Viridis Mining and Minerals (ASX: VMM) has reported new assays from infill drilling at the Northern Concessions area of the Colossus rare earths project in Brazil as well as exploration drilling along the eastern extension and across additional targets within the broader tenement package.
Infill drilling at the flagship Northern Concessions targeting pit-feed areas used in the project’s pre-feasibility study returned grades consistently above those incorporated in the existing block model, particularly for high-value critical minerals dysprosium and terbium.
Best assays were 12 metres at 6,082 parts per million TREO (total rare earth oxides) including 4m at 10,520ppm TREO and 4,857ppm MREO (magnet rare earth oxides), along with 8m at 9,118ppm TREO and 4,002ppm MREO, and 16m at 5,824ppm TREO including 8m at 8,538ppm TREO and 3,540ppm MREO.
The outperformance supports the company’s expectations of a material uplift in feed grades as part of a planned resource update and could have significant implications for enhanced project economics and revenue potential.
Northern and Southern Auger Results
Initial exploration auger results from the Fazenda prospect (Northern Concessions eastern extension) confirmed a continuous, high-grade MREO corridor extending west-to-east, reinforcing the potential scale and growth beyond the current resource boundary.
Greenfield auger drilling at Southern Complex and the Campo do Coqueirinho prospect delivered strong thicknesses and high-grade results to further highlight growth potential across the broader tenement package.
Best results were 6m at 4,395ppm TREO and 1,337ppm MREO, 6m at 4,120ppm TREO and 1,160ppm MREO, and 12m at 5,368ppm TREO and 1,721ppm MREO.
Enhancing Colossus Returns
Managing director Rafael Moreno said the TREO enrichment would enhance the projected basket value and revenue profile of the Colossus project.
“This emerging high-grade eastern extension has the potential to materially enhance mine life and scheduling flexibility, allowing us to prioritise sustained production from the Northern Concessions while preserving additional high-grade zones across the complex for future development optimisation,” he said.
“Drilling is being advanced alongside geotechnical, density, mineralogical, and moisture studies to optimise mine design and support the delivery of a definitive feasibility study as we work towards commencing project execution in Q3 2026.”
