Victory Metals Limited (ASX:VTM) – Victory Metals Limited ("Victory" or "the Company") is thrilled to announce the initiation of a comprehensive 13,300m drill program at its wholly-owned North Stanmore Rare Earth Element Project ("North Stanmore" or the "Project").
The commencement of an 11,500m aircore infill drilling program in tandem with a 700m diamond drilling program at the North Stanmore REE Project.
An additional 1,100m aircore drilling program has begun 7km North of the existing JORC mineral resource estimate, targeting extensions of REE mineralisation.
North Stanmore stands as Australia’s premier ionic/regolith clay-hosted Heavy Rare Earth Element discovery, boasting a JORC mineral resource estimate of 250Mt @ 520ppm REE 1.
The primary objective of these drilling programs is to upgrade the mineral resource estimate from the inferred to an indicated category. This could potentially lead to an increase in the REE grade due to resource modelling that is more in sync with eventual mining selectivity using close spaced drilling patterns.
The outcomes of these programs will be instrumental in the North Stanmore REE Project scoping study, which is slated for early 2024.
Victory is making significant strides in producing a Mixed Rare Earth Carbonate (MREC) product through its ongoing metallurgical test work programs.
The Company's financial position remains robust with a cash reserve of $3.25m.
About North Stanmore REE Project:
The North Stanmore REE project currently encompasses an Inferred Mineral Resource of 250Mt at 520ppm TREYO. This includes a high average HREO/TREO ratio of 33%, and substantial percentages of combined Dysprosium and Terbium (DyTb) and Neodymium and Praseodymium (NdPr) amounting to 3.6% and 21.5% TREYO respectively.
Strategically located approximately 10km from the Cue township in Western Australia, the North Stanmore REE Project benefits from its proximity to one of Australia’s primary arterial road networks, the Great Northern Highway. This ensures easy access to essential infrastructure and support services.
The North Stanmore REE Project is a significant discovery in Australia, given its logistical benefits, high metallurgical recoveries, elevated ratios of heavy rare earth elements (HREO/TREYO), feed grade beneficiation potential, minimal radiation levels, and a favourable tenement tenure due to its location on Crown land.
Victory’s Chief Executive Officer and Executive Director Brendan Clark, commented: “Victory is becoming an industry leader in clay-hosted rare earth mineral exploration and is pleased to announce the commencement of this substantial drilling program aimed at significantly advancing its Western Australian project which remains a cornerstone in Australia's rare earth landscape, home to Australia's largest ionic/regolith clay-hosted Rare Earth Element discovery confirmed by our recently announced Mineral Resource Estimate (MRE).”
“This drilling program marks the Company’s most advanced exploration stage since its incorporation and is an exciting milestone as the drilling program is expected to contribute substantively to both the confidence and scale of our MRE, while also facilitating an scoping study.”
“We are at a critical stage where the growing demand for heavy rare earth elements is driven by global initiatives to reduce greenhouse gas emissions. This places Victory in a strategic position to contribute to a greener future.”
“In parallel, our metallurgical consultant Core is making excellent progress in the production of a mixed rare earth carbonate (MREC) product which supports the flow sheet design to process North Stanmore mineral resources into a saleable product.”
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).