Victory Metals Limited (ASX:VTM) (“Victory” or “the Company”), a leader in the exploration and development of rare earth elements (REE), is excited to announce the initial assay results from its comprehensive 13,718m aircore infill resource definition drilling program at the North Stanmore Rare Earth Element Project (“North Stanmore” or the “Project”). These results not only underscore the project's potential but also highlight the growing importance of critical minerals in the global economy.
The North Stanmore REE Project, wholly owned by Victory, is already recognized for its substantial Inferred Mineral Resource of 250Mt at 520ppm Total Rare Earth Oxide (TREO), with a high Heavy Rare Earth Oxide (HREO)/TREO ratio of 33%. The latest assays from 237 samples across 36 holes have revealed significant intersections and TREO grades up to 4,484ppm, averaging 763ppm TREO. These findings are expected to enhance the grade, scale, and resource category in the updated Mineral Resource Estimate (MRE), slated for release in Q1 2024.
Key Highlights from the Assay Results:
- Long intersections with TREO grades reaching up to 4,484ppm.
- An average TREO grade of 763ppm from the initial 237 samples, marking a 46% increase from previous estimates.
- Consistent HREO/TREO ratios of 34%, aligning with MRE results.
- Significant potential for an increase in the grade and scale of the updated MRE.
The North Stanmore Project is uniquely positioned, with REE mineralization occurring in the regolith over the alkaline intrusion, extending from the surface to depths greater than 70 meters. This geological setting is pivotal for producing critical metal enrichment, essential for various high-tech and green energy applications.
Victory's commitment to sustainable and efficient extraction is evident in its Phase 3 metallurgical test work program. The Company plans to produce Mixed Rare Earth Carbonate (MREC) and valuable by-products like Nickel, Cobalt Mixed Hydroxide Precipitate (MHP), and Copper Sulphate. These products are proposed to be sent to potential offtake partners, reflecting Victory's strategic positioning to meet the forecasted high demand for heavy rare earth elements.
The importance of critical minerals like REEs cannot be overstated. They are vital for the manufacturing of high-tech devices, renewable energy technologies, and defense applications. Victory's latest findings at North Stanmore not only represent a significant step forward in the Company's growth but also contribute to the global supply chain of these essential materials.
Victory Metals Limited remains dedicated to exploring and developing high-quality mineral resources. The Company eagerly anticipates the release of the updated MRE and the subsequent scoping study, confident in the project's potential to play a crucial role in the global critical minerals sector.
Victory’s CEO and Executive Director Brendan Clark, commented: “Victory is pleased to confirm the recent completion of the 13,718m aircore and 764m diamond resource definition drill programs with initial drilling air core assays confirming outstanding results.
The drilling assays are already confirming very large, mineralised zones and outstanding heavy rare earth ratios with heavy rare earths including Dysprosium and Terbium set to have record growth, be in high demand and predicted to be at 70% deficit by 2030.
Victory remains focused on maximising potential from the demand of these heavy rare earth elements and is pleased to see continued confirmation that Victory is a unique and valuable rare earth system which confirms the relationship with the underlying alkaline intrusions which are engine rooms for critical minerals and rare earth elements.
RSC Mining Exploration designed the latest drilling program which was prepared with high standards and operating procedures in mind to increase a substantial part of the existing MRE from inferred to indicated category, along with an increase in size and grade.
I am also thrilled with the rapid advancement of our metallurgical programs that continue to provide excellent results. I am proud that we are the only ASX listed company with an Australian REE clay project to report our full assay results from the high value MREC test product that we successfully produced at lab scale. I look forward to the Phase 3 metallurgical program that will allow us to provide a MREC to potential off take partners.”
About us:
Victory is focused upon the exploration and development of its Rare Earth Element (REE) and Scandium Discovery in the Cue Region of Western Australia. Victory’s key assets include a portfolio of assets located in the Midwest region of Western Australia, approximately 665 km from Perth. Victory’s Ionic clay REE discovery is rapidly evolving with the system demonstrating high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals NdPr + DyTb.
Contact details:
Jane Morgan