Victory Metals Limited has acquired two tenements (P20/2345 and P20/2346) which are adjoining the company’s North Stanmore rare earth element project, located approximately 10km north from the town of Cue, Western Australia.
With these new tenements, the exploration area at North Stanmore is now approximately 72km2 with approximately 34km2 within this area mineralised with an average assay grade of 992ppm Total Rare Earth Oxides (TREO) and a valuable Heavy Rare Earth Oxide HREO/TREO ratio of 34 per cent.
Victory’s Chief Executive Officer and Executive Director Brendan Clark commented: “I am pleased with the progress of our activities and that our maiden metallurgical testwork program is well ahead of schedule with the initial results anticipated to be reported to the market by the end of April 2023.”
“The latest tenement acquisitions continue to expand Victory’s already substantial footprint in the Cue region and specifically at North Stanmore. The recently acquired tenements surround Victory’s already granted tenements on three boundaries and we believe the tenements are highly prospective to host rare earth element mineralisation with AC drilling assay results approximately 1km to the north already confirming the presence of anomalous rare earths.”
“The company is waiting for final assays and interpretation from the recent reverse circulation (RC) drill program and the diamond drill program at the Alkaline Intrusion which are also anticipated to be reported by the end of April 2023.”
“Both the initial metallurgical study results and RC assay results will be incorporated into the Mineral Resource Estimate (JORC) work which is currently in progress and on schedule to be reported by the end of Q2, 2023.”
Victory is focused on the exploration and development of its Rare Earth Element (REE) and Scandium Discovery in the Cue Region of Western Australia. Victory’s key assets include a portfolio of assets located in the Midwest region of Western Australia, approximately 665 km from Perth. Victory’s Ionic clay REE discovery is rapidly evolving with the system demonstrating high ratios of Heavy Rare Earth Oxides and Critical Magnet Metals NdPr + DyTb.