Victory Goldfields (ASX:1VG) reports ‘encouraging’ p-XRF rare earth element (REE) vectors are continuing to be identified in the ongoing aircore (AC) drilling program at the North Stanmore Project in Western Australia.
The company says to date over 1,583m of the planned 10,000m AC drilling program has been completed, with the program commencing around 7.75km northeast of the company’s initial REE discovery and around 4km northeast from Victory’s alkaline igneous intrusion discovery.
The latest positive p-XRF analysis observations were taken from the newly acquired tenement E20/1016 and around 300m from the Great Northern Highway, which the company says provides further logistical benefits to this discovery.
The company has also seen a moderate increase in its share price on the ASX, rising 8.771% to $0.310 as of 8:30am AWST.
Victory reports it is imminently expecting the next batch of fusion ICPMS assays to be reported from the previous 118 hole AC drilling program completed last month, and the company also notes that the diamond drilling program consisting of 3 holes with a combined depth of around 980m at the alkaline intrusion in now underway.
Victory Goldfields is a Western Australia-based exploration and development company with over 50 tenements and a further 5 tenement applications in the Cue goldfields.
The company’s projects include Coodardy, Emily Wells, Eagle Hawk, Tuckanarra, Young Australia, Mafeking, Monte Carlo, Lady Godiva, Klondyke, and Buttercup-King Billy.
REEs are found in iPhones, electric vehicles (EVs) and wind turbines, as well as for a range of uses in the defence sector including for fighter jets, among other uses.
Images: Victory Goldfields Ltd & iStock
