Victory Goldfields (ASX:1VG) reports assays from a recent aircore (AC) drilling program have confirmed a ‘high-grade’ ionic clay rare earth element (REE) extension at the North Stanmore Project in Western Australia.
The company reports that the initial results from the 118 hole AC drilling program have returned ‘significant’ TREO grades and thickness using a 200ppm cut-off, and all assays were undertaken using the fusion dissolution method.
Victory says the discovery is developing to the south of the alkaline intrusion with the exploration area now totaling around 65km-square, and notable REE grades within this area are up to 9,746ppm, with ‘high’ ratios of of critical valuable magnet metals NdPr and DyTb totaling 18.6%, and HREO and TREO ratio averaging 34%.
Scandium grades of up to 106ppm have also been reported in these assays.
Victory Goldfields Executive Director Brendan Clark said it is a very exciting time for the company with the continuation of its REE discovery at North Stanmore that is developing into a project of significant scale.
“REE grades and critical metal ratios at this level, potentially make the discovery one of the most valuable ionic clay hosted rare earth systems compared to our peers based on our high basket price.
“Victory’s board has great confidence in these results and has fast tracked a further 10,000m of drilling across the project in search of further REE mineralisation and to infill the previous drilling program”
Victory’s board has great confidence in these results and has fast tracked a further 10,000m of drilling across the project in search of further REE mineralisation and to infill the previous drilling program.
The North Stanmore discovery also benefits from direct access to the Great Northern Highway and close proximity to Perth and the Geraldton Port, making the discovery a market leader for its logistical advantages.”
Victory reports global production of scandium ranges between 15 to 20 tonnes per year in the form of scandium oxide with the top producers being Russia, China and the Philippines, and with geopolitical instability, the world is turning to Australia as a source of scandium.
It continues stating scandium is essential for many military applications including the manufacture of fighter jets and is in ‘extremely high demand’, and another growth area for scandium is solid oxide fuel cells for utility and commercial scale energy storage.
As a result of this, Victory has expedited an approximate 10,000m AC drill program which will commence next week, designed to infill the existing drilling campaign and expand the REE mineralisation area in all directions.
Victory has also seen a significant jump in its share price on the ASX, rising a whopping 63.888% to $0.295 as of 8:30am AWST.
The company’s plume generated alkaline igneous intrusion occurs north of Victory’s REE discovery, and such intrusions are considered to be the ‘engine rooms’ for the formation of REE and critical metals deposits, and existing assays and petrology have also confirmed anomalous nickel hosted by pentlandite sulphide in a 31m intersection.
Technical observations at Victory’s alkaline igneous intrusion shows lack of deformation textures in the core indicating that the intrusion is post Archaean, and could be associated with a major plume magmatic event in the northern Yilgarn Craton, and the effects of this event are postulated to have extended from Lynas Rare Earth’s (ASX:LYC) Mt Weld carbonatite occurrence in the east to Cue in the west.
Victory Goldfields is an Western Australia-based minerals exploration company with 50 tenements and a further 5 tenement applications in the midwest region of Western Australia.
Its prospects include Cooldardy, Emily Wells, Eagle Hawk, Tuckanarra, Young Australia, Mafeking, Monte Carlo and Lady Godiva, Klondyke and Buttercup.
Images: Victory Goldfields Ltd & iStock
