Victory Metals (ASX:VTM) has been suspended from quotation on the Australian Securities Exchange (ASX) at the company’s request, pending the release of an announcement regarding a Scoping Study.
It comes a day after Victory released its latest half-yearly report, which highlights significant progress made in advancing the North Stanmore Project, strengthening its strategic partnerships, and enhancing its financial position during the period.
The company has focused on the exploration and development of its North Stanmore Rare Earth Element (REE) Project in the Cue region in Western Australia.
North Stanmore is rapidly evolving with the system demonstrating high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals NdPr + DyTb, the company says.
The 100% owned North Stanmore Heavy Rare Earth Elements (HREE) dominant Project is located in Western Australia with sealed road access via the Great Northern Highway.
Subsequent to the end of the six months to 31 December 2024, Victory announced an updated mineral resource estimate (MRE) of 247.5 million dry metric tonnes at 520ppm Total Rare Earth Oxide plus Scandium Oxide (TREO + Sc2O3), using an economic cut-off grade of 330ppm TREO plus scandium oxide, inclusive of high-grade domain (≥600 ppm TREO cut-off) of 53 million tonnes @ 1,012 ppm TREO plus Sc2O3.
Some 71% resides in the indicated category, “representing one of the largest indicated mineral resources of an Australian HREE-enriched deposit”.
In November, Victory completed its 3,681m aircore drilling program at North Stanmore. Assay results confirmed ‘high-grade’ heavy rare earth oxide and scandium mineralisation over an extensive 13.5km strike. These results were incorporated into the MRE.
Heavy rare earths such as dysprosium and terbium, as well as scandium and hafnium are considered critical minerals by several countries due to their short supply and high demand.
Dysprosium and terbium play a critical role in the heavy duty magnets required to run electric vehicle drivetrains. Meanwhile, scandium is important to the aerospace industry and hafnium is used in nuclear reactors and electronics.
Write to Adam Orlando at Mining.com.au
Images: Victory
