Perth, Australia - 16 July 2024 | Victory Metals Limited (ASX: VTM) is pleased to announce a significant milestone with the updated Mineral Resource Estimate (MRE) for its North Stanmore Heavy Rare Earth Elements (HREE) dominant Project, confirming it as the largest Indicated Mineral Resource of Australian HREE-dominant deposits.
Key Highlights:
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Total Updated MRE: 235Mt, with 149Mt (63%) in the indicated category.
- Contained Indicated MRE: 79,200t of Total Rare Earth Oxides (TREO) and 28,000t of Heavy Rare Earth Oxides (HREO).
- Contained Indicated MRE Dy2O3 + Tb4O7: 3,010t.
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Near Surface High-Grade Domain: 45.9Mt at 1,050ppm TREO, supporting a rapid development strategy for new HREE supply.
- Premium HREE Ratio: 35% HREO/TREO for the Resource.
- High-Value By-Product Hafnium (Hf): Confirmed, crucial for defence and aerospace applications.
- Beneficiation Amenability: +60% feed grade uplift, potentially upgrading higher-grade domain material to an average of 1,662ppm TREO.
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Additional Resource Growth Potential: Mineralisation remains open in all directions with 92% of the tenement area unexplored.
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Initial Process Test Work: Achieved high REE recoveries with low temperature, short leach time, low acid consumption, and low impurities.
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Strategic Contribution: Set to enhance global supply of ethically sourced, non-Chinese heavy rare earths.
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Supportive Government Initiatives: Benefiting from political stability and numerous attractive funding initiatives.
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Scoping Study and Future Plans: The updated MRE will underpin the completion of a Scoping Study (expected Q3 2024), support a Mining Licence application, and accelerate strategic partnerships and offtake discussions.
Victory’s CEO and Executive Director Brendan Clark commented:
“Our July 2024 MRE serves as confirmation of our superb mineral endowment and spotlights our significant potential to deliver future Australian production of high-value, critical materials required for the energy transition, national defence and beyond..."
For further information, please contact:
Brendan Clark
CEO and Executive Director
[email protected]
Competent Person’s Statement
The information in this announcement that relates to the Mineral Resource estimate is derived from information compiled by Mr Dean O’Keefe, a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM, #112948) and Mr Kahan Cervoj, a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM, #211785), co Competent Persons for this style of mineralisation. Mr O’Keefe and Mr Cervoj are consultants to Victory Metals Limited, and are fulltime employees of MEC Mining Pty Ltd, an independent mining and exploration consultancy. Both Mr O’Keefe and Mr Cervoj have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Person as defined in the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). The co Competent Persons are not aware of any new information or omission of data that may materially affect the stated Mineral Resource estimate.
About us:
About Victory Metals Ltd:
Victory is focused upon the exploration and development of its Heavy Rare Earth Element and critical mineral 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 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
Jane Morgan Management
Investor & Media Relations
[email protected]