Victory Goldfields (ASX:1VG) reports ‘high-grade’ Rare Earth Element (REE) results that confirm a widespread REE mineralisation at the company’s 100% owned North Stanmore project.
The company reports that assays confirmed continued widespread REE mineralisation grading up to 2,414ppm Total Rare Earth Oxides (TREO).
Intersections up to 20m thick have been reported and the latest results continue to display high ratio (26%) of NdPr and DyTb being valuable and rare, magnet REE metals.
The rare earth discovery has also been confirmed from drilling to be associated with several gold occurrences up to 1.7g/t in the area.
Notable ‘high-grade’ intersections at depth from latest assays include:
- 4m @ 2414ppm TREO from 28m
- 8m @ 1876ppm TREO from 24m
- 4m @ 1745ppm TREO from 64m
These results following on from the first round of REE assays received, where with the highest TREO concentration was 3872ppm and confirm the continuity of mineralisation both down-hole and between holes over at least 1km-square, which remains open in all directions.
The assays of diamond drill core from the alkaline intrusion at North Stanmore extend into the range of HREO/TREO ratios shown by the saprolite clay REE hosted system. This indicates that the saprolite clay hosted REE mineralisation was likely derived from the alkaline intrusion at North Stanmore.
A report from the International Energy Agency (IEA) found there is an increasing need of REE materials which are necessary for the production of wind turbines and other renewable-energy innovations, as the world heads towards net zero emissions.
“Victory is very excited to confirm the significant extension of a high grade rare earth element mineralisation”
Addressing the results, Victory Executive Director Brendan Clark commented: “Victory is very excited to confirm the significant extension of a high grade rare earth element mineralisation that now covers an area approximately 1km-square.
Victory’s technical team believes the company’s discovery could become a large, rare earth system based on the latest assay results and confirmation that the alkaline intrusion has the same ratios of HREO/TREO as the clay hosted system 3.5km to the south”.
The outlook is very promising as the Company also anticipates that the reported assay results will improve from future drilling activities as both the drilling and sample collection method for this program were initially designed for gold exploration and not for the collection of rare earth element-bearing samples.”
Victory has systematically built a portfolio of assets in the Cue goldfields. Cue is located in the Mid West region of Western Australia, 665km north-east from Perth. The Cue goldfields are regarded as one of the most prestigious mining districts of Western Australia with a long and successful history of gold exploration and production.
The company’s strategy is to undertake best practice exploration and development of the Victory tenements to identify Mineral Resources and Ore Reserves within its tenement land holding. Leveraging its land holding position, Victory also aims to acquire additional gold opportunities within the Cue goldfields district, either through joint venture or tenement acquisition.
Images: Victory Goldfields Ltd
