Victory Goldfields (ASX:1VG) reports it has started a 9,000m aircore drilling program at the company’s 100% owned North Stanmore rare earth elements (REE) discovery.
A 120-hole AC program has been planned for drilling between Victory’s alkaline intrusion and the REE discovery 3.5km to the south.
Victory recently confirmed widespread REE mineralisation at the North Stanmore project and this drilling program is designed to further extend the mineralisation north to the company’s alkaline intrusion which are generally described as “engine rooms for rare earth elements and critical metals.
Victory reports that the drilling program is designed to extend Victory’s REE discovery which has thick, ‘high-grade’ intersections and continuity of mineralisation both down-hole and between holes over at least 1km-square, which remains open in all directions.
The highest concentration from previous drilling is reported to be 3872ppm Total Rare Earth Oxide (TREO).
Addressing the drill program, Victory Executive Director Brendan Clark commented: “Exciting times ahead for Victory with the commencement of this major aircore drilling program”.
This next phase of drilling has been designed for the specific purpose of rare earth element exploration and will also be used to collect samples for metallurgical test works.
“This next phase of drilling has been designed for the specific purpose of rare earth element exploration and will also be used to collect samples for metallurgical test works”
Victory’s technical team is currently also interpreting the aerial magnetic data from the low flying aerial magnetic survey completed in August, with the information to be used to assist with the next phase of drilling at the alkaline intrusion and identify further drilling targets.”
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 landholding.
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.
Write to Adam Orlando at Mining.com.au
Images: Victory Goldfields Ltd
