Perth, Australia – 19 August 2024 | Victory Metals Limited (ASX: VTM) ("Victory" or "the Company") is pleased to announce the commencement of a new aircore drilling program aimed at significantly expanding the already substantial Mineral Resource Estimate (MRE) at its North Stanmore Heavy Rare Earth Elements (HREE) Project (North Stanmore) in Western Australia.
Highlights:
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Expansion of Drilling Program: The 5,000 metre aircore drilling program is set to commence in September, targeting areas adjacent to the existing North Stanmore MRE.
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Potential for Growth: With 92% of the North Stanmore tenement area unexplored, the project holds significant potential for expansion. The new drilling campaign will also include two Reverse Circulation (RC) holes approximately 8km south of the MRE. Areas with similar magnetic characteristics to the North Stanmore alkaline intrusion will be targeted.
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Strategic Importance: The North Stanmore Project is rapidly advancing, with the recent submission of a Mining Licence application and the ongoing Scoping Study taking place. The project is positioned to become a significant player in the global supply of ethically-sourced HREE, which are critical to a clean energy transition and defence industries.
Brendan Clark, CEO and Executive Director of Victory Metals, stated: “We are delighted to soon be drilling again at North Stanmore. This relatively low-cost program delivers us clear potential to substantially expand what is already a world-class HREE deposit. In terms of delivering long-term output scale with multi-generational life potential, and strategic supply implications, this is simply too good an opportunity not to pursue. In short, success in this program could place Victory towards the absolute forefront of global HREE industry significance.”
“This activity will be undertaken in parallel with our current base-case advancement of the North Stanmore Project. The recently updated MRE confirmed our already superb mineral endowment there. We recently lodged a Mining Licence application based on this MRE, and the near-surface high-grade domain it contains. We believe the Scoping Study currently in progress will enunciate the clear potential of this resource to deliver future Australian production of high-value, critical materials required for the global energy transition, defence industries and beyond.”
Equity Funding: To support this ambitious drilling campaign, Victory Metals has secured binding commitments from professional and sophisticated investors for a $1.5 million equity placement. This funding will ensure the Company’s strong financial position as it continues to advance the North Stanmore Project.
For further information, please contact:
Brendan Clark
Victory Metals
CEO and Executive Director
b.clark@victorymetalsaustralia.com
Jane Morgan
Jane Morgan Management
Investor and Media Relations
jm@janemorganmanagement.com.au
About us:
About Victory Metals Limited (ASX:VTM)
Victory is focused upon the exploration and development of its Heavy Rare Earth Element (REE) 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 and Media Relations
jm@janemorganmanagement.com.au