Victory Metals Limited (ASX:VTM) has confirmed through air core drilling assay results a total rare earth oxides (TREO) discovery area of 34 square kilometres with mineralisation open in all directions at its North Stanmore rare earths project in Western Australia.
Assays across the mineralised area confirmed an average grade of 992ppm TREO with a valuable Heavy Rare Earth Oxide HREO/TREO ratio of 34%.
The highest grade was up to 1.08% (10,829ppm) TREO with a 59% HREO/TREO ratio.
87% of drill holes returned anomalous rare earth element mineralisation.
A data set of one-metre samples across 192 holes confirmed a valuable NdPr and DyTb ratio of 24.02% of total rare earth elements.
Notable intersections from North Stanmore include:
- 32 metres at 1,047ppm TREO from 36 metres, including 12 metres at 2,038ppm and 8 metres at 2,467ppm;
- 16 metres at 2,155ppm TREO from 21 metres, including 6 metres at 4,683ppm and 2 metres at 9,681ppm;
- 12 metres at 1,316ppm TREO from 24 metres;
- 11 metres at 958ppm TREO from 17 metres;
- 10 metres at 1,490ppm TREO from 32 metres, including 5 metres at 2,130ppm.
Metallurgical test work continues to advance and will be reported during quarter two of 2023.
The maiden rare earth Mineral Resource Estimate is to be reported during the same quarter.
Victory’s Executive Director Brendan Clark said: “Victory is very pleased to report the complete data set for the AC drilling program completed in late 2022 which confirms market leading average grades of rare earth element mineralisation at North Stanmore.
“The majority of Victory’s anomalous rare earth results are negative cerium enriched giving the Company great confidence in the metallurgical test work that is underway as negative cerium enriched deposits are typically known to host significant ratios of Heavy Rare Earth’s and generally achieve high rates of metal recovery.
“It is outstanding that North Stanmore’s ratios plot in similar and some cases advanced ranges to international rare earth deposits.
“With this impressive data set the company is now able to focus on the initial JORC mineral resource estimate work and metallurgical test work which we anticipate will both be reported during Q2 2023.”
