Verde AgriTech Ltd (TSX: “NPK”) (OTCQX: “VNPKF”)
(“
Verde” or the “
Company”) is
pleased to announce new significant results from its ongoing work
to evaluate the presence of rare earths in historical diamond core
drilling.
The Company has completed the reassaying of
3,640 meters across three distinct targets previously drilled for
phosphate. On October 07, 20241, Verde disclosed results for 743
meters from the Nau de Guerra target, and today it announces
results for an additional 1,5832 meters from the Balsamo target. In
the coming weeks, the final results for the remaining 1,314 meters
from the third target, Alto da Serra, will be reported. This rare
earth initiative has been officially named the Man of War
Project.
Key results from the latest drilling assays
include:
- 12,487 ppm TREO and 3,357 ppm MREO
(AP-BD-09 1m@ [20]).
- 3,667 ppm TREO and 827 ppm MREO
(AP-ND-13 85m @ [18m]).
- 122 ppm DyTb (AP-ND-05 1m@
[27])3.
“We are excited by the continued positive
results from the Balsamo target, which highlight the project's
potential as a major source of high-grade magnetic and heavy rare
earth elements,” said Cristiano Veloso, Verde’s Founder and CEO.
“While our sole focus remains on low carbon fertilizers, it is hard
not to get excited about the potential size and grade of this
discovery. This could potentially be one of the world’s largest and
most relevant rare earths discoveries outside of China."
The Company reanalyzed 13 drill holes in the
mineralized zone of the Balsamo Target and results included4:
Hole |
From(m) |
To(m) |
Thickness(m) |
TREO5(ppm) |
MREO6(ppm) |
Pr6O11(ppm) |
Nd2O3(ppm) |
Tb4O7(ppm) |
Dy2O3(ppm) |
AP-BD-10 |
37 |
126 |
89 |
3.139 |
724 |
160 |
540 |
5 |
20 |
58 |
92 |
34 |
4.557 |
1.077 |
235 |
804 |
7 |
31 |
63 |
68 |
5 |
8.206 |
2.006 |
426 |
1.508 |
14 |
58 |
AP-BD-09 |
0 |
83 |
83 |
3.492 |
802 |
178 |
597 |
5 |
22 |
11 |
60 |
49 |
4.552 |
1.079 |
239 |
804 |
7 |
30 |
18 |
23 |
5 |
9.912 |
2.586 |
553 |
1.954 |
15 |
64 |
AP-BD-01 |
40 |
130 |
90 |
3.164 |
716 |
156 |
535 |
5 |
20 |
53 |
86 |
33 |
4.486 |
1.032 |
229 |
766 |
7 |
31 |
62 |
67 |
5 |
8.947 |
2.129 |
478 |
1.588 |
12 |
51 |
AP-BD-07 |
41 |
133 |
92 |
3.293 |
766 |
165 |
575 |
5 |
22 |
60 |
113 |
53 |
4.448 |
1.058 |
227 |
795 |
7 |
30 |
67 |
72 |
5 |
8.227 |
2.194 |
451 |
1.665 |
15 |
63 |
AP-BD-06 |
44 |
134 |
90 |
3.397 |
800 |
174 |
598 |
5 |
23 |
59 |
119 |
60 |
4.413 |
1.058 |
230 |
791 |
7 |
30 |
68 |
73 |
5 |
7.645 |
2.025 |
414 |
1.538 |
14 |
59 |
AP-BD-13 |
18 |
103 |
85 |
3.667 |
827 |
180 |
617 |
5 |
24 |
35 |
98 |
63 |
4.352 |
1.018 |
222 |
761 |
6 |
29 |
46 |
51 |
5 |
7.328 |
1.887 |
406 |
1.422 |
11 |
48 |
AP-BD-05 |
6 |
95 |
89 |
3.102 |
719 |
154 |
539 |
5 |
21 |
21 |
71 |
50 |
4.161 |
983 |
210 |
737 |
7 |
29 |
26 |
31 |
5 |
7.809 |
2.012 |
416 |
1.515 |
15 |
67 |
AP-BD-08 |
0 |
76 |
76 |
3.554 |
777 |
172 |
578 |
5 |
21 |
4 |
59 |
55 |
4.090 |
904 |
201 |
673 |
5 |
24 |
11 |
16 |
5 |
8.580 |
2.037 |
448 |
1.520 |
13 |
57 |
AP-BD-03 |
44 |
133 |
89 |
3.120 |
723 |
157 |
542 |
5 |
20 |
58 |
109 |
51 |
4.025 |
953 |
208 |
714 |
6 |
26 |
65 |
70 |
5 |
8.269 |
2.082 |
451 |
1.567 |
12 |
52 |
AP-BD-04 |
41 |
136 |
95 |
3.074 |
691 |
152 |
515 |
4 |
20 |
59 |
118 |
59 |
3.939 |
922 |
203 |
688 |
6 |
25 |
65 |
70 |
5 |
9.302 |
2.370 |
506 |
1.779 |
16 |
69 |
AP-BD-11 |
46 |
136 |
90 |
2.993 |
691 |
151 |
517 |
4 |
19 |
62 |
113 |
51 |
3.857 |
925 |
201 |
693 |
6 |
25 |
67 |
72 |
5 |
8.787 |
2.245 |
475 |
1.700 |
14 |
57 |
AP-BD-12 |
38 |
131 |
93 |
2.906 |
653 |
141 |
487 |
5 |
21 |
55 |
80 |
25 |
3.646 |
863 |
181 |
641 |
7 |
33 |
63 |
68 |
5 |
5.201 |
1.221 |
248 |
901 |
12 |
61 |
AP-BD-02 |
38 |
132 |
94 |
2.939 |
672 |
146 |
502 |
4 |
19 |
55 |
113 |
58 |
3.645 |
856 |
186 |
640 |
6 |
24 |
62 |
67 |
5 |
7.469 |
1.906 |
413 |
1.427 |
12 |
53 |
Verde has commissioned the preparation of a
mineral resource report, to be completed in compliance with both NI
43-101 and Australian JORC standards. This independent report will
allow the Company to maximize value for its shareholders as it
explores potential alternatives to unlock the full potential of the
project.
“Given the potential of this project and the
substantial investment required for its development, the Board of
Directors has decided that it should be advanced by an entity
independent from the Company,” said Cristiano Veloso, Verde’s
Founder and CEO. “This approach will allow Verde to remain focused
on its core business of fertilizers, while maximizing the value of
this rare earths discovery.”
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:
https://investor.verde.ag/events/investor-presentation-man-of-war-project/.
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.
ABOUT VERDE AGRITECH
Verde AgriTech is dedicated to advancing
sustainable agriculture through the innovation of specialty
multi-nutrient potassium fertilizers. Our mission is to increase
agricultural productivity, enhance soil health, and significantly
contribute to environmental sustainability. Utilizing our unique
position in Brazil, we harness proprietary technologies to develop
solutions that not only meet the immediate needs of farmers but
also address global challenges such as food security and climate
change. Our commitment to carbon capture and the production of
eco-friendly fertilizers underscores our vision for a future where
agriculture contributes positively to the health of our planet.
For more information on how we are leading the
way towards sustainable agriculture and climate change mitigation
in Brazil, visit our website at https://verde.ag/en/home/.
COMPANY UPDATES
Verde invites you to subscribe for updates. By
signing up, you'll receive the latest news about the Company's
projects, achievements, and future plans.
Subscribe at the following link:
http://cloud.marketing.verde.ag/InvestorsSubscription
CAUTIONARY LANGUAGE AND FORWARD-LOOKING
STATEMENTS
All Mineral Reserve and Mineral Resources
estimates reported by the Company were estimated in accordance with
the Canadian National Instrument 43-101 and the Canadian Institute
of Mining, Metallurgy, and Petroleum Definition Standards (May 10,
2014). These standards differ significantly from the requirements
of the U.S. Securities and Exchange Commission. Mineral Resources
which are not Mineral Reserves do not have demonstrated economic
viability.
This document contains "forward-looking
information" within the meaning of Canadian securities legislation
and "forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995. This
information and these statements, referred to herein as
"forward-looking statements," are made as of the date of this
document. Forward-looking statements relate to future events or
future performance and reflect current estimates, predictions,
expectations, or beliefs regarding future events. These statements
include, but are not limited to:
(i) the potential
quantity and grade of minerals identified in the Balsamo target
area;(ii) the potential for future exploration results to confirm
mineralization across broader zones;(iii) the completion of the
mineral resource report, which is being prepared in accordance with
both NI 43-101 and JORC standards, to validate the results
obtained;(iv) the Company’s ability to finance continued
exploration and development activities for the Balsamo target;(v)
the estimated capital and operational costs associated with the
continued development of the Balsamo project.
It is important to note that the Balsamo project
is currently in the exploratory phase. The results reported here
are preliminary and should not be considered definitive indicators
of the project's viability. Further exploration work is required,
and there is no guarantee that future drilling will confirm the
presence of economically viable mineral reserves.
All forward-looking statements are based on
Verde's or its consultants' current beliefs as well as various
assumptions made by them and information currently available to
them. The most significant assumptions are set forth above, but
generally these assumptions include, but are not limited to:
(i) the presence and
continuity of mineralization at the Balsamo target;(ii) the
successful completion of further exploratory work as planned;(iii)
the availability of financing to continue exploration
activities.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections,
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. We caution readers
not to place undue reliance on these forward-looking statements as
a number of important factors could cause the actual outcomes to
differ materially from the beliefs, plans, objectives,
expectations, anticipations, estimates, assumptions, and intentions
expressed in such forward-looking statements. These risk factors
may be generally stated as the risk that the assumptions and
estimates expressed above do not occur as forecast, but
specifically include, without limitation: risks relating to
variations in the mineral content within the material identified as
Mineral Resources and Mineral Reserves from that predicted;
variations in rates of recovery and extraction; the geotechnical
characteristics of the rock mined or through which infrastructure
is built differing from that predicted; developments in world
metals markets; risks relating to fluctuations in the Brazilian
Real relative to the Canadian dollar; increases in the estimated
capital and operating costs or unanticipated costs; difficulties
attracting the necessary workforce; increases in financing costs or
adverse changes to the terms of available financing, if any; tax
rates or royalties being greater than assumed; changes in
development or mining plans due to changes in logistical,
technical, or other factors; changes in project parameters as plans
continue to be refined; risks relating to receipt of regulatory
approvals; delays in stakeholder negotiations; changes in
regulations applying to the development, operation, and closure of
mining operations from what currently exists; the effects of
competition in the markets in which Verde operates; operational and
infrastructure risks; and the additional risks described in Verde's
Annual Information Form filed with SEDAR in Canada (available at
www.sedar.com) for the year ended December 31, 2021. Verde cautions
that the foregoing list of factors that may affect future results
is not exhaustive.
When relying on our forward-looking statements
to make decisions with respect to Verde, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Verde does not undertake to
update any forward-looking statement, whether written or oral, that
may be made from time to time by Verde or on our behalf, except as
required by law.
For additional information please contact:
Cristiano Veloso, Chief
Executive Officer and Founder
Tel: +55 (31) 3245 0205; Email:
investor@verde.ag
www.verde.ag | www.investor.verde.ag
____________________________
1 Source: High grade ionic absorption clay
magnetic rare earths mineralization found in Verde’s historical
drill holes.
2 Awaiting delayed analysis results for the
remaining 48 meters.
3 Refers to the sum of the oxides Dy₂O₃ +
Tb₄O₇.
4 Oxide Conversion Factors: the conversion
factors for rare earth oxides represent the multiplier used to
convert the elements into their oxide forms. The conversion factors
are as follows: Cerium Oxide (CeO₂) = 1.2284; Dysprosium Oxide
(Dy₂O₃) = 1.1477; Erbium Oxide (Er₂O₃) = 1.1435; Europium Oxide
(Eu₂O₃) = 1.1579; Gadolinium Oxide (Gd₂O₃) = 1.1526; Holmium Oxide
(Ho₂O₃) = 1.1455; Lanthanum Oxide (La₂O₃) = 1.1728; Lutetium Oxide
(Lu₂O₃) = 1.1372; Neodymium Oxide (Nd₂O₃) = 1.1664; Praseodymium
Oxide (Pr₆O₁₁) = 1.2082; Samarium Oxide (Sm₂O₃) = 1.1596; Terbium
Oxide (Tb₄O₇) = 1.1762; Thulium Oxide (Tm₂O₃) = 1.1421; Yttrium
Oxide (Y₂O₃) = 1.2699; Ytterbium Oxide (Yb₂O₃) = 1.1387.
5 Total Rare Earth Oxides (TREO) refers to the
sum of the oxides of rare earth elements, which include: Lanthanum
Oxide (La₂O₃), Cerium Oxide (CeO₂), Praseodymium Oxide (Pr₆O₁₁),
Neodymium Oxide (Nd₂O₃), Samarium Oxide (Sm₂O₃), Europium Oxide
(Eu₂O₃), Gadolinium Oxide (Gd₂O₃), Terbium Oxide (Tb₄O₇),
Dysprosium Oxide (Dy₂O₃), Holmium Oxide (Ho₂O₃), Erbium Oxide
(Er₂O₃), Thulium Oxide (Tm₂O₃), Ytterbium Oxide (Yb₂O₃), Lutetium
Oxide (Lu₂O₃), and Yttrium Oxide (Y₂O₃).
6 Magnetic Rare Earth Oxides (MREO) refers to
the sum of the oxides of rare earth elements with magnetic
properties, which include: Praseodymium Oxide (Pr₆O₁₁), Neodymium
Oxide (Nd₂O₃), Terbium Oxide (Tb₄O₇), and Dysprosium Oxide
(Dy₂O₃).
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