Victory Metals (ASX:VTM) has confirmed heavy rare earth (HREO/TREO) mineralisation up to 74% following a reverse circulation (RC) drilling program at its North Stanmore Rare Earth Element (REE) Project in Western Australia.
The results, generated by 50 RC holes completed between mid-January and early February 2023, have confirmed ‘excellent’ grades of total rare earth element oxides (TREO) and continuity of previous aircore (AC) drilling, with the latest batch of results consisting of an average TREO of 1,010 parts per million (ppm).
Victory Metals reports results also demonstrate ‘significant’ ratios of valuable HREO averaging 35% and up to 74% in sample 23NSTRC032. Results also confirm the continuation of the REE system identified in previous AC drilling.
Key intersections and grades from drilling include hole 23NSTRC039 with 15m @ 1,007ppm TREO from 29m including 4m @ 2,611ppm TREO and 1m @ 6,301ppm TREO; and hole 23NSTRC071 with 8m @ 1,807ppm from 33m including 4m @ 2,980ppm TREO and 1m @ 10,497ppm TREO.
The company notes these results, in conjunction with ‘excellent’ continuity between RC and AC drilling assays, provide ‘strong’ support for Victory’s initial Mineral Resource Estimate (MRE), which is expected to be reported by the end of June 2023.
Drilling was undertaken by Orlando Drilling, a subsidiary of Dynamic Group Holdings (ASX:DDB).
Speaking on the results, Victory Metals Chief Executive Officer (CEO) and Executive Director, Brendan Clark says: “I am pleased that our results continue to prove themselves with great continuity between extensive drilling programs. It is also very encouraging that the diamond drilling of the alkaline intrusion has identified nickel and cobalt targets which warrant further exploration.
The RC drilling results continue to confirm excellent grades of TREO and more importantly significant ratios of HREO being the critical and more valuable rare earth elements.
“The RC drilling results continue to confirm excellent grades of TREO and more importantly significant ratios of HREO being the critical and more valuable rare earth elements”
We are excited with the progress made regarding our initial metallurgical test work and we confirm our focus on more economical and environmentally friendly recovery methods which provides the company with further potential in the continued development and progression of the North Stanmore REE discovery.”
The company also notes diamond drilling (DD) assays received from the North Stanmore alkaline intrusion also continue to confirm the relationship between the intrusion and surrounding ‘large-scale’ REE discovery.
It is reported the latest assays returned from this portion of drilling display the possible presence of orthomagnetic primary nickel-cobalt (Ni-Co) and platinum-palladium (Pt-Pd) sulphide hosted mineralisation in the intrusion.
Additionally, Victory adds that its metallurgical testwork program is well advanced with the use of a combined ammonium sulphate and atmospheric weak sulphuric acid leach to extract the valuable HREOs.
With metallurgical testwork still ongoing, Victory Metals announces the program remains ahead of schedule and due to be reported by the end of April 2023.
The company also reports 64% of assays from the RC drill program have now been reported, with about 34% still pending and due to be reported in May 2023.
Victory Metals is an ASX-listed company focused on the exploration and development of its REE and scandium discovery in the Cue region of Western Australia. The company’s North Stanmore Project is located about 665km from Perth and represents a rapidly evolving project with high ratios of HREOs and critical magnet metals.
Other assets included in Victory’s exploration arsenal include the Emily Wells, Young Australia, Buttercup, Mafeking, and Coodardy projects collectively.
Images: Victory Metals Ltd
