Victory Goldfields has made a discovery of rare earth elements (REE) including critical heavy rare earth elements (HRE) from follow up assays that initially reported significant anomalous values of Yttrium at its Mafeking and North Stanmore projects, situated approximately 15 kilometres from the Cue township in Western Australia.
Victory’s Executive Director Brendan Clark said results from their recent drilling program represent high total rare earth oxide grades that are comparable to several global saprolite (‘ionic’ clay) deposits that also contain the critical metal scandium.
“The company is very pleased with its initial assay results that include a high percentage of HREs that are critical in conjunction with some LRE for the efficiency of electric vehicles, along with many other new technology applications.
“Adamas Intelligence forecasts that the value of global magnet rare earth oxide consumption will triple from $15.1 billion in 2022 to $46.2 billion by 2035 which affirms the potential opportunity with this discovery.”
Victory has built a portfolio of assets in the Cue goldfields, regarded as one of the most prestigious mining districts of Western Australia with a long and successful history of gold exploration and production.
The company’s strategy is to undertake best practice exploration and development of the Victory tenements to identify Mineral Resources and Ore Reserves within its tenement land holding.
Leveraging its land holding position, Victory also aims to acquire additional gold opportunities within the Cue goldfields district, either through joint venture or tenement acquisition.