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Virdis Mining jumps on rare earth discovery

Kitco News

Virdis Mining (ASX:VMM) said today it made a major ionic clay rare earth discovery at its Colossus project in Brazil. Highlight intercept was 46.0m @ 3,285ppm total rare earth oxide from surface.

Executive Chairman Agha Shahzad Pervez said the results were "word-class."

“These are simply world class Ionic Adsorption Clay Rare Earths ‘IAC REE’ results and affirms the confidence the management team has in the Colossus Project," said Pervez. "As we advance with our exploration program, we are encountering widespread thick saprolite clay profiles, exemplifying the potential for Colossus to host a world-class resource in terms of size and grade."

Virdis Mining traded up 69% to A$2.15.

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