Victory Metals (ASX:VTM) has identified heavy rare earth oxide (HREO) at its North Stanmore Project in Western Australia, reporting a ratio of HREO to total rare earths oxide (TREO) of 83% ahead of drilling.
The company has identified 26 ‘high-value’ zones within the indicated resource area, bolstering the company towards a Prefeasibility Study which pins a 10-year mine life.
CEO Brendan Clark says the company is aligned to emerge as a “globally significant” supplier through its quantities of heavy rare earth and strategic metals.
“This is purely what sets North Stanmore apart as a clay hosted rare earth project,” Clark says.
“Heavy rare earths are what the western world needs to secure, and our extraordinary ratios of heavy rare earths underpin what the North Stanmore Project offers.
“By focusing on these high value zones, we are working to deliver the same volume of critical defence and high-tech metals to market, while processing less than half the material previously envisaged.”
As previously reported by Mining.com.au, Victory returned firm commitments to raise $11.5 million, cashing up ahead of a proposed 10,000m drilling program across a 10km strike of the project.
The company involved MEC Mining to design this program, with funds intending to push the resource estimate area over the 83% HREO/TREI mark.
North of the indicated resource hosts TREO concentrations up to around 10,000 parts per million (ppm) and HREO/TREO ratios up to 80%.
Perth drilling company, Bostech Drilling, will operate the aircore drilling program with its minimal impact trailer to be utilised.
Heavy rare earths have been in high demand recently with Victory reporting that yttrium has increased by 800% since the company released its Scoping Study.
The commodity is currently priced at US$29.06 ($44.35) per kg as of 8 September, while dysprosium and terbium are marked at US$202.15 per kg and US$1,125.14 per kg respectively, according to the Shanghai Metals Market.
Write to Maddison Elliott at Mining.com.au
Images: Victory Metals
