08:12 AM EDT, 10/29/2024 (MT Newswires) -- Verde AgriTech ( VNPKF ) reported Tuesday significant assays from ongoing drilling at the Balsamo target in Brazil.

The company said results from over 1,500 meters of drilling found up to 12,487 parts per million (ppm) total rare earth oxides and 3,357 ppm mixed rare earth oxides. Verde commissioned a mineral resource report that is to be completed in compliance with both NI 43-101 and Australian JORC standards.

"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.

Verde's share price fell 1.6% yesterday to near 52-week lows of $0.62 on the TSX.