Victory's project

Victory Goldfields in prized ‘high value’ critical REE discovery at Mafeking and North Stanmore projects, WA

Victory Goldfields (ASX:1VG) reports the discovery of Rare Earth Elements (REE) including critical Heavy Rare Earth Elements (HREE) at its 100%-owned Mafeking and North Stanmore projects, situated some 15km from Cue township.

The latest results came from follow up assays that initially reported ‘significant’ anomalous values of Yttrium (Y) at the project in the Cue goldfields, located in the mid-west region of Western Australia, 665km north-east from Perth.

The company’s share price was up nearly 54% to $0.20 as of 9am AWST on the back of the announcement.

Victory’s recently completed 4,400m air core drilling program identified ‘significant’ values of both heavy rare earth oxides (HREO) and light rare earth oxides (LREO).

Anomalous Yttrium (Y) values up to 4m @ 964ppm, Lanthanum up to 4m @ 559ppm, and Cerium up to 4m @ 475ppm were originally identified.

The company reports as a result, 25 samples with elevated levels of Y were selected from the pulps of the initial assay program for re-assay by fusion ICPMS for the full suite of REEs.

These results directed Victory to commission the services of an expert REE specialist and geochemist to interpret the results which reported an average Total Rare Earth Oxide (TREO) grade of 1020ppm and a Heavy Rare Earth Oxide (HREO)of 419ppm, with the highest TREO concentration reaching 3872ppm.

Victory notes that the results indicate a ‘high’ HREO/TREO ratio of 40%. These strategically important HREOs are in demand for the manufacture of magnets used in electric vehicles (EVs) and wind turbines.

The 25 samples occur over a strike length of 1km and a width of 200m that remains open in all directions.

Commenting on the results, Victory Executive Director Brendan Clark said: “What a significant moment for Victory and its shareholders with this incredible exploration success from our recent drilling program with results representing high Total Rare Earth Oxide grades that are comparable to several global saprolite (ionic clay) deposits that also contain the critical metal scandium.”

“What a significant moment for Victory and its shareholders with this incredible exploration success”

“The company is very pleased with its initial assay results that include a high percentage of HREs that are critical in conjunction with some LRE for the efficiency of electric vehicles, along with many other new technology applications.”

“Adamas Intelligence forecasts that the value of global magnet rare earth oxide consumption will triple from $15.1 billion in 2022 to $46.2 billion by 2035 which affirms the potential opportunity with this discovery.”

The company reports it ‘eagerly awaits’ the remaining 1,086 samples from the 4,400m aircore drilling at Victory’s Mafeking and North Stanmore project which are currently being re-assayed by fusion ICPMS to confirm the potential size of the REEY and Sc mineral system.

A review of the basket content of magnet REOs at North Stanmore indicates a high proportion of strategically important critical HREOs.

Rare earth elements are essential for a wide range of consumer goods including electric car motors, mobile phones, electric car motors, military jet engines, satellites, lasers, wind turbines, catalysts in cars and many more.

With REEs supporting about half the worlds advanced technologies, Victory is pleased with its initial exploration results that includes magnet REOs Neodymium (Nd),Praseodymium (Pr), Terbium (Tb) and Dysprosium (Dy) totalling 24.6%, all being essential elements for high tech devices.

Victory has systematically built a portfolio of assets in the Cue goldfields in the mid-west region of Western Australia, 665 kilometres north-east from Perth.

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
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.