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- Viridis Mining and Minerals (ASX:VMM) grows its Colossus IAC REE project in Brazil, increasing the total landholding to 144.6 square kilometres
- Located around 700 metres west of the Sorberbo deposit, the highest-grade ionic REE deposit in the alkaline complex
- The binding option agreement includes an initial exclusivity fee of US$25,000, from vendors Irmaos Martins Servicos E Comercio Eirel and Rafael Da Cruz Oliveira
- Viridis plans to commence geological reconnaissance on the Centro Sul prospect
- VMM last traded at $1.52
Viridis Mining and Minerals (ASX:VMM) has grown its Colossus IAC rare earth element project in Brazil, increasing the landholding to 144.6 square kilometres.
The primary focus was on the Centro Sul prospect, situated 700 metres west of the Sorberbo deposit, the highest-grade Ionic REE deposit in the alkaline complex.
Binding option agreement terms
The binding option agreement outlined key terms, including an initial exclusivity fee of US$25,000 (A$39,000) from vendors Irmaos Martins Servicos E Comercio Eirel and Rafael Da Cruz Oliveira. It also specified subsequent acquisition payments contingent upon achieving specific milestones.
Upon settlement, the vendors received 2.5 million performance shares subject to achieving delineated mineral resources within the new areas.
Future work
Viridis plans to enhance and expand its exploration programs through due diligence on the new areas.
The geological characteristics of ionic clays in the Poços de Caldas Complex create ideal conditions for an IAC-type REE deposit.
Viridis plans to commence geological reconnaissance on the Centro Sul prospect, with the goal of exercising the most promising licenses within the exclusive option timeframe, aligning with the company’s dedication to advancing its Colossus IAC REE project.
VMM last traded at $1.52.
