Perth, Australia – 6 September 2024 | Victory Metals Limited (ASX: VTM) ("Victory" or "the Company") is pleased to announce that drilling has recently commenced at the North Stanmore Heavy Rare Earth Elements (HREE) Project, located in the Cue Region of Western Australia. The 5,000-metre aircore drilling program is seeking to expand the current Mineral Resource Estimate (MRE) and explore new high-potential targets that have been identified in the project area.
Highlights:
-
Drilling Program Commences: The 5,000-metre aircore (AC) drilling program at North Stanmore is scheduled for completion by the end of this month. The program is focused on targets up to 9km north of the existing MRE area at the site, with the potential to make North Stanmore one of the largest heavy rare earth element (REE) discoveries in the world.
-
Significant Mineral Resource: The North Stanmore Project has demonstrated a combined MRE of 235 million tonnes, which includes 79,200 tonnes of Total Rare Earth Oxides (TREO) and 28,000 tonnes of Heavy Rare Earth Oxides (HREO). The existing MRE remains open in all directions, and there is a substantial opportunity for resource expansion.
-
Additional RC Drilling Targets: Two Reverse Circulation (RC) drill holes, which are located 8km south of the existing MRE, will also be drilled at the site. These targets exhibit similar magnetic characteristics to the North Stanmore alkaline intrusion.
Brendan Clark, CEO and Executive Director of Victory Metals, stated: “We are thrilled to have commenced our drilling program at North Stanmore, which comes at a crucial time in the global rare earths market. With China’s recent announcement on potential REE export restrictions and the recent subsequent rise in rare earth prices, Victory Metals is uniquely positioned to become a key player in the global supply of these critical materials.”
“Our focus remains on rapidly advancing the existing world class heavy rare earth and critical metals resource announced in July whilst driving shareholder value by exploring the global scale of North Stanmore.”
Ongoing Exploration Efforts:
The program is currently designed to explore adjacent areas to the North Stanmore MRE, which is already recognised as one of Australia’s largest clay-hosted heavy rare earth deposits. With substantial new targets being identified, and ongoing regulatory approvals being sought, Victory is swiftly progressing its exploration and resource growth initiatives.
The drilling will also test new project areas 8km south of the MRE, potentially revealing further significant REE mineralisation, enhancing a broader potential for the North Stanmore Project.
Brendan Clark
CEO and Executive Director
b.clark@victorymetalsaustralia.com
Jane Morgan
Investor and Media Relations
jm@janemorganmanagement.com.au
About us:
About Victory Metals Limited:
Victory is focused upon the exploration and development of its Heavy Rare Earth Element (HREE) 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
jm@janemorganmanagement.com.au