Viridis Mining and Minerals Ltd (ASX:VMM) has updated its mineral resource estimate for the Colossus ionic clay hosted (IAC) rare earth (REE) project in Brazil, which is now 493 million tonnes (Mt) at 2,508 parts per million (ppm) total rare earth oxides (TREO) and 601ppm magnet rare earth oxides (MREO).

Crucially, these numbers place the project as one with the highest grade and largest accumulation of MREOs in measured and indicated MRE parameters globally.

The global resource for Colossus also makes it the only publicly known IAC project with more than 600ppm MREO across its overall resource.

These factors, together with superior mixed rare earth carbonate (MREC) recoveries and economical flowsheet design (which is also environmentally friendly), have prompted Viridis to dub this the ‘premier REE development project, even in today’s depressed pricing environment.’

Achievement of the Colossus MRE update was enabled by resource modelling done by BNA Mining Solutions, using data from 1,359 drill holes across Northern Concessions, Southern Complex, Tamoyo, Ribeirão, and Capão Da Onça, including 743 augers, 540 reversecirculation, and 76 diamond drill holes.

Within the resource, there is also premium-grade mineralisation of 106Mt more than 4,000ppm TREO and 1,000ppm MREO (26% MREO/TREO), with this likely to facilitate high value and long-life feedstock to support robust project economics.

Viridis shares jumped on the news, and at 10:39 AEDT, they were trading at 46 cents – a rise of 15% since the market opened.

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