Victory Goldfields (ASX:1VG) reports positive combined magnetic and gravity survey data has warranted a follow-up diamond drilling program at its North Stanmore Rare Earth Element (REE) Project in Western Australia.
The company says it has made 2 ‘critical’ discoveries in close proximity to the project including an ionic REE clay-hosted system, and an alkaline igneous intrusion, which it’s technical team believes these systems are related as geochemical data from the initial diamond hole has confirmed similar ratios of HREE and TREE.
It also notes both systems have similar elevated niobium and tantalum ratios ‘typical’ of mantle plume magmas.
To assess the extent of country rock alteration adjacent to the intrusion, Victory is planning angled drillholes to recover samples of the fenite that are altered rocks occurring adjacent to the alkaline intrusions which the company says ‘commonly’ host REE and critical metal mineralisation.
Victory reports ground gravity and low flying aerial magnetic data was supplied to Southern Geoscience Consultants for processing, image generation and 3D inversion, and following a review, a follow up diamond drilling program consisting 3 holes with a combined depth of around 980m has been designed and will commence shortly at the alkaline intrusion.
The company also states Orlando Drilling have been appointed to undertake the diamond drilling program, and further interpretation and review of the low flying aerial magnetic and gravity survey data over Victory’s tenement package in the Cue region of Western Australia is ongoing to further identify exploration prospects.
Victory Goldfields is an Australian multi-commodity exploration company based in Perth with a portfolio of prospects across the Cue Goldfields region of Western Australia.
These prospects include Coodardy, Emily Wells, Eagle Hawk, Tuckanarra, Young Australia, Mafeking, Monte Carlo, Lady Godiva, Klondyke, and Buttercup-King Billy.
Images: Victory Goldfields Ltd
