Multi-commodity exploration company Victory Metals (ASX:VTM) reports the latest assay results have strengthened the rare earth element (REE) discovery at the company’s North Stanmore Project in Western Australia.
The company says the latest results from the 118-hole aircore (AC) drill program have confirmed a ‘significant’ average Total Rare Earth Oxide (TREO) grade of 1,035ppm with ‘valuable’ Heavy Rare Earth Elements (HREO) ratio of 34%, as well as critical magnet metals (CREO) neodymium-praseodymium (NdPr) and dysprosium-terbium (DyTb) consisting 20% of total REEs.
Victory Metals Executive Director Brendan Clark says: “The board is very pleased with the latest results that confirm significant scale at Victory’s 100% owned REE discovery.
“The board is very pleased with the latest results that confirm significant scale at Victory’s 100% owned REE discovery”
There is no doubt we are onto something truly unique at North Stanmore with the latest assays confirming several critical factors of the company’s REE discovery including the continuation of grade and high ratio of very valuable metals.
Victory has also seen some great correlations between its pXRF data and previously reported assays, and we are very excited about the potential for even further mineralisation both south and north of the reported assays from our latest drilling program.
It is the company’s priority to fast-track metallurgical studies and commence RC drilling in January 2023 which is designed to complement the completed AC drilling and be incorporated into a JORC resource for the REE discovery.”
Victory reports to date it has completed over 16,000m of AC drilling at North Stanmore. Fusion ICPMS assays have been received showing REE mineralisation over 500ppm REYO present in over 100 drillholes.
Assays for the remainder of the AC drillholes are currently being processed by ALS laboratory together with the remaining assays from the previous AC drilling program. The company expects all these results to be reported in Q1 2023.
The company also states anomalous yttrium (Y) over 100ppm (a vector for HREEs) as well as lanthanum (La) and Nd (vectors for LREEs) recorded by pXRF analysis now cover an area greater than 45km-square across the North Stanmore project.
These positive observations, together with geochemical interpretations, indicate the presence of a major plume generated alkaline magmatic system associated with the North Stanmore Intrusion in the area.
Victory Metals is a multi-commodity exploration company focused on its REE and scandium (Sc) discovery in the Cue Region of Western Australia.
The company’s key assets include the North Stanmore, Coodardy, Nemesis, Emily Wells, Young Australia, Buttercup, Klondyke, Mafeking, Eaglehawk, and Nemesis projects all located around 665km from Perth.
Images: Victory Metals Ltd
