Perth, Australia – 19 September 2024 | Victory Metals Limited (ASX: VTM) (“Victory Metals” or “the Company”) is pleased to provide an update on the aircore (AC) drilling program taking place at its 100%-owned North Stanmore Heavy Rare Earth and Critical Defence Metal Project in Western Australia. The drilling program has confirmed the potential for further resource expansion, with initial portable x-ray fluorescence (P-XRF) analyses indicating heavy rare earth element (HREE) mineralisation beyond the current Mineral Resource Estimate (MRE) area at the site.
Highlights:
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Drilling Progress: Victory Metals has completed over 2,239 metres of AC drilling as part of its drill program at North Stanmore.
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Positive Yttrium Analyses: P-XRF analyses of heavy rare earth yttrium from clay regolith were recorded 2.6km south of the existing MRE area. The positive results suggest the potential extension of rare earth mineralisation beyond the defined MRE.
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However, the Company cautions that P-XRF analyses should not be considered a substitute for laboratory assays, and that they provide no information regarding impurities or deleterious physical properties.
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Shallow Clay Horizons Identified: Consistent with previous results, shallow clay horizons have been identified in the latest program, supporting the potential for further HREE mineralisation.
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Next Drilling Targets: Drilling has now commenced 9km north of the current MRE area, with early signs of shallow saprolitic clay horizons.
Brendan Clark, CEO and Executive Director of Victory Metals, commented: “The positive XRF analyses 2.6km south of our existing MRE indicate the potential for mineralisation beyond what we have already identified and provides an exciting opportunity for resource expansion."
“Drilling has now commenced 9km north of the current MRE. Shallow saprolitic clay horizons similar to those observed in previous drilling campaigns have been identified, supporting the prospect of further rare earth element (REE) mineralisation. This drilling program is part of the Company's ongoing strategy to expand its resource base and strengthen its position as a leader in the heavy rare earths sector globally and an important producer of critical defence metals such as Scandium (Sc) and Hafnium (Hf).”
Brendan Clark
Chief Executive Officer
b.clark@victorymetalsaustralia.com
Jane Morgan
Investor & 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 (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 & Media Relations
jm@janemorganmanagement.com.au