06/11/2024
Victory Metals Limited (ASX: VTM) is pleased to announce the completion of its successful 3,681m Air core drilling program at the North Stanmore Heavy Rare Earth Elements (HREE) Project, Western Australia. To date approximately 65% of assays have been received and the results have confirmed high-grade heavy rare earth oxide and scandium mineralisation over an extensive 13.5km strike, further strengthening the significance of North Stanmore which is already hosts one of the largest Indicated Mineral Resource of Australian HREE-dominant deposits.
Victory’s CEO and Executive Director Brendan Clark commented:
"Given the size of the North Stanmore intrusion magnetic anomaly, we knew there was significant potential for rare earth element (REE) mineralisation beyond the current Mineral Resource Estimate (MRE) area, and the scale of what we’ve now uncovered is impressive. These additional high-grade zones are set to add real value to the Scoping Study, with potential benefits like extending the mine-life and further improving project economics.
We’re incorporating these new assay results into an updated MRE, which means we’re aiming to complete the Scoping Study by Q1 2025. I want to reassure our shareholders that progress is significant, and this timeline adjustment is all about ensuring we deliver a high-quality, impactful study right from the start.
In a world where heavy rare earths are critical for energy, technology, and defence, our project is perfectly positioned to meet the increasing demand. The consistency and grade of our mineralisation give us great confidence as we advance the MRE and move into the next phase of development.”
Read more: https://buff.ly/4hDCQvi
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