Viridis Mining & Minerals has updated the resource estimate for its Colossus project in Minas Gerais.
Currently, the project's ore resources stand at 493 million mt, with a total rare earth oxide (TREO) grade of 0.2508%.
Compared to the resource estimate as of June 2024, the updated resource volume has increased by 140%.
Viridis considers Colossus to be a world-class ion-adsorption rare earth deposit, featuring the highest grade and largest scale among similar deposits. The magnet rare earth oxide (MREO) grade (Pr-Nd-Dy-Tb) is 0.0601%, accounting for 24% of the total rare earth oxide content.
The company stated that the high-grade ore resources amount to 106 million mt, with a TREO grade of 0.4%, including an MREO grade of 0.1%.
Beneficiation and metallurgical tests completed in 2024 yielded favorable results, achieving high recovery rates in solvents with moderate pH levels.
Reportedly, the company is still in negotiations with potential financiers and underwriters for the project's development.
The company is preparing a preliminary study for the project.
