Victory Metals (ASX:VTM) has extended the known total rare earth oxides (TREO) discovery area to up to 34km-square following an aircore (AC) drilling program at its North Stanmore Rare Earth Element (REE) Project in Western Australia.
The company says all AC assays have now been received and demonstrate an average grade of 992 parts per million (ppm) TREO with a valuable heavy rare earth oxide (HREO/TREO) ratio of 34%.
Victory Metals notes the results also demonstrate a peak grade of 1.08% (10,829ppm) TREO with 59% valuable HREO ratio, and that anomalous REE mineralisation was encountered in 87% of drillholes returned.
Results also indicate that mineralisation within the TREO discovery area remains open in all directions.
Key intercepts include hole NSTRC071 with 10m @ 1,658ppm TREO from 32m, including 1m @ 1.08% TREO; hole NSTAC032 with 16m @ 2,155ppm TREO from 21m including 6m @ 4,683ppm TREO and 2m @ 9,681ppm TREO; and hole NSE013 with 2m @ 3,976ppm TREO from 52m.
Victory reports now that assays have been received it remains focused on establishing a maiden JORC 2012 REE Mineral Resource Estimate (MRE) for Q2 2023.
Speaking on the results, Victory Metals Executive Director Brendan Clark says: “Victory is very pleased to report the complete data set for the AC drilling program completed in late 2022 which confirms market leading average grades of rare earth element mineralisation at North Stanmore.
The majority of Victory’s anomalous rare earth results are negative cerium enriched giving the company great confidence in the metallurgical testwork that is underway as negative cerium enriched deposits are typically known to host significant ratios of heavy rare earths and generally achieve high rates of metal recovery.
“The majority of Victory’s anomalous rare earth results are negative cerium enriched giving the company great confidence in the metallurgical testwork that is underway…”
It is outstanding that North Stanmore’s ration plot in similar and some cases advanced ranges to international rare earth deposits.
With this impressive data set the company is now able to focus on the initial JORC mineral resource estimate work and metallurgical testwork which we anticipate will both be reported during Q2 2023.”
The company also notes results confirm an ‘extensive’ continuation of ‘high-grade’ and valuable scandium (Sc2O3), as well as very low contents of radioactive elements.
Meanwhile, Victory reports it has received an ‘impressive’ dataset from 1m samples across 192 holes, which confirm valuable neodymium-praseodymium (NdPr) and dysprosium-terbium (DyTb) ratio of 24.02% of total REEs.
With all assays from drilling now received, Victory Metals announces metallurgical testwork has advanced and is set to be reported during Q2 2023.
Victory Metals is an ASX-listed exploration company focused on the development of its REE and scandium discovery within the Cue region of Western Australia. The company’s North Stanmore project is located about 10km from the township of Cue and is bordered to the east by the Great Northern Highway.
The project represents a rapidly evolving ionic clay discovery, with the system demonstrating high ratios of HREO and critical magnet metals of NdPr+DyTb.
Other assets included within Victory’s WA-based exploration arsenal include the Eaglehawk, Mafeking, Emily Wells, Young Australia, and Buttercup deposits.
Images: Victory Metals Ltd
