Victory Goldfields (ASX:1VG) reports it has expanded its exploration footprint directly adjacent to the company’s recent rare earth elements (REE) discovery by entering into a tenement sale agreement to acquire tenement application E20/1016.
Victory Goldfields notes that the strategic acquisition enhances its tenure position surrounding its recent discovery of a rare alkaline igneous intrusion on the company’s 100% owned North Stanmore tenement.
The tenement application comprising of 11 blocks, which borders the entire eastern boundary of Victory’s North Stanmore tenement E20/871 and has direct access to the Great Northern Highway.
The binding agreement also includes a further 3 tenements situated north of Cue known as granted tenement E51/1939 and two tenement applications E51/2104 and E51/2102 that offer excellent potential for gold exploration.
Victory has also started due diligence on its option to acquire a former gold processing plant and tailings storage facility about 4km west from Cue.
Aerial magnetic data from a recent low flying survey covering 3,433 line kilometres is currently being processed and due for completion early September.
Commenting on the application, Victory Executive Director Brendan Clark stated: “This strategic acquisition enhances Victory’s tenure position surrounding its recent discovery of a rare alkaline igneous intrusion on the company’s 100% owned North Stanmore tenement.
“This strategic acquisition enhances Victory’s tenure position”
With alkaline intrusions being referred as engine rooms for rare earth elements, there is potential that the rare earth elements results the company has reported approximately 4km to the south of the intrusion could be consistent and radial around the intrusion”
The company is also pleased to advise that the outstanding assays that cover an area approximately 800 metres north from the company’s recently reported rare earth element discovery are due to be reported imminently.”
The tenement application E20/2016 is situated approximately 5km from the Cue township and borders the eastern boundary of Victory’s North Stanmore tenement E20/871.
Strategically, E20/2016 has direct access to the Great Northern Highway and is 11 graticular blocks in size (about 30km-square).
The tenement is in the advanced stages of granting.
Over 90% of the tenement is overlain by transported and colluvial cover sequences. Mapping by the Geological Survey of WA suggests the underlying geology is predominantly the Cue Tonalite.
Regional aeromagnetics suggest lenses of magnetic material may be mafic rocks intruded into the tonalite.
Meanwhile, Victory has commenced due diligence investigations for the acquisition of a former gold CIP/CIL processing plant situated approximately 4km west of Cue.
The plant includes a crushing circuit, tailings storage facility (TSF), workers accommodation and outbuildings along with a former CIP/CIL processing plant that has been in care and maintenance for about 10 years.
Images: Victory Goldfields Ltd
