Victory Metals (ASX:VTM) has upgraded the North Stanmore Heavy Rare Earth Elements Project’s mineral resource estimate, with 71% now in the higher confidence indicated category.
The indicated resource now totals 176.5 million tonnes @ 503 parts per million (ppm) total rare earth oxide (TREO), which is expected to complement a Scoping Study already underway.
North Stanmore’s overall mineral resource estimate now totals 247.5 million tonnes @ 520ppm TREO, up from 235.15 million tonnes @ 520ppm TREO in July 2024.
CEO Brendan Clark says the updated resource reinforces the project’s status as a globally significant rare earth resource.
“With mineralisation remaining open in all directors, the project’s growth potential is significant,” Clark says.
“The results from this updated MRE will be incorporated into our very advanced Scoping Study, which we anticipate releasing in Q1 2025, which will provide insights into the economic and technical feasibility of North Stanmore.”
Victory Metals, which has a market capitalisation of $39 million, notes the expansion of the high-grade zone provides a robust foundation for the project’s development.
Further, three stages of metallurgical testwork have been completed at North Stanmore, focusing on beneficiation and leach testwork to establish potential recoveries and processing options.
Some of the testwork results include high recoveries of 94% praseodymium, 94% neodymium, 91% terbium and 92% dysprosium, with a combined recovery of 93% magnet rare earth elements.
The North Stanmore Project is located in Western Australia and has a 13.5km strike length — ranking it among the largest contiguous heavy rare earth-dominated clay-hosted deposits globally.
Victory Metals is a rare earths and critical minerals explorer based in Perth, Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Victory Metals
