drilling at the Cupim South Deposit, part of the Colossus Project. The new findings significantly enhance the potential of this rare earth element (REE) deposit.
Instant Summary:
- Step-out drilling at Cupim South establishes a continuous high-grade zone (>4,000ppm TREO).
- High-grade Dy-Tb mineralization discovered near the surface.
- Significant drill results include CS-AG-0173: 9m @ 6,551ppm TREO from surface, including 2m @ 221ppm Dy & Tb Oxide.
- Potential for substantial resource upgrade to support a long-life, >4,500ppm TREO feed plan.
Drilling Results and Resource Potential
Viridis Mining's step-out auger drilling at the Cupim South Deposit has revealed a continuous high-grade zone with total rare earth oxides (TREO) exceeding 4,000ppm. The drilling, which extended into adjoining licenses, uncovered significant near-surface Dy-Tb mineralization, redefining the initial high-grade mining feed potential for the Colossus Project.
Key drill results include:
- CS-AG-0173: 9m @ 6,551ppm TREO from surface, ending in mineralization of 4,003ppm TREO, including 2m @ 221ppm Dy & Tb Oxide.
- CS-AG-0279: 16m @ 5,953ppm TREO from surface, ending in mineralization of 3,372ppm TREO, including 6m @ 105ppm Dy & Tb Oxide.
- CS-AG-0197: 10m @ 5,172ppm TREO from 2m, ending in mineralization of 4,740ppm TREO, with the last 4m @ 93ppm Dy & Tb Oxide.
Resource Upgrade and Future Plans
The latest results are expected to significantly enhance the high-grade feed at Colossus and improve the Cupim South Resource. Current interpolated high-grade feed at Colossus indicates a resource base of 47Mt @ 4,000ppm TREO, which now has scope to increase substantially in size and grade.
Infill RC and diamond drilling at Northern Concessions and Cupim South have outlined numerous higher-grade zones than previously modeled. Notable results include:
- FZ-RC-0193: 26m @ 5,270ppm TREO from 4m, including 6m @ 10,375ppm TREO [41% MREO], with 14m @ 91ppm Dy & Tb Oxide.
- FZ-RC-0220: 16m @ 5,090ppm TREO from 2m, including 6m @ 7,529ppm TREO [48% MREO], with 6m @ 146ppm Dy & Tb Oxide.
- FZ-RC-0402: 12m @ 6,393ppm TREO from 8m, including 6m @ 9,059ppm TREO [38% MREO], with 6m @ 104ppm Dy & Tb Oxide.
The results define a potential long-life and high-grade (>4,000ppm) feed, elevated in shallow Dy & Tb mineralization and basket value. All auger holes end in mineralization, with a follow-up RC program planned to provide additional tonnage for future resource upgrades.
CEO's Statement
Chief Executive Officer Rafael Moreno commented on the results, stating, 'Another outstanding set of results reaffirms the remarkable resource we are dealing with at Colossus. The very high-grade core identified at our Cupim South Extension supports our development strategy to focus on exceptionally high areas of TREO/MREO in our Northern Concessions and Cupim South Extension.'
Moreno added, 'With the RC infill drilling at our Northern Concessions revealing a significant improvement in grade and mineralization depth compared to our existing resource block model, we are excited to showcase the enormous potential of our resource upgrade at the end of this year.'
The discovery of high-grade rare earth mineralization at Cupim South is a significant milestone for Viridis Mining. The potential for a substantial resource upgrade and the establishment of a long-life, high-grade feed plan could positively impact the company's stock. Investors are likely to respond favorably to the news, given the increasing demand for rare earth elements in various industries.
Investor Reaction:
Analysts have noted the high-grade nature of the mineralization and the potential for a significant resource upgrade. Investor reaction has been positive, with many expressing optimism about the future prospects of the Colossus Project.
Conclusion:
Investors should closely monitor Viridis Mining's upcoming drilling programs and resource updates. The company's strategic focus on high-grade areas and the potential for a substantial resource upgrade make it an attractive investment opportunity. Stay tuned for further developments as Viridis continues to explore and expand its rare earth element resources.