SYDNEY, 14 May, 2024 – Victory Metals Limited (ASX: VTM), a key player in the Australian mining sector, is thrilled to report groundbreaking metallurgical recoveries of 93% for critical magnet metals at its North Stanmore Project in Western Australia. These results not only set a new benchmark in the rare earth sector but also position North Stanmore as a leader in Australia’s critical minerals landscape.
The recent leach tests conducted on beneficiated samples have shown remarkable recoveries of Praseodymium (Pr), Neodymium (Nd), Terbium (Tb), and Dysprosium (Dy). These high-purity elements are essential for advanced technological applications, including renewable energy solutions and electronic devices. The tests, which utilised a Magnesium Sulphate (MgSO4) wash, achieved these results within a notably short leach time of four hours.
Brendan Clark, CEO and Executive Director of Victory Metals, expressed his enthusiasm about the project's progress, stating,
“I am immensely proud of our team's achievements in positioning the North Stanmore rare earth discovery as a leading Australian critical mineral project. Our project continues to deliver exceptional results, offering commercial advantages that potentially exceed hard rock deposits. We eagerly anticipate upcoming milestones, including an upgraded resource and scoping study, which will further demonstrate the project's viability. With its unparalleled ratios of critical heavy rare earth elements and associated by-products, such as Scandium, Copper, Cobalt, and Nickel, North Stanmore holds immense promise for the future.”
Further enhancing the project’s appeal, the metallurgical results have confirmed low levels of deleterious radioactive elements such as Uranium and Thorium, providing North Stanmore with significant advantages in terms of product safety and transportation.
The company has already moved into the scoping study phase and continues to advance its operations with additional test work aimed at further optimising recovery rates and exploring the recovery of additional by-products like Scandium Oxide (Sc2O3), which is valued at approximately $1300/kg.
Victory Metals is committed to contributing to the global supply chain of rare earth elements and critical materials, ensuring sustainability and innovation in technology and manufacturing sectors worldwide.
About us:
Victory Metals is committed to contributing to the global supply chain of rare earth elements and critical materials, ensuring sustainability and innovation in technology and manufacturing sectors worldwide.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au