Verde Announces 1.35 Billion Tons of Maiden Mineral Resource Estimate at the Man of War Rare Earths Project
Globe Newswire
dez 18, 2024
The Resource Estimate Is One of the World’s Largest And Highest Grade Ionic Absorption Clay Projects with TREO Grade of 3,437 ppm and 793 ppm MREOSingapore. Verde AgriTech Ltd (TSX: “NPK”) (OTCQX: “VNPKF”) (“Verde” or the “Company”) is pleased to announce a maiden mineral resource estimate of 1.35 billion tons at 3,437 ppm of Total Rare Earth Oxides (“TREO”) [1] and with 793 ppm of Magnet Rare Earth Oxides (“MREO”) [2] for the Man of War Rare Earths Project (“Man of War”) in accordance with NI 43-101 standards, the Reasonable Prospects for Eventual Economic Extraction (“RPEE”), calculated with a 1,000 ppm TREO cut-off. This estimate includes three of Man of War’s targets: Nau de Guerra, Bálsamo and Alto da Serra located in São Gotardo, Brazil. The JORC and NI 43-101 compliant resource estimate establishes Man of War as one of the world’s largest rare earths projects.
This comprehensive analysis underpins the robust economic potential of Man of War as a world-class rare earths project.
| RPEE RESOURCE | TREO | MREO | Pr6O11 | Nd2O3 | Tb4O7 | Dy2O3 | | t | ppm | ppm | Ppm | ppm | ppm | ppm | | 1,349,820,872 | 3,437 | 793 | 173 | 594 | 5 | 22 |
This is based on 1,50 billion tons in-situ resources with 3,430 ppm of TREO and with 791 ppm of MREO, calculated with a 1,000 ppm TREO cut-off, from three currently studied targets, Alto da Serra, Bálsamo and Nau de Guerra.
The difference between the RPEE resource of 1.35 billion and the in-situ resource of 1.50 billion is attributable to the fact that the former is confined within the optimized mathematical pits generated for the RPEE demonstration.
Below are the highlights of the in-situ resource.
Highlights by Target:
- Nau de Guerra: 120.09 Mt @ 3,628 ppm TREO, with 846 ppm MREO,
- Alto da Serra: 230.21 Mt @ 3,684 ppm TREO, with 875 ppm MREO,
- Balsamo: 1,145.62 Mt @ 3,358 ppm TREO, with 769 ppm MREO,
Man of War presents significant potential and demands substantial investment for its advancement. The spin-off of Oby Rare Earths Pty. Ltd. (“Oby”) will enable the focused development and progress of the project, while Verde continue to concentrate exclusively on its core business. Shareholders will have the opportunity to vote on Oby’s spin-off and the distribution of Oby shares to Verde shareholders at the Special General Meeting scheduled for December 20th. [3] In Q1 2025, Oby plans to rase funds to advance the development of its world-class Man of War project. Funds raised will primarily be allocated to completing a scoping study and advancing environmental impact assessment. Verde shareholders who are accredited investors and interested in participating in this opportunity are encouraged to contact Verde directly at investor@verde.ag.
“The discovery of such a significant rare earth resource in Brazil has the potential to redefine the global supply chain for critical minerals like praseodymium, neodymium, terbium, and dysprosium. The Man of War Project is poised to become a key contributor to the technologies that drive our modern economy”, celebrated Cristiano Veloso, Verde’s Founder and CEO.
Resource Estimate Summary:
The following table summarizes the in-situ mineral resource estimates at a cut-off grade of 1,000 ppm TREO for each target and the combined total:
| Target | Tons | TREO | MREO | Pr6O11 | Nd2O3 | Tb4O7 | Dy2O3 | | ppm | ppm | ppm | ppm | ppm | ppm | | Nau de Guerra | 120,093,635 | 3,628 | 846 | 183 | 634 | 5 | 24 | | Alto da Serra | 230,213,682 | 3,684 | 875 | 188 | 656 | 6 | 26 | | Balsamo | 1,145,624,209 | 3,358 | 769 | 168 | 575 | 5 | 21 | | TOTAL | 1,495,931,526 | 3,430 | 791 | 172 | 592 | 5 | 22 |
The resource estimates were prepared in compliance with the JORC 2012 Edition and NI 43-101 standards, under the supervision of Dr. Volodymyr Myadzel, PhD, MAIG, who acts as the Qualified Person (QP) for this report.
BNA Mining Solutions is responsible for preparing the final report in compliance with NI 43-101 standards, which is expected to be released in approximately 45 days.
Drilling and Sampling:
The exploration campaign employed diamond drilling to ensure the reliability and precision of the resource estimation process. Sampling was conducted at consistent intervals of 1 meter, with drill cores carefully stored in labeled plastic bags containing unique identification tags. These bags were sealed, double-bagged, and systematically recorded in a digital database to maintain traceability.
The drilling campaign, carried out between April and September 2011, used MACH 1200 and DIAKOR II rigs, executed by Rede Engenharia e Sondagens S/A (a subsidiary of SGS) and Isoágua Perfurações Especiais Ltda. Together, these campaigns drilled 3,539.3 meters across the Nau de Guerra (742.95 meters), Alto da Serra (1,313.85 meters), and Balsamo (1,582.5 meters) targets. The core recovery was calculated for each interval, achieving reliable recovery rates that formed the foundation of the geological interpretation and resource modeling. The diamond drill cores enabled bulk density measurements and were carefully preserved for future reference.
During both the historical exploration in 2011 and the ongoing 2024 campaigns, geologists logged core details, including weathering profiles, regolith characteristics, lithology, and petrographic features. Key geotechnical parameters such as Rock Quality Designation (RQD) and degrees of weathering were also recorded. These observations were systematically entered into a centralized digital database, ensuring consistency and facilitating seamless integration with subsequent analyses.
Laboratory Analysis and QA/QC Protocols:
Sample preparation followed a rigorous protocol to ensure the integrity and reliability of assay data. Drill cores were photographed, and geologists revised descriptions before sampling. A longitudinal cut was made in the cores, and a quarter was sampled while preserving the remainder for reference. Samples were crushed, sieved to 1mm, homogenized, and split using a Jones riffle splitter. Pulverization to 95% passing 150# mesh preceded the extraction of a 10g aliquot for ICP95A/IMS95A analysis of REEs and oxides.
The project implemented a robust QA/QC program in collaboration with SGS, incorporating blanks, reference materials, and duplicates into sample batches of 50. Inter-laboratory checks were conducted with ALS Laboratories, cross-verifying assay results with deviations consistently within ±10% of original grades.
Independent verification included two site visits by Dr. Volodymyr Myadzel, PhD, MAIG, who evaluated drilling and sampling procedures, QA/QC protocols, and the geological model. These inspections confirmed the reliability of sampling techniques, laboratory practices, and data management, ensuring compliance with JORC 2012 and NI 43-101 standards.
Estimation and Reporting of Mineral Resources:
The mineral resource estimation for the project was carried out using a systematic and robust methodology, incorporating historical data and results from the 2011–2012 drilling campaigns conducted by the Verde team. Site visits by Volodymyr Myadzel, representing BNA Mining Solutions, were conducted in July and August 2024 to assess site conditions, verify geological documentation, and provide an overall geological overview of the area.
A block model was developed using Ordinary Kriging (OK) for grade interpolation, implemented via Micromine software. This approach was chosen due to the log-normal distribution of the sample data. To validate and cross-check the results, Inverse Distance Weighting (IDW3) was applied as a secondary estimation method. The estimation employed a sequential search ellipse methodology across four passes, with adjustments to the size of the ellipsoid and the number of composite samples and drill holes required for interpolation. Block discretization utilized sub-blocking, dividing initial 50x50x10-meter blocks into subunits (5x5x2 meters) near mineralized wireframes. Variography guided the determination of search ellipse parameters and orientations, with radii and azimuth orientations customized for each REE.
Validation of the block model included statistical comparisons between interpolated grades and composite datasets. Histograms and probability plots demonstrated consistency and reliability, confirming the robustness of the model.
A cut-off grade of 1,000 ppm TREO was applied, informed by comparable projects and the Qualified Person’s experience. Dry bulk density values were calculated from 452 diamond drill core samples, analyzed using Archimedes’ principle with equipment certified by INMETRO. All estimates are reported on a dry tonnage basis.
All mineral resources have been classified as Inferred, reflecting the current state of geological continuity, drill hole spacing, variography, and density data. This classification aligns with industry standards and the Qualified Person’s assessment of data reliability.
For further technical details, the link below provides comprehensive information on the project’s location, geology, and full assay results for all rare earths elements: investor.verde.ag.
Qualified Person
The information in this announcement that relates to exploration results is based on information reviewed, recommended data collection methodologies, and overseen by QP Volodymyr Myadzel. Dr. Myadzel, PhD in Geology and a Member of the Australian Institute of Geoscientists (MAIG), brings over 25 years of experience in mineral exploration, resource modeling, and estimation of mineral deposits. His expertise spans the origin of mineralization and ore precipitation mechanisms across various geological environments. Dr. Myadzel has extensive experience in fieldwork, exploration, mineralogy, and petrography of metamorphic rocks and mineral deposits. He is also skilled in the preparation of core samples for analysis, sedimentology of alluvial and talus sediments, and the investigation of primary and secondary lithogeochemical dispersion patterns. His laboratory capabilities include transmitted-light microscopy and ore microscopy for petrography and ore mineralogy. Dr. Myadzel is a recognized Competent Person (CP) under the JORC Code and a Qualified Person (QP) under Canada’s NI 43-101 standards. He will serve as the Qualified Person for Mineral Resource estimation.
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