Victory Metals (ASX:VTM) is quickly moving to undertake further resource drilling after releasing a new exploration target for its North Stanmore Rare Earth Element and Scandium Project.
The explorer, which has a market capitalisation of $39.1 million, has defined an exploration target of 100 to 230 million tonnes @ 330 to 600 parts per million (ppm) total rare earth oxides (TREO) and scandium.
The new target, which was prepared by MEC Mining, covers mineralisation outside of the existing indicated and inferred resources of 247.5 million @ 520ppm TREO.
It is one of four targets that Victory says shows significant potential to deliver further resource growth at the North Stanmore Project.
CEO Brendan Clark says drilling will focus on expanding the current resource and targeting additional high-grade zones already identified within the existing resource.
“North Stanmore represents a significant opportunity to establish one of the world’s largest clay-hosted projects for heavy rare earth elements, scandium, and hafnium,” Clark says.
“We expect this drilling program to be instrumental in advancing that goal.”
Heavy rare earths such as dysprosium and terbium, as well as scandium and hafnium are considered critical minerals by several countries due to their short supply and high demand.
Dysprosium and terbium play a critical role in the heavy duty magnets required to run electric vehicle drivetrains. Meanwhile, scandium is important to the aerospace industry and hafnium is used in nuclear reactors and electronics.
“With demand for heavy rare earth elements like dysprosium and terbium, as well as scandium and hafnium, all forecasted for significant growth, this program marks another key step in strengthening Victory’s position as a future rare earth and critical mineral supplier to the global market,” Clark says.
The aircore drilling program that will be undertaken at North Stanmore will target an area south of the resource, known as Area One, and will comprise 6,600m across 110 holes.
Victory Metals has appointed GPS Drilling to carry out the program, which will begin in March and take around four weeks to complete.
Clearing for the drill lines is already underway.
The North Stanmore deposit remains open in all directions, with some holes drilled to basement.
Victory Metals also anticipates it will finalise the Scoping Study in the current quarter and is continuing to engage with potential partners and offtakers to capitalise on rising global demand.
North Stanmore is a clay-hosted project located in the Cue region of Western Australia, around 420km by road from Geraldton Port.
Write to Angela East at Mining.com.au
Images: Victory Metals
