Victory Goldfields (ASX:1VG) reports that initial p-XRF results from its 9,000m aircore (AC) extensional drill program at its 100% owned North Stanmore Project are ‘very encouraging’ for regolith-hosted rare earth element (REE) mineralisation.
The company reports that positive REE trace element vectors are consistent with Victory’s existing REE ionic clay discovery 3km south by way of interceptions and depths.
To date, more than 1,170m have been drilled using an AC drill rig. The drilling has intersected encouraging thickness of clays from surface across an area about 3km from the previously reported mineralisation with reported trace element vectors of REE being identified by XRF analysis.
If the previously reported REE grades of up to 3,872ppm Total Rare Earth Oxides (TREO) in the ionic clay system discovery continue to be reported, then the emerging REE system will be of significant scale and importance to the company.
Samples are currently being prepared to be sent to the laboratory for fusion ICPMS analysis.
The aircore drilling program has been designed for the collection of REE samples which will also be used to commence Victory’s initial metallurgical program for the emerging ionic clay REE system situated some 10km from town of Cue, Western Australia.
Notable ‘high-grade’ intersections from previous drilling includes 3872ppm, 2414ppm, and 1876ppm TREO at depth. Assay results from the initial discovery confirm significant values of critical magnet metals (Pr), (Nd), (Tb), and (Dy) totalling 26%.
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
