08:56 AM EDT, 10/07/2024 (MT Newswires) -- Verde AgriTech ( VNPKF ) , which saw its shares gain 13% on the TSX last Friday, on Monday said that 4,708 hectares of its mineral concessions are prospective for Magnetic Rare Earths (MRE) mineralization. The MREs in Verde's find include Praseodymium (Pr), Neodymium (Nd), Dysprosium (Dy), and Therbium (Tb).

The company has initiated the re-assaying of select historical drill holes within a geological formation previously explored for phosphate. Verde is reevaluating historical data, focusing on potential rare earth element mineralization, prompted by the sector's evolving market dynamics.

"We are thrilled by the potential we have uncovered in the Magnetic Rare Earth elements and are committed to conducting thorough work to fully understand their scope and application. Verde remains focused on its fertilizer business and will investigate alternatives to generate shareholder value from those concessions," said Cristiano Veloso, Verde's founder and CEO.