Victory Metals Limited (ASX:VTM) ('Victory' or 'the Company') is thrilled to announce the initial Inferred Mineral Resource at the North Stanmore Rare Earth Element Project ('North Stanmore' or the 'Project') in Cue, Western Australia. This groundbreaking discovery underscores Victory's leadership and innovation in Australia's rare earth mining industry.
Details of the North Stanmore Rare Earth Element Project are as follows:
Inferred Mineral Resource: 250Mt at 520ppm Total Rare Earth Oxide ('TREYO'), containing 130,000t of contained TREYO.
Substantial Enrichment: 33% heavy rare earth oxide ('HREO') to TREYO percentage, positioning North Stanmore as one of Australia’s most enriched HREO deposits.
Critical Metals Composition: 54% of critical metals as identified by the US Government in 2022.
Resource Modelling: Based on 1,161m of drill assays averaging 828ppm of TREYO above a 400-ppm cut-off.
High Magnet Metals Percentage: Dysprosium ('Dy') and Terbium ('Tb') totalling 3.6%, and Neodymium ('Nd') and Praseodymium ('Pr') combined totalling 21.5% TREYO.
Valuable Basket Price: Low cut-off grades were selected due to North Stanmore hosting valuable basket price and high percentages of HREO.
Promising Metallurgical Testwork: Potential to increase plant feed grades by up to 148% through a low-cost REE metal recovery process, increased mining selectivity, and proven beneficiation techniques.
Exploration Target: Representing the potential extension of North Stanmore.
The initial Inferred Mineral Resource Estimate covers only 18% of the area drilled within confirmed REE mineralisation, indicating a promising future for further exploration.
Victory's CEO and Executive Director, Brendan Clark, commented:
“We are extremely proud to report one of Australia's largest heavy rare earth enriched ionic clay/regolith hosted Inferred Mineral Resource Estimates with imminent potential to rapidly increase these market-leading results with infill drilling over a large area of North Stanmore where previous drilling has identified rare earth element mineralisation.”
“This significant milestone solidifies our position as a frontrunner in the Australian rare earth mining industry for ionic clay/regolith discoveries and underscores our commitment to unlocking the immense potential of our country's natural resources.”
“No rare earth project can be looked at the same. Victory has proven North Stanmore to be a unique and premium system with outstanding grades of heavy rare earth elements that include Dysprosium and Terbium, which are predicted to face a supply deficit of 70% by 2030, creating favourable product market conditions for Victory.”
“Victory looks forward to innovatively leveraging this Mineral Resource Estimate to drive growth and value for our shareholders as the Company enters a new exciting phase."
Victory is dedicated to exploring and developing its rare earth element (REE) and scandium Discovery in the Cue Region of Western Australia. Our valuable assets are situated in the Midwest region, approximately 665 km from Perth. The ongoing evolution of Victory's ionic clay REE discovery is significant, as it boasts high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals (NdPr + DyTb).