Victory Metals (ASX:VTM) has upgraded the resource estimate by 29.5% for its flagship North Stanmore Heavy Rare Earth Element Project in Western Australia.
Spanning 3,221m of aircore drilling, the campaign intends to accelerate the project towards a Prefeasibility Study with funding discussions for the overall development determined based on the results.
The company returned a ratio of $3,500 exploration costs per every 1 million tonnes of resources added for both inferred and indicated, promoting a “low-cost” resource upgrade strategy.
The project now has an estimate of 320.6 million tonnes @ 510 parts per million (ppm) total rare earth oxide, as well as a 39% increase of heavy rare earths oxide (HREO) and total rare earths oxide (TREO).
Ratio zones returned across the North Stanmore area includes 83% HREO/TREO @ 1,726ppm, 81% HREO/TREO @ 3,584ppm, and 80% HREO/TREO @ 10,179ppm.
The company also identified a shallow zone of 50 million tonnes @ 1,050ppm TREO for inferred and indicated.
CEO Brendan Clark says the results returned “speaks volumes about this deposit”.
“Mineralisation remains open in multiple directions, with consistently thick and high-grade intercepts continuing to be identified,” Clark says.
“While we see strong potential for further resource growth, the company’s priority is progressing development, as there is already sufficient material to support a mine life exceeding 30 years.”
Victory Metals is a rare earth element and critical minerals explorer working within the Cue Region of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Victory Metals
